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| '''Virtu Financial''' is one of the largest ] (HFT) and ] firms. It provides quotations and trades in ], ], ], options, ], and other ] on various ], ], and ].<ref>{{cite web|title=Company Overview of Business Financial, Inc.|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=133624510|website=investing.businessweek.com|publisher=Business Week|accessdate=1 July 2014}}</ref> Virtu uses proprietary high-frequency trading strategies to trade large volumes of securities. On March 10, 2014, Virtu Financial filed for its ], yet repeatedly delayed its IPO.<ref>{{cite web|title=Virtu Financial, Inc. S-1|url=https://www.sec.gov/Archives/edgar/data/1592386/000104746914002070/a2218589zs-1.htm|website=www.sec.gov|publisher=SEC}}</ref> | '''Virtu Financial''' is one of the largest ] (HFT) and ] firms. It provides quotations and trades in ], ], ], options, ], and other ] on various ], ], and ].<ref>{{cite web|title=Company Overview of Business Financial, Inc.|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=133624510|website=investing.businessweek.com|publisher=Business Week|accessdate=1 July 2014}}</ref> Virtu uses proprietary high-frequency trading strategies to trade large volumes of securities. On March 10, 2014, Virtu Financial filed for its ], yet repeatedly delayed its IPO.<ref name=s1>{{cite web|title=Virtu Financial, Inc. S-1|url=https://www.sec.gov/Archives/edgar/data/1592386/000104746914002070/a2218589zs-1.htm|website=www.sec.gov|publisher=SEC}}</ref> | ||
| ==Company== | ==Company== | ||
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| ===Activities=== | ===Activities=== | ||
| Virtu operates on more than 210 exchanges, markets and dark pools in 30 countries.<ref |
Virtu operates on more than 210 exchanges, markets and dark pools in 30 countries.<ref name=s1/> Some of these exchanges include ], ] and the ]. The company is a on the ] and ]. Virtu makes markets by providing quotations to buyers and sellers in more than 10,000 securities and other financial instruments.<ref name=s1/> | ||
| On August 28, 2014, Virtu Financial, along with London-based GSA Capital, executed the first trades on ParFX Prime, a ] trading platform. Unlike most exchanges and trading venues, ParFX's matching engine does not adhere to the principle of price-time priority. Instead, ParFX subjects all orders to random pauses of about 20 to 80 milliseconds, trying to provide a more level playing field.<ref>{{cite web|title=Leading buy-side firms complete first trades on ParFX as Prime Service Goes Live|url=http://www.parfx.com/files/140911_Prime_service_goes_live.pdf|website=www.parfx.com|publisher=ParFX}}</ref> | On August 28, 2014, Virtu Financial, along with London-based GSA Capital, executed the first trades on ParFX Prime, a ] trading platform. Unlike most exchanges and trading venues, ParFX's matching engine does not adhere to the principle of price-time priority. Instead, ParFX subjects all orders to random pauses of about 20 to 80 milliseconds, trying to provide a more level playing field.<ref>{{cite web|title=Leading buy-side firms complete first trades on ParFX as Prime Service Goes Live|url=http://www.parfx.com/files/140911_Prime_service_goes_live.pdf|website=www.parfx.com|publisher=ParFX}}</ref> | ||
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| ===Locations=== | ===Locations=== | ||
| Virtu has offices in ] (headquarters), ], ], and ].<ref>{{cite news|title=Virtu Financial Acquires Amsterdam ETF Market Maker, Nyenburgh Holding B.V.|url=http://www.prnewswire.com/news-releases/virtu-financial-acquires-amsterdam-etf-market-maker-nyenburgh-holding-bv-169737966.html|accessdate=1 July 2014|publisher=PR Newswire|date=14 September 2012}}</ref> It expanded its European headquarters to ] in September, 2013.<ref>{{cite news|title=Virtu Financial LLC expands its European HQ in Dublin, with 30 highly skilled jobs|url=http://www.idaireland.com/news-media/press-releases/taoiseach-enda-kenny-anno-1/|accessdate=1 July 2014|publisher=IDA Ireland|date=19 September 2013}}</ref> Virtu Financial Ireland Limited is regulated by the ]. | Virtu has offices in ] (headquarters), ], ], and ].<ref name=PR-newswire>{{cite news|title=Virtu Financial Acquires Amsterdam ETF Market Maker, Nyenburgh Holding B.V.|url=http://www.prnewswire.com/news-releases/virtu-financial-acquires-amsterdam-etf-market-maker-nyenburgh-holding-bv-169737966.html|accessdate=1 July 2014|publisher=PR Newswire|date=14 September 2012}}</ref> It expanded its European headquarters to ] in September, 2013.<ref>{{cite news|title=Virtu Financial LLC expands its European HQ in Dublin, with 30 highly skilled jobs|url=http://www.idaireland.com/news-media/press-releases/taoiseach-enda-kenny-anno-1/|accessdate=1 July 2014|publisher=IDA Ireland|date=19 September 2013}}</ref> Virtu Financial Ireland Limited is regulated by the ]. | ||
| ===Operating Subsidiaries=== | ===Operating Subsidiaries=== | ||
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| Virtu acquired a market-making unit that handles ] stocks from Cohen Capital Group LLC in December 2011. The purchase made Virtu the largest overseer of trading in shares listed on Amex, known as the ] before NYSE Euronext bought it for $260 million in 2008. The deal gave Virtu a designated market-maker license for ] companies. With the acquisition, some of the companies Virtu was able to trade and support included New Gold Inc., Northern Oil & Gas Inc., and the American depositary receipts of British American Tobacco Plc.<ref>{{cite news|last1=Mehta|first1=Nina|title=High-Frequency Firm Virtu Buys Cohen Capital’s Amex Unit|url=http://www.businessweek.com/news/2011-12-13/high-frequency-firm-virtu-buys-cohen-capital-s-amex-unit.html|accessdate=1 July 2014|publisher=Business Week|date=13 December 2011}}</ref> | Virtu acquired a market-making unit that handles ] stocks from Cohen Capital Group LLC in December 2011. The purchase made Virtu the largest overseer of trading in shares listed on Amex, known as the ] before NYSE Euronext bought it for $260 million in 2008. The deal gave Virtu a designated market-maker license for ] companies. With the acquisition, some of the companies Virtu was able to trade and support included New Gold Inc., Northern Oil & Gas Inc., and the American depositary receipts of British American Tobacco Plc.<ref>{{cite news|last1=Mehta|first1=Nina|title=High-Frequency Firm Virtu Buys Cohen Capital’s Amex Unit|url=http://www.businessweek.com/news/2011-12-13/high-frequency-firm-virtu-buys-cohen-capital-s-amex-unit.html|accessdate=1 July 2014|publisher=Business Week|date=13 December 2011}}</ref> | ||
| In September 2012, Virtu acquired the ] (ETF) market maker assets of Nyenburgh Holding B.V., a high-frequency trader in European ETFs.<ref |
In September 2012, Virtu acquired the ] (ETF) market maker assets of Nyenburgh Holding B.V., a high-frequency trader in European ETFs.<ref name=PR-newswire/> | ||
| ==References== | ==References== | ||
Revision as of 16:14, 1 November 2014
| [REDACTED] | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2008 |
| Founder | Vincent Viola |
| Headquarters | New York City, U.S. |
| Products | High-frequency trading, market making |
| Number of employees | 151 |
| Subsidiaries | Madison Tyler |
| Website | www |
![[REDACTED]](https://u3vuiephb.global.ssl.fastly.net/File:Virtu_Financial_logo.png){kind=link}
Virtu Financial is one of the largest high-frequency trading (HFT) and market making firms. It provides quotations and trades in equities, commodities, currencies, options, fixed income, and other securities on various exchanges, markets, and dark pools. Virtu uses proprietary high-frequency trading strategies to trade large volumes of securities. On March 10, 2014, Virtu Financial filed for its initial public offering, yet repeatedly delayed its IPO.
Company
Based in New York City, Virtu was founded by Vincent Viola, a former chairman of the New York Mercantile Exchange and current owner of the Florida Panthers. In April 2014, Viola asked South Florida's Broward County to use $64 million of taxpayer funds to help cover the bills for the Panthers hockey team he bought six months before.
Virtu was ranked as one of the five largest high-frequency traders of equities in Europe in 2011.
The company suggested standards for electronic firms that call themselves market makers. Virtu believes market makers should be obligated to quote at or near the inside of the national best bid and offer throughout the day and quote at various price points in a number of different securities.
When filing for its IPO in March 2014, it was disclosed that during five years Virtu Financial made profit 1,277 out of 1,278 days, losing money just one day.
Activities
Virtu operates on more than 210 exchanges, markets and dark pools in 30 countries. Some of these exchanges include NYSE Euronext, NASDAQ and the Chicago Mercantile Exchange. The company is a designated market maker on the NYSE and NYSE Amex. Virtu makes markets by providing quotations to buyers and sellers in more than 10,000 securities and other financial instruments.
On August 28, 2014, Virtu Financial, along with London-based GSA Capital, executed the first trades on ParFX Prime, a foreign exchange trading platform. Unlike most exchanges and trading venues, ParFX's matching engine does not adhere to the principle of price-time priority. Instead, ParFX subjects all orders to random pauses of about 20 to 80 milliseconds, trying to provide a more level playing field.
New York Attorney General Eric Schneiderman subpoenaed Virtu on its HFT practices, asking about special arrangements with dark pools and exchanges, the company's trading strategies and whether Virtu practices latency arbitrage, a high-frequency activity considered to be front running.
Locations
Virtu has offices in New York (headquarters), Austin, Dublin, and Singapore. It expanded its European headquarters to Dublin in September, 2013. Virtu Financial Ireland Limited is regulated by the Central Bank of Ireland.
Operating Subsidiaries
In May 2011, Virtu merged with proprietary trading firm Madison Tyler based in Santa Monica, California with the backing of Silver Lake Partners, a technology focused private equity firm. Vincent Viola co-founded Madison Tyler with David Salomon, a former arbitrage trader at Goldman Sachs.
Virtu acquired a market-making unit that handles NYSE Amex stocks from Cohen Capital Group LLC in December 2011. The purchase made Virtu the largest overseer of trading in shares listed on Amex, known as the American Stock Exchange before NYSE Euronext bought it for $260 million in 2008. The deal gave Virtu a designated market-maker license for New York Stock Exchange companies. With the acquisition, some of the companies Virtu was able to trade and support included New Gold Inc., Northern Oil & Gas Inc., and the American depositary receipts of British American Tobacco Plc.
In September 2012, Virtu acquired the exchange-traded fund (ETF) market maker assets of Nyenburgh Holding B.V., a high-frequency trader in European ETFs.
References
- "Company Overview of Business Financial, Inc". investing.businessweek.com. Business Week. Retrieved 1 July 2014.
- ^ "Virtu Financial, Inc. S-1". www.sec.gov. SEC.
- Man Vs. Machine: Seven Major Players in High-Frequency Trading. CNBC, Sep 13, 2010
- Olorunnipa, Toluse (April 15, 2014). "High-Speed Trader's Hockey Team Seeks Bond Bailout: Muni Credit". Bloomberg. Retrieved November 1, 2014.
- Europe’s top 10 high-frequency kingmakers. Dow Jones Financial News, October 3, 2011
- McCrank, John (4 June 2014). "Virtu CEO urges strict standards for electronic firms that are market makers". Reuters. Retrieved 1 July 2014.
- Mamudi, Sam (4 June 2014). "Virtu Touting Near-Perfect Record of Profits Backfired, CEO Says". Bloomberg. Retrieved 1 July 2014.
- "Leading buy-side firms complete first trades on ParFX as Prime Service Goes Live" (PDF). www.parfx.com. ParFX.
- Celarier, Michelle (April 18, 2014). "Schneiderman to probe Virtu's HFT practices". New York Post. Retrieved November 1, 2014.
- ^ "Virtu Financial Acquires Amsterdam ETF Market Maker, Nyenburgh Holding B.V." PR Newswire. 14 September 2012. Retrieved 1 July 2014.
- "Virtu Financial LLC expands its European HQ in Dublin, with 30 highly skilled jobs". IDA Ireland. 19 September 2013. Retrieved 1 July 2014.
- Two large US proprietary trading firms to merge. Financial Times, May 28, 2011
- Alliance Healthcare, Virtu Financial Offer New Deals. Wall Street Journal, June 11, 2011
- Silver Lake Backs Virtu/Madison Tyler Merger. Mergers and Acquisitions, June 1, 2011
- Mehta, Nina (13 December 2011). "High-Frequency Firm Virtu Buys Cohen Capital's Amex Unit". Business Week. Retrieved 1 July 2014.
External links
- Virtu Financial (company website)