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Bats CEO Scuttled IPO on Potential for Erratic Trading

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.

Joe Ratterman, picked as CEO of the six-year-old stock venue in 2007 after the high-frequency trader who founded Bats left, said in a telephone interview that the board hasn’t discussed leadership changes. While his team in Lenexa, Kansas, responded in seconds when computer errors related to software for the IPO auction derailed its stock and forced a halt in Apple Inc., it wasn’t enough to salvage the public debut.