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.