In the mid-2000s, a midwestern software programmer turned futures trader broke the stock exchange duopoly and became a hundred-millionaire in the process.
This is the story of David Cummings 
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To break into the business, Cummings borrows a key industry tactic - selling ownership to banks to entice trading volume. After raising money from banks including Lehman Brothers & Morgan Stanley, BATS market share begins to take off:pic.twitter.com/36U0sG5gdF
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In 2012, BATS attempts to IPO on its own exchange, but a technical glitch on launch day prevents the stock from trading. They withdraw the IPO. 4 years later, BATS successfully IPOs in April 2016 at a $1.8 billion valuation.pic.twitter.com/oFC7hOzumh
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Less than 6 months after its IPO, CBOE swoops in and acquires BATS for a whopping $3.2 billion, netting Cummings close to $100 million in the sale.pic.twitter.com/DGT7hxZMzL
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Aftermath: ① Cummings returns to Tradebot and is still its CEO to this day. ② BATS currently holds ~15% equity market share, making it the 3rd largest stock exchange in the US.
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