NEW YORK, July 1 Dave Cummings, a founder of exchange operator BATS Global Markets and a well-known name in high-frequency trading, said on Tuesday that he was again taking on the role of chief executive officer at Tradebot Systems Inc, where he is chairman of the board.
In an email to friends and acquaintances in the brokerage industry announcing his decision, Cummings exhibited his competitive and down-to-earth spirit, saying, "Now that I have a real job, I am going to have to quit being a slacker."
Eric Boles, an 11-year veteran at Tradebot, had stepped down as CEO and was leaving the industry, Cummings said.
Cummings said Kansas City, Missouri-based Tradebot, which was founded in 1999 and has 60 associates, planned to stay private. The firm's technology is extremely fast, he said, adding that its best strength is being extremely nimble.
Cummings also alluded to heightened scrutiny of high-frequency trading by regulators. Tradebot was named in the New York attorney general's securities fraud lawsuit last week against Barclays as the largest participant in the bank's private trading venue.
"I believe markets are much fairer to long-term investors than they were 15 years ago," Cummings said. "The industry has come a long way, but there is room to improve. Let's have that debate."