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{{Infobox_Company 
| company_name = Virtu Financial LLC
| company_logo =  [[Image:Virtu Financial Logo.gif]] 
| key_people =     [[Vincent Viola]], Executive Chairman; [[Douglas Cifu]], CEO
| foundation =     2008
| location =       New York
| employees =      <!-- Approx number of employees -->
| products =       Proprietary trading and market making
| twitter =        <!-- Twitter ID for the company, e.g. JohnLothian, or leave blank -->
| stocktwits =     <!-- StockTwits ID for the company, e.g. JohnLothian, or leave blank -->
| linkedin =       http://www.linkedin.com/company/virtu-financial <!-- LinkedIn ID for the company -->
| facebook =       <!-- Facebook Page -->
| homepage =       [http://www.virtu.com/ www.virtu.com]
| press =          <!-- A link to where press releases can be found, or leave blank to omit -->
}}

Virtu Financial Inc. is an [[electronic trading]] firm and [[market maker]] in [[equities]], [[fixed income]], [[currencies]] and [[commodities]]. Virtu and its affiliates are members of the [[NYSE Euronext]], [[NASDAQ]], the [[Chicago Mercantile Exchange]] (CME) and more than 25 other exchanges and market centers around the world.

Virtu was founded in 2008 by former [[NYMEX]] chairman [[Vincent Viola]] and quickly became one of the top [[high-frequency trading]] companies. In May 2011, the firm merged with electronic trading firm Madison Tyler, with an investment by private equity firm Silver Lake Management LLC.<ref>{{cite web|url=http://www.themiddlemarket.com/news/silver-lake-virtu-financial-madison-tyler-merger-220216-1.html|name=Silver Lake Backs Virtu/Madison Tyler Merger|org=Mergers & Acquisitions|date=December 19, 2013}}</ref><ref>{{cite web|url=http://www.businesswire.com/news/home/20110531007143/en/Virtu-Announces-Merger-Madison-Tyler-Strategic-Growth|name=Virtu Announces Merger with Madison Tyler and Strategic Growth Investment from Silver Lake|org=Virtu|date=December 19, 2013}}</ref>

About 27 percent of its trading income in 2013 came from U.S. equities, with 23 percent coming from global commodities and 20 percent from global currencies. The rest came from equities in Asia and Europe, as well as trading in options, fixed income and other securities.<ref>{{cite web|url=http://www.wsj.com/articles/virtu-financial-llc-restarting-ipo-process-1424300748?mod=WSJ_hp_LEFTWhatsNewsCollection|name=High-Speed Firm Virtu Revives IPO Plans|org=The Wall Street Journal|date=February 19, 2015}}</ref>

Virtu completed an initial public offering on April 16, 2015. The company, which listed under the ticker symbol 'VIRT', saw its shares jump nearly 20 percent after the IPO, from an initial price of $19 a share to more than $22 a share.<ref>{{cite web|url=http://www.ft.com/fastft/303103/virtu-financial-seeks-361m-haul-ipo|name=High-speed trader Virtu seeks $361m in US IPO|org=The Financial Times|date=April 6, 2015}}</ref> <ref>{{cite web|url=http://www.wsj.com/articles/virtu-seeks-valuation-of-2-59-billion-1428317135?mod=pls_whats_news_us_business_f|name=Speed Trader Virtu Readies Another IPO Try|org=The Wall Street Journal|date=April 7, 2015}}</ref>  The company raised more than $300 million.<ref>{{cite web|url=http://www.wsj.com/articles/virtu-ipo-to-test-perceptions-of-high-speed-trading-1429118691?mod=WSJ_hp_LEFTWhatsNewsCollection|name=Virtu IPO Tests Perceptions of High-Speed Trading|org=The Wall Street Journal|date=April 16, 2015}}</ref>
  
== History ==

In late 2011, Virtu was ranked as one of the five largest high frequency traders of equities in Europe.<ref>{{cite web|url=http://www.efinancialnews.com/story/2011-10-03/the-top-ten-europe-high-frequency-kingmakers-in-scandinavia-at-least|name=Europe’s top 10 high-frequency kingmakers (in Scandinavia, at least)|org=Financial News|date=March 11, 2014}}</ref>

In late 2012, Virtu Financial LLC and Getco LLC both made takeover offers to [[Knight Capital Group Inc.]] (KCG) after a glitch in one of Knight's trading [[algorithm]]s cost the firm $440 million loss.<ref>{{cite web|url=http://www.marketwatch.com/story/financial-stocks-rise-genworth-shares-drop-2012-08-01?dist=markets|name=Knight Capital shares sink after algorithm glitch|org=MarketWatch|date=August 1, 2012}}</ref><ref>{{cite web|url=http://www.bloomberg.com/news/2012-11-30/knight-board-said-meeting-next-week-to-study-getco-virtu-offers.html|name=Knight Board Said Meeting Next Week to Study Getco, Virtu Offers|org=Bloomberg|date=November 30, 2012}}</ref> In December 2012, Knight went with the Getco offer of $1.4 billion, or $3.75 a share.<ref>{{cite web|url=http://www.reuters.com/article/2012/12/19/us-knightcapital-getco-idUSBRE8BI0OF20121219|name=Getco to buy Knight Capital in $1.4 billion deal|org=Reuters|date=December 19, 2013}}</ref>

On March 10, 2014, Virtu filed for an [[initial public offering]] (IPO) to raise up to $100 million.<ref>{{cite web|url=http://www.reuters.com/article/2014/03/11/us-virtufinancial-ipo-idUSBREA2A01G20140311|name=Trading firm Virtu Financial plans to raise up to $100 million in IPO|org=Reuters|date=March 11, 2014}}</ref> In the filing, Virtu said it had earned $182.2 million in net income in 2013 on revenue of $664.5 million, representing a 108% increase in profits from the year before, and that it had earned money every day but one in the last five years.<ref>{{cite web|url=http://online.wsj.com/news/articles/SB10001424052702304157204579473793379062678?mg=reno64-wsj|name=High-Speed Trading Firm Tries Charm Offensive|org=The Wall Street Journal|date=April 1, 2014}}</ref>  
It also disclosed in the filing that the U.S. [[Commodity Futures Trading Commission]] is investigating Virtu’s “participation in certain incentive programs offered by exchanges or venues” from July 2011 to November 2013.

The owners of Virtu Financial, including [[Vincent Viola]] and Silver Lake, said they would not sell their shares. Goldman Sachs Group Inc., JPMorgan Chase & Co. and Sandler O’Neill & Partners LP were the managers of the sale.<ref>{{cite web|url=http://www.bloomberg.com/news/2014-03-11/virtu-filing-shines-light-on-business-of-high-frequency-trading.html|name=Virtu Filing Shines Light on High-Frequency Trading|org=Bloomberg|date=March 11, 2014}}</ref> 

Virtu's IPO filing marked it as the first ever [[initial public offering]] by a global [[high-frequency trading]] firm that trades only with its own money.<ref>{{cite web|url=http://www.ft.com/intl/cms/s/0/20eb53e8-a96a-11e3-9b71-00144feab7de.html#axzz2vlrTiJao|name=Virtu admits weakness on expense accounting|org=Financial Times|date=March 12, 2014}}</ref> 

In April 2014, Virtu said it would delay its IPO indefinitely. The delay came as a media frenzy developed over the publication of [[Michael Lewis]]' latest book, "Flash Boys," which accused high-speed traders and exchanges of "rigging" the U.S. stock markets.<ref>{{cite web|url=http://www.bloomberg.com/news/2014-04-01/virtu-said-to-delay-ipo-amid-furor-spurred-by-michael-lewis-book.html|name=Virtu Said to Delay IPO Amid Furor Spurred by Michael Lewis Book|org=Bloomberg|date=April 2, 2014}}</ref> In late April, Virtu received a letter of inquiry from New York Attorney General [[Eric Schneiderman]], who is investigating whether high-speed traders are breaking any laws by acting on nonpublic information.<ref>{{cite web|url=http://uk.reuters.com/article/2014/04/18/us-virtu-ipo-idUKBREA3G28320140418|name=NY attorney general seeks info from high-speed firm Virtu: source|org=Reuters|date=April 21, 2014}}</ref> The FBI is also involved in the investigations.<ref>{{cite web|url=http://www.ft.com/intl/cms/s/0/3df910cc-ba06-11e3-a3ef-00144feabdc0.html#axzz2xkh2rcuk|name=Virtu Financial delays IPO amid Flash Boys furore|org=The Financial Times|date=April 2, 2014}}</ref>

The company revived its plans in February 2015, as the media furor over "Flash Boys" appeared to have died down, and in April submitted a new filing. <ref>{{cite web|url=http://www.marketwatch.com/story/virtu-seeks-valuation-of-259-billion-2015-04-06-7103711?dist=beforebell|name=Virtu seeks valuation of $2.59 billion|org=MarketWatch|date=April 6, 2015}}</ref> The IPO was completed on April 16.

Virtu acquired its rival [[KCG Holdings Inc.]] in July of 2017 for $1.4 billion, uniting two of the biggest market makers. Virtu paid $20 per share in cash for KCG and funded the transaction by selling $1.65 billion in debt and $750 million of stock. <ref>{{cite web|url=https://www.thetradenews.com/Sell-side/KCG-acquisiton-by-Virtu-completes/|name=KCG Acquisition by Virtu Completes|org=The Trade News|date=August 2, 2017}}</ref> 
<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2017-04-20/virtu-said-poised-to-announce-deal-to-acquire-trading-rival-kcg|name=Virtu Agrees to Buy Speed-Trading Rival KCG for $1.4 Billion|org=Bloomberg|date=April 24, 2017}}</ref> <ref>{{cite web|url=https://www.wsj.com/articles/virtu-financial-makes-bid-to-acquire-kcg-holdings-1489609032|name=Virtu Financial Makes Bid To Acquire KCG Holdings|org=WSJ|date=March 16, 2017}}</ref> The acquisition gave Virtu control of 20 per cent of all US stock trading.<ref>{{cite web|url=https://www.ft.com/content/9bd87b8a-2694-11e7-a34a-538b4cb30025|name=Virtu's Viola seals biggest deal with military precision|org=The Financial Times|date=April 24, 2017}}</ref>

In March 2019 Virtu acquired [[Investment Technology Group Inc.]] (ITG) for nearly $1 billion. The deal was aimed at stabilizing quarterly earnings and bringing in more revenue from technology and execution services. <ref>{{cite web|url=https://www.wsj.com/articles/virtu-financial-to-buy-brokerage-itg-in-almost-1-billion-deal-1541591779?mod=hp_lista_pos5|name=Virtu Financial to Buy Brokerage ITG in Almost $1 Billion Deal|org=The Wall Street Journal|date=November 7, 2018}}</ref><ref>{{cite web|url=https://www.thetradenews.com/virtu-closes-1-billion-itg-acquisition/|name=Virtu closes $1 billion ITG acquisition|org=The Trade|date=March 1, 2019}}</ref>

In April 2019 Virtu Financial announced a new partnership with [[MarketAxess]] to provide the two firm’s mutual client base with trading tools and access to global ETFs and fixed income securities. The launch is planned for Q3 of 2019.<ref>{{cite web|url=https://www.thetradenews.com/virtu-financial-marketaxess-join-forces-global-etf-fixed-income-project/|name=Virtu Financial and MarketAxess join forces on global ETF and fixed income project|org=The Trade News|date=April 5, 2019}}</ref>

== Key People ==
*[[Vincent Viola]], Executive Chairman
*[[Douglas Cifu]], Chief Executive Officer
*[[Brett Faircloth]], Chief Operating Officer and Global Head of Business Development
*[[Brian Palmer]], Global Head of Development
*[[Alex Loffe]], Chief Financial Officer
*[[Marc Rosenthal]], Executive Vice President of Strategy and Corporate Development

== References ==
<references />


[[Category:High Frequency Trading]]
[[Category:Proprietary Trading]]
[[Category:Virtu Financial]]