David Cummings

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David Cummings
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Occupation CEO, Owner, Chairman of the Board
Employer Tradebot Systems
Location Kansas City, Missouri
Website tradebotsystems.com

David Cummings is chairman and CEO of Tradebot Systems. He has been chairman of Tradebot since 2007 and was CEO of the company from 1999 to 2005. He left in 2005 to launch Better Alternative Trading System, which later became BATS Global Markets, but returned to the company as CEO in the summer of 2014.[1] He replaced Eric Boles, who decided to leave the industry to pursue personal interests.[2]

Tradebot Systems is a major automated liquidity provider to ECNs and electronic exchanges. Tradebot Systems develops technology and licenses it to BATS Trading.[3]

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.[4][5] [6]

In launching the Better Alternative Trading System (BATS), 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.[7]

Cummings was an independent floor trader at the Kansas City Board of Trade from 1995 to 1998.

Education

Cummings holds a Degree in Computer and Electrical Engineering from Purdue University in 1990.

References

  1. Dark pool spotlight falls on Tradebot. The Financial Times.
  2. Tradebot Founder, Chairman Returns as CEO. The Wall Street Journal.
  3. Press Release. BATS.
  4. BATS Trading Chief To Resign. Dow Jones Online Financial News.
  5. Founder, CEO of BATS Trading to Leave. Boston.com.
  6. Board of Directors. Tradebot Systems.
  7. Swinging At Nasdaq. Forbes.