Mark Hemsley, chief executive of Bats Global Markets' European operations, owns shares worth more than $4m in the exchange operator, which yesterday priced its $100m initial public offering at the bottom of the bookbuilding range.

Bats Global Markets, which operates the third largest equities market in the US and the largest pan-European trading venue, set the price range for stock in its $123m initial public offering at $16 yesterday, according to a statement.