Photo: CNBC Screenshot
Joe Ratterman, the chief executive of alternative stock exchange BATS Global Markets, was grilled this morning on CNBC’s “Squawk On The Street” following the company’s IPO Friday that was pulled.Ratterman, who apologized in a letter this weekend for a software glitch that caused BATS to withdraw its IPO, said the company has no additional plans to go public at this point. He added they will need to convene with the company’s board to determine the next step.
During a telephone interview with the CEO, “Mad Money” host Jim Cramer jumped in and asked Ratterman how exactly BATS helps the regular everyday investor come back to the market.
“The fact is the markets are significantly more efficient today, which means that when you go out on average you’re going to see bid-offer spreads are extremely tight and more sized than you would have years ago. Trading is basically much more price effective and much more confident for people (trails off),” Ratterman responded.
“Confident? Did you use the word ‘confident’?,” Cramer said, adding, “I actually see a degree of confidence eroding, but maybe I’m just oblivious living in another world.”
CNBC’s David Faber gave the CEO an earful, too.
“You just said to what happened on Friday ‘these things happen.’ I’m sure you had a rough weekend and I hate to pile on. These things don’t happen on the day you’re going public! Is anyone going to get fired? Uh, would you said ‘Hey, I’m not going to run this company anymore’? I mean it is unbelievable that the day you went public this happened,” Faber said.
Check out the clip below.
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