Author Michael Lewis’s argument that U.S. stock trading is rigged reflects a misunderstanding of how the market operates and its history, said Bill O’Brien, the president of exchange operator Bats Global Markets Inc.
Bats Global Markets Inc. should suspend employee bonuses and resurrect its botched initial public offering by the end of June, according to founder Dave Cummings, who defended the changes to U.S. equities markets that the company benefited from.
A painting of the New York Stock Exchange in its heyday, depicting men buzzing around trading posts, hangs in the Jersey City office of William O’Brien. An inheritance from his father, it represents a way of life the Direct Edge Holdings LLC chief executive officer has spent a career helping to dismantle.
Bats Global Markets Inc.’s merger with Direct Edge Holdings LLC will put a broker-owned stock exchange operator in the top ranks on Wall Street for the first time since NYSE Euronext and Nasdaq OMX Group Inc. went public.
The software error that derailed the initial public offering of Bats Global Markets Inc., where 11 percent of all U.S. stock trading occurs, rattled investors concerned about the growing complexity of financial markets.