Matt Levine, Columnist

High-Speed Trading and Return Chasing

Also SunEdison, Morgan Stanley, corporate speech and so much bond market liquidity.

Market structure.

Congratulations to exchange operator BATS Global Markets, which successfully listed itself on its own BZX Exchange on Friday and traded up 21 percent on its debut, giving it a 50 percent success rate for initial public offerings on its platform. ("The exchange operator’s biggest feat was avoiding technical problems like those that doomed its first attempt to go public four years ago.")