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Release Details

Virtu Announces First Quarter 2023 Results

April 20, 2023

NEW YORK, April 20, 2023 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NASDAQ: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the first quarter ended March 31, 2023.

First Quarter 2023:

  • Net income of $110.1 million; Net income margin of 29.5%; Normalized Adjusted Net Income1 of $127.6 million
  • Basic and diluted earnings per share of $0.56; Normalized Adjusted EPS1 of $0.74
  • Total revenues of $610.5 million; Trading income, net, of $411.5 million
    • Adjusted Net Trading Income1 of $373.1 million
  • Adjusted EBITDA1 of $207.5 million; Adjusted EBITDA Margin1 of 55.6%
  • Share buybacks of $75.6 million, or 3.9 million shares, under the Share Repurchase Program2

Highlights versus quarter ended December 31, 2022: 

  • Total revenues increased 22.6%
  • Trading revenue, net increased 31.3%
  • Adjusted Net Trading Income1 per day up 38%, comprising:
    • Market Making Adjusted Net Trading Income1 per day up 53%
    • Execution Services Adjusted Net Trading Income1 per day up 8%

The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on June 15, 2023 to shareholders of record as of June 1, 2023.

Note 1: Non-GAAP financial measures. Please see "Non-GAAP Financial Measures and Other Items" for more information.
Note 2: Shares repurchased calculated on a settlement date basis.

Financial Results

First Quarter 2023:

Total revenues decreased 12.9% to $610.5 million for this quarter, compared to $701.3 million for the same period in 2022. Trading income, net, decreased to $411.5 million for the quarter compared to $522.3 million for the same period in 2022. Net income totaled $110.1 million for this quarter, compared to net income of $199.9 million in the prior year quarter.

Basic and diluted earnings per share for this quarter were $0.56, compared to a basic and diluted earnings per share of $0.99, and $0.98, respectively, for the same period in 2022.

Adjusted Net Trading Income decreased 26.1% to $373.1 million for this quarter, compared to $505.1 million for the same period in 2022. Adjusted EBITDA decreased 39.6% to $207.5 million for this quarter, compared to $343.8 million for the same period in 2022.

Normalized Adjusted Net Income, removing one-time and non-cash items, decreased 45.0% to $127.6 million for this quarter, compared to $231.8 million for the same period in 2022.

Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $0.74 for this quarter, compared to $1.27 for the same period in 2022.

Operating Segment Information

The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate.

Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions.

Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company's capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

Corporate contains the Company's investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.

The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three months ended March 31, 2023 and 2022.

Total revenues by segment
(in thousands, unaudited)

    Three Months Ended March 31, 2023   Three Months Ended March 31, 2022
    Market Making   Execution Services   Corporate   Total   Market Making   Execution Services   Corporate   Total
Trading income, net   $ 407,343     $ 4,168     $     $ 411,511     $ 516,358     $ 5,949     $     $ 522,307  
Commissions, net and technology services     9,701       111,743             121,444       9,048       145,607             154,655  
Interest and dividends income     70,779       2,557             73,336       20,982       29             21,011  
Other, net     1,190       10       2,981       4,181       173       60       2,956       3,289  
Total Revenues   $ 489,013     $ 118,478     $ 2,981     $ 610,472     $ 546,561     $ 151,745     $ 2,956     $ 701,262  
                                                                 

Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment
(in thousands, unaudited)

    Three Months Ended March 31, 2023   Three Months Ended March 31, 2022
    Market Making   Execution Services   Corporate   Total   Market Making   Execution Services   Corporate   Total
Trading income, net   $ 407,343     $ 4,168     $     $ 411,511     $ 516,358     $ 5,949     $     $ 522,307  
Commissions, net and technology services     9,701       111,743             121,444       9,048       145,607             154,655  
Interest and dividends income     70,779       2,557             73,336       20,982       29             21,011  
Brokerage, exchange, clearance fees and payments for order flow, net     (122,950 )     (22,573 )           (145,523 )     (123,515 )     (26,865 )           (150,380 )
Interest and dividends expense     (87,016 )     (677 )           (87,693 )     (41,027 )     (1,511 )           (42,538 )
Adjusted Net Trading Income   $ 277,857     $ 95,218     $     $ 373,075     $ 381,846     $ 123,209     $     $ 505,055  
                                                                 

Financial Condition

As of March 31, 2023, Virtu had $809.2 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1,808.3 million.

Share Repurchase Program

Since inception of the program in November 2020 through settlement date April 19, 2023, the Company repurchased approximately 36.9 million shares of Class A Common Stock and Virtu Financial Units for approximately $987.2 million. The Company has approximately $232.8 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

Earnings Conference Call Information

Virtu Financial will host a conference call to review its first quarter 2023 financial performance today, April 20th, at 8:30 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm’s website ir.virtu.com/investor-relations.

Website Information

We routinely post important information for investors on the Investor Relations section of our website, ir.virtu.com/investor-relations and also from time to time may use social media channels, including our Twitter account (twitter.com/virtufinancial) and our LinkedIn account (linkedin.com/company/virtu-financial), as an additional means of disclosing public information to investors, the media and others interested in us. It is possible that certain information we post on our website and on social media could be deemed to be material information, and we encourage investors, the media and others interested in us to review the business and financial information we post on our website and on the social media channels identified above, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website and our social media channels is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures and Other Items

To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), we use the following non-GAAP measures of financial performance:

  • "Adjusted Net Trading Income", which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.
     
  • "EBITDA", which measures our operating performance by adjusting Net Income to exclude financing interest expense on our long-term borrowings, debt issue cost related to debt refinancing, prepayment, and commitment fees, depreciation and amortization, amortization of purchased intangibles and acquired capitalized software, and income tax expense, and "Adjusted EBITDA", which measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share based compensation and other expenses, which includes reserves for legal matters, and Other net, and “Adjusted EBITDA Margin”, which compares Adjusted EBITDA to Adjusted Net Trading Income.
     
  • “Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items including gains and losses from strategic investments and the sales of businesses, and other non-cash items, assuming that all vested and unvested non-voting common interest units in Virtu Financial LLC have been exchanged for shares of our Class A common stock, and applying an effective tax rate, which was approximately 24%.
     
  • “Adjusted Operating Expenses”, which we calculate by adjusting total operating expenses to exclude severance, share based compensation, reserves for legal matters, termination of office leases, connectivity early termination and write-down of assets.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS and Adjusted Operating Expenses are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

  • they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
  • our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
  • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;
  • they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
  • they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
  • they do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us.

Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

  Three Months Ended
March 31,
(in thousands, except share and per share data)   2023       2022  
       
Revenues:      
Trading income, net $ 411,511     $ 522,307  
Interest and dividends income   73,336       21,011  
Commissions, net and technology services   121,444       154,655  
Other, net   4,181       3,289  
Total revenues   610,472       701,262  
       
Operating Expenses:      
Brokerage, exchange, clearance fees and payments for order flow, net   145,523       150,380  
Communication and data processing   56,812       55,835  
Employee compensation and payroll taxes   103,437       103,480  
Interest and dividends expense   87,693       42,538  
Operations and administrative   24,299       25,215  
Depreciation and amortization   15,348       17,477  
Amortization of purchased intangibles and acquired capitalized software   16,020       16,480  
Termination of office leases   96       707  
Debt issue cost related to debt refinancing, prepayment and commitment fees   2,176       25,684  
Transaction advisory fees and expenses   15       422  
Financing interest expense on long-term borrowings   24,288       21,333  
Total operating expenses   475,707       459,551  
       
Income before income taxes and noncontrolling interest   134,765       241,711  
Provision for income taxes   24,682       41,786  
Net income $ 110,083     $ 199,925  
       
Noncontrolling interest   (52,202 )     (87,668 )
       
Net income available for common stockholders $ 57,881     $ 112,257  
       
Earnings per share:      
Basic $ 0.56     $ 0.99  
Diluted $ 0.56     $ 0.98  
       
Weighted average common shares outstanding      
Basic   97,795,957       109,329,468  
Diluted   97,813,691       110,066,641  
       
Comprehensive income:      
Net income $ 110,083     $ 199,925  
Other comprehensive income      
Foreign exchange translation adjustment, net of taxes   1,648       (5,168 )
Net change in unrealized cash flow hedges gains, net of taxes   (13,168 )     47,873  
Comprehensive income $ 98,563     $ 242,630  
Less: Comprehensive income attributable to noncontrolling interest   (47,535 )     (104,159 )
Comprehensive income available for common stockholders $ 51,028     $ 138,471  
               

Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, and selected Operating Margins.

  Three Months Ended
March 31,
(in thousands, except percentages)   2023       2022  
       
Reconciliation of Trading income, net to Adjusted Net Trading Income      
Trading income, net $ 411,511     $ 522,307  
Commissions, net and technology services   121,444       154,655  
Interest and dividends income   73,336       21,011  
Brokerage, exchange, clearance fees and payments for order flow, net   (145,523 )     (150,380 )
Interest and dividends expense   (87,693 )     (42,538 )
Adjusted Net Trading Income $ 373,075     $ 505,055  
       
Reconciliation of Net Income to EBITDA and Adjusted EBITDA      
Net income   110,083       199,925  
Financing interest expense on long-term borrowings   24,288       21,333  
Debt issue cost related to debt refinancing, prepayment and commitment fees   2,176       25,684  
Depreciation and amortization   15,348       17,477  
Amortization of purchased intangibles and acquired capitalized software   16,020       16,480  
Provision for income taxes   24,682       41,786  
EBITDA $ 192,597     $ 322,685  
Severance   2,646       2,001  
Transaction advisory fees and expenses   15       422  
Termination of office leases   96       707  
Other   (3,468 )     4,262  
Share based compensation   15,583       13,712  
Adjusted EBITDA $ 207,469     $ 343,789  
       
Selected Operating Margins      
Net Income Margin (1)   29.5 %     39.6 %
EBITDA Margin (2)   51.6 %     63.9 %
Adjusted EBITDA Margin (3)   55.6 %     68.1 %
       
1 Calculated by dividing net income by Adjusted Net Trading Income.      
2 Calculated by dividing EBITDA by Adjusted Net Trading Income.      
3 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income.      
       

Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)
(Continued)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS.

  Three Months Ended
March 31,
(in thousands, except share and per share data)   2023       2022  
       
Reconciliation of Net Income to Normalized Adjusted Net Income      
Net income $ 110,083     $ 199,925  
Provision for income taxes   24,682       41,786  
Income before income taxes and noncontrolling interest $ 134,765     $ 241,711  
Amortization of purchased intangibles and acquired capitalized software   16,020       16,480  
Debt issue cost related to debt refinancing, prepayment and commitment fees   2,176       25,684  
Severance   2,646       2,001  
Transaction advisory fees and expenses   15       422  
Termination of office leases   96       707  
Other   (3,468 )     4,262  
Share based compensation   15,583       13,712  
Normalized Adjusted Net Income before income taxes $ 167,833     $ 304,979  
Normalized provision for income taxes (1)   40,281       73,195  
Normalized Adjusted Net Income $ 127,552     $ 231,784  
       
Weighted Average Adjusted shares outstanding (2)   171,353,224       183,172,671  
       
Normalized Adjusted EPS $ 0.74     $ 1.27  
       
(1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.
(2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company's Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company's Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company's Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Amended and Restated 2015 Management Incentive Plan and the Amended and Restated ITG 2007 Equity Plan during the three months ended March 31, 2023 and 2022.
 

Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)

(in thousands, except share data) March 31,
2023
  December 31,
2022
       
Assets      
Cash and cash equivalents $ 768,982     $ 981,580  
Cash and securities segregated under regulations and other   40,199       56,662  
Securities borrowed   1,458,021       1,187,674  
Securities purchased under agreements to resell   713,364       336,999  
Receivables from broker-dealers and clearing organizations   1,165,830       1,115,185  
Receivables from customers   109,205       80,830  
Trading assets, at fair value   5,438,336       4,630,552  
Property, equipment and capitalized software, net   93,424       85,194  
Operating lease right-of-use assets   186,629       187,442  
Goodwill   1,148,926       1,148,926  
Intangibles (net of accumulated amortization)   305,460       321,480  
Deferred taxes   141,250       146,801  
Other assets   291,689       303,916  
Total assets   11,861,315       10,583,241  
       
Liabilities and equity      
Liabilities      
Short-term borrowings, net   121,238       3,944  
Securities loaned   1,027,536       1,060,432  
Securities sold under agreements to repurchase   1,007,307       627,549  
Payables to broker-dealers and clearing organizations   258,752       273,843  
Payables to customers   107,526       46,525  
Trading liabilities, at fair value   5,114,781       4,196,974  
Tax receivable agreement obligations   238,758       238,758  
Accounts payable and accrued expenses and other liabilities   333,343       448,292  
Deferred tax liabilities   367       343  
Operating lease liabilities   237,254       239,202  
Long-term borrowings, net   1,779,079       1,795,952  
Total liabilities   10,225,941       8,931,814  
       
Total equity   1,635,374       1,651,427  
       
Total liabilities and equity $ 11,861,315     $ 10,583,241  
       
  As of March 31, 2023
Ownership of Virtu Financial LLC Interests: Interests   %
Virtu Financial, Inc. - Class A Common Stock and Restricted Stock Units   101,227,595       59.5 %
Non-controlling Interests (Virtu Financial LLC)   68,948,271       40.5 %
Total Virtu Financial LLC Interests   170,175,866       100.0 %
               

About Virtu Financial, Inc.

Virtu is a leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic and governmental and other responses thereto; fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; regulatory and legal uncertainties and potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

CONTACT

Investor & Media Relations
Andrew Smith
media@virtu.com


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Source: Virtu Financial, LLC

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