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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

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

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

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

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