BATS founder and CEO steps down as exchange status talks continue

BATS founder and CEO steps down as exchange status talks continue

Dave Cummings, the founder of BATS Trading, will step down as CEO on Monday to focus on his Tradebot Systems proprietary trading firm. Joe Ratterman is being promoted to president and CEO as the electronic trading firm continues informal talks with the SEC about applying for exchange status.

Since BATS went live in January 2006 it has quickly grown into one of the largest alternative trading venues in the US. On Wednesday it set a volume record with more than 401 million shares traded, about 12% of Nasdaq-listed market share. The firm also has a significant market share in NYSE listed stocks.

Ratterman, 41 years old, was previously executive vice president and chief operating officer and has been with BATS since its incorporation in June 2005. He has a strong track record as an executive in the technology and financial services industry, including time as chief technology officer at Bridge/Reuters from 1990-2002.

Cummings will remain on the board of BATS Trading, while assuming the role of chairman of Tradebot Systems, the proprietary trading firm he founded. The change in role is due to potential confilict of interest as BATS looks to achieve exchange status. Exchange executives are generally not allowed to own their own brokerage firm.

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