BATS appoints ex-SEC commissioner as non-executive chairman
NEW YORK (Reuters) - BATS Global Markets, the No. 3 U.S. equities exchange, said on Tuesday it appointed Paul Atkins, a former U.S. Securities and Exchange commissioner, to the role of non-executive chairman.
BATS' had been looking to fill the role since late March, when the company's board decided to split the roles of chief executive and chairman, both held at the time by co-founder Joe Ratterman, citing better corporate governance.
The decision came on the heels of BATS' attempted initial public offering, in which a series of glitches on its own exchange caused the company to take the extremely rare step of withdrawing the offering.
Atkins is well known in the financial industry as an expert on market structure issues, and is chief executive of Washington-based consultancy Patomak Global Partners. He was a SEC commissioner from 2002-2008, and previously worked for the regulator in the early 1990s.
"Paul is a very pro free markets guy," said Chris Nagy, who heads KOR Trading LLC. "I think he will be a great fit for BATS."
The exchange operator has a month-to-date U.S. equities market share of 12.28 percent. In Europe, the company's CHI-X equity market has a market share of just under 25 percent so far in July.
BATS said in February that it was part of an ongoing industrywide inquiry by the SEC into order types and related matters. (Reporting by John McCrank and Herbert Lash; editing by Jeffrey Benkoe)
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