0001592386-23-000025 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-37352
Entity Registrant Name	Virtu Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0420206
Entity Address, Address Line One	1633 Broadway
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	418-0100
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	VIRT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 4,051
Documents Incorporated by Reference	Portions of Part III of this Form 10-K are incorporated by reference from the Registrant’s definitive proxy statement (the “2023 Proxy Statement”) for its 2023 annual meeting of shareholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year.
Entity Central Index Key	0001592386
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		97,877,807
Class C common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		8,856,531
Class D common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		60,091,740

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 981,580	$ 1,071,463
Cash restricted or segregated under regulations and other	56,662	49,490
Securities borrowed	1,187,674	1,349,322
Securities purchased under agreements to resell	336,999	119,453
Receivables from broker-dealers and clearing organizations	1,115,185	1,026,807
Trading assets, at fair value:
Receivables from customers	80,830	146,476
Property, equipment and capitalized software (net of accumulated depreciation of $460,763 and $472,155 as of December 31, 2022 and December 31, 2021, respectively)	85,194	89,595
Operating lease right-of-use assets	187,442	225,328
Goodwill	1,148,926	1,148,926
Intangibles (net of accumulated amortization of $318,013 and $253,161 as of December 31, 2022 and December 31, 2021, respectively)	321,480	386,332
Deferred tax assets	146,801	158,518
Other assets ($78,965 and $84,378, at fair value, as of December 31, 2022 and December 31, 2021, respectively)	303,916	291,307
Total assets	10,583,241	10,319,971
Liabilities
Short-term borrowings	3,944	61,510
Securities loaned	1,060,432	1,142,048
Securities sold under agreements to repurchase	627,549	514,325
Payables to broker-dealers and clearing organizations	273,843	571,526
Payables to customers	46,525	54,999
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	4,196,974	3,510,779
Tax receivable agreement obligations	238,758	259,282
Deferred tax liabilities	343	65
Accounts payable, accrued expenses and other liabilities	448,292	457,942
Operating lease liabilities	239,202	278,745
Long-term borrowings	1,795,952	1,605,132
Total liabilities	8,931,814	8,456,353
Commitments and Contingencies (Note 15)
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 34,522,290 and 18,326,863 shares at December 31, 2022 and December 31, 2021, respectively	(954,637)	(494,075)
Additional paid-in capital	1,292,613	1,223,119
Retained earnings (accumulated deficit)	972,317	830,538
Accumulated other comprehensive income (loss)	31,604	(10,196)
Total Virtu Financial Inc. stockholders' equity	1,341,899	1,549,388
Noncontrolling interest	309,528	314,230
Total equity	1,651,427	1,863,618
Total liabilities and equity	10,583,241	10,319,971
Class A common stock
Virtu Financial Inc. Stockholders' equity
Common stock	1	1
Class B common stock
Virtu Financial Inc. Stockholders' equity
Common stock	0	0
Class C common stock
Virtu Financial Inc. Stockholders' equity
Common stock	0	0
Class D common stock
Virtu Financial Inc. Stockholders' equity
Common stock	1	1
Not Pledged
Trading assets, at fair value:
Financial instruments owned	3,667,481	3,238,995
Pledged
Trading assets, at fair value:
Financial instruments owned	$ 963,071	$ 1,017,960

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accumulated depreciation	$ 460,763	$ 472,155
Intangibles, accumulated amortization	318,013	253,161
Fair value of other assets	$ 78,965	$ 84,378
Treasury stock, shares (in shares)	34,522,290	18,326,863
Class A common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	133,071,754	131,497,645
Common stock, shares outstanding (in shares)	98,549,464	113,170,782
Class B common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Class C common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	9,030,066	9,359,065
Common stock, shares outstanding (in shares)	9,030,066	9,359,065
Class D common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	60,091,740	60,091,740
Common stock, shares outstanding (in shares)	60,091,740	60,091,740

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Trading income, net	$ 1,628,898	$ 2,105,194	$ 2,493,248
Interest and dividends income	$ 159,120	$ 75,384	$ 62,119
Revenue from contract with customer, product and service [Extensible Enumeration]	Commissions, Net and Technology Services [Member]	Commissions, Net and Technology Services [Member]	Commissions, Net and Technology Services [Member]
Commissions, net and technology services	$ 529,845	$ 614,489	$ 600,510
Other, net	46,949	16,418	83,454
Total revenue	2,364,812	2,811,485	3,239,331
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	619,168	745,434	758,843
Communication and data processing	219,505	211,988	213,750
Employee compensation and payroll taxes	390,947	376,282	393,536
Interest and dividends expense	231,060	139,704	125,649
Operations and administrative	86,069	88,149	94,558
Depreciation and amortization	66,377	67,816	66,741
Amortization of purchased intangibles and acquired capitalized software	64,837	69,668	74,254
Termination of office leases	6,982	28,138	9,608
Debt issue cost related to debt refinancing, prepayment and commitment fees	29,910	6,590	28,879
Transaction advisory fees and expenses	1,124	843	2,941
Financing interest expense on long-term borrowings	92,035	79,969	87,735
Total operating expenses	1,808,014	1,814,581	1,856,494
Income before income taxes and noncontrolling interest	556,798	996,904	1,382,837
Provision for income taxes	88,466	169,670	261,924
Net income	468,332	827,234	1,120,913
Noncontrolling interest	(203,306)	(350,356)	(471,716)
Net income available for common stockholders	$ 265,026	$ 476,878	$ 649,197
Earnings per share
Basic (in dollars per share)	$ 2.45	$ 3.95	$ 5.19
Diluted (in dollars per share)	$ 2.44	$ 3.91	$ 5.16
Weighted average common shares outstanding
Basic (in shares)	103,997,767	117,339,539	121,692,443
Diluted (in shares)	104,422,443	118,423,928	122,332,190
Net Income	$ 468,332	$ 827,234	$ 1,120,913
Other comprehensive income
Foreign exchange translation adjustment, net of taxes	(24,254)	(12,470)	15,318
Net change in unrealized cash flow hedges gain (loss), net of taxes	90,865	37,794	(59,019)
Comprehensive income	534,943	852,558	1,077,212
Less: Comprehensive income attributable to noncontrolling interest	(228,117)	(360,389)	(452,855)
Comprehensive income attributable to common stockholders	$ 306,826	$ 492,169	$ 624,357

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Class C Common Stock	Class D Common Stock	Common Stock Class A Common Stock	Common Stock Class C Common Stock	Common Stock Class D Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (loss)	Total Virtu Financial Inc. Stockholders' Equity	Noncontrolling Interest
Balance at beginning period (in shares) at Dec. 31, 2019					120,435,912	12,887,178	60,091,740
Balance at beginning of period at Dec. 31, 2019	$ 1,228,936				$ 1	$ 0	$ 1	$ (55,005)	$ 1,077,398	$ (90,374)	$ (647)	$ 931,374	$ 297,562
Balance at beginning period (in shares) at Dec. 31, 2019								(2,178,771)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)					2,489,483
Share based compensation	56,629								56,629			56,629
Treasury stock purchases (in shares)					(867,984)			(1,436,326)
Treasury stock purchases	(49,864)							$ (33,918)		(15,946)		(49,864)
Stock options exercised (in shares)					909,627
Stock options exercised	16,440								16,440			16,440
Warrants issued	11,488								11,488			11,488
Net Income	1,120,913									649,197		649,197	471,716
Foreign exchange translation adjustment	15,318										8,604	8,604	6,714
Net change in unrealized cash flow hedges gains (losses)	(59,019)										(33,444)	(33,444)	(25,575)
Dividends	(484,415)									(120,496)		(120,496)	(363,919)
Issuance of common stock in connection with employee exchanges (in shares)					2,660,239
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)						(2,660,239)
Issuance of tax receivable agreements in connection with employee exchange	(1,388)								(1,388)			(1,388)
Balance at end of period (in shares) at Dec. 31, 2020					125,627,277	10,226,939	60,091,740
Balance at end of period at Dec. 31, 2020	1,855,038				$ 1	$ 0	$ 1	$ (88,923)	1,160,567	422,381	(25,487)	1,468,540	386,498
Balance at end of period (in shares) at Dec. 31, 2020								(3,615,097)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)					2,434,251
Share based compensation	55,654								55,654			55,654
Repurchase of Class C common stock (in shares)						(120,025)
Repurchase of Class C common stock	(3,455)								(3,455)			(3,455)
Treasury stock purchases (in shares)					(840,229)			(14,711,766)
Treasury stock purchases	(427,453)							$ (405,152)		(22,301)		(427,453)
Stock options exercised (in shares)					528,497
Stock options exercised	10,042								10,042			10,042
Net Income	827,234									476,878		476,878	350,356
Foreign exchange translation adjustment	(12,470)										(7,673)	(7,673)	(4,797)
Warrants exercised	68,940									68,940		68,940
Warrants exercised (in shares)					3,000,000
Net change in unrealized cash flow hedges gains (losses)	37,794										22,964	22,964	14,830
Dividends	(548,017)									(115,360)		(115,360)	(432,657)
Issuance of common stock in connection with employee exchanges (in shares)					747,849
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)						(747,849)
Issuance of tax receivable agreements in connection with employee exchange	311								311			311
Balance at end of period (in shares) at Dec. 31, 2021		113,170,782	9,359,065	60,091,740	131,497,645	9,359,065	60,091,740
Balance at end of period at Dec. 31, 2021	$ 1,863,618				$ 1	$ 0	$ 1	$ (494,075)	1,223,119	830,538	(10,196)	1,549,388	314,230
Balance at end of period (in shares) at Dec. 31, 2021	(18,326,863)							(18,326,863)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)					1,897,030
Share based compensation	$ 71,597								71,597			71,597
Repurchase of Class C common stock (in shares)						(236,069)
Repurchase of Class C common stock	(8,256)								(8,256)			(8,256)
Treasury stock purchases (in shares)					(684,730)			(16,195,427)
Treasury stock purchases	(480,544)							$ (460,562)		(19,982)		(480,544)
Stock options exercised (in shares)					268,879
Stock options exercised	5,109								5,109			5,109
Net Income	468,332									265,026		265,026	203,306
Foreign exchange translation adjustment	(24,254)										(13,605)	(13,605)	(10,649)
Net change in unrealized cash flow hedges gains (losses)	90,865										55,405	55,405	35,460
Dividends	(375,284)									(103,265)		(103,265)	(272,019)
Issuance of common stock in connection with employee exchanges (in shares)					92,930
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)						(92,930)
Contributions from noncontrolling interests	39,200												39,200
Issuance of tax receivable agreements in connection with employee exchange	1,044								1,044			1,044
Balance at end of period (in shares) at Dec. 31, 2022		98,549,464	9,030,066	60,091,740	133,071,754	9,030,066	60,091,740
Balance at end of period at Dec. 31, 2022	$ 1,651,427				$ 1	$ 0	$ 1	$ (954,637)	$ 1,292,613	$ 972,317	$ 31,604	$ 1,341,899	$ 309,528
Balance at end of period (in shares) at Dec. 31, 2022	(34,522,290)							(34,522,290)

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.24	$ 0.24	$ 0.24

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net Income	$ 468,332	$ 827,234	$ 1,120,913
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	66,377	67,816	66,741
Amortization of purchased intangibles and acquired capitalized software	64,837	69,668	74,254
Debt issue cost related to debt refinancing and prepayment	24,316	649	7,555
Amortization of debt issuance costs and deferred financing fees	6,919	6,939	26,148
Termination of office leases	4,707	28,138	9,608
Share-based compensation	67,219	55,751	59,838
Deferred taxes	(3,468)	34,617	21,601
Gain on sale of MATCHNow	0	0	(58,652)
Other	11,392	(5,556)	(1,926)
Changes in operating assets and liabilities:
Securities borrowed	161,648	75,694	503,747
Securities purchased under agreements to resell	(217,546)	(96,587)	120,166
Receivables from broker-dealers and clearing organizations	(1,110)	657,199	(365,422)
Trading assets, at fair value	(373,597)	(1,141,224)	(350,041)
Receivables from customers	65,646	68,002	(110,947)
Operating lease right-of-use assets	28,670	33,930	39,659
Other assets	(62,799)	59,209	(48,472)
Securities loaned	(81,616)	193,792	(651,843)
Securities sold under agreements to repurchase	113,224	53,090	120,493
Payables to broker-dealers and clearing organizations	(276,646)	(267,126)	(9,323)
Payables to customers	(8,474)	(63,827)	29,107
Trading liabilities, at fair value	686,195	587,071	425,750
Operating lease liabilities	(33,322)	(36,595)	(50,024)
Accounts payable, accrued expenses and other liabilities	(4,101)	(36,258)	81,954
Net cash provided by operating activities	706,803	1,171,626	1,060,884
Cash flows from investing activities
Development of capitalized software	(37,658)	(35,508)	(31,471)
Acquisition of property and equipment	(27,201)	(24,562)	(28,888)
Proceeds from sale of investments	0	0	7,620
Proceeds from sale of MATCHNow	0	0	60,592
Other investing activities	35,329	(27,279)	(10,412)
Net cash used in investing activities	(29,530)	(87,349)	(2,559)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(375,284)	(548,017)	(484,415)
Repurchase of Class C common stock	(8,256)	(3,454)	0
Purchase of treasury stock	(480,544)	(427,453)	(49,864)
Stock options exercised	5,109	10,042	16,440
Short-term borrowings, net	(59,112)	(2,017)	(10,514)
Proceeds from long-term borrowings	1,800,000	0	0
Repayment of long term borrowings	(1,599,774)	(36,737)	(288,500)
Tax receivable agreement obligations	(21,343)	(16,505)	(13,286)
Debt issuance costs	(35,741)	(2,658)	(9,779)
Warrants exercised	0	68,940	0
Contributions from noncontrolling interests	39,200	0	0
Net cash used in financing activities	(735,745)	(957,859)	(839,918)
Effect of exchange rate changes on cash and cash equivalents	(24,239)	(12,470)	15,318
Net decrease in cash and cash equivalents	(82,711)	113,948	233,725
Cash, cash equivalents, and restricted or segregated cash, beginning of period	1,120,953	1,007,005	773,280
Cash, cash equivalents, and restricted or segregated cash, end of period	1,038,242	1,120,953	1,007,005
Supplementary disclosure of cash flow information
Cash paid for interest	246,985	159,864	173,645
Cash paid for taxes	103,965	134,878	248,532
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software	17,356	17,239	14,773
Non-cash financing activities
Tax receivable agreement described	$ 1,044	$ 311	$ (1,388)

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization The accompanying Consolidated Financial Statements include the accounts and operations of Virtu Financial, Inc. (“VFI” or, collectively with its wholly owned or controlled subsidiaries, “Virtu” or the “Company”). VFI is a Delaware corporation whose primary asset is its ownership interest in Virtu Financial LLC (“Virtu Financial”). As of December 31, 2022, VFI owned approximately 59.7% of the membership interests of Virtu Financial. VFI is the sole managing member of Virtu Financial and operates and controls all of the businesses and affairs of Virtu Financial and its subsidiaries (the “Group”). The Company is a leading financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. The Company provides deep liquidity in over 25,000 financial instruments, on over 235 venues, in 36 countries worldwide to help create more efficient markets. Leveraging its global market structure expertise and scaled, multi-asset infrastructure, the Company provides its clients with a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The Company’s product offerings allow its clients to trade on hundreds of venues in over 50 countries and across multiple asset classes, including global equities, Exchange-Traded Funds ("ETFs"), options, foreign exchange, futures, fixed income, cryptocurrencies, and other commodities. The Company’s integrated, multi-asset analytics platform provides a range of pre- and post-trade services, data products and compliance tools that its clients rely upon to invest, trade and manage risk across global markets. The Company has completed two significant acquisitions that have expanded and complemented Virtu Financial's original electronic trading and marking making business. On July 20, 2017, the Company completed the all-cash acquisition of KCG Holdings, Inc. (“KCG”) (the “Acquisition of KCG”). On March 1, 2019 (the “ITG Closing Date”), the Company completed the acquisition of Investment Technology Group, Inc. and its subsidiaries (“ITG”) in an all-cash transaction (the “ITG Acquisition”). Virtu Financial’s principal United States ("U.S.") subsidiary is Virtu Americas LLC (“VAL”), which is a U.S. broker-dealer. Other principal U.S. subsidiaries include Virtu Financial Global Markets LLC, a U.S. trading entity focused on futures and currencies; Virtu ITG Analytics LLC, a provider of pre- and post-trade analysis, fair value, and trade optimization services; and Virtu ITG Platforms LLC, a provider of workflow technology solutions and network connectivity services. Principal foreign subsidiaries include Virtu Financial Ireland Limited ("VFIL") and Virtu ITG Europe Limited ("VIEL"), each formed in Ireland; Virtu ITG UK Limited ("VIUK"), formed in the United Kingdom; Virtu Canada Corp (f/k/a Virtu ITG Canada Corp.), formed in Canada; Virtu Financial Asia Pty Ltd. and Virtu ITG Australia Limited, each formed in Australia; Virtu ITG Hong Kong Limited, formed in Hong Kong; and Virtu Financial Singapore Pte. Ltd. and Virtu ITG Singapore Pte. Ltd., each formed in Singapore, all of which are trading entities focused on asset classes in their respective geographic regions. The Company has two operating segments: (i) Market Making and (ii) Execution Services; and one non-operating segment: Corporate. See Note 22 "Geographic Information and Business Segments" for a further discussion of the Company’s segments. Basis of Consolidation and Form of Presentation These Consolidated Financial Statements are presented in U.S. dollars, have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding financial reporting with respect to Form 10-K and accounting standards generally accepted in the United States of America (“U.S. GAAP”) promulgated by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC” or the “Codification”), and reflect all adjustments that, in the opinion of management, are normal and recurring, and that are necessary for a fair statement of the results for the periods presented. The Consolidated Financial Statements of the Company include its equity interests in Virtu Financial and its subsidiaries. As sole managing member of Virtu Financial, the Company exerts control over the Group’s operations. The Company consolidates Virtu Financial and its subsidiaries’ financial statements and records the interests in Virtu Financial that the Company does not own as noncontrolling interests. All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior periods' Consolidated Financial Statements in order to conform to the current period presentation. Such reclassifications are immaterial, individually and in the aggregate, to both current and all previously issued financial statements taken as a whole and have no effect on previously reported consolidated net income available to common stockholders. Effective for the quarter ended March 31, 2021, the Company changed the presentation of its Consolidated Statements of Changes in Equity and Consolidated Statements of Cash Flows. Specifically, the Company combined $120.5 million of Dividends to stockholders and $363.9 million of Distribution from Virtu Financial to noncontrolling interest, into Dividends to stockholders and distribution from Virtu Financial to noncontrolling interest for the year ended December 31, 2020. Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest both represent cash payments by the Company to its equity owners which reduce Total equity.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The Company's Consolidated Financial Statements are prepared in conformity with U.S. GAAP, which require management to make estimates and assumptions regarding measurements including the fair value of trading assets and liabilities, allowance for doubtful accounts, goodwill and intangibles, compensation accruals, capitalized software, income tax, tax receivable agreements, leases, litigation accruals, and other matters that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ materially from those estimates. Earnings Per Share Earnings per share (“EPS”) is calculated on both a basic and diluted basis. Basic EPS excludes dilution and is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is calculated by dividing the net income available for common stockholders by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of the basic EPS and, in addition, reflects the dilutive effect of shares of common stock estimated to be distributed in the future. The Company grants restricted stock awards ("RSAs") and restricted stock units (“RSUs”), certain of which entitle recipients to receive non-forfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. As a result, the unvested RSAs and participating unvested RSUs meet the definition of a participating security requiring the application of the two-class method. Under the two-class method, earnings available to common shareholders, including both distributed and undistributed earnings, are allocated to each class of common stock and participating securities according to dividends declared and participating rights in undistributed earnings, which may cause diluted EPS to be more dilutive than the calculation using the treasury stock method. Cash and Cash Equivalents Cash and cash equivalents include money market accounts, which are payable on demand, and short-term investments with an original maturity of less than 90 days. The Company maintains cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company manages this risk by selecting financial institutions deemed highly creditworthy to minimize the risk. Cash restricted or segregated under regulations and other represents (i) special reserve bank accounts for the exclusive benefit of customers (“Special Reserve Bank Account”) maintained by VAL in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (“Customer Protection Rule”), and special reserve accounts for the exclusive benefit of proprietary accounts of broker-dealers, (ii) funds on deposit for Canadian and European trade clearing and settlement activity, (iii) segregated balances under a collateral account control agreement for the benefit of certain customers in Hong Kong, and (iv) funds relating to the securitization of bank guarantees supporting certain of the Company’s foreign leases. Securities Borrowed and Securities Loaned The Company conducts securities borrowing and lending activities with external counterparties. In connection with these transactions, the Company receives or posts collateral, which comprises cash and/or securities. In accordance with substantially all of its securities borrow agreements, the Company is permitted to sell or repledge the securities received. Securities borrowed or loaned are recorded based on the amount of cash collateral advanced or received. The initial cash collateral advanced or received generally approximates or is greater than 102% of the fair value of the underlying securities borrowed or loaned. The Company monitors the fair value of securities borrowed and loaned, and delivers or obtains additional collateral as appropriate. Receivables and payables with the same counterparty are not offset in the Consolidated Statements of Financial Condition. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under Interest and dividends income or Interest and dividends expense in the Consolidated Statements of Comprehensive Income. Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase In a repurchase agreement, securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at contract value, plus accrued interest, which approximates fair value. It is the Company's policy that its custodian take possession of the underlying collateral securities with a fair value approximately equal to the principal amount of the repurchase transaction, including accrued interest. For reverse repurchase agreements, the Company typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the Consolidated Statements of Financial Condition. To ensure that the fair value of the underlying collateral remains sufficient, the collateral is valued daily with additional collateral obtained or excess collateral returned, as permitted under contractual provisions. The Company does not net securities purchased under agreements to resell transactions with securities sold under agreements to repurchase transactions entered into with the same counterparty. The Company has entered into bilateral and tri-party term and overnight repurchase and other collateralized financing agreements which bear interest at negotiated rates. The Company receives cash and makes delivery of financial instruments to a custodian who monitors the market value of these instruments on a daily basis. The market value of the instruments delivered must be equal to or in excess of the principal amount loaned under the repurchase agreements plus the agreed upon margin requirement. The custodian may request additional collateral, if appropriate. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under Interest and dividends income or Interest and dividends expense in the Consolidated Statements of Comprehensive Income. Receivables from/Payables to Broker-dealers and Clearing Organizations Receivables from and payables to broker-dealers and clearing organizations primarily represent amounts due for unsettled trades, open equity in futures transactions, securities failed to deliver or failed to receive, deposits with clearing organizations or exchanges, and balances due from or due to prime brokers in relation to the Company’s trading. Amounts receivable from broker-dealers and clearing organizations may be restricted to the extent that they serve as deposits for securities sold, not yet purchased. The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met. In the normal course of business, a significant portion of the Company’s securities transactions, money balances, and security positions are transacted with several third-party brokers. The Company is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of such brokers to minimize the risk of any losses from these counterparties. Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased Financial instruments owned and Financial instruments sold, not yet purchased relate to market making and trading activities, and include listed and other equity securities, listed equity options and fixed income securities. The Company records Financial instruments owned, Financial instruments owned and pledged, and Financial instruments sold, not yet purchased at fair value. Gains and losses arising from financial instrument transactions are recorded net on a trade-date basis in Trading income, net, in the Consolidated Statements of Comprehensive Income. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The recognition of “block discounts” for large holdings of unrestricted financial instruments where quoted prices are readily and regularly available in an active market is prohibited. The Company categorizes its financial instruments into a three level hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy level assigned to each financial instrument is based on the assessment of the transparency and reliability of the inputs used in the valuation of such financial instruments at the measurement date based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurements). Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories based on inputs: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly; or Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Fair Value Option The fair value option election allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are recorded in other, net in the Consolidated Statements of Comprehensive Income. The decision to elect the fair value option is determined on an instrument by instrument basis, which must be applied to an entire instrument and is irrevocable once elected. Derivative Instruments - Trading Derivative instruments are used for trading purposes, including economic hedges of trading instruments, are carried at fair value, and include futures, forward contracts, and options. The Company does not apply hedge accounting as defined in ASC 815, Derivatives and Hedging, and accordingly gains or losses on these derivative instruments are recognized currently within Trading income, net in the Consolidated Statements of Comprehensive Income. Fair values for exchange-traded derivatives, principally futures, are based on quoted market prices. Fair values for over-the-counter derivative instruments, principally forward contracts, are based on the values of the underlying financial instruments within the contract. The underlying instruments are currencies, which are actively traded. The Company presents its trading derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Derivative Instruments - Hedging The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings. The Company has entered into floating-to-fixed interest rate swap agreements in order to manage interest rate risk associated with its long-term debt obligations. For interest rate swap agreements designated as hedges, the Company assesses its risk management objectives and strategy, including identification of the hedging instrument, the hedged item and the risk exposure and how effectiveness is to be assessed prospectively and retrospectively. The effectiveness of the hedge is assessed based on the overall changes in the fair value of the interest rate swaps. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses, to the extent effective, are included in Accumulated other comprehensive income on the Consolidated Statements of Financial Condition and Other comprehensive income on the Consolidated Statements of Comprehensive Income. The ineffective portion, if any, is recorded in Other, net on the Consolidated Statements of Comprehensive Income. The Company presents its hedging derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Balances associated with hedging derivatives are recorded within Receivables from/Payables to broker-dealers and clearing organizations on the Consolidated Statements of Financial Condition. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, except for the assets acquired in connection with acquisitions using the purchase accounting method, which were recorded at fair value on date of acquisition. Depreciation is provided using the straight-line method over estimated useful lives of the underlying assets. Routine maintenance, repairs and replacement costs are expensed as incurred and improvements that appreciably extend the useful life of the assets are capitalized. When property and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. Furniture, fixtures, and equipment are depreciated over three to seven years. Leasehold improvements are amortized over the lesser of the life of the improvement or the term of the lease. Capitalized Software The Company capitalizes costs of materials, consultants, and payroll and payroll-related costs for employees incurred in developing internal-use software. Costs incurred during the preliminary project and post-implementation stages are charged to expense. Management’s judgment is required in determining the point at which various projects enter the stages at which costs may be capitalized, in assessing the ongoing value of the capitalized costs, and in determining the estimated useful lives over which the costs are amortized. Capitalized software development costs and related accumulated amortization are included in Property, equipment and capitalized software in the accompanying Consolidated Statements of Financial Condition and are amortized over a period of 1.5 to 3 years, which represents the estimated useful lives of the underlying software. Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in Operating lease right-of-use ("ROU") assets and Operating lease liabilities on the Consolidated Statements of Financial Condition. Operating lease ROU assets are assets that represent the lessee’s right to use, or control the use of, a specified asset for the lease term. Finance leases consist primarily of leases for technology and equipment and are included in Property, equipment, and capitalized software and Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company uses its incremental borrowing rate, based on the information available at the commencement date of the lease, in determining the present value of future payments. The ROU assets are reduced by lease incentives and initial direct costs incurred. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases and amortization of the finance lease ROU asset is recognized on a straight-line basis over the lease term. Lease expense related to the leasing of corporate office space is recorded in Operations and Administrative expenses on the Consolidated Statements of Comprehensive Income. Lease expense related to the leasing of data centers and other technology is recorded in Communication and Data Processing on the Consolidated Statements of Comprehensive Income. Certain of the Company's lease agreements contain fixed lease payments that contain lease and non-lease components; for such leases, the Company accounts for the lease and non-lease components as a single lease component. The Company nets its sublease income against corresponding lease expenses within Operations and Administrative expenses on the Consolidated Statements of Comprehensive Income. Goodwill Goodwill represents the excess of the purchase price over the underlying net tangible and intangible assets of the Company’s acquisitions. Goodwill is not amortized but is assessed for impairment on an annual basis and between annual assessments whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company assesses goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events occur or certain circumstances exist. In the impairment assessment as of July 1, 2022, the Company assessed qualitative factors as described in ASC 350-20 for each of its reporting units for any indicators that the fair values of the reporting units were less than their carrying values. No impairment was identified. Intangible Assets The Company amortizes finite-lived intangible assets over their estimated useful lives. Finite-lived intangible assets are tested for impairment when impairment indicators are present, and if impaired, they are written down to fair value. Exchange Memberships and Stock Exchange memberships are recorded at cost or, if any other than temporary impairment in value has occurred, at a value that reflects management’s estimate of fair value. Exchange stock includes shares that entitle the Company to certain trading privileges. Trading Income, net Trading income, net is composed of changes in the fair value of trading assets and liabilities (i.e., unrealized gains and losses) and realized gains and losses on trading assets and liabilities. Trading gains and losses on financial instruments owned and financial instruments sold, not yet purchased are recorded on the trade date and reported on a net basis in the Consolidated Statements of Comprehensive Income. Commissions, net and Technology Services Commissions, net, which primarily comprise commissions and commission equivalents earned on institutional client orders, are recorded on a trade date basis. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Consolidated Statements of Comprehensive Income. The Company provides order management software (“OMS”) and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, is fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. The Company also provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics products and services may be bundled with trade execution services, in which case commissions are allocated to the analytics performance obligations using an allocation methodology. Interest and Dividends Income/Interest and Dividends Expense Interest income and interest expense are accrued in accordance with contractual rates. Interest income consists of interest earned on collateralized financing arrangements and on cash held by brokers. Interest expense includes interest expense from collateralized transactions, margin and related lines of credit. Dividends on financial instruments owned including those pledged as collateral and financial instruments sold, not yet purchased are recorded on the ex-dividend date and interest is recognized on an accrual basis. Brokerage, Exchange, Clearance Fees and Payments for Order Flow, Net Brokerage, exchange, clearance fees and payments for order flow, net, comprise the costs of executing and clearing trades and are accrued on a trade date basis in the Consolidated Statements of Comprehensive Income. These costs are net of rebates, which consist of volume discounts, credits or payments received from exchanges or other marketplaces related to the placement and/or removal of liquidity from the order flow in the marketplace. Rebates are recorded on an accrual basis. Payments for order flow represent payments to broker-dealer clients, in the normal course of business, for directing their order flow in U.S. equities to the Company. Income Taxes The Company is subject to U.S. federal, state and local income taxes on its taxable income. The Company's subsidiaries are subject to income taxes in the respective jurisdictions (including foreign jurisdictions) in which they operate. The provision for income tax comprises current tax and deferred tax. Current tax represents the tax on current year tax returns, using tax rates enacted at the balance sheet date. Deferred tax assets are recognized in full and then reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be recognized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the applicable taxing authority, including resolution of the appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the Consolidated Financial Statements from such a position are measured based on the largest benefit for each such position that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Many factors are considered when evaluating and estimating the tax positions and tax benefits. Such estimates involve interpretations of regulations, rulings, case law, etc. and are inherently complex. The Company’s estimates may require periodic adjustments and may not accurately anticipate actual outcomes as resolution of income tax treatments in individual jurisdictions typically would not be known for several years after completion of any fiscal year. Comprehensive Income Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Company’s OCI comprises foreign currency translation adjustments, net of taxes and mark-to-market gains and losses on the Company's derivative instruments designated as hedging instruments under ASC 815, net of taxes. Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at period-end exchange rates, and revenues and expenses are translated at weighted average exchange rates for the period. Gains and losses resulting from translating foreign currency financial statements, net of related tax effects, are reflected in Accumulated OCI, a component of stockholders’ equity. While certain of the Company's foreign subsidiaries use the U.S. dollar as their functional currency, the Company also has subsidiaries that utilize a functional currency other than the U.S. dollar, primarily comprising its subsidiaries domiciled in Ireland, which utilize the Euro and Pound Sterling as the functional currency, and subsidiaries domiciled in Canada, which utilize the Canadian dollar as the functional currency. The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses are initially included in Accumulated OCI on the Consolidated Statements of Financial Condition and OCI on the Consolidated Statements of Comprehensive Income, as the hedged item affects earnings. Share-Based Compensation Share-based awards issued for compensation in connection with or subsequent to the Company's initial public offering in April 2015 (the “IPO”) and certain reorganization transactions consummated in connection with the IPO (the “Reorganization Transactions”) pursuant to the Virtu Financial, Inc. 2015 Management Incentive Plan (as amended, the “Amended and Restated 2015 Management Incentive Plan”) and pursuant to the Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, dated as of June 8, 2017 (the “Amended and Restated ITG 2007 Equity Plan”), are in the form of stock options, Class A common stock, par value $0.00001 per share (the “Class A Common Stock”), RSAs and RSUs, as applicable. The fair values of the Class A Common Stock and RSUs are determined based on the volume weighted average price for the three days preceding the grant. With respect to the RSUs, forfeitures are accounted for as they occur. The fair value of RSAs is determined based on the closing price as of the grant date. The fair value of share-based awards granted to employees is expensed based on the vesting conditions and is recognized on a straight-line basis over the vesting period, or, in the case of RSAs subject to performance conditions, from the date that achievement of the performance target becomes probable through the remainder of the vesting period. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the issuance of Class A Common Stock, the vesting of RSUs or the exercise of stock options. Variable Interest Entities A variable interest entity (“VIE”) is an entity that lacks one or more of the following characteristics: (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The Company will be considered to have a controlling financial interest and will consolidate a VIE if it has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Accounting Pronouncements, Recently Adopted Convertible Instruments - In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). The ASU simplifies accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity and updates selected EPS guidance. The ASU is effective for periods beginning after December 15, 2021. The Company adopted this ASU on January 1, 2022 and it did not have a material impact on its Consolidated Financial Statements and related disclosures. Reference Rate Reform - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and in January 2021, the FASB issued ASU 2021-01 —Reference Rate Reform (Topic 848): Scope, both of which are designed to ease the potential burden in accounting for the transition away from LIBOR. The ASUs apply to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued and replaced with alternative reference rates as a result of reference rate reform. The ASUs provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The transition period for adopting these ASUs is March 12, 2020 through December 31, 2022. The Company adopted this ASU on April 1, 2022 and it did not have a material impact on its Consolidated Financial Statements and related disclosures. Financial Instruments - Credit Losses - In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326). The ASU eliminates the accounting guidance for trouble debt restructurings by creditors in Subtopic 310-40, and enhances the disclosure requirements for modifications of loans to borrowers experiencing financial difficulty. Additionally, the ASU requires disclosure of gross writeoffs of receivables by year of origination for receivables within the scope of Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. This ASU is effective for periods beginning after December 15, 2022. The Company adopted this ASU on April 1, 2022 and it did not have a material impact on its Consolidated Financial Statements and related disclosures. Accounting Pronouncements, Not Yet Adopted as of December 31, 2022 Derivatives and Hedging - In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging - Fair Value Hedging - Portfolio Layer Method (Topic 815). The ASU expands the scope of permissible hedging, and permits the use of different derivative structures as hedging instruments. The ASU also clarifies the certain terms for partial-term fair value hedges of interest rate risk. This ASU is effective for periods beginning after December 15, 2022. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its Consolidated Financial Statements and related disclosures. Fair Value Measurement - In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 326). The ASU clarifies the impact of contractual sale restrictions on the fair value of an equity security. Additionally, this ASU requires disclosure of the nature and remaining duration of the sale restriction. This ASU is effective for periods beginning after December 15, 2023. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its Consolidated Financial Statements and related disclosures. Liabilities - Supplier Finance Programs - In September 2022, the FASB issued ASU 2022 -03, Liabilities—Supplier Finance Programs (Subtopic 405-50). This ASU requires new quantitative and qualitative disclosure requirements for a buyer who enters into supplier financing programs. This ASU is effective for periods beginning after December 15, 2023. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its Consolidated Financial Statements and related disclosures.

Sale of MATCHNow

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Sale of MATCHNow

In May 2020, the Company entered into a Securities Purchase Agreement ("SPA") with Cboe Global Markets, Inc. (“Cboe”) pursuant to which the Company agreed to sell 100% of the outstanding interests in TriAct Canada Marketplace LP and TCM Corp., which operate an equities alternative trading system (“MATCHNow”) in Canada. Pursuant to the terms of the SPA, the Company also agreed to enter into a licensing agreement for the licensing of certain software and intellectual property used in support of MATCHNow.

On August 4, 2020 (the "MATCHNow Closing Date"), the Company completed the sale of MATCHNow to Cboe for total gross proceeds of $60.6 million in cash, with additional contingent consideration of up to approximately $23.0 million.

The Company incurred one-time transaction costs including professional fees related to the sale of $2.5 million, which were recorded in Transaction advisory fees and expenses on the Consolidated Statements of Comprehensive Income. The Company recognized a gain on sale of $58.7 million, which was recorded in Other, net on the Consolidated Statements of Comprehensive Income for the year ended December 31, 2020.

A summary of the carrying value of MATCHNow and gain on sale of MATCHNow is as follows:


(in thousands)
Total sale proceeds received	$	60,592
Total carrying value of MATCHNow as of MATCHNow Closing Date	(1,940)
Gain on sale of MATCHNow	58,652
Transaction costs	(2,453)
Gain on sale of MATCHNow, net of transaction costs	$	56,199

Contingent consideration was eligible to be earned based on the future performance of MATCHNow following the MATCHNow Closing Date. Deferred payments were assessed quarterly until December 31, 2022 and recorded in Other, net on the Consolidated Statements of Comprehensive Income when the contingency is resolved and payments become payable by Cboe. For the year ended December 31, 2022, the Company received $3.9 million related to the continent consideration, , which is recorded in Other, net on the Consolidated Statements of Comprehensive Income for the year ended December 31, 2022. No payments were made regarding the contingent consideration in prior years.

In addition, the Company entered into a Transition Services Agreement ("TSA") with Cboe, pursuant to which the Company agreed to provide certain telecom and general and administrative services for a defined period. Income from performing services under the TSA are recorded in Other, net on the Consolidated Statements of Comprehensive Income.

With the licensing of certain software and intellectual property associated with MATCHNow, the Company performed an assessment of impairment of long-lived intangible assets acquired in connection with the ITG acquisition, of which MATCHNow technology was a component. No impairment was recognized for the year ended December 31, 2020.

Earnings per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings per Share

The below table contains a reconciliation of Net income before income taxes and noncontrolling interest to Net income available for common stockholders:


	Years Ended December 31,
(in thousands)		2022		2021		2020
Income before income taxes and noncontrolling interest		$	556,798	$	996,904	$	1,382,837
Provision for income taxes		88,466		169,670		261,924
Net income		468,332		827,234		1,120,913



Noncontrolling interest		(203,306)		(350,356)		(471,716)

Net income available for common stockholders		$	265,026	$	476,878	$	649,197

The calculation of basic and diluted earnings per share is presented below:


	Years Ended December 31,
(in thousands, except for share or per share data)		2022		2021		2020
Basic earnings per share:
Net income available for common stockholders		$	265,026	$	476,878	$	649,197

Less: Dividends and undistributed earnings allocated to participating securities		(9,811)		(13,674)		(17,383)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		255,215		463,204		631,814

Weighted average shares of common stock outstanding:
Class A		103,997,767		117,339,539		121,692,443

Basic earnings per share		$	2.45	$	3.95	$	5.19


	Years Ended December 31,
(in thousands, except for share or per share data)		2022		2021		2020
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		$	255,215	$	463,204	$	631,814

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		103,997,767		117,339,539		121,692,443
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan, Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and Warrants issued in connection with the Founder Member Loan		424,676		1,084,389		639,747
		104,422,443		118,423,928		122,332,190

Diluted earnings per share		$	2.44	$	3.91	$	5.16

Tax Receivable Agreements	12 Months Ended
Tax Receivable Agreements	Dec. 31, 2022
Tax Receivable Agreements [Abstract]
Tax Receivable Agreements	Tax Receivable Agreements In connection with the IPO and the Reorganization Transactions, the Company entered into tax receivable agreements ("TRA") to make payments to certain pre-IPO equity holders (“Virtu Members”) that are generally equal to 85% of the applicable cash tax savings, if any, that the Company actually realizes as a result of favorable tax attributes that were and will continue to be available to the Company as a result of the Reorganization Transactions, exchanges of membership interests for Class A Common Stock or Class B common stock, par value $0.00001 per share (the “Class B Common Stock”), (an “Exchange”), and payments made under the tax receivable agreements. An Exchange during the year will give rise to favorable tax attributes that may generate cash tax savings specific to the Exchange to be realized over a specific period of time (generally 15 years). At each Exchange, management estimates the Company’s cumulative TRA obligations to be reported on the Consolidated Statements of Financial Condition, which amounted to $238.8 million and $259.3 million as of December 31, 2022 and December 31, 2021, respectively. The tax attributes are computed as the difference between the Company's basis in the partnership interest (“outside basis”) as compared to the Company’s share of the adjusted tax basis of partnership property (“inside basis”) at the time of each Exchange. The computation of inside basis requires management to make judgments in estimating the components included in the inside basis as of the date of the Exchange (i.e., cash received by the Company on hypothetical sale of assets, allocation of gain/loss to the Company at the time of the Exchange taking into account complex partnership tax rules). In addition, management estimates the period of time that may generate cash tax savings of such tax attributes and the realizability of the tax attributes. Payments will occur only after the filing of the U.S. federal and state income tax returns and realization of the cash tax savings from the favorable tax attributes. The Company made its first payment of $7.0 million in February 2017, and subsequent payments of $12.4 million in September 2018, $13.3 million in March 2020, its $16.5 million in April 2021, and $21.3 million in March 2022. As a result of (i) the purchase of equity interests in Virtu Financial from certain Virtu Members in connection with the Reorganization Transactions, (ii) the purchase of non-voting common interest units in Virtu Financial (the “Virtu Financial Units”) (along with the corresponding shares of Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) from certain of the Virtu Members in connection with the IPO, (iii) the purchase of Virtu Financial Units (along with the corresponding shares of Class C Common Stock) and the exchange of Virtu Financial Units (along with the corresponding shares of Class C Common Stock) for shares of Class A Common Stock in connection with the secondary offerings completed in November 2015 (the “November 2015 Secondary Offering”) and September 2016 (the “September 2016 Secondary Offering”), and (iv) the purchase of Virtu Financial Units (along with corresponding shares of the Company’s Class D common stock, par value $0.00001 per share (the “Class D Common Stock”) in connection with the May 2018 Secondary Offering (defined below) and the May 2019 Secondary Offering (defined below, and, together with the November 2015 Secondary Offering, the September 2016 Secondary Offering, and the May 2018 Secondary Offering, the “Secondary Offerings”), payments to certain Virtu Members in respect of the purchases are expected to range from approximately $36.4 thousand to $22.0 million per year over the next 15 years. At December 31, 2022 and December 31, 2021, the Company’s remaining deferred tax assets that relate to the matters described above were approximately $162.1 million and $180.4 million, respectively, and the Company’s liabilities over the next 15 years pursuant to the tax receivable agreements were approximately $238.8 million and $259.3 million, respectively. The amounts recorded as of December 31, 2022 and December 31, 2021 are based on best estimates available at the respective dates and may be subject to change after the filing of the Company's federal and state income tax returns for the years in which tax savings are realized. For the purposes of the tax receivable agreements discussed above, the cash savings realized by the Company are computed by comparing the actual income tax liability of the Company to the amount of such taxes the Company would have been required to pay had there been (i) no increase to the tax basis of the assets of Virtu Financial as a result of the purchase or exchange of Virtu Financial Units, (ii) no tax benefit from the tax basis in the intangible assets of Virtu Financial on the date of the IPO and (iii) no tax benefit as a result of the Net Operating Losses (“NOLs”) and other tax attributes of Virtu Financial. Subsequent adjustments of the tax receivable agreements obligations due to certain events (e.g., changes to the expected realization of NOLs or changes in tax rates) will be recognized within income before taxes and noncontrolling interests in the Consolidated Statements of Comprehensive Income.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The Company has two operating segments: (i) Market Making; and (ii) Execution Services; and one non-operating segment: Corporate. As of December 31, 2022 and December 31, 2021, the Company’s total amount of goodwill recorded was $1,148.9 million. No goodwill impairment was recognized during the years ended December 31, 2022 and 2021.

The following table presents the details of goodwill by segment as of December 31, 2022 and December 31, 2021:


(in thousands)	Market Making		Execution Services		Corporate		Total



Balance as of period-end	$	755,292	$	393,634	$	—	$	1,148,926

As of December 31, 2022 and December 31, 2021, the Company's total amount of intangible assets recorded was $321.5 million and $386.3 million, respectively. Acquired intangible assets consisted of the following as of December 31, 2022 and December 31, 2021:


	As of December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(189,986)	$	296,614	10	to	12
Technology	136,000		(118,119)		17,881		1	to	6
Favorable occupancy leases	5,895		(4,408)		1,487		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9
Other	$	1,500	$	—	$	1,500	Indefinite
	$	639,493	$	(318,013)	$	321,480


	As of December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(142,142)	$	344,458	10	to	12
Technology	136,000		(102,088)		33,912		1	to	6
Favorable occupancy leases	5,895		(3,631)		2,264		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,400)		200			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9
Other	$	1,500	$	—	$	1,500	Indefinite
	$	639,493	$	(253,161)	$	386,332

Amortization expense relating to finite-lived intangible assets was approximately $64.8 million, $69.7 million and $74.3 million for the years ended December 31, 2022, 2021, and 2020, respectively. This is included in Amortization of purchased intangibles and acquired capitalized software in the accompanying Consolidated Statements of Comprehensive Income.

The Company expects to record amortization expense as follows over the next five subsequent years:


(in thousands)

2023						63,960
2024						50,845
2025						47,879
2026						47,879
2027						47,879

Receivables from/Payables to Broker-Dealers and Clearing Organizations

12 Months Ended

Dec. 31, 2022

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Receivables from/Payables to Broker-Dealers and Clearing Organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at December 31, 2022 and December 31, 2021:



(in thousands)	December 31, 2022		December 31, 2021
Assets
Due from prime brokers	$	560,111	$	287,991
Deposits with clearing organizations	146,927		161,928
Net equity with futures commission merchants	137,312		98,302
Unsettled trades with clearing organizations	87,145		164,195
Securities failed to deliver	149,747		290,207
Commissions and fees	33,943		24,184
Total receivables from broker-dealers and clearing organizations	$	1,115,185	$	1,026,807

Liabilities
Due to prime brokers	$	229,424	$	497,972
Net equity with futures commission merchants (1)	(32,381)		(57,226)
Unsettled trades with clearing organizations	38		828
Securities failed to receive	70,576		128,392
Commissions and fees	6,186		1,560
Total payables to broker-dealers and clearing organizations	$	273,843	$	571,526

(1) The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met.

Included as a deduction from “Due from prime brokers” and “Net equity with futures commission merchants” is the outstanding principal balance on all of the Company’s prime brokerage credit facilities (described in Note 9 "Borrowings") of approximately $212.9 million and $177.1 million as of December 31, 2022 and December 31, 2021, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company’s ordinary course futures and other trading positions, which are held in the Company’s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company’s trading accounts and deposit accounts with these financial institutions. “Securities failed to deliver” and “Securities failed to receive” include amounts with a clearing organization and other broker-dealers.

Collateralized Transactions

12 Months Ended

Dec. 31, 2022

Collateralized Agreements [Abstract]

Collateralized Transactions

The Company is permitted to sell or repledge securities received as collateral and use these securities to secure repurchase agreements, enter into securities lending transactions or deliver these securities to counterparties or clearing organizations to cover short positions. At December 31, 2022 and December 31, 2021, substantially all of the securities received as collateral have been repledged.

The fair value of the collateralized transactions at December 31, 2022 and December 31, 2021 are summarized as follows:


(in thousands)	December 31, 2022		December 31, 2021
Securities received as collateral:
Securities borrowed	$	1,148,238	$	1,299,270
Securities purchased under agreements to resell	336,849		119,453
	$	1,485,087	$	1,418,723

In the normal course of business, the Company pledges qualified securities with clearing organizations to satisfy daily margin and clearing fund requirements.

Financial instruments owned and pledged, where the counterparty has the right to repledge, at December 31, 2022 and December 31, 2021 consisted of the following:


(in thousands)	December 31, 2022		December 31, 2021
Equities	$	957,443	$	1,012,569

Exchange traded notes	5,628		5,391
	$	963,071	$	1,017,960

Borrowings

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Borrowings

Short-term Borrowings, net

The following summarizes the Company's short-term borrowing balances outstanding, net of related debt issuance costs, with each described in further detail below.


	December 31, 2022
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net

Short-term bank loans	3,944		—		3,944

	$	3,944	$	—	$	3,944


	December 31, 2021
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	58,000	$	(1,546)	$	56,454
Short-term bank loans	5,056		—		5,056

	$	63,056	$	(1,546)	$	61,510

Broker-Dealer Credit Facilities

The Company is a party to two secured credit facilities with a financial institution to finance overnight securities positions purchased as part of its ordinary course broker-dealer market making activities. One of the facilities (the “Uncommitted Facility”) is provided on an uncommitted basis with an aggregate borrowing limit of $400 million, and is collateralized by VAL's trading and deposit account maintained at the financial institution. The second credit facility (the “Committed Facility”) with the same financial institution has a borrowing limit of $650 million. The Committed Facility consists of two borrowing bases: Borrowing Base A Loan is to be used to finance the purchase and settlement of securities; Borrowing Base B Loan is to be used to fund margin deposit with the National Securities Clearing Corporation. Borrowing Base A Loans are available up to $650 million and bear interest at the adjusted SOFR or base rate plus 1.25% per annum. Borrowing Base B Loans are subject to a sublimit of $200 million and bear interest at the adjusted SOFR or base rate plus 2.50% per annum. A commitment fee of 0.50% per annum on the average daily unused portion of this facility is payable quarterly in arrears.

On May 25, 2022, Virtu Financial Singapore Pte. Ltd. entered into a revolving credit facility with a financial institution (the "Overdraft Facility") to provide a source of short-term financing. The facility has an aggregate borrowing limit of $10 million, and bears interest at the adjusted SOFR or base rate plus 3.5% per annum.

On March 20, 2020, VAL entered into a Loan Agreement (the “Founder Member Loan Facility”) with TJMT Holdings LLC (the “Founder Member”), as lender and administrative agent, providing for unsecured term loans from time to time (the “Founder Member Loans”) in an aggregate original principal amount not to exceed $300 million. The Founder Member Loans were available to be borrowed in one or more borrowings on or after March 20, 2020 and prior to September 20, 2020 (the "Founder Member Loan Term"). The Founder Member Loan Facility Term expired as of September 20, 2020 without VAL having borrowed any Founder Member Loans at any time. The Founder Member is an affiliate of Mr. Vincent Viola, the Company’s founder and Chairman Emeritus. Upon the execution of and in consideration for the Lender’s (as defined in the Founder Member Loan Facility) commitments under the Founder Member Loan Facility, the Company delivered to the Founder Member a warrant to purchase shares of the Company’s Class A Common Stock. Terms of the warrant are set forth in further detail in Note 18 "Capital Structure".

The following summarizes the Company’s broker-dealer credit facilities' carrying values, net of unamortized debt issuance costs, where applicable. These balances are included within Short-term borrowings on the Consolidated Statements of Financial Condition.


	At December 31, 2022
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility (1)	5.50%	$	400,000	$	—	$	—	$	—
Committed facility	7.67%	650,000		—		—		—
Overdraft facility	7.80%	10,000		—		—		—


		$	1,060,000	$	—	$	—	$	—
(1) $0.2 million of deferred debt issuance costs are included within Other assets on the Consolidated Statement of Financial Condition


	At December 31, 2021
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	1.25%	$	400,000	$	58,000	$	(1,546)	$	56,454
Committed facility	3.78%	600,000		—		—		—
		$	1,000,000	$	58,000	$	(1,546)	$	56,454

The following summarizes interest expense for the broker-dealer facilities. Interest expense is included within Interest and dividends expense in the accompanying Consolidated Statements of Comprehensive Income.


	Years Ended December 31,
(in thousands)		2022		2021		2020
Broker-dealer credit facilities:
Uncommitted facility		$	4,247	$	2,327	$	1,337
Committed facility		112		82		447
Demand Loan		—		—		211

		$	4,359	$	2,409	$	1,995

Short-Term Bank Loans

The Company’s international securities clearance and settlement activities are funded with operating cash or with short-term bank loans in the form of overdraft facilities. At December 31, 2022, there was $3.9 million associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 3.8%. At December 31, 2021, there was $5.1 million associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 4.2%. These short-term bank loan balances are included within Short-term borrowings on the Consolidated Statements of Financial Condition.

Prime Brokerage Credit Facilities

The Company maintains short-term credit facilities with various prime brokers and other financial institutions from which it receives execution or clearing services. The proceeds of these facilities are used to meet margin requirements associated with the products traded by the Company in the ordinary course, and amounts borrowed are collateralized by the Company’s trading accounts with the applicable financial institution.


	At December 31, 2022
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	7.42%	$	591,000	$	212,912
		$	591,000	$	212,912


	At December 31, 2021
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	2.91%	$	616,000	$	177,080
		$	616,000	$	177,080

(1) Outstanding borrowings are included with Receivables from/Payables to broker-dealers and clearing organizations within the Consolidated Statements of Financial Condition.

Interest expense in relation to the facilities was $9.3 million, $4.6 million, and $4.8 million and for the years ended December 31, 2022, 2021, and 2020, respectively.

Long-Term Borrowings

The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable:


		At December 31, 2022
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	January 2029	7.42%	$	1,800,000	$	(3,881)	$	(26,858)	$	1,769,261

SBI bonds	January 2026	5.00%	26,693		—		(2)		26,691
			$	1,826,693	$	(3,881)	$	(26,860)	$	1,795,952


		At December 31, 2021
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	March 2026	3.10%	$	1,599,774	$	(3,723)	$	(21,620)	$	1,574,431

SBI bonds	January 2023	5.00%	30,722		—		(21)		30,701
			$	1,630,496	$	(3,723)	$	(21,641)	$	1,605,132

Credit Agreements

In connection with the ITG Acquisition, Virtu Financial, VFH, and Impala Borrower LLC (the "Acquisition Borrower") entered into a credit agreement, with the lenders party thereto, Jefferies Finance LLC, as administrative agent and Jefferies Finance LLC and RBC Capital Markets, as joint lead arrangers and joint bookrunners (the "Acquisition Credit Agreement").

The Acquisition Credit Agreement provided (i) a senior secured first lien term loan (together with the Acquisition Incremental Term Loans, as defined below; the “Acquisition First Lien Term Loan Facility”) in an aggregate principal amount of $1,500 million, drawn in its entirety on the ITG Closing Date, of which amount approximately $404.5 million was borrowed by VFH to repay all amounts outstanding under a previous term loan facility and the remaining approximately $1,095 million was borrowed by the Acquisition Borrower, to finance the consideration and fees and expenses paid in connection with the ITG Acquisition, and (ii) a $50.0 million senior secured first lien revolving facility to VFH, with a $5.0 million letter of credit subfacility and a $5.0 million swingline subfacility. After the ITG Closing Date, VFH assumed the obligations of the Acquisition Borrower in respect of the acquisition term loans. On October 9, 2019, VFH entered into an amendment, which amended the Acquisition Credit Agreement dated as of March 1, 2019 to, among other things, provide for $525.0 million in aggregate principal amount of incremental term loans (the “Acquisition Incremental Term Loans”), and amend the related collateral agreement. On March 2, 2020, VFH entered into a second amendment, which further amended the Acquisition Credit Agreement to, among other things, reduce the interest rate spread over adjusted LIBOR or the alternate base rate by 0.50% per annum and eliminated any step-down in the spread based on VFH's first lien leverage ratio.

On January 13, 2022 (the “Credit Agreement Closing Date”), Virtu Financial, VFH Parent LLC, a Delaware limited liability company and a subsidiary of Virtu Financial (“VFH”), entered into the Credit Agreement, with the lenders party thereto, JPMorgan Chase Bank, N.A. as administrative agent and JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, RBC Capital Markets, Barclays Bank plc, Jefferies Finance LLC, BMO Capital Markets Corp., and CIBC World Markets Corp., as joint lead arrangers and bookrunners (the “Credit Agreement”). The Credit Agreement provides (i) a senior secured first lien term loan in an aggregate principal amount of $1,800.0 million, drawn in its entirety on the Credit Agreement Closing Date, the proceeds of which were used by VFH to repay all amounts outstanding under the Acquisition Credit Agreement, to pay fees and expenses in connection therewith, to fund share repurchases under the Company’s repurchase program and for general corporate purposes, and (ii) a $250.0 million senior secured first lien revolving facility to VFH, with a $20.0 million letter of credit subfacility and a $20.0 million swingline subfacility.

The term loan borrowings and revolver borrowings under the Credit Agreement bear interest at a per annum rate equal to, at the Company’s election, either (i) the greatest of (a) the prime rate in effect, (b) the greater of (1) the federal funds effective rate and (2) the overnight bank funding rate, in each case plus 0.50%, (c) an adjusted term SOFR rate with an interest period of one month plus 1.00% and (d)(1) in the case of term loan borrowings, 1.50% and (2) in the case of revolver borrowings, 1.00%, plus, (x) in the case of term loan borrowings, 2.00% and (y) in the case of revolver borrowings, 1.50%, or (ii) the greater of (a) an adjusted term SOFR rate for the interest period in effect and (b) (1) in the case of term loan borrowings, 0.50% and (2) in the case of revolver borrowings, 0.00%, plus, (x) in the case of term loan borrowings, 3.00% and (y) in the case of revolver borrowings, 2.50%. In addition, a commitment fee accrues at a rate of 0.50% per annum on the average daily unused amount of the revolving facility, with step-downs to 0.375% and 0.25% per annum based on VFH’s first lien leverage ratio, and is payable quarterly in arrears.

The revolving facility under the Credit Agreement is subject to a springing net first lien leverage ratio test which may spring into effect as of the last day of a fiscal quarter if usage of the aggregate revolving commitments exceeds a specified level as of such date. VFH is also subject to contingent principal prepayments based on excess cash flow and certain other triggering events. Borrowings under the Credit Agreement are guaranteed by Virtu Financial and VFH’s material non-regulated domestic restricted subsidiaries and secured by substantially all of the assets of VFH and the guarantors, in each case, subject to certain exceptions.

The Credit Agreement contains certain customary covenants and events of default, including relating to a change of control. If an event of default occurs and is continuing, the lenders under the Credit Agreement will be entitled to take various actions, including the acceleration of amounts outstanding under the Credit Agreement and all actions permitted to be taken by a secured creditor in respect of the collateral securing the obligations under the Credit Agreement.

Under the Credit Agreement, the term loans will mature on January 13, 2029. The term loans amortize in annual installments equal to 1.0% of the original aggregate principal amount of the term loans. The revolving commitments will terminate on January 13, 2025. As of December 31, 2022, $1,800 million was outstanding under the term loans, and there were no amounts outstanding under the first lien revolving facility.

In October 2019, the Company entered into a five-year $525 million floating-to-fixed interest rate swap agreement. In January 2020, the Company also entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement. These two interest rate swaps met the criteria to be considered and were designated qualifying cash flow hedges under ASC 815 in the first quarter of 2020, and they effectively fixed interest payment obligations on $525.0 million and $1,000 million of principal under the Acquisition First Lien Term Loan Facility at rates of 4.3% and 4.4% through September 2024 and January 2025, respectively, based on the interest rates set forth in the Acquisition Credit Agreement. In April 2021, each of the swap agreements described above was novated to another counterparty and amended in connection with such novation. The

amendments included certain changes to collateral posting obligations, and also had the effect of increasing the effective fixed interest payment obligations to rates of 4.5%, with respect to the earlier maturing swap arrangement, and 4.6% with respect to the later maturing swap arrangement. In January 2022, in order to align the swap agreements with the Credit Agreement, the Company amended each of the swap agreements to align the floating rate term of such swap agreements to SOFR. The effective fixed interest payment obligations remained at 4.5%, with respect to the earlier maturing swap arrangement, and 4.6% with respect to the later maturing swap arrangement.

SBI Bonds

On July 25, 2016, VFH issued Japanese Yen Bonds (collectively the “SBI Bonds”) in the aggregate principal amount of ¥3.5 billion ($33.1 million at issuance date) to SBI Life Insurance Co., Ltd. and SBI Insurance Co., Ltd. The proceeds from the SBI Bonds were used to partially fund the investment in Japannext Co., Ltd. (as described in Note 10 "Financial Assets and Liabilities"). The SBI Bonds are guaranteed by Virtu Financial. The SBI Bonds are subject to fluctuations on the Japanese Yen currency rates relative to the Company’s reporting currency (U.S. Dollar) with the changes reflected in Other, net in the Consolidated Statements of Comprehensive Income. In December 2022, the maturity of the SBI Bonds was extended to 2026. The principal balance was ¥3.5 billion ($26.7 million) as of December 31, 2022 and ¥3.5 billion ($30.7 million) as of December 31, 2021. The Company had a gain of $4.0 million, a gain of $3.2 million, and a loss of $1.7 million during the years ended December 31, 2022 2021, and 2020 respectively, due to changes in foreign currency rates.

As of December 31, 2022, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)	December 31, 2022

2023	18,000
2024	18,000
2025	18,000
2026	44,693
2027	18,000
Thereafter	1,710,000
Total principal of long-term borrowings	$	1,826,693

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities

Financial Instruments Measured at Fair Value

The fair value of equities, options, on-the-run U.S. government obligations and exchange traded notes is estimated using recently executed transactions and market price quotations in active markets and are categorized as Level 1 with the exception of inactively traded equities and certain other financial instruments, which are categorized as Level 2. The Company’s corporate bonds, derivative contracts and other U.S. and non-U.S. government obligations have been categorized as Level 2. Fair value of the Company’s derivative contracts is based on the indicative prices obtained from a number of banks and broker-dealers, as well as management’s own analyses. The indicative prices have been independently validated through the Company’s risk management systems, which are designed to check prices with information independently obtained from exchanges and venues where such financial instruments are listed or to compare prices of similar instruments with similar maturities for listed financial futures in foreign exchange.

The Company prices certain financial instruments held for trading at fair value based on theoretical prices, which can differ from quoted market prices. The theoretical prices reflect price adjustments primarily caused by the fact that the Company continuously prices its financial instruments based on all available information. This information includes prices for identical and near-identical positions, as well as the prices for securities underlying the Company’s positions, on other exchanges that are open after the exchange on which the financial instruments is traded closes. The Company validates that all price adjustments can be substantiated with market inputs and checks the theoretical prices independently. Consequently, such financial instruments are classified as Level 2.

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2022:


	December 31, 2022
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	461,487	$	1,545,116	$	—	$	—	$	2,006,603
U.S. and Non-U.S. government obligations	251,708		575,946		—		—		827,654
Corporate Bonds	—		803,880		—		—		803,880
Exchange traded notes	51		16,777		—		—		16,828
Currency forwards	—		500,553		—		(493,237)		7,316
Options	5,200		—		—		—		5,200
	$	718,446	$	3,442,272	$	—	$	(493,237)	$	3,667,481

Financial instruments owned, pledged as collateral:
Equity securities	$	552,641	$	404,802	$	—	$	—	$	957,443

Exchange traded notes	6		5,622		—		—		5,628
	$	552,647	$	410,424	$	—	$	—	$	963,071

Other Assets
Equity investment	$	—	$	—	$	76,613	$	—	$	76,613
Exchange stock	2,352		—		—		—		2,352
	$	2,352	$	—	$	76,613	$	—	$	78,965

Receivables from broker dealers and clearing organizations:
Interest rate swap	$	—	$	87,268	$	—	$	—	$	87,268

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,146,701	$	1,016,893	$	—	$	—	$	2,163,594
U.S. and Non-U.S. government obligations	147,418		690,480		—		—		837,898
Corporate Bonds	—		1,183,394		—		—		1,183,394
Exchange traded notes	—		8,199		—		—		8,199
Currency forwards	—		497,799		—		(497,799)		—
Options	3,889		—		—		—		3,889
	$	1,298,008	$	3,396,765	$	—	$	(497,799)	$	4,196,974

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2021:


	December 31, 2021
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	572,567	$	1,700,470	$	—	$	—	$	2,273,037
U.S. and Non-U.S. government obligations	337,350		18,519		—		—		355,869
Corporate Bonds	—		598,944		—		—		598,944
Exchange traded notes	10		2,459		—		—		2,469
Currency forwards	—		206,258		—		(206,125)		133
Options	8,543		—		—		—		8,543
	$	918,470	$	2,526,650	$	—	$	(206,125)	$	3,238,995
Financial instruments owned, pledged as collateral:
Equity securities	$	670,277	$	342,292	$	—	$	—	$	1,012,569

Exchange traded notes	—		5,391		—		—		5,391
	$	670,277	$	347,683	$	—	$	—	$	1,017,960
Other Assets
Equity investment	$	—	$	—	$	81,358	$	—	$	81,358
Exchange stock	3,020		—		—		—		3,020

	$	3,020	$	—	$	81,358	$	—	$	84,378




Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,482,386	$	807,631	$	—	$	—	$	2,290,017
U.S. and Non-U.S. government obligations	330,765		9,955		—		—		340,720
Corporate Bonds	—		851,871		—		—		851,871
Exchange traded notes	—		22,962		—		—		22,962
Currency forwards	—		208,357		—		(208,356)		1
Options	5,208		—		—		—		5,208
	$	1,818,359	$	1,900,776	$	—	$	(208,356)	$	3,510,779

Payables to broker dealers and clearing organizations:
Interest rate swap	$	—	$	21,037	$	—	$	—	$	21,037

JNX Investment

The Company has a minority investment (the “JNX Investment”) in Japannext Co., Ltd. (“JNX”), formerly known as SBI Japannext Co., Ltd., a proprietary trading system based in Tokyo. In connection with the JNX Investment, the Company issued the SBI Bonds (as described in Note 9 "Borrowings") and used the proceeds to partially finance the transaction. The JNX Investment is included within Level 3 of the fair value hierarchy. As of December 31, 2022 and December 31, 2021, the fair value of the JNX Investment was determined using a weighted average of valuations using 1) the discounted cash flow method, an income approach; 2) a market approach based on average enterprise value/EBITDA ratios of comparable companies; and to a lesser extent 3) a transaction approach based on transaction values of comparable companies. The fair value measurement is highly sensitive to significant changes in the unobservable inputs, and significant increases (decreases) in discount rate or decreases (increases) in enterprise value/EBITDA multiples would result in a significantly lower (higher) fair value measurement.

The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment:

December 31, 2022

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

76,613

Discounted cash flow

Estimated revenue growth

(5.7)% - 5.0%

3.1

Discount rate

15.5% - 15.5%

15.5

Market

Future enterprise value/ EBIDTA ratio

(1.2)x - 18.1x

12.2x

December 31, 2021

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

81,358

Discounted cash flow

Estimated revenue growth

2.5% - 32.6%

10.6

Discount rate

14.4% - 14.4%

14.4

Market

Future enterprise value/ EBIDTA ratio

8.7x - 21.1x

14.0x

Changes in the fair value of the JNX Investment are included within Other, net in the Consolidated Statements of Comprehensive Income.

The following presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis:


	Year Ended December 31, 2022
(in thousands)	Balance at December 31, 2021		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2022		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2022
Assets
Other assets:
Equity investment	$	81,358	$	—	$	(4,745)	$	—	$	—	$	76,613	$	(4,745)

Total	$	81,358	$	—	$	(4,745)	$	—	$	—	$	76,613	$	(4,745)
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Year Ended December 31, 2021
(in thousands)	Balance at December 31, 2020		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2021		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2021
Assets
Other assets:
Equity investment	$	66,030	$	—	$	15,328	$	—	$	—	$	81,358	$	15,328

Total	$	66,030	$	—	$	15,328	$	—	$	—	$	81,358	$	15,328
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.

Financial Instruments Not Measured at Fair Value

The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments that are not measured at fair value on the Consolidated Statements of Financial Condition. The table below excludes non-financial assets and liabilities. The carrying value of financial instruments not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximates fair value due to the relatively short-term nature of the underlying assets. The fair value of the Company’s long-term borrowings is based on quoted prices from the market for similar instruments, and is categorized as Level 2 in the fair value hierarchy.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2022:


	December 31, 2022
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	981,580	$	981,580	$	981,580	$	—	$	—
Cash restricted or segregated under regulations and other	56,662		56,662		56,662		—		—
Securities borrowed	1,187,674		1,187,674		—		1,187,674		—
Securities purchased under agreements to resell	336,999		336,999		—		336,999		—
Receivables from broker-dealers and clearing organizations	1,027,917		1,027,917		—		1,027,917		—
Receivables from customers	80,830		80,830		—		80,830		—
Other assets (1)	30,579		30,579		—		30,579		—
Total Assets	$	3,702,241	$	3,702,241	$	1,038,242	$	2,663,999	$	—

Liabilities
Short-term borrowings	$	3,944	$	3,944	$	—	$	3,944	$	—
Long-term borrowings	1,795,952		1,783,943		—		1,783,943		—
Securities loaned	1,060,432		1,060,432		—		1,060,432		—
Securities sold under agreements to repurchase	627,549		627,549		—		627,549		—
Payables to broker-dealers and clearing organizations	273,843		273,843		—		273,843		—
Payables to customers	46,525		46,525		—		46,525		—
Other liabilities (2)	23,776		23,776		—		23,776		—
Total Liabilities	$	3,832,021	$	3,820,012	$	—	$	3,820,012	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.

(2) Includes deposits, interest and dividends payable.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2021:


	December 31, 2021
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	1,071,463	$	1,071,463	$	1,071,463	$	—	$	—
Cash restricted or segregated under regulations and other	49,490		49,490		49,490		—		—
Securities borrowed	1,349,322		1,349,322		—		1,349,322		—
Securities purchased under agreements to resell	119,453		119,453		—		119,453		—
Receivables from broker-dealers and clearing organizations	1,026,807		1,026,807		(24,037)		1,050,844		—
Receivables from customers	146,476		146,476		—		146,476		—
Other assets (1)	20,266		20,266		—		20,266		—
Total Assets	$	3,783,277	$	3,783,277	$	1,096,916	$	2,686,361	$	—

Liabilities
Short-term borrowings	61,510		63,046		—		63,046		—
Long-term borrowings	1,605,132		1,628,497		—		1,628,497		—
Securities loaned	1,142,048		1,142,048		—		1,142,048		—
Securities sold under agreements to repurchase	514,325		514,325		—		514,325		—
Payables to broker dealer and clearing organizations (2)	571,526		571,526		235		571,291		—
Payables to customers	54,999		54,999		—		54,999		—
Other liabilities (3)	9,414		9,414		—		9,414		—
Total Liabilities	$	3,958,954	$	3,983,855	$	235	$	3,983,620	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value.
(3) Includes deposits, interest and dividends payable.

Offsetting of Financial Assets and Liabilities

The Company does not net securities borrowed and securities loaned, or securities purchased under agreements to resell and securities sold under agreements to repurchase. These financial instruments are presented on a gross basis in the Consolidated Statements of Financial Condition. In the tables below, the amounts of financial instruments owned that are not offset in the Consolidated Statements of Financial Condition, but could be netted against financial liabilities with specific counterparties under legally enforceable master netting agreements in the event of default, are presented to provide financial statement readers with the Company’s estimate of its net exposure to counterparties for these financial instruments.

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of December 31, 2022 and December 31, 2021:


	December 31, 2022
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,187,674	$	—	$	1,187,674	$	(1,148,238)	$	(5,138)	$	34,298
Securities purchased under agreements to resell	336,999		—		336,999		(336,849)		—		150
Receivables from broker-dealers and clearing organizations:
Interest rate swaps	87,268		—		87,268		—		—		87,268
Trading assets, at fair value:
Currency forwards	500,553		(493,237)		7,316		—		—		7,316
Options	5,200		—		5,200		—		(3,889)		1,311
Total	$	2,117,694	$	(493,237)	$	1,624,457	$	(1,485,087)	$	(9,027)	$	130,343


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instruments		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,060,432	$	—	$	1,060,432	$	(1,027,062)	$	(9,100)	$	24,270
Securities sold under agreements to repurchase	627,549		—		627,549		(627,388)		—		161


Trading liabilities, at fair value:
Currency forwards	497,799		(497,799)		—		—		—		—
Options	3,889		—		3,889		—		(3,889)		—
Total	$	2,189,669	$	(497,799)	$	1,691,870	$	(1,654,450)	$	(12,989)	$	24,431


	December 31, 2021
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,349,322	$	—	$	1,349,322	$	(1,299,270)	$	(5,054)	$	44,998
Securities purchased under agreements to resell	119,453		—		119,453		(119,453)		—		—
Trading assets, at fair value:
Currency forwards	206,258		(206,125)		133		—		—		133
Options	8,543		—		8,543		—		(5,208)		3,335
Total	$	1,683,576	$	(206,125)	$	1,477,451	$	(1,418,723)	$	(10,262)	$	48,466


	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,142,048	$	—	$	1,142,048	$	(1,107,688)	$	(17,272)	$	17,088
Securities sold under agreements to repurchase	514,325		—		514,325		(514,325)		—		—
Interest rate swaps	21,037		—		21,037		—		—		21,037
Trading liabilities, at fair value:
Currency forwards	208,357		(208,356)		1		—		—		1
Options	5,208		—		5,208		—		(5,208)		—
Total	$	1,890,975	$	(208,356)	$	1,682,619	$	(1,622,013)	$	(22,480)	$	38,126

The following table presents gross obligations for securities sold under agreements to repurchase and for securities lending transactions by remaining contractual maturity and the class of collateral pledged:


	December 31, 2022
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	250,000	$	100,000	$	50,000	$	—	$	400,000
U.S. and Non-U.S. government obligations	227,549		—		—		—				227,549
Total	$	227,549	$	250,000	$	100,000	$	50,000	$	—	$	627,549

Securities loaned:
Equity securities	$	1,060,432	$	—	$	—	$	—	$	—	$	1,060,432
Total	$	1,060,432	$	—	$	—	$	—	$	—	$	1,060,432


	December 31, 2021
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	140,000	$	50,000	$	210,000	$	—	$	400,000
U.S. and Non-U.S. government obligations	114,325		—		—		—		—		114,325
Total	$	114,325	$	140,000	$	50,000	$	210,000	$	—	$	514,325

Securities loaned:
Equity securities	1,142,048		—		—		—		—		1,142,048
Total	$	1,142,048	$	—	$	—	$	—	$	—	$	1,142,048

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at December 31, 2022 and December 31, 2021:


(in thousands)		December 31, 2022				December 31, 2021
Derivatives Assets	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Receivables from broker-dealers and clearing organizations	$	(575)	$	663,110	$	1,619	$	406,420
Commodity futures	Receivables from broker-dealers and clearing organizations	(31,007)		7,597,057		(24,405)		5,285,216
Currency futures	Receivables from broker-dealers and clearing organizations	(24,023)		7,460,531		(8,205)		4,760,173
Fixed income futures	Receivables from broker-dealers and clearing organizations	(360)		30,292		147		8,489

Options	Financial instruments owned	5,200		691,737		8,543		1,063,686
Currency forwards	Financial instruments owned	500,553		30,286,330		206,258		21,445,374


Derivative instruments designated as hedging instruments:
Interest rate swap	Receivables from broker-dealers and clearing organizations	87,268		1,525,000		—		—

Derivatives Liabilities	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Payables to broker-dealers and clearing organizations	$	1,819	$	3,238,651	$	791	$	1,362,684
Commodity futures	Payables to broker-dealers and clearing organizations	597		39,046		(49)		27,224
Currency futures	Payables to broker-dealers and clearing organizations	8		6,386		1,671		725,162
Fixed income futures	Payables to broker-dealers and clearing organizations	(264)		123,043		(161)		120,212
Options	Financial instruments sold, not yet purchased	3,889		742,531		5,208		1,066,801
Currency forwards	Financial instruments sold, not yet purchased	497,799		30,284,952		208,357		21,446,422

Derivative instruments designated as hedging instruments:

Interest rate swaps	Payables to broker-dealers and clearing organizations	—		—		21,037		1,525,000

Amounts included in receivables from and payables to broker-dealers and clearing organizations represent net variation margin on long and short futures contracts as well as amounts receivable or payable on interest rate swaps.

The following table summarizes the net gain (loss) from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in total revenues, and from those designated as hedging instruments under ASC 815, which are initially recorded in other comprehensive income in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021 and 2020.


		Years Ended December 31,
(in thousands)	Financial Statements Location		2022		2021		2020
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	257,258	$	283,482	$	(6,217)
Currency forwards	Trading income, net		12,492		1,077		249,856
Options	Trading income, net		30,339		95,828		84,695
Interest rate swap on term loan	Other, net		(1,879)		(1,871)		(1,890)
			$	298,210	$	378,516	$	326,444

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	106,329	$	44,541	$	(69,462)

			$	106,329	$	44,541	$	(69,462)

(1) The Company entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement in the first quarter of 2020 and a five-year $525 million floating-to-fixed interest rate swap agreement in the fourth quarter of 2019. These two interest rate swaps met the criteria to be considered qualifying cash flow hedges under ASC 815 in the first quarter of 2020, and as such, the mark-to-market gains (losses) on the instruments were deferred within Other comprehensive income on the Consolidated Statements of Comprehensive Income beginning in the first quarter of 2020.

Variable Interest Entities

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

A variable interest entity (“VIE”) is an entity that lacks one or more of the following characteristics: (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity.

The Company will be considered to have a controlling financial interest and will consolidate a VIE if it has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company has interests in two joint ventures (“JV”) that build and maintain microwave communication networks in the U.S., Europe, and Asia. The Company and its JV partners each pay monthly fees for the use of the microwave communication networks in connection with their respective trading activities, and the JVs may sell excess bandwidth that is not utilized by the JV members to third parties. As of December 31, 2022, the Company held noncontrolling interests of 11.1% and 50.0%, respectively, in these JVs.

The Company has an interest in a JV that offers derivatives trading technology and execution services to broker-dealers, professional traders and select hedge funds. As of December 31, 2022, the Company held approximately a 9.8% noncontrolling interest in this JV.

The Company has an interest in a JV that operates a member-owned equities exchange with the goal of increasing competition and transparency, while reducing fixed costs and simplifying execution of equity trading in the U.S. As of December 31, 2022, the Company held approximately a 14.9% noncontrolling interest in this JV.

In the second quarter of 2022, the Company invested in a JV that was formed for the purpose of developing and operating a cryptocurrency trading platform with the goal of increasing competition and transparency, while improving trading performance and reducing operational risk. As of December 31, 2022, the Company held approximately a 9.3% noncontrolling interest in this JV.

The Company's five JVs noted above meet the criteria to be considered VIEs, which it does not consolidate. The Company records its interest in each JV under the equity method of accounting and records its investment in the JVs within Other assets and its amounts payable for communication services provided by the applicable JVs within Accounts payable, accrued expenses and other liabilities on the Statements of Financial Condition. The Company records its pro-rata share of each JV's earnings or losses within Other, net and fees related to the use of communication services provided by the JVs within Communications and data processing on the Consolidated Statements of Comprehensive Income.

The Company’s exposure to the obligations of these VIEs is generally limited to its interests in each respective JV, which is the carrying value of the equity investment in each JV.

The following table presents the Company’s nonconsolidated VIEs at December 31, 2022:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	43,589	$	—	$	43,589	$	239,682

The following table presents the Company’s nonconsolidated VIEs at December 31, 2021:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	38,319	$	—	$	38,319	$	136,378

During the second quarter of 2022, the Company formed a JV to support the growth and expansion of a multi-asset request-for-quote communication platform. As of December 31, 2022, the Company held a 51% controlling interest in this entity. Based on the standard for control set forth above, this JV meets the criteria to be considered a VIE, and the Company consolidates this entity and records the interest that the Company does not own as noncontrolling interest in the Consolidated Financial Statements.

Revenues from Contracts with Customers

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

Commissions, net. The Company earns commission revenue by acting as an agent on behalf of customers. The Company’s performance obligations consist of trade execution and clearing services and are satisfied on the trade date; accordingly, commission revenues are recorded on the trade date. Commission revenues are received on settlement date; therefore, a receivable is recognized as of the trade date. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Consolidated Statements of Comprehensive Income.

Workflow technology. Through its front-end workflow solutions and network capabilities, the Company provides order and trade execution management and order routing services.

The Company provides trade order routing from its execution management system (“EMS”) to its execution services offerings, with each trade order routed through the EMS representing a separate performance obligation that is satisfied at a point in time. Commissions earned are fixed and revenue is recognized on the trade date. A portion of the commissions earned on the trade is then allocated to workflow technology based on the stand-alone selling price paid by third-party brokers for order routing. The remaining commission is allocated to commissions, net using a residual allocation approach.

The Company participates in commission sharing arrangements, where trade orders are routed to third-party brokers from its EMS and its order management system (“OMS”). Commission share revenues from third-party brokers are generally fixed and revenue is recognized at a point in time on the trade date.

The Company provides OMS and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, is fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress.

Analytics. The Company provides customers with analytics products and services, including trading and portfolio analytics tools. The Company provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics services can be delivered either over time (when customers are provided with distinct ongoing access to analytics data) or at a point in time (when reports are only delivered to the customer on a periodic basis). Over time performance obligations are recognized using a time-based measure of progress on a monthly basis, since the analytics products and services are continually provided to the client. Point in time performance obligations are recognized when the analytics reports are delivered to the client.

Analytics products and services can also be paid for through variable bundled arrangements with trade execution services. Customers agree to pay for analytics products and services with commissions generated from trade execution services, and commissions are allocated to the analytics performance obligation(s) using:

(i) the commission value for each customer for the products and services it receives, which is priced using the value for similar stand-alone subscription arrangements; and

(ii) a calculated ratio of the commission value for the products and services relative to the total amount of commissions generated from the customer.

For these bundled commission arrangements, the allocated commissions to each analytics performance obligation are then recognized as revenue when the analytics product is delivered, either over time or at a point in time. These allocated commissions may be deferred if the allocated amount exceeds the amount recognizable based on delivery.

Disaggregation of Revenues

The following tables present the Company’s revenue from contracts with customers disaggregated by service, by timing of revenue recognition, reconciled to the Company’s segments, for the years ended December 31, 2022, 2021, and 2020:



	Year Ended December 31, 2022
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	42,180	$	356,090	$	—	$	398,270

Workflow technology	—		91,667		—		91,667
Analytics	—		39,908		—		39,908
Total revenue from contracts with customers	42,180		487,665		—		529,845

Other sources of revenue	1,770,659		26,576		37,732		1,834,967

Total revenues	$	1,812,839	$	514,241	$	37,732	$	2,364,812

Timing of revenue recognition:
Services transferred at a point in time	$	1,812,839	$	444,483	$	37,732	$	2,295,054
Services transferred over time	—		69,758		—		69,758
Total revenues	$	1,812,839	$	514,241	$	37,732	$	2,364,812


	Year Ended December 31, 2021
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	40,955	$	433,755	$	—	$	474,710

Workflow technology	—		98,486		—		98,486
Analytics	—		41,293				41,293
Total revenue from contracts with customers	40,955		573,534		—		614,489

Other sources of revenue	2,162,091		26,681		8,224		2,196,996

Total revenues	$	2,203,046	$	600,215	$	8,224	$	2,811,485

Timing of revenue recognition:
Services transferred at a point in time	$	2,203,046	$	525,960	$	8,224	$	2,737,230
Services transferred over time	—		74,255		—		74,255
Total revenues	$	2,203,046	$	600,215	$	8,224	$	2,811,485



	Year Ended December 31, 2020
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	52,453	$	405,698	$	—	$	458,151

Workflow technology	—		101,211		—		101,211
Analytics	—		41,148				41,148
Total revenue from contracts with customers	52,453		548,057		—		600,510

Other sources of revenue	2,540,889		102,086		(4,154)		2,638,821

Total revenues	$	2,593,342	$	650,143	$	(4,154)	$	3,239,331

Timing of revenue recognition:
Services transferred at a point in time	$	2,593,342	$	575,846	$	(4,154)	$	3,165,034
Services transferred over time	—		74,297		—		74,297
Total revenues	$	2,593,342	$	650,143	$	(4,154)	$	3,239,331

Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations

As of December 31, 2022 and 2021, the aggregate amount of the transaction price allocated to the performance obligations relating to workflow technology and analytics revenues that are unsatisfied (or partially unsatisfied) was not material.

Contract Assets and Contract Liabilities

The timing of the revenue recognition may differ from the timing of payment from customers. The Company records a receivable when revenue is recognized prior to payment, and when the Company has an unconditional right to payment. The Company records a contract liability when payment is received prior to the time at which the satisfaction of the service obligation occurs.

Receivables related to revenues from contracts with customers amounted to $56.1 million and $51.5 million as of December 31, 2022 and December 31, 2021, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of December 31, 2022.

Deferred revenue primarily relates to deferred commissions allocated to analytics products and subscription fees billed in advance of satisfying the performance obligations. Deferred revenue related to contracts with customers was $9.6 million and

$9.2 million as of December 31, 2022 and December 31, 2021, respectively. The Company recognized the full amount of revenue during the years ended December 31, 2022 and 2021, that had been recorded as deferred revenue in the respective prior year.

The Company has not identified any costs to obtain or fulfill its contracts under ASC 606.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income before income taxes and noncontrolling interest is as follows for the years ended December 31, 2022, 2021, and 2020:


	Years Ended December 31,
	2022		2021		2020
(in thousands)
U.S. operations	$	426,902	$	804,358	$	1,214,282
Non-U.S. operations	129,896		192,546		168,555
	$	556,798	$	996,904	$	1,382,837

The provision for income taxes consists of the following for the years ended December 31, 2022, 2021, and 2020:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Current provision (benefit)
Federal	$	40,887	$	80,203	$	148,034
State and Local	17,216		24,282		52,040
Foreign	26,974		29,790		37,474
Deferred provision (benefit)
Federal	911		30,519		26,255
State and Local	131		4,984		(2,580)
Foreign	2,347		(108)		701
Provision for income taxes	$	88,466	$	169,670	$	261,924

The reconciliation of the tax provision at the U.S. federal statutory rate to the provision for income taxes for the

years ended December 31, 2022, 2021, and 2020 is as follows:


	Years Ended December 31,
	2022		2021		2020
(in thousands, except percentages)
Tax provision at the U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
Less: rate attributable to noncontrolling interest	(8.3)	%	(7.7)	%	(7.5)	%
State and local taxes, net of federal benefit	2.5	%	3.0	%	3.4	%


Non-deductible expenses, net	0.3	%	0.1	%	0.1	%
Excess tax benefit(deficiency) from share based compensation	(0.3)	%	(0.2)	%	—	%
Foreign taxes	5.1	%	3.0	%	2.8	%
Foreign tax credits	(2.8)	%	(1.8)	%	(0.9)	%
Other, net	(1.6)	%	(0.4)	%	—	%
Effective tax rate	15.9	%	17.0	%	18.9	%

The components of the deferred tax assets and liabilities as of December 31, 2022, and 2021 are as follows:


	December 31,
(in thousands)	2022		2021
Deferred income tax assets
Tax Receivable Agreement	$	162,098	$	180,376
Share-based compensation	18,043		15,934
Intangibles	—		2,061
Fixed assets and other	10,260		12,989
Tax credits and net operating loss carryforwards	57,797		58,801
Less: Valuation allowance on net operating loss carryforwards and tax credits	(57,389)		(58,602)
Total deferred income tax assets	$	190,809	$	211,559

Deferred income tax liabilities
Intangibles	$	44,008	$	53,106
Fixed assets	$	343	$	—
Total deferred income tax liabilities	$	44,351	$	53,106

The Company is subject to U.S. federal, state and local income tax at the rate applicable to corporations less the rate attributable to the noncontrolling interest in Virtu Financial. These noncontrolling interests are subject to U.S. taxation as partnerships. Accordingly, for the years ended December 31, 2022, 2021 and 2020, the income attributable to these noncontrolling interests is reported in the Consolidated Statements of Comprehensive Income, but the related U.S. income tax expense attributable to these noncontrolling interests is not reported by the Company as it is the obligation of the individual partners. Income tax expense is also affected by the differing effective tax rates in foreign, state and local jurisdictions where certain of the Company’s subsidiaries are subject to corporate taxation.

Included in Other assets on the Consolidated Statements of Financial Condition at December 31, 2022 and December 31, 2021 are current income tax receivables of $54.1 million and $37.2 million, respectively. These balances primarily comprise income tax benefits due to the Company from federal, state and local, and foreign tax jurisdictions based on income before taxes. Included in Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition at December 31, 2022 and December 31, 2021 are current tax liabilities of $13.4 million and $16.8 million, respectively. These balances primarily comprise income taxes owed to federal, state and local, and foreign tax jurisdictions based on income before taxes.

Deferred income taxes arise primarily due to the amortization of the deferred tax assets recognized in connection with the IPO (see Note 5 "Tax Receivable Agreements"), the Acquisition of KCG and the ITG Acquisition, differences in the valuation of financial assets and liabilities, and other temporary differences arising from the deductibility of compensation, depreciation, and other expenses in different time periods for book and income tax return purposes.

There are no expiration dates on the deferred tax assets. The provisions of ASC 740 require that carrying amounts of deferred tax assets be reduced by a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically with appropriate consideration given to all positive and negative evidence related to the realization of the deferred tax assets. At December 31, 2022, the Company did not have any U.S. federal net operating loss carryforwards and therefore the Company did not record a deferred tax asset related to any federal net operating loss carryforwards. At December 31, 2022, the Company recorded deferred income taxes related to state and local net operating losses of $0.4 million. These net operating losses will begin to expire in 2039. The Company did not record a valuation allowance against this deferred tax asset.

As a result of the ITG Acquisition, the Company has non-U.S. net operating losses at December 31, 2022, 2021 and of $64.6 million and $67.2 million, respectively, and has recorded a related deferred tax asset of $12.4 million and $13.4 million, respectively. A valuation allowance of $12.4 million and $13.3 million was recorded against this deferred tax asset at December 31, 2022 and 2021, respectively, as it is more likely than not that a portion of this deferred tax asset will not be realized. As a result of the Acquisition of KCG, the Company has non-U.S. net operating losses at December 31, 2022 and 2021 of $239.3 million and $239.3 million, respectively, and recorded a related deferred tax asset of $44.9 million in both years. A full valuation allowance was also recorded against this deferred tax asset at December 31, 2022 and 2021 as it is more likely than not that this deferred tax asset will not be realized. No valuation allowance against the remaining deferred taxes was recorded as of December 31, 2022 and 2021 because it is more likely than not that these deferred tax assets will be fully realized.

The Company is subject to taxation in U.S. federal, state, local and foreign jurisdictions. As a result of the ITG Acquisition and the Acquisition of KCG, the Company has assumed any ITG and KCG tax exposures. As of December 31, 2022, the Company’s tax years for 2015 through 2021 and 2017 through 2021 are subject to examination by U.S. and non-U.S. tax authorities, respectively. In addition, the Company is subject to state and local income tax examinations in various jurisdictions for the tax years 2013 through 2021. The outcome of these examinations is not yet determinable. However, the Company anticipates that adjustments to the unrecognized tax benefits, if any, will not result in a material change to the financial condition, results of operations and cash flows.

The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income or loss before income taxes and noncontrolling interest. Penalties, if any, are recorded in Operations and administrative expense and interest received or paid is recorded in Other, net or Operations and administrative expense in the Consolidated Statements of Comprehensive Income.

The Company had $6.6 million of unrecognized tax benefits as of December 31, 2022, all of which would affect the Company’s effective tax rate if recognized. The Company has determined that there are no uncertain tax positions that would have a material impact on the Company’s financial position as of December 31, 2022.

The table below presents the changes in the liability for unrecognized tax benefits. This liability is included in Accounts payable and accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.


(in thousands)
Balance at December 31, 2019	$	8,778

Decreases based on tax positions related to prior period	(311)
Increase based on tax positions related to current period	110
Balance at December 31, 2020	8,577
Decreases based on tax positions related to prior period	(2,300)
Increase based on tax positions related to current period	20
Balance at December 31, 2021	6,297

Decreases based on tax positions related to prior period	—
Increase based on tax positions related to current period	317
Balance at December 31, 2022	$	6,614

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
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+ Details

Commitments, Contingencies and Guarantees	12 Months Ended
Commitments, Contingencies and Guarantees	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Legal and Regulatory Proceedings In the ordinary course of business, the nature of the Company’s business subjects it to claims, lawsuits, regulatory examinations or investigations and other proceedings, any of which could result in the imposition of fines, penalties or other sanctions against the Company. The Company and its subsidiaries are subject to several of these matters at the present time, including, among others, a matter in which the Company has been responding to requests for information from the U.S. Securities and Exchange Commission in connection with an investigation of aspects of the Company’s information access barriers. The Company is cooperating with this civil investigation. Given the inherent difficulty of predicting the outcome of litigation and regulatory matters, particularly in regulatory examinations or investigations or other proceedings in which substantial or indeterminate judgments, settlements, disgorgements, restitution, penalties, injunctions, damages or fines are sought, or where such matters are in the early stages, the Company cannot estimate losses or ranges of losses for such matters where there is only a reasonable possibility that a loss may be incurred, and utilizes its judgment in accordance with applicable accounting standards in booking any associated estimated liability. It is not presently possible to determine the ultimate exposure to these matters and it is possible that the resolution of the outstanding matters will significantly exceed any estimated liabilities accrued by the Company. In addition, there are numerous factors that result in a greater degree of complexity in class-action lawsuits as compared to other types of litigation. There can be no assurance that these various legal proceedings will not significantly exceed any estimated liability accrued by the Company or have a material adverse effect on the Company’s results of operations in any future period, and a material judgment, fine or sanction could have a material adverse impact on the Company’s financial condition, results of operations and cash flows. However, it is the opinion of management, after consultation with legal counsel that, based on information currently available, the ultimate outcome of these matters will not have a material adverse impact on the business, financial condition or operating results of the Company, although they might be material to the operating results for any particular reporting period. The Company carries directors’ and officers’ liability insurance coverage and other insurance coverage for potential claims, including securities actions, against the Company and its respective directors and officers. On November 30, 2020, the Company was named as a defendant in In re United States Oil Fund, LP Securities Litigation, No. 20-cv-4740. The consolidated amended complaint was filed in federal district court in New York on behalf of a putative class, and asserts claims against the Company and numerous other financial institutions under Section 11 of the Securities Act of 1933 in connection with trading in United States Oil Fund, LP, a crude oil ETF. The complaint also names the ETF, its sponsor, and related individuals as defendants. The complaint did not specify the amount of alleged damages. Defendants moved to dismiss the consolidated amended complaint on January 29, 2021; the motion is fully briefed and pending before the court. The Company believes that the claims are without merit and is defending itself vigorously. On March 7, 2022, the Company was named as a defendant in Iron Workers Local No. 55 Pension Fund v. Virtu Financial, Inc., No. 2022-0211-PAF pending in the Court of Chancery of the State of Delaware. The complaint, filed by a purported stockholder, seeks to compel the inspection of certain Company books and records pursuant to Section 220 of the Delaware General Corporation Law. The complaint alleges that the stockholder seeks Company information to investigate (a) whether wrongdoing or mismanagement occurred in connection with distributions made to the partners of Virtu Financial pursuant to the Company’s Up-C corporate structure; (b) the independence and disinterestedness of the Company’s directors and/or officers and whether the directors breached their fiduciary duties; and (c) potential damages relating thereto. The Company believes that the claims are without merit and is defending itself vigorously. On October 17, 2022, the Company’s subsidiary, along with several other parties, was named as a defendant in Mallinckrodt PLC, et al. (Reorganized Debtors); Opiod Master Disbursement Trust II v. Argos Capital Appreciation Master Fund LP et al No. 20-12522. The complaint alleges that Mallinckrodt PLC engaged in share repurchase program from 2015 through 2018 pursuant to which it repurchased its own shares in various open market transactions, a period during which it was allegedly insolvent. The plaintiff is seeking to unwind the transactions consummated under the program, alleging such transactions constituted fraudulent transfers by the debtor. The Company believes that the claims are without merit and is defending itself vigorously. On December 1, 2022, the Company’s subsidiary, along with several other parties, was named as a defendant in Northwest Biotherapeutics, Inc. v. Canaccord Genuity LLC, et al No. 1:22-cv-10185. The complaint alleges that defendants engaged in market manipulation in the plaintiff’s stock during a period from 2018 to 2022. The complaint did not specify the amount of alleged damages. The Company believes that the claims are without merit and is defending itself vigorously. Other Legal and Regulatory Matters The Company owns subsidiaries including regulated entities that are subject to extensive oversight under federal, state and applicable international laws as well as self-regulatory organization (“SRO”) rules. Changes in market structure and the need to remain competitive require constant changes to the Company's systems, order routing and order handling procedures. The Company makes these changes while continuously endeavoring to comply with many complex laws and rules. Compliance, surveillance and trading issues common in the securities industry are monitored by, reported to, and/or reviewed in the ordinary course of business by the Company's regulators in the U.S. and abroad. As a major order flow execution destination, the Company is named from time to time in, or is asked to respond to a number of regulatory matters brought by U.S. regulators, foreign regulators, SROs, as well as actions brought by private plaintiffs, which arise from its business activities. There has recently been an increased focus by regulators on Anti-Money Laundering and sanctions compliance by broker-dealers and similar entities, as well as an enhanced interest on suspicious activity reporting and transactions involving microcap and low-priced securities. In addition, there has been increased regulatory, congressional and media scrutiny of U.S. equities market structure, the retail trading environment in the U.S., wholesale market making and the relationships between retail broker-dealers and market making firms including, but not limited to, payment for order flow arrangements, other remuneration arrangements such as profit-sharing relationships and exchange fee and rebate structures, alternative trading systems and off-exchange trading more generally, high frequency trading, short selling, market fragmentation, colocation, and access to market data feeds. Specifically, the SEC has proposed several rule changes focused on equity market structure reform in 2022. These proposals include, but are not limited to, (i) Proposed Rule 615 of Regulation NMS, which proposes to dramatically change U.S. equities market structure, the routing, handling and potentially the amount, character and cost of retail order flow, (ii) Regulation Best Execution, which would impose best execution requirements on broker-dealers which would be distinct from, but overlapping with, FINRA’s existing best execution rule (Rule 5310), (iii) proposed rule amendments to minimum pricing increments under Rule 612 or Regulation NMS, access fee caps under Rule 610 of Regulation NMS, acceleration of implementation of certain Market Data Infrastructure Rules, and amendment to the odd-lot information definition adopted under the MDI rules (collectively referred to as the “tick size, access fees and infostructure rule proposals”), and (iv) amendments to Rule 605 of Regulation NMS, along with a series of amendments to the definition of Exchange and Alternative Trading Systems (ATS), which would expand the scope of exchange and ATS registration and compliance requirements. If adopted, these or other potential rule changes could adversely affect the Company’s business or the Company’s industry. From time to time, the Company is the subject of requests for information and documents from the SEC, the Financial Industry Regulatory Authority ("FINRA"), state attorneys general, and other regulators and governmental authorities. It is the Company's practice to cooperate and comply with the requests for information and documents. As indicated above, the Company is currently the subject of various regulatory reviews and investigations by state, federal and foreign regulators and SROs, including the SEC and FINRA. In some instances, these matters may result in a disciplinary action and/or a civil or administrative action. Representations and Warranties; Indemnification Arrangements In the normal course of its operations, the Company enters into contracts that contain a variety of representations and warranties in addition to indemnification obligations, including indemnification obligations in connection with the Acquisition of KCG and the ITG Acquisition. The Company's maximum exposure under these arrangements is currently unknown, as any such exposure could relate to claims not yet brought or events which have not yet occurred. For example, in November 2013, KCG sold Urban Financial of America, LLC (“Urban”), the reverse mortgage origination and securitization business previously owned by Knight Capital Group, Inc., to an investor group now known as Finance of America Reverse, LLC (“FAR”). Pursuant to the terms of the Stock Purchase Agreement between KCG and FAR, Virtu has certain continuing obligations related to KCG's prior ownership of Urban. Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain a variety of representations and warranties and general indemnifications. The Company has also provided general indemnifications to its managers, officers, directors, employees, and agents against expenses, legal fees, judgments, fines, settlements, and other amounts actually and reasonably incurred by such persons under certain circumstances as more fully disclosed in its operating agreement. The overall maximum amount of the obligations (if any) cannot reasonably be estimated as it will depend on the facts and circumstances that give rise to any future claims.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The Company's leases are primarily for corporate office space, datacenters, and technology equipment. The leases have remaining terms of 1 to 10 years, some of which include options to extend the initial term at the Company's discretion. The lease terms used in calculating ROU assets and lease liabilities include the options to extend the initial term when the Company is reasonably certain of exercising the options. The Company's lease agreements do not contain any material residual value guarantees, restrictions or covenants. In addition to the base rental costs, the Company’s lease agreements for corporate office space generally provide for rent escalations resulting from increased assessments for operating expenses, real estate taxes and other charges. Payments for such reimbursable expenses are considered variable and are recognized as variable lease costs in the period in which the obligation for those payments was incurred.

The Company also subleases certain office space and facilities to third parties. The subleases have remaining terms of 1 to 9 years. The Company recognizes amounts received from subleases on a straight-line basis over the term of the sublease within Operations and administrative expense on the Consolidated Statements of Comprehensive Income.

As the implied discount rate for most of the Company's leases is not readily determinable, the Company uses its incremental borrowing rate on its secured borrowings in determining the present value of lease payments.

During the year ended December 31, 2021, the company ceased use of certain office lease premises as part of efforts to consolidate office space. For the year ended December 31, 2021, the Company recognized $28.1 million in Termination of office leases on the Consolidated Statement of Comprehensive Income, primarily related to the move of our global headquarters, comprising $9.6 million impairments of ROU assets, $17.6 million of write-off of leasehold improvements and fixed assets, and $1 million of dilapidation charges.

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	December 31, 2022		December 31, 2021
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	187,442	$	225,328
Operating lease liabilities	Operating lease liabilities	239,202		278,745

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	27,908		18,965
Accumulated depreciation	Property, equipment, and capitalized software, net	(12,736)		(12,465)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	15,323		6,612

Weighted average remaining lease term and discount rate are as follows:


	December 31, 2022		December 31, 2021
Weighted average remaining lease term
Operating leases	6.21 years		6.68 years
Finance leases	2.84 years		1.62 years
Weighted average discount rate
Operating leases	5.43	%	5.47	%
Finance leases	3.92	%	2.38	%

The components of lease expense are as follows:


	Years Ended December 31,
(in thousands)		2022		2021		2020
Operating lease cost:
Fixed		$	72,749	$	74,699	$	73,624
Variable		6,079		6,247		8,532
Impairment of ROU Asset		5,270		9,606		6,003
Total Operating lease cost		$	84,098	$	90,552	$	88,159

Sublease income		19,679		17,758		16,437

Finance lease cost:
Amortization of ROU Asset		$	7,685	$	6,587	$	11,536
Interest on lease liabilities		366		230		432
Total Finance lease cost		$	8,051	$	6,817	$	11,968

See Note 2 "Summary of Significant Accounting Policies" in Part II Item 8 “Financial Statements and Supplementary Data” of this Form 10-K for details on the classification of these expenses in the Consolidated Statements of Comprehensive Income.

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2022, are as follows:



(in thousands)	Operating Leases		Finance Leases
2023	$	71,193	$	7,050
2024	43,345		5,440
2025	35,232		1,854
2026	32,174		1,076
2027	25,494		986
2028 and thereafter	76,967		—
Total lease payments	$	284,405	$	16,406
Less imputed interest	(45,203)		(1,083)
Total lease liability	$	239,202	$	15,323

Leases

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	December 31, 2022		December 31, 2021
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	187,442	$	225,328
Operating lease liabilities	Operating lease liabilities	239,202		278,745

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	27,908		18,965
Accumulated depreciation	Property, equipment, and capitalized software, net	(12,736)		(12,465)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	15,323		6,612

Weighted average remaining lease term and discount rate are as follows:


	December 31, 2022		December 31, 2021
Weighted average remaining lease term
Operating leases	6.21 years		6.68 years
Finance leases	2.84 years		1.62 years
Weighted average discount rate
Operating leases	5.43	%	5.47	%
Finance leases	3.92	%	2.38	%

The components of lease expense are as follows:


	Years Ended December 31,
(in thousands)		2022		2021		2020
Operating lease cost:
Fixed		$	72,749	$	74,699	$	73,624
Variable		6,079		6,247		8,532
Impairment of ROU Asset		5,270		9,606		6,003
Total Operating lease cost		$	84,098	$	90,552	$	88,159

Sublease income		19,679		17,758		16,437

Finance lease cost:
Amortization of ROU Asset		$	7,685	$	6,587	$	11,536
Interest on lease liabilities		366		230		432
Total Finance lease cost		$	8,051	$	6,817	$	11,968

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2022, are as follows:



(in thousands)	Operating Leases		Finance Leases
2023	$	71,193	$	7,050
2024	43,345		5,440
2025	35,232		1,854
2026	32,174		1,076
2027	25,494		986
2028 and thereafter	76,967		—
Total lease payments	$	284,405	$	16,406
Less imputed interest	(45,203)		(1,083)
Total lease liability	$	239,202	$	15,323

Cash

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

Cash

The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash

as reported within the Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows.


(in thousands)	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	981,580	$	1,071,463
Cash restricted or segregated under regulations and other	56,662		49,490
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,038,242	$	1,120,953

Capital Structure

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Capital Structure

The Company has four classes of authorized common stock. The Class A Common Stock and the Class C Common Stock have one vote per share. The Class B Common Stock and the Class D Common Stock have 10 votes per share. Shares of the Company’s common stock generally vote together as a single class on all matters submitted to a vote of the Company’s stockholders. The Founder Member controls approximately 85.2% of the combined voting power of our common stock as a result of its ownership of our Class A, Class C and Class D Common Stock. The Company holds approximately a 59.7% interest in Virtu Financial at December 31, 2022.

During the period prior to the Company's IPO and certain reorganization transactions consummated in connection with the IPO, Class A-2 profits interests and Class B interests in Virtu Financial were issued to Employee Holdco (as defined below) on behalf of certain key employees and stakeholders. In connection with these reorganization transactions, all Class A-2 profits interests and Class B interests were reclassified into Virtu Financial Units. As of December 31, 2022 and December 31, 2021, there were 4,462,840 and 4,791,839 Virtu Financial Units outstanding held by Employee Holdco (as defined below), respectively, and 328,999, 467,874 and 2,660,239 of such Virtu Financial Units and corresponding Class C Common Stock were exchanged into Class A Common Stock, forfeited or repurchased during the years ended December 31, 2022, 2021 and 2020 respectively.

Amended and Restated 2015 Management Incentive Plan

The Company’s Board of Directors and stockholders adopted the 2015 Management Incentive Plan, which became effective upon consummation of the IPO, and was subsequently amended and restated following receipt of approval from the Company’s stockholders on June 30, 2017, June 5, 2020 and June 2, 2022. The Amended and Restated 2015 Management Incentive Plan provides for the grant of stock options, restricted stock units, and other awards based on an aggregate of 26,000,000 shares of Class A Common Stock, subject to additional sublimits, including limits on the total option grant to any one participant in a single year and the total performance award to any one participant in a single year.

On November 13, 2020, the Company amended its form award agreement for the issuance of RSUs to provide for the continued vesting of outstanding RSU awards upon the occurrence of a qualified retirement (the "RSU Amendment"). A qualified retirement generally means a voluntary resignation by the participant (i) after five years of service, (ii) the participant attaining the age of 50 and (iii) the sum of the participant's age and service at the time of termination equaling or exceeding 65. Continued vesting is subject to the participant entering into a 2 year non-compete. The RSU Amendment was authorized and approved by the Compensation Committee of the Company's Board of Directors. As a result of the RSU Amendment, currently issued and outstanding RSUs held by the Company's employees, including its executive officers, shall be deemed to be subject to the amended terms of the form award agreement, and any future RSU awards shall also be governed by such amended terms.

Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan

On the ITG Closing Date, the Company assumed the Amended and Restated ITG 2007 Equity Plan and the Assumed Awards. As of the ITG Closing Date, the aggregate number of shares of Class A Common Stock subject to such Assumed Awards was 2,497,028 and the aggregate number of shares of Class A Common Stock that remained issuable pursuant to the Amended and Restated ITG 2007 Equity Plan was 1,230,406.

Share Repurchase Program

On November 6, 2020, the Company's Board of Directors authorized a share repurchase program of up to $100.0 million in Class A common stock and Virtu Financial Units by December 31, 2021. On February 11, 2021, the Company's Board of Directors authorized the expansion of the program by an additional $70 million in Class A Common Stock and Virtu Financial Units. On May 4, 2021, the Company's Board of Directors authorized the expansion of the Company's share repurchase program, increasing the total authorized amount by an additional $300 million in Class A Common Stock and Virtu Financial Units and extending the duration of the program through May 4, 2022. On November 3, 2021 the Company's Board of Directors authorized another expansion of the program by an additional $750 million to $1,220 million and extending the duration of the program through November 3, 2023. The share repurchase program authorizes the Company to repurchase shares from time to time in open market transactions, privately negotiated transactions or by other means. Repurchases are also permitted to be made under Rule 10b5-1 plans. The timing and amount of repurchase transactions are determined by the Company's management based on its evaluation of market conditions, share price, cash sources, legal requirements and other factors. From the inception of the program through December 31, 2022, the Company repurchased approximately 32.3 million shares of Class A Common Stock and Virtu Financial Units for approximately $899.6 million. As of December 31, 2022, the

Company has approximately $320.4 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

Employee Exchanges

During the years ended December 31, 2022, 2021 and 2020, pursuant to the exchange agreement by and among the Company, Virtu Financial and holders of Virtu Financial Units, certain current and former employees elected to exchange 92,930, 747,849 and 2,660,239 units, respectively in Virtu Financial held directly or on their behalf by Virtu Employee Holdco LLC (“Employee Holdco”) on a one-for-one basis for shares of Class A Common Stock.

Warrant Issuance

On March 20, 2020, in connection with and in consideration of the Founder Member’s commitments under the Founder Member Loan Facility (as described in Note 9 "Borrowings"), the Company delivered to the Founder Member a warrant (the “Warrant”) to purchase shares of the Company’s Class A Common Stock. Pursuant to the Warrant, the Founder Member was entitled to purchase up to 3,000,000 shares of Class A Common Stock on or after May 22, 2020 up to and including January 15, 2022. The Founder Member Loan Facility Term expired on September 20, 2020 without the Company having borrowed any Founder Member Loans thereunder (as described in Note 9 "Borrowings"). The exercise price per share of the Class A Common Stock issuable pursuant to the Warrant was $22.98, which in accordance with the terms of the Warrant, is equal to the average of the volume weighted average prices of the Class A Common Stock for the ten (10) trading days following May 7, 2020, the date on which the Company publicly announced its earnings results for the first quarter of 2020. On December 17, 2021, the Founder Member exercised in full the Warrant to purchase 3,000,000 shares of the Company's Class A Common Stock. The Warrant and Class A Common Stock issued pursuant to the Warrant were offered, issued and sold, in reliance on the exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), set forth under Section 4(a)(2) of the Securities Act relating to sales by an issuer not involving any public offering.

Upon issuance, the fair value of the Warrant was determined using a Black-Scholes-Merton model, and was recorded as a debt issuance cost within Other assets on the Consolidated Statements of Financial Condition and as an increase to Additional paid-in capital on the Consolidated Statements of Changes in Equity. The balance was amortized on a straight-line basis from March 20, 2020 through September 20, 2020, the date on which the Founder Member Loan Facility expired, and recorded as expense within Debt issue cost related to debt refinancing, prepayment and commitment fees in the Consolidated Statements of Comprehensive Income.

Accumulated Other Comprehensive Income

The following table presents the changes in Other Comprehensive Income for the years ended December 31, 2022, 2021, and 2020:


	Year Ended December 31, 2022
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	(10,480)	$	55,955	$	(550)	$	44,925
Foreign exchange translation adjustment	284		(13,605)		—		(13,321)
Total	$	(10,196)	$	42,350	$	(550)	$	31,604
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. As of December 31, 2022, the Company expects approximately $13.6 million to be reclassified from AOCI into earnings over the next 12 months. The timing of the reclassification is based on the interest payment schedule of the long-term borrowings.

	Year Ended December 31, 2021
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	(33,444)	$	8,374	$	14,590	$	(10,480)
Foreign exchange translation adjustment	7,957		(7,673)		—		284
Total	$	(25,487)	$	701	$	14,590	$	(10,196)
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income.
	Year Ended December 31, 2020
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses)	—		(42,636)		9,192		(33,444)
Foreign exchange translation adjustment	$	(647)	$	8,604	$	—	$	7,957
Total	$	(647)	$	(34,032)	$	9,192	$	(25,487)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Share-based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

Pursuant to the Amended and Restated 2015 Management Incentive Plan as described in Note 18 "Capital Structure", and in connection with the IPO, non-qualified stock options to purchase shares of Class A Common Stock were granted, each of which vests in equal annual installments over a period of four years from grant date and expires not later than 10 years from the date of grant.

The following table summarizes activity related to stock options for the years ended December 31, 2022, 2021, and 2020:


	Options Outstanding				Options Exercisable
	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Number of Options	Weighted Average Exercise Price Per Share
At December 31, 2019	3,233,779	$	18.74	5.24	3,248,779	$	18.74
Granted	—	—		—	—	—
Exercised	(909,627)	18.07		—	(909,627)	18.07
Forfeited or expired	—	—		—	—	—
At December 31, 2020	2,324,152	$	19.00	4.24	2,324,152	$	19.00
Granted	—	—		—	—	—
Exercised	(528,497)	19.00		—	(528,497)	19.00
Forfeited or expired	—	—		—	—	—


At December 31, 2021	1,795,655	$	19.00	3.24	1,795,655	$	19.00
Granted	—	—		—	—	—
Exercised	(268,879)	19.00		—	(268,879)	19.00
Forfeited or expired	(5,000)	—		—	(5,000)	—
At December 31, 2022	1,521,776	$	19.00	2.24	1,521,776	$	19.00

The expected life was determined based on an average of vesting and contractual period. The risk-free interest rate was determined based on the yields available on U.S. Treasury zero-coupon issues. The expected stock price volatility was

determined based on historical volatilities of comparable companies. The expected dividend yield was determined based on estimated future dividend payments divided by the IPO stock price.

Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan

On the ITG Closing Date, the Company assumed the Amended and Restated ITG 2007 Equity Plan and the Assumed Awards. The Assumed Awards are subject to the same terms and conditions that were applicable to them under the Amended and Restated ITG 2007 Equity Plan, except that (i) the Assumed Awards relate to shares of the Company’s Class A Common Stock, (ii) the number of shares of Class A Common Stock subject to the Assumed Awards was the result of an adjustment based upon an Exchange Ratio (as defined in the ITG Merger Agreement) and (iii) the performance share unit awards were converted into service-based vesting restricted stock unit awards that were no longer subject to any performance based vesting conditions.

Class A Common Stock, Restricted Stock Units and Restricted Stock Awards

Pursuant to the Amended and Restated 2015 Management Incentive Plan as described in Note 18 "Capital Structure", subsequent to the IPO, shares of immediately vested Class A Common Stock, RSUs and RSAs were granted, with RSUs and RSAs vesting over a period of up to 4 years. The fair value of the Class A Common Stock and RSUs was determined based on a volume weighted average price and the expense is recognized on a straight-line basis over the vesting period. The fair value of the RSAs was determined based on the closing price as of the date of grant and the expense is recognized from the date that achievement of the performance target becomes probable through the remainder of the vesting period. Performance targets are based on the Company's adjusted EBITDA for certain future periods. For the years ended December 31, 2022, 2021, and 2020 respectively, there were 580,710, 633,938 and 967,526 shares of immediately vested Class A Common Stock granted as part of year-end compensation. In addition, the Company accrued compensation expense of $31.9 million, $29.4 million and $25.2 million for the years ended December 31, 2022, 2021, and 2020 respectively, related to immediately vested Class A Common Stock expected to be awarded as part of year-end incentive compensation, which was included in Employee compensation and payroll taxes on the Consolidated Statements of Comprehensive Income and Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

The following table summarizes activity related to RSUs (including the Assumed Awards) and RSAs for the years ended December 31, 2022, 2021 and 2020:


	Number of RSUs and RSAs	Weighted Average Fair Value
At December 31, 2019	2,993,489	$	24.10
Granted	3,318,169	17.49
Forfeited	(430,961)	17.45
Vested	(2,487,613)	20.17
At December 31, 2020	3,393,084	$	21.35
Granted	2,466,311	27.07
Forfeited	(200,697)	22.95
Vested	(2,434,251)	23.11
At December 31, 2021	3,224,447	$	24.30


Granted (1)	3,046,623	29.83
Forfeited	(419,207)	26.01
Vested	(1,897,030)	24.80
At December 31, 2022	3,954,833	$	28.13
(1) Excluded in the number of RSUs and RSAs are 75,000 participating RSAs where the grant date has not been achieved because the performance conditions have not been met.

The Company recognized $36.2 million, $26.4 million and $37.4 million for the years ended December 31, 2022, and 2021, respectively, of compensation expense in relation to RSUs. As of December 31, 2022 and December 31, 2021, total unrecognized share-based compensation expense related to unvested RSUs was $54.6 million and $41.9 million, respectively, and this amount is to be recognized over a weighted average period of 0.9 years and 0.9 years, respectively. Awards in which the specific performance conditions have not been met are not included in unrecognized share-based compensation expense.

On November 13, 2020, the Company adopted the Virtu Financial, Inc. Deferred Compensation Plan (the "DCP"). The DCP permits eligible executive officers and other employees to defer cash or equity-based compensation beginning in the calendar year ending December 31, 2021, subject to certain limitations and restrictions. Deferrals of cash compensation may

also be directed to notional investments in certain of the employee investment opportunities. The Company had $10.1 million and $5.0 million accrued under the DCP as of December 31, 2022 and December 31, 2021, respectively, recorded within Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

Property, Equipment and Capitalized Software

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Equipment and Capitalized Software

Property, equipment and capitalized software consisted of the following at December 31, 2022 and December 31, 2021:


(in thousands)	December 31, 2022		December 31, 2021
Capitalized software costs	$	242,769	$	210,647
Leasehold improvements	18,370		17,773
Furniture and equipment	284,818		333,330

Total	545,957		561,750
Less: Accumulated depreciation and amortization	(460,763)		(472,155)
Total property, equipment and capitalized software, net	$	85,194	$	89,595

Depreciation expense for property and equipment for the years ended December 31, 2022, 2021, and 2020 was approximately $26.1 million, $28.4 million, and $37.4 million, respectively, and is included within depreciation and amortization expense in the Consolidated Statements of Comprehensive Income.

The Company’s capitalized software development costs were approximately $35.5 million, $35.8 million, and $37.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. The related amortization expense was approximately $40.2 million, $39.4 million, and $29.3 million for the years ended December 31, 2022, 2021, and 2020, respectively, and is included within Depreciation and amortization in the Consolidated Statements of Comprehensive Income.

Regulatory Requirement

12 Months Ended

Dec. 31, 2022

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Regulatory Requirement

U.S. Subsidiary

The Company's U.S. broker-dealer subsidiary, VAL, is subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital as detailed in the table below. Pursuant to New York Stock Exchange ("NYSE") rules, VAL was also required to maintain $1.0 million of capital in connection with the operation of its designated market maker (“DMM”) business as of December 31, 2022. The required amount is determined under the exchange rules as the greater of (i) $1 million or (ii) $75,000 for every 0.1% of NYSE transaction dollar volume in each of the securities for which the Company is registered as the DMM.

VAL's regulatory capital and regulatory capital requirements as of December 31, 2022 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	554,550	$	1,000	$	553,550

As of December 31, 2022, VAL had $50.2 million of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $5.8 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers. The balances are included within Cash restricted or segregated under regulations and other on the Consolidated Statements of Financial Condition.

VAL's regulatory capital and regulatory capital requirements as of December 31, 2021 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	536,647	$	1,194	$	535,453

As of December 31, 2021, VAL had $43.0 million of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $5.8 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers.

Foreign Subsidiaries

The Company’s foreign subsidiaries are subject to regulatory capital requirements set by local regulatory bodies, including the Investment Industry Regulatory Organization of Canada (“IIROC”), the Central Bank of Ireland ("CBI"), the Financial Conduct Authority ("FCA") in the United Kingdom, the Australian Securities and Investments Commission ("ASIC"), the Securities and Futures Commission in Hong Kong ("SFC"), and the Monetary Authority of Singapore ("MAS").

The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2022 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	14,248	$	184	$	14,064

Virtu Financial Canada ULC	2,663		184		2,479
Ireland
Virtu ITG Europe Limited	78,834		28,502		50,332
Virtu Financial Ireland Limited (1)	89,853		39,768		50,085
United Kingdom
Virtu ITG UK Limited	1,405		906		499
Asia Pacific
Virtu ITG Australia Limited	30,027		3,115		26,912
Virtu ITG Hong Kong Limited	1,683		497		1,186
Virtu ITG Singapore Pte Limited	1,147		91		1,056
Virtu Financial Singapore Pte. Ltd.	121,166		46,025		75,141
(1) Preliminary

As of December 31, 2022, Virtu ITG Europe Limited and Virtu ITG Canada Corp had $0.1 million and $0.4 million, respectively, of segregated funds on deposit for trade clearing and settlement activity, and Virtu ITG Hong Kong Ltd. had $30 thousand of segregated balances under a collateral account control agreement for the benefit of certain customers.

The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2021 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	15,482	$	198	$	15,284
Virtu Financial Canada ULC	200		198		2
Ireland
Virtu ITG Europe Limited	79,087		39,331		39,756
Virtu Financial Ireland Limited	107,293		47,872		59,421
United Kingdom
Virtu ITG UK Limited	1,142		830		312
Asia Pacific
Virtu ITG Australia Limited	32,186		7,164		25,022
Virtu ITG Hong Kong Limited	4,514		529		3,985
Virtu ITG Singapore Pte Limited	897		74		823

As of December 31, 2021, Virtu ITG Europe Limited and Virtu ITG Canada Corp had $0.1 million and $0.4 million, respectively, of funds on deposit for trade clearing and settlement activity, and Virtu ITG Hong Kong Ltd had $30 thousand of segregated balances under a collateral account control agreement for the benefit of certain customers.

Geographic Information and Business Segments

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Geographic Information and Business Segments

The Company operates its business in the U.S. and internationally, primarily in Europe, Asia and Canada. Significant transactions and balances between geographic regions occur primarily as a result of certain of the Company’s subsidiaries incurring operating expenses such as employee compensation, communications and data processing and other overhead costs, for the purpose of providing execution, clearing and other support services to affiliates. Charges for transactions between regions are designed to approximate full costs. Intra-region income and expenses and related balances have been eliminated in the geographic information presented below to accurately reflect the external business conducted in each geographical region. The revenues are attributed to countries based on the locations of the subsidiaries. The following table presents total revenues by geographic area for the years ended December 31, 2022, 2021, and 2020:


	Years Ended December 31,
(in thousands)		2022		2021		2020
Revenues:
United States		$	1,914,223	$	2,260,750	$	2,569,147
Ireland		222,178		305,509		323,519
Singapore		134,786		135,779		176,665
Canada		60,551		61,378		116,521
Australia		29,489		40,613		44,552

Others		3,585		7,456		8,927
Total revenues		$	2,364,812	$	2,811,485	$	3,239,331

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

The Market Making segment 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. The Company engages in principal trading in the Market Making segment direct to clients as well as in a supplemental capacity on exchanges, Electronic Communications Networks ("ECNs") and alternative trading systems ("ATSs"). The Company is an active participant on all major global equity and futures exchanges and also trades on substantially all domestic electronic options exchanges. As a complement to electronic market making, the cash trading business handles specialized orders and also transacts on the OTC Link ATS operated by OTC Markets Group Inc.

The Execution Services segment comprises client-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 earns commissions and commission equivalents as an agent on behalf of clients as well as between principals to transactions; in addition, the Company will commit capital on behalf of clients as needed. Client-based, execution-only trading in the segment is done primarily through a variety of access points including: (i) algorithmic trading and order routing in global equities and options; (ii) institutional sales traders who offer portfolio trading and single stock sales trading which provides execution expertise for program, block and riskless principal trades in global equities and ETFs; and (iii) matching of client conditional orders in POSIT Alert and client orders in the Company's ATSs, including Virtu MatchIt, and POSIT. The Execution Services segment also includes revenues derived from providing (a) proprietary risk management and trading infrastructure technology to select third parties for a service fee, (b) workflow technology, the Company’s integrated, broker-neutral trading tools delivered across the globe including trade order and execution management and order management software applications and network connectivity and (c) trading analytics, including (1) tools enabling portfolio managers and traders to improve pre-trade, real-time and post-trade execution performance, (2) portfolio construction and optimization decisions and (3) securities valuation. 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.

The Corporate segment contains the Company's investments, principally in strategic trading-related opportunities and maintains corporate overhead expenses and all other income and expenses that are not attributable to the Company's other segments.

Management evaluates the performance of its segments on a pre-tax basis. Segment assets and liabilities are not used for evaluating segment performance or in deciding how to allocate resources to segments. The Company’s total revenues and income before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the years ended December 31, 2022, 2021, and 2020 and are summarized in the following table:

The Company's Pre-tax earnings by segment for the year ended December 31, 2022, and 2021 are summarized in the following table:


(in thousands)	Market Making		Execution Services		Corporate		Consolidated Total
2022
Total revenue	$	1,812,839	$	514,241	$	37,732	$	2,364,812
Income before income taxes and noncontrolling interest	480,559		41,342		34,897		556,798

2021
Total revenue	2,203,046		600,215		8,224		2,811,485
Income before income taxes and noncontrolling interest	925,968		70,019		917		996,904

2020
Total revenue	2,593,342		650,143		(4,154)		3,239,331
Income (loss) before income taxes and noncontrolling interest	1,241,313		174,617		(33,093)		1,382,837

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company incurs expenses and maintains balances with its affiliates in the ordinary course of business. As of December 31, 2022, and December 31, 2021, the Company had a net receivables from its affiliates of $0.5 million and a net receivables from its affiliates of $2.2 million, respectively. The Company has held a minority interest in JNX since 2016 (see Note 10 "Financial Assets and Liabilities"). The Company pays exchange fees to JNX for the trading activities conducted on its proprietary trading system. The Company paid $13.8 million, $12.5 million and $16.7 million for the years ended December 31, 2022, 2021 and 2020, respectively, to JNX for these trading activities. The Company makes payments to two JVs (see Note 2 "Summary of Significant Accounting Policies") to fund the construction of the microwave communication networks, and to purchase microwave communication networks, which are recorded within Communications and data processing on the Consolidated Statements of Comprehensive Income. The Company made payments of $27.7 million, $25.3 million and $18.7 million to the JVs for the years ended December 31, 2022, 2021 and 2020, respectively. The Company incurs consulting fees from American Continental Group, an affiliate of a director. The Company paid $0.1 million to American Continental Group for the years ending December 31, 2022, 2021 and 2020. The Company has an interest in Members Exchange, a member-owned equities exchange. The Company pays regulatory and transaction fees and receives rebates from trading activities. The Company received $16.0 million, $3.6 million, and $0.6 million for the years ended December 31, 2022, 2021 and 2020. On August 12, 2021, the Company entered into a Purchase Agreement with Ordinal Holdings I, LP to repurchase 1.5 million shares of the Company's Class A common stock for $39.2 million in accordance with the Company's previously disclosed share repurchase program. See Note 18 "Capital Structure" for a further discussion of the Company's share repurchase program. As described in Note 9 "Borrowings" and Note 18 "Capital Structure", on March 20, 2020 a subsidiary of the Company entered into an agreement with the Founder Member to establish the Founder Member Facility and, upon the execution of the Founder Member Facility and in consideration of the Founder Member’s commitments thereunder, the Company delivered to the Founder Member the Warrant. The transactions were unanimously approved by the Company’s disinterested Directors. The Founder Member Loan Term expired as of September 20, 2020. On December 17, 2021, the Founder Member exercised in full its Warrant to purchase 3,000,000 shares of the Company's Class A Common Stock.

Parent Company

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Parent Company

Parent Company VFI is the sole managing member of Virtu Financial, which guarantees the indebtedness of its direct subsidiary under the First Lien Term Loan Facility (see Note 9 "Borrowings"). VFI is limited to its ability to receive distributions (including for purposes of paying corporate and other overhead expenses and dividends) from Virtu Financial under the Credit

Agreement. The following financial statements (the “Parent Company Only Financial Statements”) should be read in conjunction with the Consolidated Financial Statements of the Company and the foregoing.

Virtu Financial, Inc.

(Parent Company Only)

Statements of Financial Condition


(In thousands except interest data)	December 31, 2022		December 31, 2021
Assets
Cash	$	6,264	$	129,229
Deferred tax asset	139,139		149,742
Investment in subsidiary	3,119,418		3,221,605
Other assets	52,153		40,183
Total assets	$	3,316,974	$	3,540,759

Liabilities, redeemable membership interest and equity
Liabilities
Payable to affiliate	$	1,733,429	$	1,729,320
Accounts payable and accrued expenses and other liabilities	888		50
Deferred tax liabilities	2,000		2,719
Tax receivable agreement obligations	238,758		259,282
Total liabilities	1,975,075		1,991,371

Virtu Financial Inc. Stockholders' equity


Class A common stock (par value $0.00001), Authorized — 1,000,000,000 and 1,000,000,000 shares, Issued — 133,071,754 and 131,497,645 shares, Outstanding — 98,549,464 and 113,170,782 shares at December 31, 2022 and December 31, 2021, respectively	1		1
Class B common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 0 and 0 shares at December 31, 2022 and December 31, 2021, respectively	—		—
Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 9,030,066 and 9,359,065 shares at December 31, 2022 and December 31, 2021, respectively	—		—
Class D common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 60,091,740 and 60,091,740 shares at December 31, 2022 and December 31, 2021, respectively	1		1
Treasury stock, at cost, 34,522,290 and 18,326,863 shares at December 31, 2022 and December 31, 2021, respectively	(954,637)		(494,075)
Additional paid-in capital	1,292,613		1,223,119
Retained earnings (accumulated deficit)	972,317		830,538
Accumulated other comprehensive income (loss)	31,604		(10,196)
Total Virtu Financial Inc. stockholders' equity	1,341,899		1,549,388

Total liabilities and stockholders' equity	$	3,316,974	$	3,540,759

Virtu Financial, Inc.

(Parent Company Only)

Statements of Comprehensive Income


	Years Ended December 31,
(in thousands)	2022		2021		2020
Revenues:

Other Income	$	—	$	—	$	—
	—		—		—

Operating Expenses:
Operations and administrative	36		734		171

Income (loss) before equity in income of subsidiary	(36)		(734)		(171)
Equity in income (loss) of subsidiary, net of tax	468,368		827,968		1,121,084
Net income (loss)	$	468,332	$	827,234	$	1,120,913

Net income (loss) attributable to common stockholders	$	468,332	$	827,234	$	1,120,913
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes	(13,604)		(7,672)		8,604
Net change in unrealized cash flow hedges gains (losses), net of taxes	55,404		22,964		(33,444)
Comprehensive income (loss)	$	510,132	$	842,526	$	1,096,073

Virtu Financial, Inc.

(Parent Company Only)

Statements of Cash Flows


	Years Ended December 31,
(in thousands)	2022		2021		2020
Cash flows from operating activities
Net income	$	468,332	$	827,234	$	1,120,913

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax	239,807		87,055		(543,992)
Tax receivable agreement obligation reduction	819		4,622		15,169
Deferred taxes	9,884		36,526		14,243

Changes in operating assets and liabilities:	(11,132)		42,086		(48,566)
Net cash provided by operating activities	707,710		997,523		557,767

Cash flows from investing activities

Investments in subsidiaries, equity basis	71,597		55,654		56,629
Net cash provided by investing activities	71,597		55,654		56,629

Cash flows from financing activities

Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(375,284)		(548,017)		(484,415)


Repurchase of Class C common stock	(8,256)		(3,454)		—
Purchase of treasury stock	(480,544)		(427,454)		(49,864)
Tax receivable agreement obligations	(21,343)		(16,505)		(13,286)


Issuance of common stock in connection with secondary offering, net of offering costs	—		—		—

Net cash used in financing activities	(885,427)		(995,430)		(547,565)

Net increase (decrease) in Cash	(106,120)		57,747		66,831
Cash, beginning of period	129,228		71,481		4,650
Cash, end of period	$	23,108	$	129,228	$	71,481

Supplemental disclosure of cash flow information:
Taxes paid	$	64,775	$	78,844	$	203,031

Non-cash financing activities
Tax receivable agreement described in Note 6	1,044		311		(1,388)

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events for adjustment to or disclosure in its Consolidated Financial Statements through the date of this report, and has not identified any recordable or disclosable events, not otherwise reported in these Consolidated Financial Statements or the notes thereto, except for the following: On January 26, 2023, the Company’s Board of Directors declared a dividend of $0.24 per share of Class A Common Stock and Class B Common Stock and per participating Restricted Stock Unit and Restricted Stock Award that will be paid on March 15, 2023 to holders of record as of March 1, 2023.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The Company's Consolidated Financial Statements are prepared in conformity with U.S. GAAP, which require management to make estimates and assumptions regarding measurements including the fair value of trading assets and liabilities, allowance for doubtful accounts, goodwill and intangibles, compensation accruals, capitalized software, income tax, tax receivable agreements, leases, litigation accruals, and other matters that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ materially from those estimates.
Earnings Per Share	Earnings Per Share Earnings per share (“EPS”) is calculated on both a basic and diluted basis. Basic EPS excludes dilution and is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is calculated by dividing the net income available for common stockholders by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of the basic EPS and, in addition, reflects the dilutive effect of shares of common stock estimated to be distributed in the future. The Company grants restricted stock awards ("RSAs") and restricted stock units (“RSUs”), certain of which entitle recipients to receive non-forfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. As a result, the unvested RSAs and participating unvested RSUs meet the definition of a participating security requiring the application of the two-class method. Under the two-class method, earnings available to common shareholders, including both distributed and undistributed earnings, are allocated to each class of common stock and participating securities according to dividends declared and participating rights in undistributed earnings, which may cause diluted EPS to be more dilutive than the calculation using the treasury stock method.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include money market accounts, which are payable on demand, and short-term investments with an original maturity of less than 90 days. The Company maintains cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company manages this risk by selecting financial institutions deemed highly creditworthy to minimize the risk. Cash restricted or segregated under regulations and other represents (i) special reserve bank accounts for the exclusive benefit of customers (“Special Reserve Bank Account”) maintained by VAL in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (“Customer Protection Rule”), and special reserve accounts for the exclusive benefit of proprietary accounts of broker-dealers, (ii) funds on deposit for Canadian and European trade clearing and settlement activity, (iii) segregated balances under a collateral account control agreement for the benefit of certain customers in Hong Kong, and (iv) funds relating to the securitization of bank guarantees supporting certain of the Company’s foreign leases.
Securities Borrowed and Securities Loaned	Securities Borrowed and Securities Loaned The Company conducts securities borrowing and lending activities with external counterparties. In connection with these transactions, the Company receives or posts collateral, which comprises cash and/or securities. In accordance with substantially all of its securities borrow agreements, the Company is permitted to sell or repledge the securities received. Securities borrowed or loaned are recorded based on the amount of cash collateral advanced or received. The initial cash collateral advanced or received generally approximates or is greater than 102% of the fair value of the underlying securities borrowed or loaned. The Company monitors the fair value of securities borrowed and loaned, and delivers or obtains additional collateral as appropriate. Receivables and payables with the same counterparty are not offset in the Consolidated Statements of Financial Condition. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under Interest and dividends income or Interest and dividends expense in the Consolidated Statements of Comprehensive Income.
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase	Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase In a repurchase agreement, securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at contract value, plus accrued interest, which approximates fair value. It is the Company's policy that its custodian take possession of the underlying collateral securities with a fair value approximately equal to the principal amount of the repurchase transaction, including accrued interest. For reverse repurchase agreements, the Company typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the Consolidated Statements of Financial Condition. To ensure that the fair value of the underlying collateral remains sufficient, the collateral is valued daily with additional collateral obtained or excess collateral returned, as permitted under contractual provisions. The Company does not net securities purchased under agreements to resell transactions with securities sold under agreements to repurchase transactions entered into with the same counterparty. The Company has entered into bilateral and tri-party term and overnight repurchase and other collateralized financing agreements which bear interest at negotiated rates. The Company receives cash and makes delivery of financial instruments to a custodian who monitors the market value of these instruments on a daily basis. The market value of the instruments delivered must be equal to or in excess of the principal amount loaned under the repurchase agreements plus the agreed upon margin requirement. The custodian may request additional collateral, if appropriate. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under Interest and dividends income or Interest and dividends expense in the Consolidated Statements of Comprehensive Income.
Receivables from/Payables to Broker-dealers and Clearing Organizations	Receivables from/Payables to Broker-dealers and Clearing Organizations Receivables from and payables to broker-dealers and clearing organizations primarily represent amounts due for unsettled trades, open equity in futures transactions, securities failed to deliver or failed to receive, deposits with clearing organizations or exchanges, and balances due from or due to prime brokers in relation to the Company’s trading. Amounts receivable from broker-dealers and clearing organizations may be restricted to the extent that they serve as deposits for securities sold, not yet purchased. The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met. In the normal course of business, a significant portion of the Company’s securities transactions, money balances, and security positions are transacted with several third-party brokers. The Company is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of such brokers to minimize the risk of any losses from these counterparties.
Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased	Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased Financial instruments owned and Financial instruments sold, not yet purchased relate to market making and trading activities, and include listed and other equity securities, listed equity options and fixed income securities. The Company records Financial instruments owned, Financial instruments owned and pledged, and Financial instruments sold, not yet purchased at fair value. Gains and losses arising from financial instrument transactions are recorded net on a trade-date basis in Trading income, net, in the Consolidated Statements of Comprehensive Income.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The recognition of “block discounts” for large holdings of unrestricted financial instruments where quoted prices are readily and regularly available in an active market is prohibited. The Company categorizes its financial instruments into a three level hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy level assigned to each financial instrument is based on the assessment of the transparency and reliability of the inputs used in the valuation of such financial instruments at the measurement date based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurements). Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories based on inputs: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly; or Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Fair Value Option	Fair Value Option The fair value option election allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are recorded in other, net in the Consolidated Statements of Comprehensive Income. The decision to elect the fair value option is determined on an instrument by instrument basis, which must be applied to an entire instrument and is irrevocable once elected.
Derivative Instruments	Derivative Instruments - Trading Derivative instruments are used for trading purposes, including economic hedges of trading instruments, are carried at fair value, and include futures, forward contracts, and options. The Company does not apply hedge accounting as defined in ASC 815, Derivatives and Hedging, and accordingly gains or losses on these derivative instruments are recognized currently within Trading income, net in the Consolidated Statements of Comprehensive Income. Fair values for exchange-traded derivatives, principally futures, are based on quoted market prices. Fair values for over-the-counter derivative instruments, principally forward contracts, are based on the values of the underlying financial instruments within the contract. The underlying instruments are currencies, which are actively traded. The Company presents its trading derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Derivative Instruments - Hedging The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings. The Company has entered into floating-to-fixed interest rate swap agreements in order to manage interest rate risk associated with its long-term debt obligations. For interest rate swap agreements designated as hedges, the Company assesses its risk management objectives and strategy, including identification of the hedging instrument, the hedged item and the risk exposure and how effectiveness is to be assessed prospectively and retrospectively. The effectiveness of the hedge is assessed based on the overall changes in the fair value of the interest rate swaps. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses, to the extent effective, are included in Accumulated other comprehensive income on the Consolidated Statements of Financial Condition and Other comprehensive income on the Consolidated Statements of Comprehensive Income. The ineffective portion, if any, is recorded in Other, net on the Consolidated Statements of Comprehensive Income. The Company presents its hedging derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Balances associated with hedging derivatives are recorded within Receivables from/Payables to broker-dealers and clearing organizations on the Consolidated Statements of Financial Condition. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Consolidated Statements of Cash Flows.
Property and Equipment	Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, except for the assets acquired in connection with acquisitions using the purchase accounting method, which were recorded at fair value on date of acquisition. Depreciation is provided using the straight-line method over estimated useful lives of the underlying assets. Routine maintenance, repairs and replacement costs are expensed as incurred and improvements that appreciably extend the useful life of the assets are capitalized. When property and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. Furniture, fixtures, and equipment are depreciated over three to seven years. Leasehold improvements are amortized over the lesser of the life of the improvement or the term of the lease.
Capitalized Software	Capitalized Software The Company capitalizes costs of materials, consultants, and payroll and payroll-related costs for employees incurred in developing internal-use software. Costs incurred during the preliminary project and post-implementation stages are charged to expense. Management’s judgment is required in determining the point at which various projects enter the stages at which costs may be capitalized, in assessing the ongoing value of the capitalized costs, and in determining the estimated useful lives over which the costs are amortized. Capitalized software development costs and related accumulated amortization are included in Property, equipment and capitalized software in the accompanying Consolidated Statements of Financial Condition and are amortized over a period of 1.5 to 3 years, which represents the estimated useful lives of the underlying software.
Leases	Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in Operating lease right-of-use ("ROU") assets and Operating lease liabilities on the Consolidated Statements of Financial Condition. Operating lease ROU assets are assets that represent the lessee’s right to use, or control the use of, a specified asset for the lease term. Finance leases consist primarily of leases for technology and equipment and are included in Property, equipment, and capitalized software and Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company uses its incremental borrowing rate, based on the information available at the commencement date of the lease, in determining the present value of future payments. The ROU assets are reduced by lease incentives and initial direct costs incurred. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases and amortization of the finance lease ROU asset is recognized on a straight-line basis over the lease term. Lease expense related to the leasing of corporate office space is recorded in Operations and Administrative expenses on the Consolidated Statements of Comprehensive Income. Lease expense related to the leasing of data centers and other technology is recorded in Communication and Data Processing on the Consolidated Statements of Comprehensive Income. Certain of the Company's lease agreements contain fixed lease payments that contain lease and non-lease components; for such leases, the Company accounts for the lease and non-lease components as a single lease component. The Company nets its sublease income against corresponding lease expenses within Operations and Administrative expenses on the Consolidated Statements of Comprehensive Income.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the underlying net tangible and intangible assets of the Company’s acquisitions. Goodwill is not amortized but is assessed for impairment on an annual basis and between annual assessments whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company assesses goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events occur or certain circumstances exist. In the impairment assessment as of July 1, 2022, the Company assessed qualitative factors as described in ASC 350-20 for each of its reporting units for any indicators that the fair values of the reporting units were less than their carrying values. No impairment was identified.
Intangible Assets	Intangible Assets The Company amortizes finite-lived intangible assets over their estimated useful lives. Finite-lived intangible assets are tested for impairment when impairment indicators are present, and if impaired, they are written down to fair value.
Exchange Memberships and Stock	Exchange Memberships and Stock Exchange memberships are recorded at cost or, if any other than temporary impairment in value has occurred, at a value that reflects management’s estimate of fair value. Exchange stock includes shares that entitle the Company to certain trading privileges.
Trading Income, net	Trading Income, netTrading income, net is composed of changes in the fair value of trading assets and liabilities (i.e., unrealized gains and losses) and realized gains and losses on trading assets and liabilities. Trading gains and losses on financial instruments owned and financial instruments sold, not yet purchased are recorded on the trade date and reported on a net basis in the Consolidated Statements of Comprehensive Income.
Commissions, net and Technology Services	Commissions, net and Technology Services Commissions, net, which primarily comprise commissions and commission equivalents earned on institutional client orders, are recorded on a trade date basis. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Consolidated Statements of Comprehensive Income. The Company provides order management software (“OMS”) and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, is fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. The Company also provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics products and services may be bundled with trade execution services, in which case commissions are allocated to the analytics performance obligations using an allocation methodology.
Interest and Dividends Income/Interest and Dividends Expense	Interest and Dividends Income/Interest and Dividends ExpenseInterest income and interest expense are accrued in accordance with contractual rates. Interest income consists of interest earned on collateralized financing arrangements and on cash held by brokers. Interest expense includes interest expense from collateralized transactions, margin and related lines of credit. Dividends on financial instruments owned including those pledged as collateral and financial instruments sold, not yet purchased are recorded on the ex-dividend date and interest is recognized on an accrual basis.
Brokerage, Exchange, Clearance Fees and Payments for Order Flow, Net	Brokerage, Exchange, Clearance Fees and Payments for Order Flow, NetBrokerage, exchange, clearance fees and payments for order flow, net, comprise the costs of executing and clearing trades and are accrued on a trade date basis in the Consolidated Statements of Comprehensive Income. These costs are net of rebates, which consist of volume discounts, credits or payments received from exchanges or other marketplaces related to the placement and/or removal of liquidity from the order flow in the marketplace. Rebates are recorded on an accrual basis. Payments for order flow represent payments to broker-dealer clients, in the normal course of business, for directing their order flow in U.S. equities to the Company.
Income Taxes	Income Taxes The Company is subject to U.S. federal, state and local income taxes on its taxable income. The Company's subsidiaries are subject to income taxes in the respective jurisdictions (including foreign jurisdictions) in which they operate. The provision for income tax comprises current tax and deferred tax. Current tax represents the tax on current year tax returns, using tax rates enacted at the balance sheet date. Deferred tax assets are recognized in full and then reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be recognized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the applicable taxing authority, including resolution of the appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the Consolidated Financial Statements from such a position are measured based on the largest benefit for each such position that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Many factors are considered when evaluating and estimating the tax positions and tax benefits. Such estimates involve interpretations of regulations, rulings, case law, etc. and are inherently complex. The Company’s estimates may require periodic adjustments and may not accurately anticipate actual outcomes as resolution of income tax treatments in individual jurisdictions typically would not be known for several years after completion of any fiscal year.
Comprehensive Income	Comprehensive Income Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Company’s OCI comprises foreign currency translation adjustments, net of taxes and mark-to-market gains and losses on the Company's derivative instruments designated as hedging instruments under ASC 815, net of taxes. Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at period-end exchange rates, and revenues and expenses are translated at weighted average exchange rates for the period. Gains and losses resulting from translating foreign currency financial statements, net of related tax effects, are reflected in Accumulated OCI, a component of stockholders’ equity. While certain of the Company's foreign subsidiaries use the U.S. dollar as their functional currency, the Company also has subsidiaries that utilize a functional currency other than the U.S. dollar, primarily comprising its subsidiaries domiciled in Ireland, which utilize the Euro and Pound Sterling as the functional currency, and subsidiaries domiciled in Canada, which utilize the Canadian dollar as the functional currency. The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses are initially included in Accumulated OCI on the Consolidated Statements of Financial Condition and OCI on the Consolidated Statements of Comprehensive Income, as the hedged item affects earnings.
Share-Based Compensation	Share-Based Compensation Share-based awards issued for compensation in connection with or subsequent to the Company's initial public offering in April 2015 (the “IPO”) and certain reorganization transactions consummated in connection with the IPO (the “Reorganization Transactions”) pursuant to the Virtu Financial, Inc. 2015 Management Incentive Plan (as amended, the “Amended and Restated 2015 Management Incentive Plan”) and pursuant to the Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, dated as of June 8, 2017 (the “Amended and Restated ITG 2007 Equity Plan”), are in the form of stock options, Class A common stock, par value $0.00001 per share (the “Class A Common Stock”), RSAs and RSUs, as applicable. The fair values of the Class A Common Stock and RSUs are determined based on the volume weighted average price for the three days preceding the grant. With respect to the RSUs, forfeitures are accounted for as they occur. The fair value of RSAs is determined based on the closing price as of the grant date. The fair value of share-based awards granted to employees is expensed based on the vesting conditions and is recognized on a straight-line basis over the vesting period, or, in the case of RSAs subject to performance conditions, from the date that achievement of the performance target becomes probable through the remainder of the vesting period. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the issuance of Class A Common Stock, the vesting of RSUs or the exercise of stock options.
Variable Interest Entities	Variable Interest Entities A variable interest entity (“VIE”) is an entity that lacks one or more of the following characteristics: (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The Company will be considered to have a controlling financial interest and will consolidate a VIE if it has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.
Accounting Pronouncements, Recently Adopted and Accounting Pronouncements, Not Yet Adopted	Accounting Pronouncements, Recently Adopted Convertible Instruments - In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). The ASU simplifies accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity and updates selected EPS guidance. The ASU is effective for periods beginning after December 15, 2021. The Company adopted this ASU on January 1, 2022 and it did not have a material impact on its Consolidated Financial Statements and related disclosures. Reference Rate Reform - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and in January 2021, the FASB issued ASU 2021-01 —Reference Rate Reform (Topic 848): Scope, both of which are designed to ease the potential burden in accounting for the transition away from LIBOR. The ASUs apply to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued and replaced with alternative reference rates as a result of reference rate reform. The ASUs provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The transition period for adopting these ASUs is March 12, 2020 through December 31, 2022. The Company adopted this ASU on April 1, 2022 and it did not have a material impact on its Consolidated Financial Statements and related disclosures. Financial Instruments - Credit Losses - In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326). The ASU eliminates the accounting guidance for trouble debt restructurings by creditors in Subtopic 310-40, and enhances the disclosure requirements for modifications of loans to borrowers experiencing financial difficulty. Additionally, the ASU requires disclosure of gross writeoffs of receivables by year of origination for receivables within the scope of Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. This ASU is effective for periods beginning after December 15, 2022. The Company adopted this ASU on April 1, 2022 and it did not have a material impact on its Consolidated Financial Statements and related disclosures. Accounting Pronouncements, Not Yet Adopted as of December 31, 2022 Derivatives and Hedging - In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging - Fair Value Hedging - Portfolio Layer Method (Topic 815). The ASU expands the scope of permissible hedging, and permits the use of different derivative structures as hedging instruments. The ASU also clarifies the certain terms for partial-term fair value hedges of interest rate risk. This ASU is effective for periods beginning after December 15, 2022. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its Consolidated Financial Statements and related disclosures. Fair Value Measurement - In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 326). The ASU clarifies the impact of contractual sale restrictions on the fair value of an equity security. Additionally, this ASU requires disclosure of the nature and remaining duration of the sale restriction. This ASU is effective for periods beginning after December 15, 2023. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its Consolidated Financial Statements and related disclosures. Liabilities - Supplier Finance Programs - In September 2022, the FASB issued ASU 2022 -03, Liabilities—Supplier Finance Programs (Subtopic 405-50). This ASU requires new quantitative and qualitative disclosure requirements for a buyer who enters into supplier financing programs. This ASU is effective for periods beginning after December 15, 2023. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its Consolidated Financial Statements and related disclosures.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of nonconsolidated VIE

The following table presents the Company’s nonconsolidated VIEs at December 31, 2022:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	43,589	$	—	$	43,589	$	239,682

The following table presents the Company’s nonconsolidated VIEs at December 31, 2021:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	38,319	$	—	$	38,319	$	136,378

Sale of MATCHNow (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Summary of carrying value and gain on sale of MATCHNow

A summary of the carrying value of MATCHNow and gain on sale of MATCHNow is as follows:


(in thousands)
Total sale proceeds received	$	60,592
Total carrying value of MATCHNow as of MATCHNow Closing Date	(1,940)
Gain on sale of MATCHNow	58,652
Transaction costs	(2,453)
Gain on sale of MATCHNow, net of transaction costs	$	56,199

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of reconciliation of net income before noncontrolling interest to net income available for common stockholders

The below table contains a reconciliation of Net income before income taxes and noncontrolling interest to Net income available for common stockholders:


	Years Ended December 31,
(in thousands)		2022		2021		2020
Income before income taxes and noncontrolling interest		$	556,798	$	996,904	$	1,382,837
Provision for income taxes		88,466		169,670		261,924
Net income		468,332		827,234		1,120,913



Noncontrolling interest		(203,306)		(350,356)		(471,716)

Net income available for common stockholders		$	265,026	$	476,878	$	649,197

Schedule of basic earnings per share

The calculation of basic and diluted earnings per share is presented below:


	Years Ended December 31,
(in thousands, except for share or per share data)		2022		2021		2020
Basic earnings per share:
Net income available for common stockholders		$	265,026	$	476,878	$	649,197

Less: Dividends and undistributed earnings allocated to participating securities		(9,811)		(13,674)		(17,383)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		255,215		463,204		631,814

Weighted average shares of common stock outstanding:
Class A		103,997,767		117,339,539		121,692,443

Basic earnings per share		$	2.45	$	3.95	$	5.19

Schedule of diluted earnings per share


	Years Ended December 31,
(in thousands, except for share or per share data)		2022		2021		2020
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		$	255,215	$	463,204	$	631,814

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		103,997,767		117,339,539		121,692,443
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan, Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and Warrants issued in connection with the Founder Member Loan		424,676		1,084,389		639,747
		104,422,443		118,423,928		122,332,190

Diluted earnings per share		$	2.44	$	3.91	$	5.16

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill by segment

The following table presents the details of goodwill by segment as of December 31, 2022 and December 31, 2021:


(in thousands)	Market Making		Execution Services		Corporate		Total



Balance as of period-end	$	755,292	$	393,634	$	—	$	1,148,926

Schedule of acquired intangible assets

Acquired intangible assets consisted of the following as of December 31, 2022 and December 31, 2021:


	As of December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(189,986)	$	296,614	10	to	12
Technology	136,000		(118,119)		17,881		1	to	6
Favorable occupancy leases	5,895		(4,408)		1,487		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9
Other	$	1,500	$	—	$	1,500	Indefinite
	$	639,493	$	(318,013)	$	321,480


	As of December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(142,142)	$	344,458	10	to	12
Technology	136,000		(102,088)		33,912		1	to	6
Favorable occupancy leases	5,895		(3,631)		2,264		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,400)		200			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9
Other	$	1,500	$	—	$	1,500	Indefinite
	$	639,493	$	(253,161)	$	386,332

Schedule of finite-lived intangible assets, future amortization expense

The Company expects to record amortization expense as follows over the next five subsequent years:


(in thousands)

2023						63,960
2024						50,845
2025						47,879
2026						47,879
2027						47,879

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Tables)

12 Months Ended

Dec. 31, 2022

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Summary of receivables from and payables to brokers-dealers and clearing organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at December 31, 2022 and December 31, 2021:



(in thousands)	December 31, 2022		December 31, 2021
Assets
Due from prime brokers	$	560,111	$	287,991
Deposits with clearing organizations	146,927		161,928
Net equity with futures commission merchants	137,312		98,302
Unsettled trades with clearing organizations	87,145		164,195
Securities failed to deliver	149,747		290,207
Commissions and fees	33,943		24,184
Total receivables from broker-dealers and clearing organizations	$	1,115,185	$	1,026,807

Liabilities
Due to prime brokers	$	229,424	$	497,972
Net equity with futures commission merchants (1)	(32,381)		(57,226)
Unsettled trades with clearing organizations	38		828
Securities failed to receive	70,576		128,392
Commissions and fees	6,186		1,560
Total payables to broker-dealers and clearing organizations	$	273,843	$	571,526

Collateralized Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Collateralized Agreements [Abstract]

Summary of the fair value of collateralized transactions

The fair value of the collateralized transactions at December 31, 2022 and December 31, 2021 are summarized as follows:


(in thousands)	December 31, 2022		December 31, 2021
Securities received as collateral:
Securities borrowed	$	1,148,238	$	1,299,270
Securities purchased under agreements to resell	336,849		119,453
	$	1,485,087	$	1,418,723

Schedule of financial instruments owned and pledged, where counterparty has right to repledge

Financial instruments owned and pledged, where the counterparty has the right to repledge, at December 31, 2022 and December 31, 2021 consisted of the following:


(in thousands)	December 31, 2022		December 31, 2021
Equities	$	957,443	$	1,012,569

Exchange traded notes	5,628		5,391
	$	963,071	$	1,017,960

Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Debt Instrument [Line Items]

Schedule of short-term debt

The following summarizes the Company's short-term borrowing balances outstanding, net of related debt issuance costs, with each described in further detail below.


	December 31, 2022
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net

Short-term bank loans	3,944		—		3,944

	$	3,944	$	—	$	3,944


	December 31, 2021
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	58,000	$	(1,546)	$	56,454
Short-term bank loans	5,056		—		5,056

	$	63,056	$	(1,546)	$	61,510

Outstanding borrowings and financing capacity or unused available capacity under the company’s borrowing arrangements


	At December 31, 2022
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility (1)	5.50%	$	400,000	$	—	$	—	$	—
Committed facility	7.67%	650,000		—		—		—
Overdraft facility	7.80%	10,000		—		—		—


		$	1,060,000	$	—	$	—	$	—
(1) $0.2 million of deferred debt issuance costs are included within Other assets on the Consolidated Statement of Financial Condition


	At December 31, 2021
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	1.25%	$	400,000	$	58,000	$	(1,546)	$	56,454
Committed facility	3.78%	600,000		—		—		—
		$	1,000,000	$	58,000	$	(1,546)	$	56,454

Schedule of interest expense on debt


	Years Ended December 31,
(in thousands)		2022		2021		2020
Broker-dealer credit facilities:
Uncommitted facility		$	4,247	$	2,327	$	1,337
Committed facility		112		82		447
Demand Loan		—		—		211

		$	4,359	$	2,409	$	1,995

Schedule of aggregate future required principal payments based on terms of loan

As of December 31, 2022, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)	December 31, 2022

2023	18,000
2024	18,000
2025	18,000
2026	44,693
2027	18,000
Thereafter	1,710,000
Total principal of long-term borrowings	$	1,826,693

Short-Term Credit Facilities

Debt Instrument [Line Items]

Schedule of reconciliation of the senior secured credit facility

The proceeds of these facilities are used to meet margin requirements associated with the products traded by the Company in the ordinary course, and amounts borrowed are collateralized by the Company’s trading accounts with the applicable financial institution.


	At December 31, 2022
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	7.42%	$	591,000	$	212,912
		$	591,000	$	212,912


	At December 31, 2021
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	2.91%	$	616,000	$	177,080
		$	616,000	$	177,080

(1) Outstanding borrowings are included with Receivables from/Payables to broker-dealers and clearing organizations within the Consolidated Statements of Financial Condition.

Senior Secured Credit Facility

Debt Instrument [Line Items]

Schedule of reconciliation of the senior secured credit facility

The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable:


		At December 31, 2022
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	January 2029	7.42%	$	1,800,000	$	(3,881)	$	(26,858)	$	1,769,261

SBI bonds	January 2026	5.00%	26,693		—		(2)		26,691
			$	1,826,693	$	(3,881)	$	(26,860)	$	1,795,952


		At December 31, 2021
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	March 2026	3.10%	$	1,599,774	$	(3,723)	$	(21,620)	$	1,574,431

SBI bonds	January 2023	5.00%	30,722		—		(21)		30,701
			$	1,630,496	$	(3,723)	$	(21,641)	$	1,605,132

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of fair value measurements measured on a recurring basis

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2022:


	December 31, 2022
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	461,487	$	1,545,116	$	—	$	—	$	2,006,603
U.S. and Non-U.S. government obligations	251,708		575,946		—		—		827,654
Corporate Bonds	—		803,880		—		—		803,880
Exchange traded notes	51		16,777		—		—		16,828
Currency forwards	—		500,553		—		(493,237)		7,316
Options	5,200		—		—		—		5,200
	$	718,446	$	3,442,272	$	—	$	(493,237)	$	3,667,481

Financial instruments owned, pledged as collateral:
Equity securities	$	552,641	$	404,802	$	—	$	—	$	957,443

Exchange traded notes	6		5,622		—		—		5,628
	$	552,647	$	410,424	$	—	$	—	$	963,071

Other Assets
Equity investment	$	—	$	—	$	76,613	$	—	$	76,613
Exchange stock	2,352		—		—		—		2,352
	$	2,352	$	—	$	76,613	$	—	$	78,965

Receivables from broker dealers and clearing organizations:
Interest rate swap	$	—	$	87,268	$	—	$	—	$	87,268

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,146,701	$	1,016,893	$	—	$	—	$	2,163,594
U.S. and Non-U.S. government obligations	147,418		690,480		—		—		837,898
Corporate Bonds	—		1,183,394		—		—		1,183,394
Exchange traded notes	—		8,199		—		—		8,199
Currency forwards	—		497,799		—		(497,799)		—
Options	3,889		—		—		—		3,889
	$	1,298,008	$	3,396,765	$	—	$	(497,799)	$	4,196,974

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2021:


	December 31, 2021
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	572,567	$	1,700,470	$	—	$	—	$	2,273,037
U.S. and Non-U.S. government obligations	337,350		18,519		—		—		355,869
Corporate Bonds	—		598,944		—		—		598,944
Exchange traded notes	10		2,459		—		—		2,469
Currency forwards	—		206,258		—		(206,125)		133
Options	8,543		—		—		—		8,543
	$	918,470	$	2,526,650	$	—	$	(206,125)	$	3,238,995
Financial instruments owned, pledged as collateral:
Equity securities	$	670,277	$	342,292	$	—	$	—	$	1,012,569

Exchange traded notes	—		5,391		—		—		5,391
	$	670,277	$	347,683	$	—	$	—	$	1,017,960
Other Assets
Equity investment	$	—	$	—	$	81,358	$	—	$	81,358
Exchange stock	3,020		—		—		—		3,020

	$	3,020	$	—	$	81,358	$	—	$	84,378




Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,482,386	$	807,631	$	—	$	—	$	2,290,017
U.S. and Non-U.S. government obligations	330,765		9,955		—		—		340,720
Corporate Bonds	—		851,871		—		—		851,871
Exchange traded notes	—		22,962		—		—		22,962
Currency forwards	—		208,357		—		(208,356)		1
Options	5,208		—		—		—		5,208
	$	1,818,359	$	1,900,776	$	—	$	(208,356)	$	3,510,779

Payables to broker dealers and clearing organizations:
Interest rate swap	$	—	$	21,037	$	—	$	—	$	21,037

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2022:


	December 31, 2022
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	981,580	$	981,580	$	981,580	$	—	$	—
Cash restricted or segregated under regulations and other	56,662		56,662		56,662		—		—
Securities borrowed	1,187,674		1,187,674		—		1,187,674		—
Securities purchased under agreements to resell	336,999		336,999		—		336,999		—
Receivables from broker-dealers and clearing organizations	1,027,917		1,027,917		—		1,027,917		—
Receivables from customers	80,830		80,830		—		80,830		—
Other assets (1)	30,579		30,579		—		30,579		—
Total Assets	$	3,702,241	$	3,702,241	$	1,038,242	$	2,663,999	$	—

Liabilities
Short-term borrowings	$	3,944	$	3,944	$	—	$	3,944	$	—
Long-term borrowings	1,795,952		1,783,943		—		1,783,943		—
Securities loaned	1,060,432		1,060,432		—		1,060,432		—
Securities sold under agreements to repurchase	627,549		627,549		—		627,549		—
Payables to broker-dealers and clearing organizations	273,843		273,843		—		273,843		—
Payables to customers	46,525		46,525		—		46,525		—
Other liabilities (2)	23,776		23,776		—		23,776		—
Total Liabilities	$	3,832,021	$	3,820,012	$	—	$	3,820,012	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.

(2) Includes deposits, interest and dividends payable.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2021:


	December 31, 2021
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	1,071,463	$	1,071,463	$	1,071,463	$	—	$	—
Cash restricted or segregated under regulations and other	49,490		49,490		49,490		—		—
Securities borrowed	1,349,322		1,349,322		—		1,349,322		—
Securities purchased under agreements to resell	119,453		119,453		—		119,453		—
Receivables from broker-dealers and clearing organizations	1,026,807		1,026,807		(24,037)		1,050,844		—
Receivables from customers	146,476		146,476		—		146,476		—
Other assets (1)	20,266		20,266		—		20,266		—
Total Assets	$	3,783,277	$	3,783,277	$	1,096,916	$	2,686,361	$	—

Liabilities
Short-term borrowings	61,510		63,046		—		63,046		—
Long-term borrowings	1,605,132		1,628,497		—		1,628,497		—
Securities loaned	1,142,048		1,142,048		—		1,142,048		—
Securities sold under agreements to repurchase	514,325		514,325		—		514,325		—
Payables to broker dealer and clearing organizations (2)	571,526		571,526		235		571,291		—
Payables to customers	54,999		54,999		—		54,999		—
Other liabilities (3)	9,414		9,414		—		9,414		—
Total Liabilities	$	3,958,954	$	3,983,855	$	235	$	3,983,620	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value.
(3) Includes deposits, interest and dividends payable.

Fair value measurement inputs and valuation techniques

The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment:

December 31, 2022

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

76,613

Discounted cash flow

Estimated revenue growth

(5.7)% - 5.0%

3.1

Discount rate

15.5% - 15.5%

15.5

Market

Future enterprise value/ EBIDTA ratio

(1.2)x - 18.1x

12.2x

December 31, 2021

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

81,358

Discounted cash flow

Estimated revenue growth

2.5% - 32.6%

10.6

Discount rate

14.4% - 14.4%

14.4

Market

Future enterprise value/ EBIDTA ratio

8.7x - 21.1x

14.0x

Summary of changes in Level 3 financial instruments measured at fair value on a recurring basis

The following presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis:


	Year Ended December 31, 2022
(in thousands)	Balance at December 31, 2021		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2022		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2022
Assets
Other assets:
Equity investment	$	81,358	$	—	$	(4,745)	$	—	$	—	$	76,613	$	(4,745)

Total	$	81,358	$	—	$	(4,745)	$	—	$	—	$	76,613	$	(4,745)
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Year Ended December 31, 2021
(in thousands)	Balance at December 31, 2020		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2021		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2021
Assets
Other assets:
Equity investment	$	66,030	$	—	$	15,328	$	—	$	—	$	81,358	$	15,328

Total	$	66,030	$	—	$	15,328	$	—	$	—	$	81,358	$	15,328
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.

Summary of netting of certain financial assets

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of December 31, 2022 and December 31, 2021:


	December 31, 2022
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,187,674	$	—	$	1,187,674	$	(1,148,238)	$	(5,138)	$	34,298
Securities purchased under agreements to resell	336,999		—		336,999		(336,849)		—		150
Receivables from broker-dealers and clearing organizations:
Interest rate swaps	87,268		—		87,268		—		—		87,268
Trading assets, at fair value:
Currency forwards	500,553		(493,237)		7,316		—		—		7,316
Options	5,200		—		5,200		—		(3,889)		1,311
Total	$	2,117,694	$	(493,237)	$	1,624,457	$	(1,485,087)	$	(9,027)	$	130,343


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instruments		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,060,432	$	—	$	1,060,432	$	(1,027,062)	$	(9,100)	$	24,270
Securities sold under agreements to repurchase	627,549		—		627,549		(627,388)		—		161


Trading liabilities, at fair value:
Currency forwards	497,799		(497,799)		—		—		—		—
Options	3,889		—		3,889		—		(3,889)		—
Total	$	2,189,669	$	(497,799)	$	1,691,870	$	(1,654,450)	$	(12,989)	$	24,431


	December 31, 2021
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,349,322	$	—	$	1,349,322	$	(1,299,270)	$	(5,054)	$	44,998
Securities purchased under agreements to resell	119,453		—		119,453		(119,453)		—		—
Trading assets, at fair value:
Currency forwards	206,258		(206,125)		133		—		—		133
Options	8,543		—		8,543		—		(5,208)		3,335
Total	$	1,683,576	$	(206,125)	$	1,477,451	$	(1,418,723)	$	(10,262)	$	48,466


	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,142,048	$	—	$	1,142,048	$	(1,107,688)	$	(17,272)	$	17,088
Securities sold under agreements to repurchase	514,325		—		514,325		(514,325)		—		—
Interest rate swaps	21,037		—		21,037		—		—		21,037
Trading liabilities, at fair value:
Currency forwards	208,357		(208,356)		1		—		—		1
Options	5,208		—		5,208		—		(5,208)		—
Total	$	1,890,975	$	(208,356)	$	1,682,619	$	(1,622,013)	$	(22,480)	$	38,126

Summary of netting of certain financial liabilities

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of December 31, 2022 and December 31, 2021:


	December 31, 2022
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,187,674	$	—	$	1,187,674	$	(1,148,238)	$	(5,138)	$	34,298
Securities purchased under agreements to resell	336,999		—		336,999		(336,849)		—		150
Receivables from broker-dealers and clearing organizations:
Interest rate swaps	87,268		—		87,268		—		—		87,268
Trading assets, at fair value:
Currency forwards	500,553		(493,237)		7,316		—		—		7,316
Options	5,200		—		5,200		—		(3,889)		1,311
Total	$	2,117,694	$	(493,237)	$	1,624,457	$	(1,485,087)	$	(9,027)	$	130,343


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instruments		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,060,432	$	—	$	1,060,432	$	(1,027,062)	$	(9,100)	$	24,270
Securities sold under agreements to repurchase	627,549		—		627,549		(627,388)		—		161


Trading liabilities, at fair value:
Currency forwards	497,799		(497,799)		—		—		—		—
Options	3,889		—		3,889		—		(3,889)		—
Total	$	2,189,669	$	(497,799)	$	1,691,870	$	(1,654,450)	$	(12,989)	$	24,431


	December 31, 2021
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,349,322	$	—	$	1,349,322	$	(1,299,270)	$	(5,054)	$	44,998
Securities purchased under agreements to resell	119,453		—		119,453		(119,453)		—		—
Trading assets, at fair value:
Currency forwards	206,258		(206,125)		133		—		—		133
Options	8,543		—		8,543		—		(5,208)		3,335
Total	$	1,683,576	$	(206,125)	$	1,477,451	$	(1,418,723)	$	(10,262)	$	48,466


	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,142,048	$	—	$	1,142,048	$	(1,107,688)	$	(17,272)	$	17,088
Securities sold under agreements to repurchase	514,325		—		514,325		(514,325)		—		—
Interest rate swaps	21,037		—		21,037		—		—		21,037
Trading liabilities, at fair value:
Currency forwards	208,357		(208,356)		1		—		—		1
Options	5,208		—		5,208		—		(5,208)		—
Total	$	1,890,975	$	(208,356)	$	1,682,619	$	(1,622,013)	$	(22,480)	$	38,126

Summary of gross obligations for repurchase agreement and securities borrowed transactions by remaining contractual maturity and class of collateral pledged


	December 31, 2022
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	250,000	$	100,000	$	50,000	$	—	$	400,000
U.S. and Non-U.S. government obligations	227,549		—		—		—				227,549
Total	$	227,549	$	250,000	$	100,000	$	50,000	$	—	$	627,549

Securities loaned:
Equity securities	$	1,060,432	$	—	$	—	$	—	$	—	$	1,060,432
Total	$	1,060,432	$	—	$	—	$	—	$	—	$	1,060,432


	December 31, 2021
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	140,000	$	50,000	$	210,000	$	—	$	400,000
U.S. and Non-U.S. government obligations	114,325		—		—		—		—		114,325
Total	$	114,325	$	140,000	$	50,000	$	210,000	$	—	$	514,325

Securities loaned:
Equity securities	1,142,048		—		—		—		—		1,142,048
Total	$	1,142,048	$	—	$	—	$	—	$	—	$	1,142,048

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of derivative instruments on a gross basis

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at December 31, 2022 and December 31, 2021:


(in thousands)		December 31, 2022				December 31, 2021
Derivatives Assets	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Receivables from broker-dealers and clearing organizations	$	(575)	$	663,110	$	1,619	$	406,420
Commodity futures	Receivables from broker-dealers and clearing organizations	(31,007)		7,597,057		(24,405)		5,285,216
Currency futures	Receivables from broker-dealers and clearing organizations	(24,023)		7,460,531		(8,205)		4,760,173
Fixed income futures	Receivables from broker-dealers and clearing organizations	(360)		30,292		147		8,489

Options	Financial instruments owned	5,200		691,737		8,543		1,063,686
Currency forwards	Financial instruments owned	500,553		30,286,330		206,258		21,445,374


Derivative instruments designated as hedging instruments:
Interest rate swap	Receivables from broker-dealers and clearing organizations	87,268		1,525,000		—		—

Derivatives Liabilities	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Payables to broker-dealers and clearing organizations	$	1,819	$	3,238,651	$	791	$	1,362,684
Commodity futures	Payables to broker-dealers and clearing organizations	597		39,046		(49)		27,224
Currency futures	Payables to broker-dealers and clearing organizations	8		6,386		1,671		725,162
Fixed income futures	Payables to broker-dealers and clearing organizations	(264)		123,043		(161)		120,212
Options	Financial instruments sold, not yet purchased	3,889		742,531		5,208		1,066,801
Currency forwards	Financial instruments sold, not yet purchased	497,799		30,284,952		208,357		21,446,422

Derivative instruments designated as hedging instruments:

Interest rate swaps	Payables to broker-dealers and clearing organizations	—		—		21,037		1,525,000

Schedule of net gain (loss) from derivative instruments not designated as hedging instruments


		Years Ended December 31,
(in thousands)	Financial Statements Location		2022		2021		2020
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	257,258	$	283,482	$	(6,217)
Currency forwards	Trading income, net		12,492		1,077		249,856
Options	Trading income, net		30,339		95,828		84,695
Interest rate swap on term loan	Other, net		(1,879)		(1,871)		(1,890)
			$	298,210	$	378,516	$	326,444

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	106,329	$	44,541	$	(69,462)

			$	106,329	$	44,541	$	(69,462)

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of nonconsolidated VIE

The following table presents the Company’s nonconsolidated VIEs at December 31, 2022:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	43,589	$	—	$	43,589	$	239,682

The following table presents the Company’s nonconsolidated VIEs at December 31, 2021:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	38,319	$	—	$	38,319	$	136,378

Revenues from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue



	Year Ended December 31, 2022
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	42,180	$	356,090	$	—	$	398,270

Workflow technology	—		91,667		—		91,667
Analytics	—		39,908		—		39,908
Total revenue from contracts with customers	42,180		487,665		—		529,845

Other sources of revenue	1,770,659		26,576		37,732		1,834,967

Total revenues	$	1,812,839	$	514,241	$	37,732	$	2,364,812

Timing of revenue recognition:
Services transferred at a point in time	$	1,812,839	$	444,483	$	37,732	$	2,295,054
Services transferred over time	—		69,758		—		69,758
Total revenues	$	1,812,839	$	514,241	$	37,732	$	2,364,812


	Year Ended December 31, 2021
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	40,955	$	433,755	$	—	$	474,710

Workflow technology	—		98,486		—		98,486
Analytics	—		41,293				41,293
Total revenue from contracts with customers	40,955		573,534		—		614,489

Other sources of revenue	2,162,091		26,681		8,224		2,196,996

Total revenues	$	2,203,046	$	600,215	$	8,224	$	2,811,485

Timing of revenue recognition:
Services transferred at a point in time	$	2,203,046	$	525,960	$	8,224	$	2,737,230
Services transferred over time	—		74,255		—		74,255
Total revenues	$	2,203,046	$	600,215	$	8,224	$	2,811,485



	Year Ended December 31, 2020
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	52,453	$	405,698	$	—	$	458,151

Workflow technology	—		101,211		—		101,211
Analytics	—		41,148				41,148
Total revenue from contracts with customers	52,453		548,057		—		600,510

Other sources of revenue	2,540,889		102,086		(4,154)		2,638,821

Total revenues	$	2,593,342	$	650,143	$	(4,154)	$	3,239,331

Timing of revenue recognition:
Services transferred at a point in time	$	2,593,342	$	575,846	$	(4,154)	$	3,165,034
Services transferred over time	—		74,297		—		74,297
Total revenues	$	2,593,342	$	650,143	$	(4,154)	$	3,239,331

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of income before income taxes

Income before income taxes and noncontrolling interest is as follows for the years ended December 31, 2022, 2021, and 2020:


	Years Ended December 31,
	2022		2021		2020
(in thousands)
U.S. operations	$	426,902	$	804,358	$	1,214,282
Non-U.S. operations	129,896		192,546		168,555
	$	556,798	$	996,904	$	1,382,837

Summary of provision for income taxes

The provision for income taxes consists of the following for the years ended December 31, 2022, 2021, and 2020:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Current provision (benefit)
Federal	$	40,887	$	80,203	$	148,034
State and Local	17,216		24,282		52,040
Foreign	26,974		29,790		37,474
Deferred provision (benefit)
Federal	911		30,519		26,255
State and Local	131		4,984		(2,580)
Foreign	2,347		(108)		701
Provision for income taxes	$	88,466	$	169,670	$	261,924

Schedule of reconciliation of the tax provision at U.S. Federal Statutory Rate to the provision for income taxes

The reconciliation of the tax provision at the U.S. federal statutory rate to the provision for income taxes for the

years ended December 31, 2022, 2021, and 2020 is as follows:


	Years Ended December 31,
	2022		2021		2020
(in thousands, except percentages)
Tax provision at the U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
Less: rate attributable to noncontrolling interest	(8.3)	%	(7.7)	%	(7.5)	%
State and local taxes, net of federal benefit	2.5	%	3.0	%	3.4	%


Non-deductible expenses, net	0.3	%	0.1	%	0.1	%
Excess tax benefit(deficiency) from share based compensation	(0.3)	%	(0.2)	%	—	%
Foreign taxes	5.1	%	3.0	%	2.8	%
Foreign tax credits	(2.8)	%	(1.8)	%	(0.9)	%
Other, net	(1.6)	%	(0.4)	%	—	%
Effective tax rate	15.9	%	17.0	%	18.9	%

Schedule of components of deferred tax assets and liabilities

The components of the deferred tax assets and liabilities as of December 31, 2022, and 2021 are as follows:


	December 31,
(in thousands)	2022		2021
Deferred income tax assets
Tax Receivable Agreement	$	162,098	$	180,376
Share-based compensation	18,043		15,934
Intangibles	—		2,061
Fixed assets and other	10,260		12,989
Tax credits and net operating loss carryforwards	57,797		58,801
Less: Valuation allowance on net operating loss carryforwards and tax credits	(57,389)		(58,602)
Total deferred income tax assets	$	190,809	$	211,559

Deferred income tax liabilities
Intangibles	$	44,008	$	53,106
Fixed assets	$	343	$	—
Total deferred income tax liabilities	$	44,351	$	53,106

Summary of reconciliation of the beginning and ending amount of unrecognized tax benefits


(in thousands)
Balance at December 31, 2019	$	8,778

Decreases based on tax positions related to prior period	(311)
Increase based on tax positions related to current period	110
Balance at December 31, 2020	8,577
Decreases based on tax positions related to prior period	(2,300)
Increase based on tax positions related to current period	20
Balance at December 31, 2021	6,297

Decreases based on tax positions related to prior period	—
Increase based on tax positions related to current period	317
Balance at December 31, 2022	$	6,614

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lease assets and liabilities

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	December 31, 2022		December 31, 2021
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	187,442	$	225,328
Operating lease liabilities	Operating lease liabilities	239,202		278,745

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	27,908		18,965
Accumulated depreciation	Property, equipment, and capitalized software, net	(12,736)		(12,465)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	15,323		6,612

Lease term, discount rate and components of lease expense

Weighted average remaining lease term and discount rate are as follows:


	December 31, 2022		December 31, 2021
Weighted average remaining lease term
Operating leases	6.21 years		6.68 years
Finance leases	2.84 years		1.62 years
Weighted average discount rate
Operating leases	5.43	%	5.47	%
Finance leases	3.92	%	2.38	%

The components of lease expense are as follows:


	Years Ended December 31,
(in thousands)		2022		2021		2020
Operating lease cost:
Fixed		$	72,749	$	74,699	$	73,624
Variable		6,079		6,247		8,532
Impairment of ROU Asset		5,270		9,606		6,003
Total Operating lease cost		$	84,098	$	90,552	$	88,159

Sublease income		19,679		17,758		16,437

Finance lease cost:
Amortization of ROU Asset		$	7,685	$	6,587	$	11,536
Interest on lease liabilities		366		230		432
Total Finance lease cost		$	8,051	$	6,817	$	11,968

Future minimum lease payments under operating leases

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2022, are as follows:



(in thousands)	Operating Leases		Finance Leases
2023	$	71,193	$	7,050
2024	43,345		5,440
2025	35,232		1,854
2026	32,174		1,076
2027	25,494		986
2028 and thereafter	76,967		—
Total lease payments	$	284,405	$	16,406
Less imputed interest	(45,203)		(1,083)
Total lease liability	$	239,202	$	15,323

Future minimum lease payments under finance leases

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2022, are as follows:



(in thousands)	Operating Leases		Finance Leases
2023	$	71,193	$	7,050
2024	43,345		5,440
2025	35,232		1,854
2026	32,174		1,076
2027	25,494		986
2028 and thereafter	76,967		—
Total lease payments	$	284,405	$	16,406
Less imputed interest	(45,203)		(1,083)
Total lease liability	$	239,202	$	15,323

Cash (Tables)

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

Reconciliation of cash and cash equivalents

The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash

as reported within the Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows.


(in thousands)	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	981,580	$	1,071,463
Cash restricted or segregated under regulations and other	56,662		49,490
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,038,242	$	1,120,953

Restrictions on segregated cash

The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash

as reported within the Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows.


(in thousands)	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	981,580	$	1,071,463
Cash restricted or segregated under regulations and other	56,662		49,490
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,038,242	$	1,120,953

Capital Structure (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

The following table presents the changes in Other Comprehensive Income for the years ended December 31, 2022, 2021, and 2020:


	Year Ended December 31, 2022
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	(10,480)	$	55,955	$	(550)	$	44,925
Foreign exchange translation adjustment	284		(13,605)		—		(13,321)
Total	$	(10,196)	$	42,350	$	(550)	$	31,604
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. As of December 31, 2022, the Company expects approximately $13.6 million to be reclassified from AOCI into earnings over the next 12 months. The timing of the reclassification is based on the interest payment schedule of the long-term borrowings.

	Year Ended December 31, 2021
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	(33,444)	$	8,374	$	14,590	$	(10,480)
Foreign exchange translation adjustment	7,957		(7,673)		—		284
Total	$	(25,487)	$	701	$	14,590	$	(10,196)
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income.
	Year Ended December 31, 2020
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses)	—		(42,636)		9,192		(33,444)
Foreign exchange translation adjustment	$	(647)	$	8,604	$	—	$	7,957
Total	$	(647)	$	(34,032)	$	9,192	$	(25,487)

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of stock options activity

The following table summarizes activity related to stock options for the years ended December 31, 2022, 2021, and 2020:


	Options Outstanding				Options Exercisable
	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Number of Options	Weighted Average Exercise Price Per Share
At December 31, 2019	3,233,779	$	18.74	5.24	3,248,779	$	18.74
Granted	—	—		—	—	—
Exercised	(909,627)	18.07		—	(909,627)	18.07
Forfeited or expired	—	—		—	—	—
At December 31, 2020	2,324,152	$	19.00	4.24	2,324,152	$	19.00
Granted	—	—		—	—	—
Exercised	(528,497)	19.00		—	(528,497)	19.00
Forfeited or expired	—	—		—	—	—


At December 31, 2021	1,795,655	$	19.00	3.24	1,795,655	$	19.00
Granted	—	—		—	—	—
Exercised	(268,879)	19.00		—	(268,879)	19.00
Forfeited or expired	(5,000)	—		—	(5,000)	—
At December 31, 2022	1,521,776	$	19.00	2.24	1,521,776	$	19.00

Schedule of activity related to restricted stock units

The following table summarizes activity related to RSUs (including the Assumed Awards) and RSAs for the years ended December 31, 2022, 2021 and 2020:


	Number of RSUs and RSAs	Weighted Average Fair Value
At December 31, 2019	2,993,489	$	24.10
Granted	3,318,169	17.49
Forfeited	(430,961)	17.45
Vested	(2,487,613)	20.17
At December 31, 2020	3,393,084	$	21.35
Granted	2,466,311	27.07
Forfeited	(200,697)	22.95
Vested	(2,434,251)	23.11
At December 31, 2021	3,224,447	$	24.30


Granted (1)	3,046,623	29.83
Forfeited	(419,207)	26.01
Vested	(1,897,030)	24.80
At December 31, 2022	3,954,833	$	28.13
(1) Excluded in the number of RSUs and RSAs are 75,000 participating RSAs where the grant date has not been achieved because the performance conditions have not been met.

Property, Equipment and Capitalized Software (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of property, equipment and capitalized software

Property, equipment and capitalized software consisted of the following at December 31, 2022 and December 31, 2021:


(in thousands)	December 31, 2022		December 31, 2021
Capitalized software costs	$	242,769	$	210,647
Leasehold improvements	18,370		17,773
Furniture and equipment	284,818		333,330

Total	545,957		561,750
Less: Accumulated depreciation and amortization	(460,763)		(472,155)
Total property, equipment and capitalized software, net	$	85,194	$	89,595

Regulatory Requirement (Tables)

12 Months Ended

Dec. 31, 2022

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Schedule of regulatory capital and regulatory capital requirements

VAL's regulatory capital and regulatory capital requirements as of December 31, 2022 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	554,550	$	1,000	$	553,550

VAL's regulatory capital and regulatory capital requirements as of December 31, 2021 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	536,647	$	1,194	$	535,453

The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2022 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	14,248	$	184	$	14,064

Virtu Financial Canada ULC	2,663		184		2,479
Ireland
Virtu ITG Europe Limited	78,834		28,502		50,332
Virtu Financial Ireland Limited (1)	89,853		39,768		50,085
United Kingdom
Virtu ITG UK Limited	1,405		906		499
Asia Pacific
Virtu ITG Australia Limited	30,027		3,115		26,912
Virtu ITG Hong Kong Limited	1,683		497		1,186
Virtu ITG Singapore Pte Limited	1,147		91		1,056
Virtu Financial Singapore Pte. Ltd.	121,166		46,025		75,141
(1) Preliminary

The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2021 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	15,482	$	198	$	15,284
Virtu Financial Canada ULC	200		198		2
Ireland
Virtu ITG Europe Limited	79,087		39,331		39,756
Virtu Financial Ireland Limited	107,293		47,872		59,421
United Kingdom
Virtu ITG UK Limited	1,142		830		312
Asia Pacific
Virtu ITG Australia Limited	32,186		7,164		25,022
Virtu ITG Hong Kong Limited	4,514		529		3,985
Virtu ITG Singapore Pte Limited	897		74		823

Geographic Information and Business Segments (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of total revenues by geographic area

The following table presents total revenues by geographic area for the years ended December 31, 2022, 2021, and 2020:


	Years Ended December 31,
(in thousands)		2022		2021		2020
Revenues:
United States		$	1,914,223	$	2,260,750	$	2,569,147
Ireland		222,178		305,509		323,519
Singapore		134,786		135,779		176,665
Canada		60,551		61,378		116,521
Australia		29,489		40,613		44,552

Others		3,585		7,456		8,927
Total revenues		$	2,364,812	$	2,811,485	$	3,239,331

Schedule of revenues, income (loss) before income taxes (“Pre-tax earnings”) and total assets by segment

The Company’s total revenues and income before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the years ended December 31, 2022, 2021, and 2020 and are summarized in the following table:

The Company's Pre-tax earnings by segment for the year ended December 31, 2022, and 2021 are summarized in the following table:


(in thousands)	Market Making		Execution Services		Corporate		Consolidated Total
2022
Total revenue	$	1,812,839	$	514,241	$	37,732	$	2,364,812
Income before income taxes and noncontrolling interest	480,559		41,342		34,897		556,798

2021
Total revenue	2,203,046		600,215		8,224		2,811,485
Income before income taxes and noncontrolling interest	925,968		70,019		917		996,904

2020
Total revenue	2,593,342		650,143		(4,154)		3,239,331
Income (loss) before income taxes and noncontrolling interest	1,241,313		174,617		(33,093)		1,382,837

Parent Company (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Financial Condition

Virtu Financial, Inc.

(Parent Company Only)

Statements of Financial Condition


(In thousands except interest data)	December 31, 2022		December 31, 2021
Assets
Cash	$	6,264	$	129,229
Deferred tax asset	139,139		149,742
Investment in subsidiary	3,119,418		3,221,605
Other assets	52,153		40,183
Total assets	$	3,316,974	$	3,540,759

Liabilities, redeemable membership interest and equity
Liabilities
Payable to affiliate	$	1,733,429	$	1,729,320
Accounts payable and accrued expenses and other liabilities	888		50
Deferred tax liabilities	2,000		2,719
Tax receivable agreement obligations	238,758		259,282
Total liabilities	1,975,075		1,991,371

Virtu Financial Inc. Stockholders' equity


Class A common stock (par value $0.00001), Authorized — 1,000,000,000 and 1,000,000,000 shares, Issued — 133,071,754 and 131,497,645 shares, Outstanding — 98,549,464 and 113,170,782 shares at December 31, 2022 and December 31, 2021, respectively	1		1
Class B common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 0 and 0 shares at December 31, 2022 and December 31, 2021, respectively	—		—
Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 9,030,066 and 9,359,065 shares at December 31, 2022 and December 31, 2021, respectively	—		—
Class D common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 60,091,740 and 60,091,740 shares at December 31, 2022 and December 31, 2021, respectively	1		1
Treasury stock, at cost, 34,522,290 and 18,326,863 shares at December 31, 2022 and December 31, 2021, respectively	(954,637)		(494,075)
Additional paid-in capital	1,292,613		1,223,119
Retained earnings (accumulated deficit)	972,317		830,538
Accumulated other comprehensive income (loss)	31,604		(10,196)
Total Virtu Financial Inc. stockholders' equity	1,341,899		1,549,388

Total liabilities and stockholders' equity	$	3,316,974	$	3,540,759

Condensed Statements of Comprehensive Income

Virtu Financial, Inc.

(Parent Company Only)

Statements of Comprehensive Income


	Years Ended December 31,
(in thousands)	2022		2021		2020
Revenues:

Other Income	$	—	$	—	$	—
	—		—		—

Operating Expenses:
Operations and administrative	36		734		171

Income (loss) before equity in income of subsidiary	(36)		(734)		(171)
Equity in income (loss) of subsidiary, net of tax	468,368		827,968		1,121,084
Net income (loss)	$	468,332	$	827,234	$	1,120,913

Net income (loss) attributable to common stockholders	$	468,332	$	827,234	$	1,120,913
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes	(13,604)		(7,672)		8,604
Net change in unrealized cash flow hedges gains (losses), net of taxes	55,404		22,964		(33,444)
Comprehensive income (loss)	$	510,132	$	842,526	$	1,096,073

Condensed Statements of Cash Flows

Virtu Financial, Inc.

(Parent Company Only)

Statements of Cash Flows


	Years Ended December 31,
(in thousands)	2022		2021		2020
Cash flows from operating activities
Net income	$	468,332	$	827,234	$	1,120,913

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax	239,807		87,055		(543,992)
Tax receivable agreement obligation reduction	819		4,622		15,169
Deferred taxes	9,884		36,526		14,243

Changes in operating assets and liabilities:	(11,132)		42,086		(48,566)
Net cash provided by operating activities	707,710		997,523		557,767

Cash flows from investing activities

Investments in subsidiaries, equity basis	71,597		55,654		56,629
Net cash provided by investing activities	71,597		55,654		56,629

Cash flows from financing activities

Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(375,284)		(548,017)		(484,415)


Repurchase of Class C common stock	(8,256)		(3,454)		—
Purchase of treasury stock	(480,544)		(427,454)		(49,864)
Tax receivable agreement obligations	(21,343)		(16,505)		(13,286)


Issuance of common stock in connection with secondary offering, net of offering costs	—		—		—

Net cash used in financing activities	(885,427)		(995,430)		(547,565)

Net increase (decrease) in Cash	(106,120)		57,747		66,831
Cash, beginning of period	129,228		71,481		4,650
Cash, end of period	$	23,108	$	129,228	$	71,481

Supplemental disclosure of cash flow information:
Taxes paid	$	64,775	$	78,844	$	203,031

Non-cash financing activities
Tax receivable agreement described in Note 6	1,044		311		(1,388)

Organization and Basis of Presentation (Details) instrument in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 instrument venue country acquisition segment	Dec. 31, 2020 USD ($)
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of financial instruments \| instrument	25
Number of venues \| venue	235
Number of countries in which entity operates \| country	36
Company’s product offering in number of counties (over) \| country	50
Number of significant acquisitions \| acquisition	2
Number of operating segments \| segment	2
Number of non-operating segments \| segment	1
Dividends to stockholders \| $		$ 120.5
Distribution from non controlling interest \| $		$ 363.9
Virtu Financial
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Ownership interest	59.70%

Summary of Significant Accounting Policies - Securities Borrowed and Securities Loaned (Details)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Minimum initial collateral advanced or received expressed as a percentage of fair value of the underlying securities borrowed or loaned	102.00%

Summary of Significant Accounting Policies - Property and Equipment (Details) - Furniture and equipment	12 Months Ended
	Dec. 31, 2022
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Summary of Significant Accounting Policies - Capitalized Software (Details) - Capitalized software	12 Months Ended
	Dec. 31, 2022
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	1 year 6 months
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($)		12 Months Ended
	Jul. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies - Share-Based Compensation (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Number of days prior to the grant that common stock and restricted stock units fair value is determined based on	3 days
Class A common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001

Summary of Significant Accounting Policies - Variable Interest Entities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) venture	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Number of joint ventures considered as VIEs \| venture	5
Asset	$ 10,583,241	$ 10,319,971
Liability	8,931,814	8,456,353
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Asset	43,589	38,319
Liability	0	0
Maximum Exposure to Loss	43,589	38,319
VIEs' assets	$ 239,682	$ 136,378
JV building microwave communication networks in US, Europe and Asia
Variable Interest Entity [Line Items]
Number of joint ventures \| venture	2
JV building microwave communication networks in US and Asia
Variable Interest Entity [Line Items]
Ownership of equity of JV held be each investor (as a percent)	11.10%
JV building microwave communication networks in US and Europe
Variable Interest Entity [Line Items]
Ownership interest	50.00%
JV offering derivatives trading technology and execution services
Variable Interest Entity [Line Items]
Ownership interest	9.80%
JV developing a member-owned equities exchange with the goal of increasing competition
Variable Interest Entity [Line Items]
Ownership interest	14.90%

Sale of MATCHNow - Narrative (Details) - USD ($)		1 Months Ended	12 Months Ended
Sale of MATCHNow - Narrative (Details) - USD ($)	Aug. 04, 2020	May 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received			$ 0	$ 0	$ 60,592,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]					Other, net
Contingent consideration, asset			$ 3,900,000
MATCHNow
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment					$ 0
MATCHNow \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of interests disposed		100.00%
Total sale proceeds received	$ 60,592,000
Contingent consideration (up to)	23,000,000
Transaction costs	2,453,000
Gain on sale of MATCHNow	$ 58,652,000

Sale of MATCHNow - Summary of the Carrying Value of MATCHNow and Gain on Sale (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 04, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received		$ 0	$ 0	$ 60,592
Gain on sale of MATCHNow, net of transaction costs		$ 0	$ 0	$ 58,652
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| MATCHNow
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received	$ 60,592
Total carrying value of MATCHNow as of MATCHNow Closing Date	(1,940)
Gain on sale of MATCHNow	58,652
Transaction costs	(2,453)
Gain on sale of MATCHNow, net of transaction costs	$ 56,199

Earnings per Share - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Income before income taxes and noncontrolling interest	$ 556,798	$ 996,904	$ 1,382,837
Provision for income taxes	88,466	169,670	261,924
Net income	468,332	827,234	1,120,913
Noncontrolling interest	(203,306)	(350,356)	(471,716)
Net income available for common stockholders	$ 265,026	$ 476,878	$ 649,197

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Earnings per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic earnings per share:
Net income available for common stockholders	$ 265,026	$ 476,878	$ 649,197
Less: Dividends and undistributed earnings allocated to participating securities	(9,811)	(13,674)	(17,383)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 255,215	$ 463,204	$ 631,814
Weighted average shares of common stock outstanding:
Class A (in shares)	103,997,767	117,339,539	121,692,443
Basic earnings per share (in dollars per share)	$ 2.45	$ 3.95	$ 5.19
Class A common stock
Weighted average shares of common stock outstanding:
Class A (in shares)	103,997,767	117,339,539	121,692,443

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The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

Earnings per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 255,215	$ 463,204	$ 631,814
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	103,997,767	117,339,539	121,692,443
Weighted average shares of common stock outstanding (in shares)	104,422,443	118,423,928	122,332,190
Diluted earnings per share (in dollars per share)	$ 2.44	$ 3.91	$ 5.16
Class A common stock
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	103,997,767	117,339,539	121,692,443
Issuable pursuant to amended and restated 2015 management incentive plan, amended and restated investment technology group, inc. 2007 omnibus equity compensation plan, and warrants issued in connection with the founder member loan (in shares)	424,676	1,084,389	639,747
Weighted average shares of common stock outstanding (in shares)	104,422,443	118,423,928	122,332,190

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Tax Receivable Agreements (Details) - USD ($)	1 Months Ended					12 Months Ended
Tax Receivable Agreements (Details) - USD ($)	Mar. 31, 2022	Apr. 30, 2021	Mar. 31, 2020	Sep. 30, 2018	Feb. 28, 2017	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Payment on applicable cash tax savings (as a percent)						85.00%
Period over which the obligations are to be settled						15 years	15 years
Tax receivable agreement obligations						$ 238,758,000	$ 259,282,000
First payment made	$ 21,300,000	$ 16,500,000	$ 13,300,000	$ 12,400,000	$ 7,000,000
Minimum tax receivable agreement obligation over the agreed period						36,400
Maximum tax receivable agreement obligation over the agreed period						22,000,000
Deferred tax assets						$ 162,100,000	$ 180,400,000
Class B common stock
Financing Receivable, Allowance for Credit Loss [Line Items]
Common stock, par value (in dollars per share)						$ 0.00001	$ 0.00001
Class C common stock
Financing Receivable, Allowance for Credit Loss [Line Items]
Common stock, par value (in dollars per share)						0.00001	0.00001
Class D common stock
Financing Receivable, Allowance for Credit Loss [Line Items]
Common stock, par value (in dollars per share)						$ 0.00001	$ 0.00001

Goodwill and Intangible Assets - Narrative (Details)		12 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Jul. 01, 2021 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of operating segments \| segment		2
Number of non-operating segments \| segment		1
Goodwill		$ 1,148,926,000	$ 1,148,926,000
Goodwill impairment	$ 0	0	0
Intangible assets		321,480,000	386,332,000
Amortization expense relating to finite-lived intangible assets		$ 64,837,000	$ 69,668,000	$ 74,254,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill	$ 1,148,926	$ 1,148,926
Operating Segments \| Market Making
Goodwill [Line Items]
Goodwill	755,292	755,292
Operating Segments \| Execution Services
Goodwill [Line Items]
Goodwill	393,634	393,634
Corporate
Goodwill [Line Items]
Goodwill	$ 0	$ 0

- Definition

+ References + Details

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Acquired Intangible Assets [Line Items]
Accumulated Amortization	$ (318,013)	$ (253,161)
Gross Carrying Amount	639,493	639,493
Net Carrying Amount	321,480	386,332
Exchange memberships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	3,998	3,998
Other
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	1,500	1,500
Customer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	486,600	486,600
Accumulated Amortization	(189,986)	(142,142)
Net Carrying Amount	$ 296,614	$ 344,458
Customer relationships \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	10 years	10 years
Customer relationships \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	12 years	12 years
Technology
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 136,000	$ 136,000
Accumulated Amortization	(118,119)	(102,088)
Net Carrying Amount	$ 17,881	$ 33,912
Technology \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	1 year	1 year
Technology \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	6 years	6 years
Favorable occupancy leases
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,895	$ 5,895
Accumulated Amortization	(4,408)	(3,631)
Net Carrying Amount	$ 1,487	$ 2,264
Favorable occupancy leases \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	3 years	3 years
Favorable occupancy leases \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	15 years	15 years
Trade name
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,600	$ 3,600
Accumulated Amortization	(3,600)	(3,400)
Net Carrying Amount	$ 0	$ 200
Useful Lives (Years)	3 years	3 years
ETF issuer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(950)	(950)
Net Carrying Amount	$ 0	$ 0
Useful Lives (Years)	9 years	9 years
ETF buyer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(950)	(950)
Net Carrying Amount	$ 0	$ 0
Useful Lives (Years)	9 years	9 years

Goodwill and Intangible Assets - Expects Amortization Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 63,960
2024	50,845
2025	47,879
2026	47,879
2027	$ 47,879

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Due from prime brokers	$ 560,111	$ 287,991
Deposits with clearing organizations	146,927	161,928
Net equity with futures commission merchants	137,312	98,302
Unsettled trades with clearing organizations	87,145	164,195
Securities failed to deliver	149,747	290,207
Commissions and fees	33,943	24,184
Total receivables from broker-dealers and clearing organizations	1,115,185	1,026,807
Liabilities
Due to prime brokers	229,424	497,972
Net equity with futures commission merchants	(32,381)	(57,226)
Unsettled trades with clearing organizations	38	828
Securities failed to receive	70,576	128,392
Commissions and fees	6,186	1,560
Total payables to broker-dealers and clearing organizations	273,843	571,526
Outstanding principal balance	$ 212,900	$ 177,100

Collateralized Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Securities received as collateral:
Securities borrowed	$ 1,148,238	$ 1,299,270
Securities purchased under agreements to resell	336,849	119,453
Securities received as collateral	1,485,087	1,418,723
Pledged
Securities received as collateral:
Financial instruments owned	963,071	1,017,960
Equities \| Pledged
Securities received as collateral:
Financial instruments owned	957,443	1,012,569
Exchange traded notes \| Pledged
Securities received as collateral:
Financial instruments owned	$ 5,628	$ 5,391

Borrowings - Short-term Borrowings, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Deferred Debt Issuance Cost	$ (26,860)	$ (21,641)
Short-term bank loans
Short-term Debt [Line Items]
Borrowing Outstanding	3,944	5,056
Deferred Debt Issuance Cost	0	0
Short-term Borrowings, net	3,944	5,056
Loans Payable
Short-term Debt [Line Items]
Borrowing Outstanding	3,944	63,056
Deferred Debt Issuance Cost	0	(1,546)
Short-term Borrowings, net	3,944	61,510
Broker-dealer credit facilities
Short-term Debt [Line Items]
Borrowing Outstanding		58,000
Deferred Debt Issuance Cost	$ 0	(1,546)
Short-term Borrowings, net		$ 56,454

Borrowings - Broker-Dealer Credit Facilities (Details)		12 Months Ended
Borrowings - Broker-Dealer Credit Facilities (Details)	May 25, 2022 USD ($)	Dec. 31, 2022 USD ($) instrument base	Dec. 31, 2021 USD ($)	Mar. 20, 2020 USD ($)
Line of Credit Facility [Line Items]
Number of borrowing bases \| base		2
Outstanding principal amount		$ 1,826,693,000	$ 1,630,496,000
Commitment fee (as a percent)		0.50%
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Number of secured credit facilities \| instrument		2
Maximum borrowing capacity		$ 650,000,000
Outstanding principal amount		$ 0	58,000,000
Commitment fee (as a percent)		0.50%
Broker-dealer credit facilities \| Borrowing Base A Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 650,000,000
Broker-dealer credit facilities \| Borrowing Base A Loan \| SOFR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		1.25%
Broker-dealer credit facilities \| Borrowing Base B Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 200,000,000
Broker-dealer credit facilities \| Borrowing Base B Loan \| SOFR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		2.50%
Broker-dealer credit facilities \| Virtu Financial Singapore Pte. Ltd.
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000,000
Broker-dealer credit facilities \| Virtu Financial Singapore Pte. Ltd. \| SOFR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	3.50%
Broker-dealer credit facility on an uncommitted basis
Line of Credit Facility [Line Items]
Number of secured credit facilities \| instrument		1
Maximum borrowing capacity		$ 400,000,000
Outstanding principal amount		$ 0	$ 58,000,000
Founder Member Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 300,000,000

Borrowings - Broker-Dealer Credit Facilities Carrying Values, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Total principal of long-term borrowings	$ 1,826,693	$ 1,630,496
Deferred Debt Issuance Cost	(26,860)	(21,641)
Outstanding Borrowings, net	$ 1,795,952	$ 1,605,132
Uncommitted facility
Line of Credit Facility [Line Items]
Interest Rate	5.50%	1.25%
Financing Available	$ 400,000	$ 400,000
Total principal of long-term borrowings	0	58,000
Deferred Debt Issuance Cost	0	(1,546)
Outstanding Borrowings, net	$ 0	$ 56,454
Committed facility
Line of Credit Facility [Line Items]
Interest Rate	7.67%	3.78%
Financing Available	$ 650,000	$ 600,000
Total principal of long-term borrowings	0	0
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	$ 0	0
Overdraft facility
Line of Credit Facility [Line Items]
Interest Rate	7.80%
Financing Available	$ 10,000
Total principal of long-term borrowings	0
Deferred Debt Issuance Cost	0
Outstanding Borrowings, net	0
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Financing Available	1,060,000	1,000,000
Total principal of long-term borrowings	0	58,000
Deferred Debt Issuance Cost	0	(1,546)
Outstanding Borrowings, net	$ 0	$ 56,454

Borrowings - Interest Expense on Broker-Dealer Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Interest expense	$ 92,035	$ 79,969	$ 87,735
Uncommitted facility
Line of Credit Facility [Line Items]
Interest expense	4,247	2,327	1,337
Committed facility
Line of Credit Facility [Line Items]
Interest expense	112	82	447
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Interest expense	4,359	2,409	1,995
Demand Loan
Line of Credit Facility [Line Items]
Interest expense	$ 0	$ 0	$ 211

Borrowings - Short-Term Bank Loans (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Short-term bank loans	$ 3.9	$ 5.1
Weighted average interest rate	3.80%	4.20%

Borrowings - Prime Brokerage Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Weighted Average Interest Rate	3.80%	4.20%
Total principal of long-term borrowings	$ 1,826,693	$ 1,630,496
Interest expense	$ 92,035	$ 79,969	$ 87,735
Short-Term Credit Facilities
Short-term Debt [Line Items]
Weighted Average Interest Rate	7.42%	2.91%
Financing Available	$ 591,000	$ 616,000
Total principal of long-term borrowings	212,912	177,080
Interest expense	$ 9,300	$ 4,600	$ 4,800

Borrowings - Long-Term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Outstanding Principal	$ 1,826,693	$ 1,630,496
Discount	(3,881)	(3,723)
Deferred Debt Issuance Cost	(26,860)	(21,641)
Outstanding Borrowings, net	$ 1,795,952	$ 1,605,132
SBI bonds
Line of Credit Facility [Line Items]
Interest Rate	5.00%	5.00%
Outstanding Principal	$ 26,693	$ 30,722
Discount	0	0
Deferred Debt Issuance Cost	(2)	(21)
Outstanding Borrowings, net	$ 26,691	$ 30,701
Senior Secured Credit Facility \| Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest Rate	7.42%	3.10%
Outstanding Principal	$ 1,800,000	$ 1,599,774
Discount	(3,881)	(3,723)
Deferred Debt Issuance Cost	(26,858)	(21,620)
Outstanding Borrowings, net	$ 1,769,261	$ 1,574,431

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Borrowings - Credit Agreement (Details)			1 Months Ended		3 Months Ended	12 Months Ended
Borrowings - Credit Agreement (Details)	Mar. 02, 2020	Mar. 01, 2019 USD ($)	Jan. 31, 2020 USD ($) swap	Oct. 31, 2019 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Jan. 31, 2022	Jan. 13, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 30, 2021	Jun. 30, 2020 instrument	Oct. 09, 2019 USD ($)
Debt Instrument [Line Items]
Commitment fee (as a percent)						0.50%
Outstanding principal amount						$ 1,826,693,000			$ 1,630,496,000
Fixed interest rate percentage				4.30%
Interest rate swap
Debt Instrument [Line Items]
Derivative contract term				5 years	5 years
Derivative, notional amount				$ 525,000,000	$ 1,000,000,000
Number of interest rate swaps \| instrument											2
Fixed interest rate percentage										4.50%
January 2020 Interest Rate Swap
Debt Instrument [Line Items]
Derivative contract term			5 years
Derivative, notional amount			$ 1,000,000,000
Number of interest rate swaps \| swap			2
Fixed interest rate percentage			4.40%				4.60%			4.60%
Committed facility
Debt Instrument [Line Items]
Outstanding principal amount						$ 0			$ 0
Committed facility \| Scenario 1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						1.00%
Committed facility \| Scenario 2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						1.50%
Committed facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						2.50%
Committed facility \| SOFR \| Scenario 2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						0.00%
Amended Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Amended Credit Agreement \| Overnight Bank Funding Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						0.50%
Amended Credit Agreement \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						1.00%
Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Debt amortization, percentage of original aggregate principal amount	1.00%
Senior Secured Second Lien Notes \| Scenario 1
Debt Instrument [Line Items]
Commitment fee stepdown (as a percent)						0.375%
Senior Secured Second Lien Notes \| Scenario 2
Debt Instrument [Line Items]
Commitment fee stepdown (as a percent)						0.25%
VFH
Debt Instrument [Line Items]
Proceeds from borrowings		$ 404,500,000
VFH \| Committed facility
Debt Instrument [Line Items]
Maximum borrowing capacity		50,000,000						$ 250,000,000
VFH \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		5,000,000						20,000,000
VFH \| Swingline Subfacility
Debt Instrument [Line Items]
Maximum borrowing capacity		5,000,000						20,000,000
Acquisition Borrower
Debt Instrument [Line Items]
Proceeds from borrowings		1,095,000,000
Term Loan \| Scenario 1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						1.50%
Term Loan \| Scenario 2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						2.00%
Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						3.00%
Term Loan \| SOFR \| Scenario 1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						0.50%
Term Loan \| First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,500,000,000
Outstanding principal amount						$ 1,800,000,000
Term Loan \| First Lien Term Loan Facility \| VFH
Debt Instrument [Line Items]
Aggregate principal amount				$ 525,000,000								$ 525,000,000
Term Loan \| First Lien Term Loan Facility \| VFH \| January 2020 Interest Rate Swap
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000,000,000
Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Aggregate principal amount								$ 1,800,000,000

Borrowings - SBI Bonds (Details)	12 Months Ended
Borrowings - SBI Bonds (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 JPY (¥)	Dec. 31, 2021 JPY (¥)	Jul. 25, 2016 USD ($)	Jul. 25, 2016 JPY (¥)
Debt Instrument [Line Items]
Outstanding principal amount	$ 1,826,693,000	$ 1,630,496,000
SBI bonds
Debt Instrument [Line Items]
Outstanding principal amount	26,693,000	30,722,000
VFH \| SBI bonds
Debt Instrument [Line Items]
Face amount						$ 33,100,000	¥ 3,500,000,000
Outstanding principal amount	26,700,000	30,700,000		¥ 3,500,000,000	¥ 3,500,000,000
Gain (loss) on due to change in currency rates	$ 4,000,000	$ 3,200,000	$ (1,700,000)

Borrowings - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 18,000
2024	18,000
2025	18,000
2026	44,693
2027	18,000
Thereafter	1,710,000
Total principal of long-term borrowings	$ 1,826,693	$ 1,630,496

Financial Assets and Liabilities - Fair Value Inputs (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 76,613	$ 81,358
Minimum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	(0.057)	0.025
Minimum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.155	0.144
Minimum \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	(0.00012)	0.00087
Maximum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.050	0.326
Maximum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.155	0.144
Maximum \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00181	0.00211
Weighted Average \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.031	0.106
Weighted Average \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.155	0.144
Weighted Average \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00122	0.00140

Financial Assets and Liabilities - Level 3 financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other, net
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 81,358	$ 66,030
Purchases	0	0
Total Realized and Unrealized Gains / (Losses)	(4,745)	15,328
Net Transfers into (out of) Level 3	0	0
Settlement	0	0
Ending balance	76,613	81,358
Change in Net Unrealized Gains / (Losses) on Investments still held at End of Period	(4,745)	15,328
Equity investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	81,358	66,030
Purchases	0	0
Total Realized and Unrealized Gains / (Losses)	(4,745)	15,328
Net Transfers into (out of) Level 3	0	0
Settlement	0	0
Ending balance	76,613	81,358
Change in Net Unrealized Gains / (Losses) on Investments still held at End of Period	$ (4,745)	$ 15,328

Financial Assets and Liabilities - Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash restricted or segregated under regulations and other	$ 56,662	$ 49,490
Receivables from broker-dealers and clearing organizations	1,115,185	1,026,807
Receivables from customers	80,830	146,476
Other assets	303,916	291,307
Liabilities
Payables to broker-dealers and clearing organizations	273,843	571,526
Payables to customers	46,525	54,999
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and cash equivalents	981,580	1,071,463
Cash restricted or segregated under regulations and other	56,662	49,490
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	0	(24,037)
Receivables from customers	0	0
Other assets	0	0
Total Assets	1,038,242	1,096,916
Liabilities
Short-term borrowings	0	0
Long-term borrowings	0	0
Securities loaned	0	0
Securities sold under agreements to repurchase	0	0
Payables to broker-dealers and clearing organizations	0	235
Payables to customers	0	0
Other liabilities	0	0
Total Liabilities	0	235
Significant Other Observable Inputs (Level 2)
Assets
Cash and cash equivalents	0	0
Cash restricted or segregated under regulations and other	0	0
Securities borrowed	1,187,674	1,349,322
Securities purchased under agreements to resell	336,999	119,453
Receivables from broker-dealers and clearing organizations	1,027,917	1,050,844
Receivables from customers	80,830	146,476
Other assets	30,579	20,266
Total Assets	2,663,999	2,686,361
Liabilities
Short-term borrowings	3,944	63,046
Long-term borrowings	1,783,943	1,628,497
Securities loaned	1,060,432	1,142,048
Securities sold under agreements to repurchase	627,549	514,325
Payables to broker-dealers and clearing organizations	273,843	571,291
Payables to customers	46,525	54,999
Other liabilities	23,776	9,414
Total Liabilities	3,820,012	3,983,620
Significant Unobservable Inputs (Level 3)
Assets
Cash and cash equivalents	0	0
Cash restricted or segregated under regulations and other	0	0
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	0	0
Receivables from customers	0	0
Other assets	0	0
Total Assets	0	0
Liabilities
Short-term borrowings	0	0
Long-term borrowings	0	0
Securities loaned	0	0
Securities sold under agreements to repurchase	0	0
Payables to broker-dealers and clearing organizations	0	0
Payables to customers	0	0
Other liabilities	0	0
Total Liabilities	0	0
Carrying Value
Assets
Cash and cash equivalents	981,580	1,071,463
Cash restricted or segregated under regulations and other	56,662	49,490
Securities borrowed	1,187,674	1,349,322
Securities purchased under agreements to resell	336,999	119,453
Receivables from broker-dealers and clearing organizations	1,027,917	1,026,807
Receivables from customers	80,830	146,476
Other assets	30,579	20,266
Total Assets	3,702,241	3,783,277
Liabilities
Short-term borrowings	3,944	61,510
Long-term borrowings	1,795,952	1,605,132
Securities loaned	1,060,432	1,142,048
Securities sold under agreements to repurchase	627,549	514,325
Payables to broker-dealers and clearing organizations	273,843	571,526
Payables to customers	46,525	54,999
Other liabilities	23,776	9,414
Total Liabilities	3,832,021	3,958,954
Fair Value
Assets
Cash and cash equivalents	981,580	1,071,463
Cash restricted or segregated under regulations and other	56,662	49,490
Securities borrowed	1,187,674	1,349,322
Securities purchased under agreements to resell	336,999	119,453
Receivables from broker-dealers and clearing organizations	1,027,917	1,026,807
Receivables from customers	80,830	146,476
Other assets	30,579	20,266
Total Assets	3,702,241	3,783,277
Liabilities
Short-term borrowings	3,944	63,046
Long-term borrowings	1,783,943	1,628,497
Securities loaned	1,060,432	1,142,048
Securities sold under agreements to repurchase	627,549	514,325
Payables to broker-dealers and clearing organizations	273,843	571,526
Payables to customers	46,525	54,999
Other liabilities	23,776	9,414
Total Liabilities	$ 3,820,012	$ 3,983,855

Financial Assets and Liabilities - Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Securities borrowed
Gross Amounts of Recognized Assets	$ 1,187,674	$ 1,349,322
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	1,187,674	1,349,322
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,148,238)	(1,299,270)
Counterparty Netting/ Cash Collateral	(5,138)	(5,054)
Net Amount	34,298	44,998
Securities purchased under agreements to resell
Gross Amounts of Recognized Assets	336,999	119,453
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	336,999	119,453
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	(336,849)	(119,453)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	150	0
Total
Gross Amounts of Recognized Assets	2,117,694	1,683,576
Amounts Offset in the Consolidated Statements of Financial Condition	(493,237)	(206,125)
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	1,624,457	1,477,451
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,485,087)	(1,418,723)
Counterparty Netting/ Cash Collateral	(9,027)	(10,262)
Net Amount	130,343	48,466
Currency forwards
Trading assets, at fair value:
Gross Amounts of Recognized Assets	500,553	206,258
Amounts Offset in the Consolidated Statements of Financial Condition	(493,237)	(206,125)
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	7,316	133
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	7,316	133
Options
Trading assets, at fair value:
Gross Amounts of Recognized Assets	5,200	8,543
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	5,200	8,543
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	(3,889)	(5,208)
Net Amount	1,311	$ 3,335
Interest rate swap
Trading assets, at fair value:
Gross Amounts of Recognized Assets	87,268
Amounts Offset in the Consolidated Statements of Financial Condition	0
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	87,268
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	0
Counterparty Netting/ Cash Collateral	0
Net Amount	$ 87,268

Financial Assets and Liabilities - Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Securities loaned
Gross Amounts of Recognized Liabilities	$ 1,060,432	$ 1,142,048
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,060,432	1,142,048
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instruments	(1,027,062)	(1,107,688)
Counterparty Netting/ Cash Collateral	(9,100)	(17,272)
Net Amount	24,270	17,088
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities	627,549	514,325
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	627,549	514,325
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instruments	(627,388)	(514,325)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	161	0
Total
Gross Amounts of Recognized Liabilities	2,189,669	1,890,975
Amounts Offset in the Consolidated Statements of Financial Condition	(497,799)	(208,356)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,691,870	1,682,619
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instruments	(1,654,450)	(1,622,013)
Counterparty Netting/ Cash Collateral	(12,989)	(22,480)
Net Amount	24,431	38,126
Interest rate swap
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities		21,037
Amounts Offset in the Consolidated Statements of Financial Condition		0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition		21,037
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instruments		0
Counterparty Netting/ Cash Collateral		0
Net Amount		21,037
Currency forwards
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	497,799	208,357
Amounts Offset in the Consolidated Statements of Financial Condition	(497,799)	(208,356)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	0	1
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	1
Options
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	3,889	5,208
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	3,889	5,208
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	(3,889)	(5,208)
Net Amount	$ 0	$ 0

Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Equities futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	$ (575)	$ 1,619
Notional	663,110	406,420
Equities futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	1,819	791
Notional	3,238,651	1,362,684
Commodity futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(31,007)	(24,405)
Notional	7,597,057	5,285,216
Commodity futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	597	(49)
Notional	39,046	27,224
Currency futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(24,023)	(8,205)
Notional	7,460,531	4,760,173
Currency futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	8	1,671
Notional	6,386	725,162
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(360)	147
Notional	30,292	8,489
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(264)	(161)
Notional	123,043	120,212
Options
Derivatives Assets
Fair Value	5,200	8,543
Derivatives Liabilities
Fair Value	3,889	5,208
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives Assets
Fair Value	5,200	8,543
Notional	691,737	1,063,686
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	3,889	5,208
Notional	742,531	1,066,801
Currency forwards
Derivatives Assets
Fair Value	500,553	206,258
Derivatives Liabilities
Fair Value	497,799	208,357
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives Assets
Fair Value	500,553	206,258
Notional	30,286,330	21,445,374
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	497,799	208,357
Notional	30,284,952	21,446,422
Interest rate swap
Derivatives Assets
Fair Value	87,268
Derivatives Liabilities
Fair Value		21,037
Interest rate swap \| Derivative instruments designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	0	21,037
Notional	0	1,525,000
Interest rate swap \| Derivative instruments designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	87,268	0
Notional	$ 1,525,000	$ 0

Derivative Instruments - Gain (Loss) From Derivative Instruments (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2019 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2020 instrument
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net			$ 298,210	$ 378,516	$ 326,444
Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income			106,329	44,541	(69,462)
Futures \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net			257,258	283,482	(6,217)
Currency forwards \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net			12,492	1,077	249,856
Options \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net			30,339	95,828	84,695
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract term	5 years	5 years
Derivative, notional amount	$ 525,000	$ 1,000,000
Number of interest rate swaps \| instrument						2
Interest rate swap \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net			(1,879)	(1,871)	(1,890)
Interest rate swap \| Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income			$ 106,329	$ 44,541	$ (69,462)

Variable Interest Entities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 venture
Variable Interest Entity [Line Items]
Number of joint ventures considered as VIEs	5
JV building microwave communication networks in US, Europe and Asia
Variable Interest Entity [Line Items]
Number of joint ventures	2
JV building microwave communication networks in US and Asia
Variable Interest Entity [Line Items]
Ownership of equity of JV held be each investor (as a percent)	11.10%
JV building microwave communication networks in US and Europe
Variable Interest Entity [Line Items]
Ownership interest	50.00%
JV offering derivatives trading technology and execution services
Variable Interest Entity [Line Items]
Ownership interest	9.80%
JV developing a member-owned equities exchange with the goal of increasing competition
Variable Interest Entity [Line Items]
Ownership interest	14.90%
JV developing and operating cryptocurrency trading platform
Variable Interest Entity [Line Items]
Ownership interest	9.30%
JV Growth and expansion of multi-asset request-for-quote communication platform
Variable Interest Entity [Line Items]
Ownership interest	51.00%

Variable Interest Entities - Nonconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Asset	$ 10,583,241	$ 10,319,971
Liability	8,931,814	8,456,353
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Asset	43,589	38,319
Liability	0	0
Maximum Exposure to Loss	43,589	38,319
VIEs' assets	$ 239,682	$ 136,378

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

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+ Details

Revenues from Contracts with Customers (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 529,845,000	$ 614,489,000	$ 600,510,000
Total revenue	2,364,812,000	2,811,485,000	3,239,331,000
Revenue related to performance obligation	56,100,000	51,500,000
Impairment losses on receivables	0
Deferred revenue related to contracts with customers	9,600,000	9,200,000
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	2,295,054,000	2,737,230,000	3,165,034,000
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	69,758,000	74,255,000	74,297,000
Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	398,270,000	474,710,000	458,151,000
Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	91,667,000	98,486,000	101,211,000
Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	39,908,000	41,293,000	41,148,000
Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	1,834,967,000	2,196,996,000	2,638,821,000
Operating Segments \| Market Making
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	42,180,000	40,955,000	52,453,000
Total revenue	1,812,839,000	2,203,046,000	2,593,342,000
Operating Segments \| Market Making \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	1,812,839,000	2,203,046,000	2,593,342,000
Operating Segments \| Market Making \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0
Operating Segments \| Market Making \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	42,180,000	40,955,000	52,453,000
Operating Segments \| Market Making \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0
Operating Segments \| Market Making \| Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0
Operating Segments \| Market Making \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	1,770,659,000	2,162,091,000	2,540,889,000
Operating Segments \| Execution Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	487,665,000	573,534,000	548,057,000
Total revenue	514,241,000	600,215,000	650,143,000
Operating Segments \| Execution Services \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	444,483,000	525,960,000	575,846,000
Operating Segments \| Execution Services \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	69,758,000	74,255,000	74,297,000
Operating Segments \| Execution Services \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	356,090,000	433,755,000	405,698,000
Operating Segments \| Execution Services \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	91,667,000	98,486,000	101,211,000
Operating Segments \| Execution Services \| Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	39,908,000	41,293,000	41,148,000
Operating Segments \| Execution Services \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	26,576,000	26,681,000	102,086,000
Corporate
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0
Total revenue	37,732,000	8,224,000	(4,154,000)
Corporate \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	37,732,000	8,224,000	(4,154,000)
Corporate \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0
Corporate \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0
Corporate \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0
Corporate \| Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0
Corporate \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	$ 37,732,000	$ 8,224,000	$ (4,154,000)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Tax Credit Carryforward [Line Items]
Current income taxes receivable	$ 54.1	$ 37.2
Current taxes payable	13.4	16.8
Deferred tax asset, state and local operating loss carryforward	0.4
Unrecognized tax benefits that would impact effective tax rate	6.6
ITG
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	64.6	67.2
Deferred tax asset, non-U.S. operating loss carryforward	12.4	13.4
Valuation allowance on deferred taxes	12.4	13.3
KCG
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	239.3	239.3
Deferred tax asset, non-U.S. operating loss carryforward	$ 44.9	$ 44.9

Income Taxes - Income Before Tax and Provision for Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
U.S. operations	$ 426,902	$ 804,358	$ 1,214,282
Non-U.S. operations	129,896	192,546	168,555
Income before income taxes and noncontrolling interest	556,798	996,904	1,382,837
Current provision (benefit)
Federal	40,887	80,203	148,034
State and Local	17,216	24,282	52,040
Foreign	26,974	29,790	37,474
Deferred provision (benefit)
Federal	911	30,519	26,255
State and Local	131	4,984	(2,580)
Foreign	2,347	(108)	701
Provision for income taxes	$ 88,466	$ 169,670	$ 261,924

Income Taxes - Reconciliation of Tax Rate (Details)	12 Months Ended
Income Taxes - Reconciliation of Tax Rate (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax provision at the U.S. federal statutory rate	21.00%	21.00%	21.00%
Less: rate attributable to noncontrolling interest	(8.30%)	(7.70%)	(7.50%)
State and local taxes, net of federal benefit	2.50%	3.00%	3.40%
Non-deductible expenses, net	0.30%	0.10%	0.10%
Excess tax benefit(deficiency) from share based compensation	(0.30%)	(0.20%)	0.00%
Foreign taxes	5.10%	3.00%	2.80%
Foreign tax credits	(2.80%)	(1.80%)	(0.90%)
Other, net	(1.60%)	(0.40%)	0.00%
Effective tax rate	15.90%	17.00%	18.90%

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets
Tax Receivable Agreement	$ 162,098	$ 180,376
Share-based compensation	18,043	15,934
Intangibles	0	2,061
Fixed assets and other	10,260	12,989
Tax credits and net operating loss carryforwards	57,797	58,801
Less: Valuation allowance on net operating loss carryforwards and tax credits	(57,389)	(58,602)
Total deferred income tax assets	190,809	211,559
Deferred income tax liabilities
Intangibles	44,008	53,106
Fixed assets	343	0
Total deferred income tax liabilities	$ 44,351	$ 53,106

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 6,297	$ 8,577	$ 8,778
Decreases based on tax positions related to prior period	0	(2,300)	(311)
Increase based on tax positions related to current period	317	20	110
Ending balance	$ 6,614	$ 6,297	$ 8,577

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Termination of office leases	$ 6,982	$ 28,138	$ 9,608
Impairment of ROU Asset	$ 5,270	9,606	$ 6,003
Write off of leasehold and fixed assets		17,600
Dilapidation charges		$ 1,000
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Sublease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	10 years
Sublease, term of contract	9 years

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating leases
Operating lease right-of-use assets	$ 187,442	$ 225,328
Operating lease liabilities	239,202	278,745
Finance leases
Property and equipment, at cost	27,908	18,965
Accumulated depreciation	$ (12,736)	$ (12,465)
Finance lease, liability, noncurrent, statement of financial position [extensible list]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Finance lease liabilities	$ 15,323	$ 6,612

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Weighted average remaining lease term
Operating leases	6 years 2 months 15 days	6 years 8 months 4 days
Finance leases	2 years 10 months 2 days	1 year 7 months 13 days
Weighted average discount rate
Operating leases	5.43%	5.47%
Finance leases	3.92%	2.38%

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost:
Fixed	$ 72,749	$ 74,699	$ 73,624
Variable	6,079	6,247	8,532
Impairment of ROU Asset	5,270	9,606	6,003
Total Operating lease cost	84,098	90,552	88,159
Sublease income	19,679	17,758	16,437
Finance lease cost:
Amortization of ROU Asset	7,685	6,587	11,536
Interest on lease liabilities	366	230	432
Total Finance lease cost	$ 8,051	$ 6,817	$ 11,968

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2023	$ 71,193
2024	43,345
2025	35,232
2026	32,174
2027	25,494
2028 and thereafter	76,967
Total lease payments	284,405
Less imputed interest	(45,203)
Total lease liability	239,202	$ 278,745
Finance Leases
2023	7,050
2024	5,440
2025	1,854
2026	1,076
2027	986
2028 and thereafter	0
Total lease payments	16,406
Less imputed interest	(1,083)
Total lease liability	$ 15,323

Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 981,580	$ 1,071,463
Cash restricted or segregated under regulations and other	56,662	49,490
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 1,038,242	$ 1,120,953	$ 1,007,005	$ 773,280

Capital Structure - Additional Information (Details)	12 Months Ended
Capital Structure - Additional Information (Details)	Dec. 31, 2022 class vote shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Number of classes of common stock \| class	4
Non-voting common interest units outstanding (in shares) \| shares	4,462,840	4,791,839
Number of non-voting common interest units forfeited or repurchased (in shares) \| shares	328,999	467,874	2,660,239
Virtu Financial
Class of Stock [Line Items]
Ownership interest	59.70%
Class A common stock and Class C common stock
Class of Stock [Line Items]
Number of votes \| vote	1
Class B common stock and Class D common stock
Class of Stock [Line Items]
Number of votes \| vote	10
Class C common stock and class D common stock \| Founder \| Virtu Financial
Class of Stock [Line Items]
Ownership interest	85.20%

Capital Structure - Amended and Restated 2015 Management Incentive Plan (Details) - 2015 Management Incentive Plan - Class A common stock - shares	Nov. 13, 2020	Jun. 02, 2022
Class of Stock [Line Items]
Number of shares of stock authorized (in shares)		26,000,000
Service period	5 years

Capital Structure - Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan (Details) - Assumed Awards - Class A common stock	Mar. 01, 2019 shares
Class of Stock [Line Items]
Number of shares of stock authorized (in shares)	2,497,028
Number of shares remaining to be issued (in shares)	1,230,406

Capital Structure - Share Repurchase Program (Details) - USD ($) $ in Thousands	12 Months Ended			23 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022	Nov. 03, 2021	May 04, 2021	Feb. 11, 2021	Nov. 06, 2020
Class of Stock [Line Items]
Stock repurchased during period, value	$ 8,256	$ 3,455
Value of shares repurchased	480,544	$ 427,453	$ 49,864
Class A common stock
Class of Stock [Line Items]
Share repurchase authorized amount					$ 1,220,000			$ 100,000
Additional authorized amount					$ 750,000	$ 300,000	$ 70,000
Stock repurchase program, remaining authorized repurchase amount	$ 320,400
Stock repurchased during period, value				$ 32,300
Value of shares repurchased				$ 899,600

Capital Structure - Employee Exchanges (Details) - VFH	12 Months Ended
Capital Structure - Employee Exchanges (Details) - VFH	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Common stock exchange ratio	1	1	1
Class A common stock
Class of Stock [Line Items]
Issuance of common stock in connection with employee exchanges (in shares)	92,930	747,849	2,660,239

Capital Structure - Warrant Issuance (Details) - Class A Common Stock Warrants - $ / shares	Mar. 20, 2020	Dec. 17, 2021
Class of Warrant or Right [Line Items]
Number of shares available for purchase (in shares)	3,000,000	3,000,000
Exercise price of warrants (in dollars per share)	$ 22.98
Warrant, number of trading days	10 days

Capital Structure - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,863,618	$ 1,855,038	$ 1,228,936
Balance at end of period	1,651,427	1,863,618	1,855,038
AOCI reclassified into earnings over next 12 months	13,600
Net change in unrealized cash flow hedges gains (losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(10,480)	(33,444)	0
Amounts reclassified from AOCI to income	55,955	8,374	(42,636)
Amounts recorded in AOCI	(550)	14,590	9,192
Balance at end of period	44,925	(10,480)	(33,444)
Foreign exchange translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	284	7,957	(647)
Amounts reclassified from AOCI to income	(13,605)	(7,673)	8,604
Amounts recorded in AOCI	0	0	0
Balance at end of period	(13,321)	284	7,957
AOCI attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(10,196)	(25,487)	(647)
Amounts reclassified from AOCI to income	42,350	701	(34,032)
Amounts recorded in AOCI	(550)	14,590	9,192
Balance at end of period	$ 31,604	$ (10,196)	$ (25,487)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized under DCP	$ 10.1	$ 5.0
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	580,710	633,938	967,526
Increase (decrease) in accrued employee compensation expense	$ 31.9	$ 29.4	$ 25.2
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized	36.2	26.4	$ 37.4
Unrecognized share-based compensation expense	$ 54.6	$ 41.9
Weighted average period for compensation expense expected to be recognized	10 months 24 days	10 months 24 days
2015 Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	0
2015 Management Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Expiration period	10 years
2015 Management Incentive Plan \| RSUs and RSAs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

Share-based Compensation - Summary of Activity in Options (Details) - 2015 Management Incentive Plan - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Options
Outstanding at beginning of period (in shares)	1,795,655	2,324,152	3,233,779
Granted (in shares)	0	0	0
Exercised (in shares)	(268,879)	(528,497)	(909,627)
Forfeited or expired (in shares)	(5,000)	0	0
Outstanding at end of period (in shares)	1,521,776	1,795,655	2,324,152	3,233,779
Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 19.00	$ 19.00	$ 18.74
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	19.00	19.00	18.07
Forfeited or expired (in dollars per share)	0	0	0
Outstanding at end of period (in dollars per share)	$ 19.00	$ 19.00	$ 19.00	$ 18.74
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life	2 years 2 months 26 days	3 years 2 months 26 days	4 years 2 months 26 days	5 years 2 months 26 days
Options exercisable, number of options (in shares)	1,521,776	1,795,655	2,324,152	3,248,779
Options granted, number of options (in shares)	0	0	0
Options exercised, number of options exercised (in shares)	(268,879)	(528,497)	(909,627)
Options exercisable, number of options forfeited or expired (in shares)	(5,000)	0	0
Options exercisable, weighted average exercise price (in dollars per share)	$ 19.00	$ 19.00	$ 19.00	$ 18.74

Share-based Compensation - Summary of Activity in RSUs and RSAs (Details) - 2015 Management Incentive Plan - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RSUs and RSAs
Number of RSUs and RSAs
Outstanding at beginning of period (in shares)	3,224,447	3,393,084	2,993,489
Granted (in shares)	3,046,623	2,466,311	3,318,169
Forfeited (in shares)	(419,207)	(200,697)	(430,961)
Vested (in shares)	(1,897,030)	(2,434,251)	(2,487,613)
Outstanding at end of period (in shares)	3,954,833	3,224,447	3,393,084
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)	$ 24.30	$ 21.35	$ 24.10
Granted (in dollars per share)	29.83	27.07	17.49
Forfeited (in dollars per share)	26.01	22.95	17.45
Vested (in dollars per share)	24.80	23.11	20.17
Outstanding at end of period (in dollars per share)	$ 28.13	$ 24.30	$ 21.35
RSUs and RSAs, performance-based
Number of RSUs and RSAs
Granted (in shares)	75,000

Property, Equipment and Capitalized Software - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	$ 545,957	$ 561,750
Less: Accumulated depreciation and amortization	(460,763)	(472,155)
Total property, equipment and capitalized software, net	85,194	89,595
Capitalized software costs
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	242,769	210,647
Leasehold improvements
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	18,370	17,773
Furniture and equipment
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	$ 284,818	$ 333,330

Property, Equipment and Capitalized Software - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 26.1	$ 28.4	$ 37.4
Capitalized software development costs	35.5	35.8	37.0
Amortization expense on capitalized software development costs	$ 40.2	$ 39.4	$ 29.3

Regulatory Requirement - Narrative (Details) - USD ($)	12 Months Ended
Regulatory Requirement - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Virtu Financial Capital Markets Llc
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Minimum capital required to be maintained in connection with the operation of the company's DMM business	$ 1,000,000
Required amount under exchange rules	1,000,000
Required amount under exchange rules for every 0.1% NYSE transaction dollar volume	$ 75,000
Percentage of NYSE transaction dollar volume	0.10%
VAL
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Cash in special reserve bank accounts for the benefit of customers	$ 50,200,000	$ 43,000,000.0
Cash in reserve bank accounts for the benefit of proprietary accounts of brokers	$ 5,800,000	$ 5,800,000

Regulatory Requirement - Regulatory Capital and Capital Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Virtu Americas LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	$ 554,550	$ 536,647
Regulatory Capital Requirement	1,000	1,194
Excess Regulatory Capital	553,550	535,453
Virtu ITG Canada Corp
Public Utilities, General Disclosures [Line Items]
Deposit funds for trade	400	400
Virtu ITG Canada Corp \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	14,248	15,482
Regulatory Capital Requirement	184	198
Excess Regulatory Capital	14,064	15,284
Virtu Financial Canada ULC \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	2,663	200
Regulatory Capital Requirement	184	198
Excess Regulatory Capital	2,479	2
Virtu ITG Europe Limited
Public Utilities, General Disclosures [Line Items]
Deposit funds for trade	100	100
Virtu ITG Europe Limited \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	78,834	79,087
Regulatory Capital Requirement	28,502	39,331
Excess Regulatory Capital	50,332	39,756
Virtu Financial Ireland Ltd \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	89,853	107,293
Regulatory Capital Requirement	39,768	47,872
Excess Regulatory Capital	50,085	59,421
Virtu ITG UK Limited \| United Kingdom
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,405	1,142
Regulatory Capital Requirement	906	830
Excess Regulatory Capital	499	312
Virtu ITG Australia Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	30,027	32,186
Regulatory Capital Requirement	3,115	7,164
Excess Regulatory Capital	26,912	25,022
Virtu ITG Hong Kong Limited
Public Utilities, General Disclosures [Line Items]
Capital settlement	30	30
Virtu ITG Hong Kong Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,683	4,514
Regulatory Capital Requirement	497	529
Excess Regulatory Capital	1,186	3,985
Virtu ITG Singapore Pte Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,147	897
Regulatory Capital Requirement	91	74
Excess Regulatory Capital	1,056	$ 823
Virtu Financial Singapore Pte. Ltd. \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	121,166
Regulatory Capital Requirement	46,025
Excess Regulatory Capital	$ 75,141

Geographic Information and Business Segments - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers [Line Items]
Total revenue	$ 2,364,812	$ 2,811,485	$ 3,239,331
United States
Revenues from External Customers [Line Items]
Total revenue	1,914,223	2,260,750	2,569,147
Ireland
Revenues from External Customers [Line Items]
Total revenue	222,178	305,509	323,519
Singapore
Revenues from External Customers [Line Items]
Total revenue	134,786	135,779	176,665
Canada
Revenues from External Customers [Line Items]
Total revenue	60,551	61,378	116,521
Australia
Revenues from External Customers [Line Items]
Total revenue	29,489	40,613	44,552
Others
Revenues from External Customers [Line Items]
Total revenue	$ 3,585	$ 7,456	$ 8,927

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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+ Details

Geographic Information and Business Segments - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of non-operating segments	1

Geographic Information and Business Segments - Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total revenue	$ 2,364,812	$ 2,811,485	$ 3,239,331
Income before income taxes and noncontrolling interest	556,798	996,904	1,382,837
Operating Segments \| Market Making
Segment Reporting Information [Line Items]
Total revenue	1,812,839	2,203,046	2,593,342
Income before income taxes and noncontrolling interest	480,559	925,968	1,241,313
Operating Segments \| Execution Services
Segment Reporting Information [Line Items]
Total revenue	514,241	600,215	650,143
Income before income taxes and noncontrolling interest	41,342	70,019	174,617
Segment Reconciling Items \| Corporate
Segment Reporting Information [Line Items]
Total revenue	37,732	8,224	(4,154)
Income before income taxes and noncontrolling interest	$ 34,897	$ 917	$ (33,093)

Related Party Transactions (Details) $ in Thousands		12 Months Ended
Related Party Transactions (Details) $ in Thousands	Aug. 12, 2021 USD ($) shares	Dec. 31, 2022 USD ($) venture	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 17, 2021 shares	Mar. 20, 2020 shares
Related Party Transaction [Line Items]
Due from related parties		$ 500	$ 2,200
Proceeds from regulator rebates		16,000	3,600	$ 600
Value of shares repurchased		480,544	427,453	49,864
Class A Common Stock Warrants
Related Party Transaction [Line Items]
Number of shares available for purchase (in shares) \| shares					3,000,000	3,000,000
Ordinal Holdings I L P
Related Party Transaction [Line Items]
Number of shares repurchased (in shares) \| shares	1,500,000
Value of shares repurchased	$ 39,200
Microwave communication network JVs
Related Party Transaction [Line Items]
Payments to related party		$ 27,700	25,300	18,700
Number of microwave communication network JVs the company makes payments to \| venture		2
American Continental Group
Related Party Transaction [Line Items]
Related party costs		$ 100	100	100
SBI
Related Party Transaction [Line Items]
Payments to related party		$ 13,800	$ 12,500	$ 16,700

Parent Company - Statements of Financial Condition (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash	$ 981,580	$ 1,071,463
Deferred tax assets	146,801	158,518
Other assets	303,916	291,307
Total assets	10,583,241	10,319,971
Liabilities
Accounts payable, accrued expenses and other liabilities	448,292	457,942
Deferred tax liabilities	343	65
Tax receivable agreement obligations	238,758	259,282
Total liabilities	8,931,814	8,456,353
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 34,522,290 and 18,326,863 shares at December 31, 2022 and December 31, 2021, respectively	(954,637)	(494,075)
Additional paid-in capital	1,292,613	1,223,119
Retained earnings (accumulated deficit)	972,317	830,538
Accumulated other comprehensive income (loss)	31,604	(10,196)
Total Virtu Financial Inc. stockholders' equity	1,341,899	1,549,388
Total liabilities and stockholders' equity	$ 10,583,241	$ 10,319,971
Treasury stock, shares (in shares)	34,522,290	18,326,863
Class A common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1	$ 1
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	133,071,754	131,497,645
Common stock, shares outstanding (in shares)	98,549,464	113,170,782
Class B common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Class C common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	9,030,066	9,359,065
Common stock, shares outstanding (in shares)	9,030,066	9,359,065
Class D common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1	$ 1
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	60,091,740	60,091,740
Common stock, shares outstanding (in shares)	60,091,740	60,091,740
VFH
Assets
Cash	$ 6,264	$ 129,229
Deferred tax assets	139,139	149,742
Investment in subsidiary	3,119,418	3,221,605
Other assets	52,153	40,183
Total assets	3,316,974	3,540,759
Liabilities
Payable to affiliate	1,733,429	1,729,320
Accounts payable, accrued expenses and other liabilities	888	50
Deferred tax liabilities	2,000	2,719
Tax receivable agreement obligations	238,758	259,282
Total liabilities	1,975,075	1,991,371
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 34,522,290 and 18,326,863 shares at December 31, 2022 and December 31, 2021, respectively	(954,637)	(494,075)
Additional paid-in capital	1,292,613	1,223,119
Retained earnings (accumulated deficit)	972,317	830,538
Accumulated other comprehensive income (loss)	31,604	(10,196)
Total Virtu Financial Inc. stockholders' equity	1,341,899	1,549,388
Total liabilities and stockholders' equity	$ 3,316,974	$ 3,540,759
Treasury stock, shares (in shares)	34,522,290	18,326,863
VFH \| Class A common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1	$ 1
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	133,071,754	131,497,645
Common stock, shares outstanding (in shares)	98,549,464	113,170,782
VFH \| Class B common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
VFH \| Class C common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	9,030,066	9,359,065
Common stock, shares outstanding (in shares)	9,030,066	9,359,065
VFH \| Class D common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1	$ 1
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	60,091,740	60,091,740
Common stock, shares outstanding (in shares)	60,091,740	60,091,740

Parent Company - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenue	$ 2,364,812	$ 2,811,485	$ 3,239,331
Operating Expenses:
Operations and administrative	86,069	88,149	94,558
Net income	468,332	827,234	1,120,913
Net income available for common stockholders	265,026	476,878	649,197
Other comprehensive income (loss):
Foreign exchange translation adjustment, net of taxes	(24,254)	(12,470)	15,318
Net change in unrealized cash flow hedges gains (losses)	90,865	37,794	(59,019)
Comprehensive income attributable to common stockholders	306,826	492,169	624,357
VFH
Revenues:
Total revenue	0	0	0
Operating Expenses:
Operations and administrative	36	734	171
Income (loss) before equity in income of subsidiary	(36)	(734)	(171)
Equity in income (loss) of subsidiary, net of tax	468,368	827,968	1,121,084
Net income	468,332	827,234	1,120,913
Net income available for common stockholders	468,332	827,234	1,120,913
Other comprehensive income (loss):
Foreign exchange translation adjustment, net of taxes	(13,604)	(7,672)	8,604
Net change in unrealized cash flow hedges gains (losses)	55,404	22,964	(33,444)
Comprehensive income attributable to common stockholders	510,132	842,526	1,096,073
VFH \| Other Income
Revenues:
Total revenue	$ 0	$ 0	$ 0

Parent Company - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net Income	$ 468,332	$ 827,234	$ 1,120,913
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	(3,468)	34,617	21,601
Net cash provided by operating activities	706,803	1,171,626	1,060,884
Cash flows from investing activities
Net cash used in investing activities	(29,530)	(87,349)	(2,559)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(375,284)	(548,017)	(484,415)
Repurchase of Class C common stock	(8,256)	(3,454)	0
Tax receivable agreement obligations	(21,343)	(16,505)	(13,286)
Net cash used in financing activities	(735,745)	(957,859)	(839,918)
Net decrease in cash and cash equivalents	(82,711)	113,948	233,725
Cash, cash equivalents, and restricted or segregated cash, beginning of period	1,120,953	1,007,005	773,280
Cash, cash equivalents, and restricted or segregated cash, end of period	1,038,242	1,120,953	1,007,005
Supplementary disclosure of cash flow information
Taxes paid	103,965	134,878	248,532
Non-cash financing activities
Tax receivable agreement described in Note 6	(1,044)	(311)	1,388
VFH
Cash flows from operating activities
Net Income	468,332	827,234	1,120,913
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax	239,807	87,055	(543,992)
Tax receivable agreement obligation reduction	819	4,622	15,169
Deferred taxes	9,884	36,526	14,243
Changes in operating assets and liabilities:	(11,132)	42,086	(48,566)
Net cash provided by operating activities	707,710	997,523	557,767
Cash flows from investing activities
Investments in subsidiaries, equity basis	71,597	55,654	56,629
Net cash used in investing activities	71,597	55,654	56,629
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(375,284)	(548,017)	(484,415)
Repurchase of Class C common stock	(480,544)	(427,454)	(49,864)
Tax receivable agreement obligations	(21,343)	(16,505)	(13,286)
Issuance of common stock in connection with secondary offering, net of offering costs	0	0	0
Net cash used in financing activities	(885,427)	(995,430)	(547,565)
Net decrease in cash and cash equivalents	(106,120)	57,747	66,831
Cash, cash equivalents, and restricted or segregated cash, beginning of period	129,228	71,481	4,650
Cash, cash equivalents, and restricted or segregated cash, end of period	23,108	129,228	71,481
Supplementary disclosure of cash flow information
Taxes paid	64,775	78,844	203,031
Non-cash financing activities
Tax receivable agreement described in Note 6	1,044	311	(1,388)
VFH \| Class C Common Stock
Cash flows from financing activities
Repurchase of Class C common stock	$ (8,256)	$ (3,454)	$ 0

Subsequent Events (Details) - $ / shares		12 Months Ended
Subsequent Events (Details) - $ / shares	Jan. 26, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.24	$ 0.24	$ 0.24
Class A common stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24

Financial Assets and Liabilities - Gross Obligations For Securities Lending Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 627,549	$ 514,325
Remaining contractual maturity for securities loaned	1,060,432	1,142,048
Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	227,549	114,325
Remaining contractual maturity for securities loaned	1,060,432	1,142,048
Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	250,000	140,000
Remaining contractual maturity for securities loaned	0	0
30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	100,000	50,000
Remaining contractual maturity for securities loaned	0	0
61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	50,000	210,000
Remaining contractual maturity for securities loaned	0	0
Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
Remaining contractual maturity for securities loaned	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	400,000	400,000
Remaining contractual maturity for securities loaned	1,060,432	1,142,048
Equity securities \| Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
Remaining contractual maturity for securities loaned	1,060,432	1,142,048
Equity securities \| Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	250,000	140,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| 30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	100,000	50,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| 61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	50,000	210,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
Remaining contractual maturity for securities loaned	0	0
U.S. and Non-U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	227,549	114,325
U.S. and Non-U.S. government obligations \| Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	227,549	114,325
U.S. and Non-U.S. government obligations \| Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
U.S. and Non-U.S. government obligations \| 30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
U.S. and Non-U.S. government obligations \| 61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
U.S. and Non-U.S. government obligations \| Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase		$ 0