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 has announced that Akshata Puri and Kayla Mortello received awards from Women in Finance Americas for their exceptional contributions to the financial services industry. Akshata won the Excellence in Trading Platform Award for her leadership as Product Manager for US ATS Venues, while Kayla received the Rising Star award for her impactful role in the global ETF Operations team. Both are recognized for their dedication and innovative approaches, further enhancing Virtu’s reputation in the market.
Virtu Financial, a leader in global financial services technology, has launched its SEC Rule 606 Reporting Aggregation service. This new offering allows US buy-side clients to analyze routing and execution practices across all brokers from a single platform. The service enables clients to assess broker performance using various metrics, including spread capture and fees, in compliance with the SEC's updated Rule 606(b)(3). It integrates with Virtu’s existing Analytics Portal, enhancing transparency in order routing and execution quality.
Virtu Financial, a leader in global financial services, has announced that CEO Douglas A. Cifu will present at the Goldman Sachs U.S. Financial Services Conference on December 9, 2020, at 2:40 p.m. ET. The presentation will be accessible via a live webcast on Virtu's investor relations website. This conference is an opportunity for Virtu to showcase its innovative solutions in the financial markets, highlighting its multi-asset trading capabilities and technology-driven services.
Virtu Financial and MarketAxess announce new clients for Virtu's eNAV ETF analytics tool: Charles Schwab Investment Management and WisdomTree Asset Management. eNAV, launched in Q1 2020, provides real-time transparency for ETF valuations based on underlying components. The tool features MarketAxess' Composite+, an AI-driven pricing engine, updating every 15 to 60 seconds and covering around 90-95% of trading activity across 28,000 instruments. Both companies aim to enhance market clarity and improve execution efficiency for institutional investors using ETFs.
Virtu Financial has launched the Fixed Income Agency Cost Estimator (FI ACE), a pre-trade analytics tool designed to enhance transparency and measure transaction costs in fixed income markets. This tool is aimed at helping clients manage liquidity and comply with regulatory obligations. As of October 2020, FI ACE covers approximately 37,500 North American and 25,000 international corporate and agency bonds, along with 4,000 European sovereign bonds. The tool supports various applications, including liquidity risk management and cost-aware portfolio construction.
Virtu Financial (NASDAQ: VIRT) reported strong third-quarter results for 2020, with net income of $199.7 million, compared to a net loss of $5.2 million a year prior. Total revenues surged 71.6% to $656.1 million, driven by increased trading income, which rose 100.5% to $441.3 million. Normalized EPS stood at $0.81, marking a 306.5% increase year-over-year. The board declared a quarterly cash dividend of $0.24 per share. The company is well-positioned for 2021, announcing a $100 million share buyback following reduced debt and revised expense guidance.
Virtu Financial (NASDAQ: VIRT) announced that Pegah Esmaeili, its Head of Nordic Business Development, has won the Women in Finance Europe’s Rising Star award. This award recognizes her significant contributions to the financial industry. Based in Paris, Pegah has driven successful client-focused execution services across the Nordic region. The company also acknowledged another nominee, Audris Siow, for her leadership. Douglas Cifu, CEO of Virtu, praised Pegah's technical skills and advocacy, which have contributed to revenue growth.
Virtu Financial announced significant enhancements to its FX products and services, aiming to create a comprehensive solution for buy-side clients in FX execution.
Key initiatives include:
- Execution Management Platform for FX, enhancing FX execution capabilities.
- Broker-Neutral Access to dealer liquidity through an advanced API trading infrastructure.
- FX Trade Analytics, integrating enhanced analytics with market insights.
- FX Post-Trade Services, expanding support for trade matching and confirmations.
These upgrades solidify Virtu's commitment to transparency and efficiency in the FX market.
On September 24, 2020, Virtu Financial announced Mary-Anne Peril, its Australia Head Trader, received the Excellence in Trading award from Women in Finance Asia. This recognition highlights her significant impact on Virtu's execution services in Australia, particularly during the challenging COVID-19 period. CEO Douglas Cifu commended her role in driving record volumes in POSIT Alert, underscoring her reputation as a top execution partner. The award reflects the entrepreneurial spirit and leadership of women in the finance industry.
Virtu Financial, Inc. (NASDAQ: VIRT) has announced preliminary estimates for its third quarter results through August 31, 2020. The company anticipates trading income between $295 million and $303 million, with adjusted net trading income between $238 million and $246 million.
Average daily adjusted net trading income is expected to range from $5.53 million to $5.72 million. July's average daily adjusted net trading income has been revised down to $6.50 million. The company will announce detailed results on November 6, 2020.
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