Welcome to our dedicated page for Virtu Financial news (Ticker: VIRT), a resource for investors and traders seeking the latest updates and insights on Virtu Financial stock.
Virtu Financial, Inc. (NASDAQ: VIRT) is a leading financial technology firm where the art of trading intersects with the science of technology. The company operates as a market maker and liquidity provider across a wide range of asset classes including equities, foreign exchange, commodities, options, and fixed income. As a designated market maker (DMM), Virtu plays a pivotal role in enhancing market liquidity by supplying competitive bids and offers, without seeking to take on high-risk directional positions.
Headquartered in New York, Virtu Financial has a global presence, actively making markets on over 200 market centers worldwide. The firm's operations are segmented into Market Making and Execution Services. The Market Making segment primarily involves activities in cash, futures, and options markets, while Execution Services offer robust solutions for both retail and institutional clients. Geographically, a significant portion of Virtu's revenue is generated in the United States, although it also has a strong presence in Ireland and other international markets.
Recent developments underscore Virtu's commitment to innovation and partnership. In August 2023, Virtu announced a strategic alliance with InvestorLink aimed at enhancing retail investor connectivity to primary markets. This collaboration integrates InvestorLink's advanced primary market management and AI-powered matching platform with Virtu’s global infrastructure, facilitating seamless access to both primary and secondary market liquidity.
Despite its significant achievements, Virtu has faced regulatory scrutiny. The U.S. Securities and Exchange Commission (SEC) has initiated a civil lawsuit against the company concerning its internal information barriers during the period from January 2018 to April 2019. Virtu has responded robustly, emphasizing that no data was accessed or used improperly and that it continuously maintains reasonable policies and procedures to protect confidential information.
Financially, Virtu reported an increase in total revenue of 12.3% to $630.2 million for the latest quarter, compared to $561.0 million in the same period of the previous year. Although trading income, net, decreased to $316.1 million from $397.4 million, other net income increased significantly to $76.1 million. Adjusted EBITDA for the quarter stood at $139.5 million, reflecting a 22.7% decrease from the same period last year.
In terms of corporate actions, Virtu has repurchased approximately 42.2 million shares of Class A Common Stock and Virtu Financial Units for about $1,083.7 million since November 2020. As of the latest update, the company has approximately $136.3 million remaining capacity for future share repurchases.
Virtu continues to leverage its cutting-edge technology and global market expertise to offer a comprehensive suite of products, including execution services, liquidity sourcing, analytics, and multi-dealer platforms. Its integrated, multi-asset analytics platform provides essential pre- and post-trade services, data products, and compliance tools to help clients invest, trade, and manage risk effectively across global markets.
Virtu Financial (NASDAQ: VIRT) reported strong Q3 2024 results with net income of $119.0 million and normalized adjusted net income of $132.1 million. Total revenues increased 12.2% to $706.8 million, while trading income rose 40.5% to $444.0 million compared to Q3 2023. The company achieved adjusted EBITDA of $214.8 million, up 54.0% year-over-year, with an adjusted EBITDA margin of 55.4%. Basic and diluted EPS were $0.65 and $0.64 respectively. The Board declared a quarterly dividend of $0.24 per share, payable December 15, 2024.
Virtu Financial (Nasdaq:VIRT), a leading global multi-asset financial services provider, has announced it will release its third quarter 2024 results on Thursday, October 24, 2024, before the US market opens. The company will host a conference call at 8:30 AM (EDT) to discuss the financial results.
A live webcast of the event will be available and later archived on the Investor Relations section of Virtu's website at https://ir.virtu.com/events-presentations. The call will be open to the public, allowing investors and interested parties to participate and gain insights into the company's performance.
Virtu Financial, Inc. (Nasdaq:VIRT) proudly announces that two of its employees have been recognized at Markets Media's European Women in Finance Awards. Trish McMenamin, Chief Compliance Officer, received the Excellence in Legal and Compliance award for transforming Virtu's Dublin-based regulatory program and fostering collaboration across global teams. Leah Goldsberry, EMEA Head of Analytics Client Coverage, was awarded the Rising Star honor for her contributions in managing key client relationships and leading Virtu's EMEA analytics team.
Rob Boardman, EMEA CEO of Execution Services at Virtu Financial, commended both women for exemplifying Virtu's commitment to excellence, innovation, and teamwork. The firm expressed gratitude for the examples Leah and Trish set at Virtu and in the financial services industry.
Virtu Financial (NASDAQ: VIRT) has announced that its Triton Valor execution management system (EMS) has established direct connectivity to CONNEQTOR, Tokyo Stock Exchange's (TSE) platform for trading exchange traded funds (ETFs). This integration allows investors to access real-time and deep ETF liquidity on the TSE.
Triton is a global, multi-asset EMS that supports trading across various asset classes and brokers. The connection to CONNEQTOR was added in response to client requests for access to new, innovative liquidity sources for ETF trading. TSE developed CONNEQTOR to facilitate large-scale transactions that were challenging to complete in auction sessions.
Virtu Financial's Triton Valor EMS has been awarded Best Equity E/OMS at the European Markets Choice Awards 2024. Triton is a global, multi-asset execution management system for trading various financial instruments across 700+ brokers and venues. It caters to all types of flow, including Care, PT, DMA, Algos, RFS, and RFQs.
In response to increased European client demand, Triton has expanded its fixed income capabilities, streamlining workflows and improving liquidity access. Virtu's focus on trade automation tools, including algo wheel, auto-router, and web-based execution planning toolkit, coupled with real-time analytics, enables clients to prioritize best-execution.
This award highlights Virtu's commitment to improving Triton's core competencies and expanding its multi-asset footprint globally.
Virtu Financial (NASDAQ: VIRT) reported strong Q2 2024 results, with net income of $128.1 million and normalized adjusted net income of $135.3 million. Key highlights include:
- Total revenues increased 36.7% to $693.0 million
- Trading income, net, rose 39.3% to $426.4 million
- Adjusted Net Trading Income up 38.2% to $385.1 million
- Adjusted EBITDA grew 78.3% to $217.5 million
The company completed a refinancing of existing debt with a new $1.2 billion term loan and $500 million in notes. Virtu also declared a quarterly dividend of $0.24 per share and continued its share repurchase program, buying back $31.0 million in shares during Q2.
Virtu Financial (Nasdaq: VIRT), a leading global financial services provider, announced its sponsorship of Maria Costa, a professional equestrian show jumper. Costa boasts multiple Grand Prix victories and Nations Cup appearances, and is training to represent the United States in upcoming international competitions, including the 2026 World Equestrian Games, the 2027 Pan American Games, and the 2028 Olympic Games. CEO Douglas A. Cifu expressed pride in supporting Costa's championship ambitions.
Virtu Financial (Nasdaq: VIRT) will release its second-quarter 2024 financial results on July 18, 2024, before the US market opens.
A conference call to discuss these results will be hosted at 8:30 AM (EDT).
A live webcast of the call will be accessible via the Investor Relations section of Virtu's website and will also be archived for future reference.
This announcement provides an opportunity for investors to gain insights into the company's performance for the quarter.
Virtu Financial has announced the pricing of its $500 million senior notes at 7.50% due 2031 and allocated new senior secured first lien credit facilities, including a $1,245 million term loan and a $300 million revolving credit facility. These initiatives, set to close around June 21, 2024, aim to repay existing debt, lower interest expenses by approximately $2 million annually, and extend debt maturities. The new term loans offer a reduced interest rate of SOFR plus 2.75%. The notes will be guaranteed by Virtu Financial's subsidiaries and are being offered to qualified institutional buyers.
Virtu Financial announced an opportunistic private offering of $500 million in senior first lien notes due 2031. The offering, exempt from the Securities Act registration, is subject to market conditions. The proceeds will repay an existing $500 million term loan. Concurrently, Virtu intends to amend its credit agreement to establish a new $1.245 billion term loan and increase its revolving credit facility to $300 million. The notes will be guaranteed by Virtu Financial and its domestic subsidiaries. The offering and credit amendments are independent of each other.
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