David Cummings
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| David Cummings | |
| Employer | BATS Trading and Tradebot Systems |
|---|---|
David Cummings founded electronic communication network BATS Trading and served as CEO for the company until he announced plans to step down from the position in June of 2007 amid plans by the company to become an official exchange.[1][2] He now has a day-to-day focus on the proprietary investment firm that he owns, Tradebot Systems Inc. Cummings was replaced at BATS as CEO and president by Joe Ratterman, the firm's former chief operating officer.
Tradebot is a major automated liquidity provider to ECN's and electronic exchanges. Tradebot develops technology and licenses it to BATS Trading.[3]
BATS stands for "better alternative trading system," a concept that Cummings has said the investing world badly needs. Cummings aimed to create vast pools of liquidity in the stock market, just as the NYSE and NASDAQ do. Cummings, however, hoped to do it at dramatically lower prices. BATS pays the same or slightly less than the big exchanges to brokers who add trading volume to its network, and charges less than NASDAQ's lowest fees for removing that volume.[4]
Background
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Education
References
- ↑ BATS Trading Chief To Resign. Dow Jones Online Financial News. Retrieved on June 4, 2008.
- ↑ Founder, CEO of BATS Trading to Leave. Boston.com. Retrieved on March 10, 2008.
- ↑ Press Release. BATS. Retrieved on June 4, 2008.
- ↑ Swinging At Nasdaq. Forbes. Retrieved on June 4, 2008.
