Bitcoin Futures Coming From Team That Rebounded From Epic SnafuBy
Cboe tech staff came from Bats, which once botched its own IPO
Launch of bitcoin futures will be watched even more closely
Cboe Global Markets Inc. is preparing to release bitcoin futures into a bitcoin-obsessed world. Its tech staff knows how badly these things can go.
Cboe bought exchange operator Bats Global Markets Inc. earlier this year. Back in 2012, Bats made Wall Street’s history books after it failed to complete a fundamental task of exchanges: getting a stock trading after an initial public offering. It wasn’t just any IPO -- it was the company’s own debut.
A software glitch spoiled Bats’s first day of trading, prompting the company to withdraw its IPO and damaging its reputation. It didn’t try again until 2016. That time it went fine.
By the time Cboe bought it, Bats had completely regained its mojo, with its software regarded as some of the best in the exchange industry. Cboe ended up putting the Bats tech staff in charge of its own IT department -- and that’s who’s responsible for getting bitcoin futures started on Sunday night.