The founder of BATS Global Markets says the U.S. exchange that withdrew its public offering on Friday after an embarrassing computer glitch should pursue a "credible" IPO plan in the second quarter.

Dave Cummings, who founded the BATS exchange and was its CEO till 2007, said in an email sent to people in the industry that it was a "freak one-time event." He also said that all bonus plans at BATS should be suspended since "mistakes cost money."

A BATS' spokesman said Cummings' opinions are his own and the company has "absolutely no comment" on the email.

Cummings sits on the board of BATS and is the owner of electronic trading firm Tradebot Systems and technology investment firm Tradebot Ventures. He also owns a stake in BATS.