In a letter to BATS customers and other trading community members, Ratterman applauded the exchanges for having the capacity to handle the large trading volume in the markets effectively.
Mr Oudea rejects the idea of a systemic failure, arguing that the loss was a product of a particular time and place: a period of rapid growth in equity derivatives, which overstretched the bank's capacity to monitor itself, and a peripheral trading desk where people were less jumpy about the risk of fraud.