BATS Global Markets exchange president William O’Brien, who got in a heated TV debate over high-frequency trading with “Flash Boys” author Michael Lewis, stepped down from his post on Tuesday.
His position, which he held for seven months, will be taken over by current CEO Joseph Ratterman, the company said. BATS has no plans to replace O’Brien, one source told The Post.
No reason was given for his departure. O’Brien became president after BATS acquired DirectEdg, where he was CEO.
While Ratterman was largely the public face of the company — testifying before a congressional committee on high-frequency trading earlier this month — O’Brien grabbed the spotlight during a live debate on CNBC.
O’Brien got in a heated argument with Lewis and Brad Katsuyama, the president and CEO of upstart exchange IEX and the hero of Lewis’ book, over whether the markets are rigged in favor of high-speed traders.
“I believe you’re a part of the rigging,” Katsuyama said to O’Brien during the broadcast, in part because BATS sent out different data feeds to different tiers of trading clients.
While O’Brien denied it on air, BATS later put out a statement clarifying that it does, in fact, send out different data feeds.
“Shame on both of you for falsely accusing thousands of people on wrongdoing…to try to build a business on fear, mistrust and accusations,” O’Brien shot back.
With tempers flaring, Lewis rushed to Katsuyama’s defense.
“There’s actually no point in talking to someone who’s just throwing dust in the air,” Lewis said.