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ORIGINAL POST, SEE UPDATES BELOW: We think it's pretty safe to say this is the worst possible nightmare story for a new company that's having an IPO.

BATS is an alternative stock exchange, which IPO'd today, after pricing last night at $15.25, the lower end of its range (already ominous).

Then before it even came public, there was a flash crash in Apple and according to reports those bad quotes happened on the BATS exchange.

And then it gets even weirder.

BATS itself is seeing a flash crash.

After its $15.25 IPO price, the stock is trading at less than $.04 per trade (those trades have been canceled).

Note that BATS is debuting on its own BATS exchange, so this is an indictment of its own service, that it can't get the stock trading on its own market