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HideNotSlide's profile
Hide Not Slide
Hide Not Slide
Hide Not Slide
@HideNotSlide

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Hide Not Slide

@HideNotSlide

Helping investors become smarter & more informed about exchanges.

LOST IN THE CITADEL SECURITIES
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    1. Hide Not Slide‏ @HideNotSlide 6 Aug 2020

      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 👇

      1 reply 0 retweets 10 likes
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    2. Hide Not Slide‏ @HideNotSlide 6 Aug 2020

      Cummings grows up in Missouri in the 70s and studies computer & electrical engineering at Purdue University. After college, he quits his programmer job at a medical software company to trade futures at the Kansas City Board of Trade (now part of CME).pic.twitter.com/XOsuGUlrWa

      1 reply 1 retweet 6 likes
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    3. Hide Not Slide‏ @HideNotSlide 6 Aug 2020

      Cummings has a knack for computers. While in the KCBT pits, he sees an opportunity to use computers to trade futures (and eventually, stocks) for a profit. In 1999, he founds Tradebot, one of the first algorithmic trading firms.pic.twitter.com/CII59s1kya

      1 reply 0 retweets 2 likes
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    4. Hide Not Slide‏ @HideNotSlide 6 Aug 2020

      A few years after launch, Tradebot moves its computers from northern Kansas City to New York and New Jersey to improve its HFT strategies. The firm regularly trades up to 5% of total US stock market volume and is consistently profitable.

      1 reply 0 retweets 2 likes
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    5. Hide Not Slide‏ @HideNotSlide 6 Aug 2020

      While running Tradebot, Cummings learns more about the NYSE/Nasdaq duopoly and recent rule changes that could let competition break into the market. In 2005, he decides to launch Better Alternative Trading System (BATS for short), a rival stock exchange to challenge the big 2.pic.twitter.com/QqDcD9GXMn

      1 reply 0 retweets 1 like
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    6. Hide Not Slide‏ @HideNotSlide 6 Aug 2020

      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

      1 reply 0 retweets 2 likes
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    7. Hide Not Slide‏ @HideNotSlide 6 Aug 2020

      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

      1 reply 0 retweets 1 like
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      Hide Not Slide‏ @HideNotSlide 6 Aug 2020

      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

      5:25 AM - 6 Aug 2020
      • 1 Like
      • negative yield
      1 reply 0 retweets 1 like
        1. New conversation
        1. Hide Not Slide‏ @HideNotSlide 6 Aug 2020

          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.

          1 reply 0 retweets 2 likes
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        2. Hide Not Slide‏ @HideNotSlide 6 Aug 2020

          Sources: https://www.kansascity.com/news/business/technology/article72102117.html … https://tradebot.com/board-of-directors … https://www.sifma.org/wp-content/uploads/2018/07/SIFMA-Insights-EMS-Primer_FINAL.pdf …

          0 replies 0 retweets 4 likes
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          3. End of conversation

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