BATS Chief on Friday’s Troubles: ‘My Stomach Sank’

As reported by Michael de la Merced from The New York Times, Friday morning did not go quite the way Joe Ratterman had expected.

After months of planning and anticipation, BATS Global Markets would finally go public. Among the unique distinctions of the I.P.O. was that the company’s stock would be listed on its own exchange, a point of pride but also one that would require a lot of work.

It was a problem that BATS executives thought they had solved — until they were proved wrong at about 10:45 a.m., when technical issues led the company to shelve its offering and darkened what should have been the exchange’s biggest achievement to date.

Now Mr. Ratterman, the exchange’s chief executive, must grapple with concerns both outside and inside the company. Some critics have used the failed offering to criticize both high-frequency trading and the fracturing of the market into numerous trading platforms, taking aim at the core of what BATS represents. And David Cummings, BATS Global’s founder and a board member, wrote a widely distributed e-mail on Sunday that called for withholding bonuses for the company’s executives.

Read More>>

This entry was posted in Articles, Business, Finance, World Economy, World Exchanges and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s