BATS Trading has hired Eric Swanson, a former lawyer with the US Securities and Exchange Commission (SEC), as general counsel. His main initial responsibility will be working with the SEC as BATS seeks the commission’s approval of its exchange application.
Swanson will report to BATS CEO Joe Ratterman. “With his strong background and knowledge of the SEC and market centers, Eric is the ideal individual to work with the Commission during this process,” says Ratterman.
Swanson served at the SEC from 1996 to 2006, rising to the position of assistant director in the Office of Compliance Inspections and Examinations’ market oversight unit in Washington. His duties included supervising the Commission’s inspection programme responsible for regulatory oversight of trading on the securities exchanges and ECNs.
At the SEC, Swanson supervised and conducted inspections and examinations that involved a wide range of issues, including best execution, order handling, insider trading, market manipulation, and compliance with Regulation ATS. Swanson was also responsible for the identification of regulatory risks and the development of parameters for surveillance and examination programmes.