| Recurring |
one_organization, multiple_organization |
(a) The software failure incident at BATS Global Markets Inc was a significant event that resembled a mini version of the 2010 "flash crash." The glitches during the market debut caused the company to withdraw its initial public offering of shares. The incident was attributed to a "software bug" that set off a series of glitches, leading to the decision to cancel the IPO [10671].
(b) The software failure incident at BATS Global Markets Inc raised questions about the stability of high-speed trading and the confidence in the exchange. It also highlighted concerns about the soundness of exchange servers, trade-matching engines, and computer codes in the high-speed electronic marketplace. Regulators were expected to scrutinize the incident, which could impact the march towards increasingly automated markets in the U.S., Europe, and elsewhere [10671]. |
| Phase (Design/Operation) |
design, operation |
(a) The software failure incident in the BATS Global Markets IPO was attributed to a "software bug" that caused a series of glitches, ultimately leading to the withdrawal of the IPO. The company stated that the bug rendered opening orders for BATS stock inaccessible, affecting all stocks whose ticker symbols began with certain letters. This issue arose during the installation of software for the IPO, highlighting a failure related to the design or development phase of the system [10671].
(b) The glitch during the BATS IPO impacted the operation of the system, particularly in terms of trading. The software bug caused extreme turbulence in trading, with bad trades occurring at less than a penny and trades for Apple being executed erroneously. The operation of the system was disrupted, leading to the need to cancel trades and ultimately resulting in the decision to withdraw the IPO. This failure can be attributed to factors introduced by the operation or misuse of the system [10671]. |
| Boundary (Internal/External) |
within_system |
(a) The software failure incident at BATS Global Markets was primarily within the system. The incident was caused by a "software bug" within BATS' system, which led to a series of glitches affecting the market debut and trading of certain stocks, including BATS' own listing [10671]. The company later confirmed that the software bug was the root cause of the problems that occurred during the IPO, leading to the decision to withdraw the offering [10671]. The glitch originated from within the system and affected the functionality and stability of the exchange, prompting the need to halt trading and ultimately unwind the IPO [10671]. |
| Nature (Human/Non-human) |
non-human_actions |
(a) The software failure incident occurring due to non-human actions:
The software failure incident at BATS Global Markets was attributed to a "software bug" that set off a series of glitches during the market debut, causing the shares to plunge and trade for less than a penny. BATS mentioned that the software bug rendered opening orders for BATS stock inaccessible, leading to the glitches and ultimately the decision to withdraw the IPO [10671].
(b) The software failure incident occurring due to human actions:
In this case, there is no explicit mention of the software failure incident being directly caused by human actions. The primary reason cited for the glitches and subsequent withdrawal of the IPO was a "software bug" [10671]. |
| Dimension (Hardware/Software) |
software |
(a) The software failure incident occurring due to hardware:
- The article does not mention any hardware-related issues contributing to the software failure incident. Therefore, there is no information available regarding hardware-related factors in this incident.
(b) The software failure incident occurring due to software:
- The software failure incident in the article was attributed to a "software bug" that set off a series of glitches during the market debut of BATS Global Markets Inc [10671].
- BATS Global Markets Inc blamed a "software bug" for the glitches that caused the shares to plunge and prompted a halt in trading of Apple Inc shares [10671].
- The software bug rendered opening orders for BATS stock inaccessible, leading to the decision to withdraw the IPO and cancel trades [10671].
- The glitch was triggered by the installation of software for the IPO, which affected all stocks whose ticker symbols began with certain letters, including BATS' own stock [10671]. |
| Objective (Malicious/Non-malicious) |
non-malicious |
(a) The software failure incident at BATS Global Markets was non-malicious. The incident was attributed to a "software bug" that caused a series of glitches during the market debut, leading to the withdrawal of the initial public offering of shares [10671]. The company itself acknowledged that a software bug was responsible for the problems that occurred, indicating that the failure was not due to malicious intent but rather a technical issue. |
| Intent (Poor/Accidental Decisions) |
poor_decisions, accidental_decisions |
The software failure incident at BATS Global Markets Inc was primarily attributed to a "software bug" that caused a series of glitches during the market debut, leading to the withdrawal of the initial public offering of shares [10671]. This incident can be categorized under both poor_decisions and accidental_decisions:
(a) poor_decisions: The decision to proceed with the IPO despite the software bug that rendered opening orders for BATS stock inaccessible can be seen as a poor decision. This decision ultimately led to the glitches and the need to unwind the IPO, impacting the company's reputation and financial implications [10671].
(b) accidental_decisions: The software bug itself can be considered an accidental decision or unintended consequence of the software implementation process. The bug triggered the glitches that affected the trading of certain stocks, including BATS' own stock, leading to the decision to withdraw the IPO [10671]. |
| Capability (Incompetence/Accidental) |
accidental |
(a) The software failure incident was attributed to a "software bug" by BATS Global Markets, which caused a series of glitches during the market debut, leading to the withdrawal of the initial public offering of shares. The company acknowledged that the glitch was a result of a "software bug" that rendered opening orders for BATS stock inaccessible [10671].
(b) The glitch that occurred during the market debut of BATS Global Markets was described as a "software bug" that set off a series of glitches, leading to the withdrawal of the IPO. The incident was not intentional but was a result of a bug in the software that affected the trading of certain stocks, including BATS' own stock [10671]. |
| Duration |
temporary |
The software failure incident at BATS Global Markets Inc was temporary. The glitch caused by a "software bug" led to a series of issues during the market debut, resulting in the company withdrawing its initial public offering of shares [10671]. The problem started around mid-morning in New York, and after eight hours, the company attributed the glitches to a "software bug" [10671]. The glitch was resolved, and trading was set to resume at noon, but later in the day, BATS decided not to resume trading and ultimately withdrew the IPO [10671]. The software bug rendered opening orders for BATS stock inaccessible, and once the decision was made to withdraw the IPO, the original trade in BATS stock was "torn down" [10671]. |
| Behaviour |
crash, omission, value, other |
(a) crash: The software failure incident in the BATS Global Markets IPO was attributed to a "software bug" that caused a series of glitches, leading to the company withdrawing its initial public offering of shares. The glitch resulted in the system losing its state and not being able to handle the IPO of their own stock, ultimately leading to the decision to unwind the share offering [10671].
(b) omission: The software failure incident also involved an omission aspect where the software failed to handle opening orders for BATS stock, making them inaccessible. This omission led to the decision to cancel the IPO and break down the trades that had occurred [10671].
(c) timing: The timing of the software failure incident was crucial as it occurred just after 10:45 a.m. Eastern time, affecting all stocks whose ticker symbols began with certain letters, including BATS' own stock. The software bug triggered at a specific time, impacting the trading of certain stocks and leading to the cancellation of trades [10671].
(d) value: The software failure incident resulted in the system performing its intended functions incorrectly, such as executing trades for Apple that were later canceled. This incorrect execution of trades contributed to the overall glitch and instability in the marketplace [10671].
(e) byzantine: The articles do not provide specific information indicating a byzantine behavior of the software failure incident.
(f) other: The software failure incident also led to a lack of explanation from the exchange regarding the decision to pull the IPO, leaving institutional investors nervous about their agreement to buy shares. This lack of communication and transparency could be considered as another behavior of the software failure incident [10671]. |