Joe Ratterman, the chairman, president and chief executive of Bats Global Markets, owns shares worth $7.3m in the soon-to-be-listed exchange group. But this figure is dwarfed by his predecessor David Cummings, whose stock is valued at $36.8m, according to filings with the US Securities and Exchange Commission.

Bats Global Markets set the price range for stock in its $123m initial public offering at between $16 and $18 each in an SEC filing yesterday.