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.
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.
The decision by Bats Global Markets Inc., the third-largest U.S. equity exchange operator, to cancel its initial public offering emboldened brokerage and fund executives who say the way stocks trade in America doesn’t work.
The potential for “uncoordinated and chaotic” trading after bad code corrupted its computers spurred Bats Global Markets Inc., the third-biggest U.S. stock exchange operator, to scuttle its initial public offering, according to the company’s chief executive officer.
More than five months before a software error ruined Bats Global Markets Inc.’s initial public offering, U.S. regulators put exchanges on notice that they need to do more to protect investors from technology gone awry.