0001592386-23-000028 | 10-Q | XBRL Viewer

Regulatory Requirement

3 Months Ended

Mar. 31, 2023

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

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 March 31, 2023. 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 March 31, 2023 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	567,382	$	1,702	$	565,680

As of March 31, 2023, VAL had $34.0 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 $5.9 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 Condensed Consolidated Statements of Financial Condition.

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.

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 March 31, 2023 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp (1)	$	11,994	$	185	$	11,809

Virtu Financial Canada ULC (1)	2,670		185		2,485
Ireland
Virtu Europe Trading Limited (1)	118,361		28,859		89,502
Virtu Financial Ireland Limited (1)	90,779		38,032		52,747
United Kingdom
Virtu ITG UK Limited (1)	1,434		925		509
Asia Pacific
Virtu ITG Australia Limited	25,796		8,063		17,733
Virtu ITG Hong Kong Limited	1,654		476		1,178
Virtu ITG Singapore Pte Limited	654		79		575
Virtu Financial Singapore Pte. Ltd.	128,570		56,686		71,884
(1) Preliminary

As of March 31, 2023, Virtu Europe Trading Limited had $0.1 million 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, 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 Europe Trading Limited	78,834		28,502		50,332
Virtu Financial Ireland Limited	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

As of December 31, 2022, Virtu Europe Trading Limited and Virtu 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.

Borrowings - Short-term Borrowings, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Deferred Debt Issuance Cost	$ (25,580)	$ (26,860)
Short-term bank loans
Short-term Debt [Line Items]
Borrowing Outstanding		3,944
Deferred Debt Issuance Cost		0
Short-term Borrowings, net		3,944
Loans Payable
Short-term Debt [Line Items]
Borrowing Outstanding	125,000	3,944
Deferred Debt Issuance Cost	(3,762)	0
Short-term Borrowings, net	121,238	3,944
Broker-dealer credit facilities
Short-term Debt [Line Items]
Borrowing Outstanding	125,000
Deferred Debt Issuance Cost	(3,762)	$ 0
Short-term Borrowings, net	$ 121,238

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating leases
Operating lease right-of-use assets	$ 186,629	$ 187,442
Operating lease liabilities	237,254	239,202
Finance leases
Property and equipment, at cost	32,289	27,908
Accumulated depreciation	$ (10,557)	$ (12,736)
Finance lease, liability, noncurrent, statement of financial position [extensible list]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Finance lease liabilities	$ 21,948	$ 15,323

Commitments, Contingencies and Guarantees	3 Months Ended
Commitments, Contingencies and Guarantees	Mar. 31, 2023
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 and has engaged in settlement discussions in respect of the matter. In the absence of a settlement, the Company currently believes it may receive a Wells Notice from the SEC. The proposed action would be expected to allege violations of federal securities laws with respect to the Company’s information barriers policies and procedures for a specified time period in and around January 2018 to April 2019 and related statements made by the Company during such period. The Company believes it would have meritorious defenses in the event of such an action and would plan to assert them. 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); Opioid Master Disbursement Trust II v. Argos Capital Appreciation Master Fund LP et al No. 20-12522. The complaint alleges that Mallinckrodt PLC engaged in a 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, in 2022 the SEC proposed several rule changes focused on equity market structure reform. 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 the 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. As indicated above, 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.

Share-based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

Pursuant to the Amended and Restated 2015 Management Incentive Plan as described in Note 17 "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 three months ended March 31, 2023 and 2022:


	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, 2021	1,795,655	$	19.00	3.24	1,795,655	$	19.00
Granted	—	—		—	—	—
Exercised	(246,879)	19.00		—	(246,879)	19.00
Forfeited or expired	(5,000)	—		—	(5,000)	—
At March 31, 2022	1,543,776	$	19.00	2.99	1,543,776	$	19.00

At December 31, 2022	1,521,776	$	19.00	2.24	1,521,776	$	19.00
Granted	—	—		—	—	—
Exercised	—	—		—	—	—
Forfeited or expired	—	—		—	—	—
At March 31, 2023	1,521,776	$	19.00	1.99	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 17 "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 three months ended March 31, 2023 and 2022, respectively, there were 868,315, and 580,710 shares of immediately vested Class A Common Stock granted as part of year-end compensation. In addition, the Company accrued compensation expense of $5.9 million, and $6.0 million for the three months ended March 31, 2023 and 2022, 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 Condensed Consolidated Statements of Comprehensive Income and Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition.

The following table summarizes activity related to RSUs (including the Assumed Awards) and RSAs for the three months ended March 31, 2023, and 2022:


	Number of RSUs and RSAs	Weighted Average Fair Value




At December 31, 2021	3,224,447	$	24.30
Granted	2,484,363	29.92
Forfeited	(220,849)	24.92
Vested	(1,669,030)	25.07
At March 31, 2022	3,818,931	$	27.60

At December 31, 2022	3,954,833	$	28.13
Granted (1)	3,440,682	19.41
Forfeited	(71,475)	30.58
Vested	(2,393,550)	21.60
At March 31, 2023	4,930,490	$	25.18
(1) Excluded in the number of RSUs and RSAs are 37,500 participating RSAs where the grant date has not been achieved because the performance conditions have not been met.

The Company recognized $10.1 million, and $8.6 million for the three months ended March 31, 2023 and 2022, respectively, of compensation expense in relation to RSUs. As of March 31, 2023 and December 31, 2022, total unrecognized share-based compensation expense related to unvested RSUs was $87.8 million and $54.6 million, respectively, and this amount is to be recognized over a weighted average period of 1.5 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.

Revenues from Contracts with Customers

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

For more information on revenue recognition and the nature of services provided, see Note 2 "Summary of Significant Accounting Policies" and Note 13 "Revenues from Contracts with Customers" to the Consolidated Financial Statements of the Company's 2022 Annual Report on Form 10-K.

Disaggregation of Revenues

The following tables present the Company’s revenue from contracts with customers disaggregated by service, and timing of revenue recognition, reconciled to the Company’s segments, for the three months ended March 31, 2023, and 2022:



	Three Months Ended March 31, 2023
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	9,701	$	77,257	$	—	$	86,958

Workflow technology	—		24,957		—		24,957
Analytics	—		9,529		—		9,529
Total revenue from contracts with customers	9,701		111,743		—		121,444

Other sources of revenue	489,220		6,735		2,981		498,936

Total revenues	$	498,921	$	118,478	$	2,981	$	620,380

Timing of revenue recognition:
Services transferred at a point in time	$	498,921	$	100,480	$	2,981	$	602,382
Services transferred over time	—		17,998		—		17,998
Total revenues	$	498,921	$	118,478	$	2,981	$	620,380


	Three Months Ended March 31, 2022
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	9,048	$	108,668	$	—	$	117,716

Workflow technology	—		26,445		—		26,445
Analytics	—		10,494				10,494
Total revenue from contracts with customers	9,048		145,607		—		154,655

Other sources of revenue	537,513		6,138		2,956		546,607

Total revenues	$	546,561	$	151,745	$	2,956	$	701,262

Timing of revenue recognition:
Services transferred at a point in time	$	546,561	$	133,301	$	2,956	$	682,818
Services transferred over time	—		18,444		—		18,444
Total revenues	$	546,561	$	151,745	$	2,956	$	701,262

Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations

As of March 31, 2023 and 2022, 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 $59.0 million and $56.1 million as of March 31, 2023 and December 31, 2022, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of March 31, 2023.

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 $13.5 million and $9.6 million as of March 31, 2023 and December 31, 2022, respectively. The Company recognized revenue of $6.9 million and $7.5 million during the three months ended March 31, 2023 and 2022, 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
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Borrowings - Short-Term Bank Loans (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Short-term bank loans	$ 0	$ 3,900,000
Weighted average interest rate		3.80%

Revenues from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue



	Three Months Ended March 31, 2023
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	9,701	$	77,257	$	—	$	86,958

Workflow technology	—		24,957		—		24,957
Analytics	—		9,529		—		9,529
Total revenue from contracts with customers	9,701		111,743		—		121,444

Other sources of revenue	489,220		6,735		2,981		498,936

Total revenues	$	498,921	$	118,478	$	2,981	$	620,380

Timing of revenue recognition:
Services transferred at a point in time	$	498,921	$	100,480	$	2,981	$	602,382
Services transferred over time	—		17,998		—		17,998
Total revenues	$	498,921	$	118,478	$	2,981	$	620,380


	Three Months Ended March 31, 2022
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	9,048	$	108,668	$	—	$	117,716

Workflow technology	—		26,445		—		26,445
Analytics	—		10,494				10,494
Total revenue from contracts with customers	9,048		145,607		—		154,655

Other sources of revenue	537,513		6,138		2,956		546,607

Total revenues	$	546,561	$	151,745	$	2,956	$	701,262

Timing of revenue recognition:
Services transferred at a point in time	$	546,561	$	133,301	$	2,956	$	682,818
Services transferred over time	—		18,444		—		18,444
Total revenues	$	546,561	$	151,745	$	2,956	$	701,262

Share-based Compensation - Summary of Activity in RSUs and RSAs (Details) - 2015 Management Incentive Plan - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
RSUs and RSAs
Number of RSUs and RSAs
Outstanding at beginning of period (in shares)	3,954,833	3,224,447
Granted (in shares)	3,440,682	2,484,363
Forfeited (in shares)	(71,475)	(220,849)
Vested (in shares)	(2,393,550)	(1,669,030)
Outstanding at end of period (in shares)	4,930,490	3,818,931
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)	$ 28.13	$ 24.30
Granted (in dollars per share)	19.41	29.92
Forfeited (in dollars per share)	30.58	24.92
Vested (in dollars per share)	21.60	25.07
Outstanding at end of period (in dollars per share)	$ 25.18	$ 27.60
RSUs and RSAs, performance-based
Number of RSUs and RSAs
Granted (in shares)	37,500

Borrowings - Broker-Dealer Credit Facilities (Details)		3 Months Ended
Borrowings - Broker-Dealer Credit Facilities (Details)	May 25, 2022 USD ($)	Mar. 31, 2023 USD ($) instrument base	Dec. 31, 2022 USD ($)	Mar. 20, 2020 USD ($)
Line of Credit Facility [Line Items]
Number of borrowing bases \| base		2
Outstanding principal amount		$ 1,808,344,000	$ 1,826,693,000
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		$ 125,000,000	0
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		$ 300,000,000
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		$ 125,000,000	$ 0
Founder Member Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 300,000,000

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies For a detailed discussion of the Company's significant accounting policies, see Note 2 "Summary of Significant Accounting Policies" in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2022. Accounting Pronouncements Recently Adopted 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 Company adopted this ASU on January 1, 2023 and it did not have a material impact on its condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted as of March 31, 2023 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 condensed consolidated financial statements. 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 condensed consolidated financial statements. Leases - Common Control Arrangements - In March 2023, the FASB issued ASU 2023-01, Leases—Common Control Arrangements (Topic 842). This ASU provides updated guidance for accounting for common control leases and leasehold improvements. 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 condensed consolidated financial statements. Investments - Equity Method and Joint Ventures - In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323). This ASU provides updated guidance for accounting for investments in tax credit structures. 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 condensed consolidated financial statements.

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2023

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:


	Three Months Ended March 31,
(in thousands)		2023		2022
Income before income taxes and noncontrolling interest		$	134,765	$	241,711
Provision for income taxes		24,682		41,786
Net income		110,083		199,925



Noncontrolling interest		(52,202)		(87,668)

Net income available for common stockholders		$	57,881	$	112,257

Schedule of basic earnings per share

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


	Three Months Ended March 31,
(in thousands, except for share or per share data)		2023		2022
Basic earnings per share:
Net income available for common stockholders		$	57,881	$	112,257

Less: Dividends and undistributed earnings allocated to participating securities		(2,677)		(3,859)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		55,204		108,398

Weighted average shares of common stock outstanding:
Class A		97,795,957		109,329,468

Basic earnings per share		$	0.56	$	0.99

Schedule of diluted earnings per share


	Three Months Ended March 31,
(in thousands, except for share or per share data)		2023		2022
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		$	55,204	$	108,398

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		97,795,957		109,329,468
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan		17,734		737,173
		97,813,691		110,066,641

Diluted earnings per share		$	0.56	$	0.98

Variable Interest Entities - Nonconsolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Asset	$ 11,861,315	$ 10,583,241
Liability	10,225,941	8,931,814
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Asset	45,275	43,589
Liability	0	0
Maximum Exposure to Loss	45,275	43,589
VIEs' assets	$ 256,556	$ 239,682

- 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
-Subparagraph (SX 210.7-03(a)(12))
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 8: 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)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 10: 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)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 11: 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)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: 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)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: 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(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 16: 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)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 18: 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)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 21: 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)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: 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)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: 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)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 10: 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)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 14: 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)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: 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)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 16: 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)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: 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)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: 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(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 19: 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 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

+ Details

Consolidated Statements of Changes in Equity (Unaudited) - 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, 2021					131,497,645	9,359,065	60,091,740
Balance at beginning 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 beginning period (in shares) at Dec. 31, 2021								(18,326,863)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)					1,669,030
Share based compensation	27,377								27,377			27,377
Repurchase of Class C common stock (in shares)						(234,269)
Repurchase of Class C common stock	(8,204)								(8,204)			(8,204)
Treasury stock purchases (in shares)					(612,844)			(8,908,544)
Treasury stock purchases	(305,565)							$ (287,211)		(18,354)		(305,565)
Stock options exercised (in shares)					246,879
Stock options exercised	4,691								4,691			4,691
Net Income	199,925									112,257		112,257	87,668
Foreign exchange translation adjustment	(5,168)										(3,172)	(3,172)	(1,996)
Net change in unrealized cash flow hedges gains (losses)	47,873										29,387	29,387	18,486
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(125,805)									(27,054)		(27,054)	(98,751)
Issuance of common stock in connection with employee exchanges (in shares)					71,641
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)						(71,641)
Balance at end of period (in shares) at Mar. 31, 2022					132,872,351	9,053,155	60,091,740
Balance at end of period at Mar. 31, 2022	1,698,742				$ 1	$ 0	$ 1	$ (781,286)	1,246,983	897,387	16,019	1,379,105	319,637
Balance at end of period (in shares) at Mar. 31, 2022								(27,235,407)
Balance at beginning 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 beginning 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 beginning period (in shares) at Dec. 31, 2022	(34,522,290)							(34,522,290)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)					2,393,550
Share based compensation	$ 31,030								31,030			31,030
Repurchase of Class C common stock (in shares)						(21,498)
Repurchase of Class C common stock	(424)								(424)			(424)
Treasury stock purchases (in shares)					(902,947)			(3,932,499)
Treasury stock purchases	(93,218)							$ (75,568)		(17,650)		(93,218)
Net Income	110,083									57,881		57,881	52,202
Foreign exchange translation adjustment	1,648										980	980	668
Net change in unrealized cash flow hedges gains (losses)	(13,168)										(7,834)	(7,834)	(5,334)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(52,004)									(24,696)		(24,696)	(27,308)
Issuance of common stock in connection with employee exchanges (in shares)					152,037
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)						(152,037)
Balance at end of period (in shares) at Mar. 31, 2023		96,259,605	8,856,531	60,091,740	134,714,394	8,856,531	60,091,740
Balance at end of period at Mar. 31, 2023	$ 1,635,374				$ 1	$ 0	$ 1	$ (1,030,205)	$ 1,323,219	$ 987,852	$ 24,750	$ 1,305,618	$ 329,756
Balance at end of period (in shares) at Mar. 31, 2023	(38,454,789)							(38,454,789)

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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 three months ended March 31, 2023 and 2022, the income attributable to these noncontrolling interests was reported in the Condensed Consolidated Statements of Comprehensive Income, but the related U.S. income tax expense attributable to these noncontrolling interests was not reported by the Company as it is the obligation of the individual partners. The Company’s non-U.S. subsidiaries are subject to foreign income taxes in the jurisdictions in which they operate. The Company’s provisions for income taxes and effective tax rates were $24.7 million, and 18.3%, and $41.8 million, and 17.3% for the three months ended March 31, 2023 and 2022, respectively. 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 Condensed Consolidated Statements of Financial Condition at March 31, 2023 and December 31, 2022 are current income tax receivables of $40.6 million and $54.1 million, respectively. The balances at March 31, 2023 and December 31, 2022 primarily comprised income tax benefits due to the Company from federal, state, local, and foreign tax jurisdictions based on income before taxes. Included in Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition at March 31, 2023 and December 31, 2022 are current tax liabilities of $13.2 million and $13.4 million, respectively. The balances at March 31, 2023 and December 31, 2022 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 4 "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 March 31, 2023 and 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 federal net operating loss carryforwards. At March 31, 2023 and 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 had non-U.S. net operating losses of $66.1 million and $64.6 million at March 31, 2023 and December 31, 2022, respectively, and recorded a related deferred tax asset of $12.6 million and $12.4 million, respectively. A valuation allowance of $12.6 million and $12.4 million was recorded against this deferred tax asset at March 31, 2023 and December 31, 2022, respectively as it is more likely than not that a substantial portion of this deferred tax asset will not be realized. As a result of the Acquisition of KCG, the Company had non-U.S. net operating losses at March 31, 2023 and December 31, 2022 of $239.3 million, 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 both March 31, 2023 and December 31, 2022 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 March 31, 2023 and December 31, 2022 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 of March 31, 2023, the Company’s tax years for 2015 through 2021 and 2016 through 2021 were subject to examination by U.S. and non-U.S. tax authorities, respectively. As a result of the ITG Acquisition and the Acquisition of KCG, the Company assumed any ITG and KCG tax exposures. In addition, the Company is subject to state and local income tax examinations in various jurisdictions for the tax years 2013 through 2021. The final outcome of these examinations is not yet determinable. However, the Company anticipates that adjustments related to these examinations, if any, will not result in a material change to its 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 Condensed Consolidated Statements of Comprehensive Income, respectively. The Company had $6.7 million of unrecognized tax benefits as of March 31, 2023, 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 March 31, 2023.

- 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
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: 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(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Capital Structure (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

The following table presents the changes in Other Comprehensive Income for the three months ended March 31, 2023, and 2022:


	Three Months Ended March 31, 2023
(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)	$	44,925	$	(1,330)	$	(6,504)	$	37,091
Foreign exchange translation adjustment	(13,321)		980		—		(12,341)
Total	$	31,604	$	(350)	$	(6,504)	$	24,750
(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 March 31, 2023, the Company expects approximately $26.0 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.

	Three Months Ended March 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)	$	(10,481)	$	26,390	$	2,997	$	18,906
Foreign exchange translation adjustment	285		(3,172)		—		(2,887)
Total	$	(10,196)	$	23,218	$	2,997	$	16,019
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income.

Collateralized Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Collateralized Agreements [Abstract]

Summary of the fair value of collateralized transactions

The fair value of the collateralized transactions at March 31, 2023 and December 31, 2022 are summarized as follows:


(in thousands)	March 31, 2023		December 31, 2022
Securities received as collateral:
Securities borrowed	$	1,433,500	$	1,148,238
Securities purchased under agreements to resell	713,364		336,849
	$	2,146,864	$	1,485,087

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 March 31, 2023 and December 31, 2022 consisted of the following:


(in thousands)	March 31, 2023		December 31, 2022
Equities	$	969,913	$	957,443

Exchange traded notes	11,425		5,628
	$	981,338	$	963,071

Financial Assets and Liabilities

3 Months Ended

Mar. 31, 2023

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 March 31, 2023:


	March 31, 2023
(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	$	615,187	$	1,739,662	$	—	$	—	$	2,354,849
U.S. and Non-U.S. government obligations	297,666		757,207		—		—		1,054,873
Corporate Bonds	—		1,029,894		—		—		1,029,894
Exchange traded notes	52		12,178		—		—		12,230
Currency forwards	—		690,832		—		(690,341)		491
Options	4,661		—		—		—		4,661
	$	917,566	$	4,229,773	$	—	$	(690,341)	$	4,456,998

Financial instruments owned, pledged as collateral:
Equity securities	$	582,062	$	387,851	$	—	$	—	$	969,913

Exchange traded notes	6		11,419		—		—		11,425
	$	582,068	$	399,270	$	—	$	—	$	981,338

Other Assets
Equity investment	$	—	$	—	$	79,726	$	—	$	79,726
Exchange stock	2,489		—		—		—		2,489
	$	2,489	$	—	$	79,726	$	—	$	82,215

Receivables from broker dealers and clearing organizations:
Interest rate swap	$	—	$	71,878	$	—	$	—	$	71,878

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,761,081	$	1,215,079	$	—	$	—	$	2,976,160
U.S. and Non-U.S. government obligations	192,041		857,874		—		—		1,049,915
Corporate Bonds	—		1,067,783		—		—		1,067,783
Exchange traded notes	—		17,075		—		—		17,075
Currency forwards	—		747,398		—		(747,397)		1
Options	3,847		—		—		—		3,847
	$	1,956,969	$	3,905,209	$	—	$	(747,397)	$	5,114,781

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

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 8 "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 March 31, 2023 and December 31, 2022, 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:

March 31, 2023

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

79,726

Discounted cash flow

Estimated revenue growth

(8.2)% - 5.0%

3.1

Discount rate

15.2% - 15.2%

15.2

Market

Future enterprise value/ EBIDTA ratio

9.5x - 17.9x

13.1x

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

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:


	Three Months Ended March 31, 2023
(in thousands)	Balance at December 31, 2022		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at March 31, 2023		Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2023
Assets
Other assets:
Equity investment	$	76,613	$	—	$	3,113	$	—	$	—	$	79,726	$	3,113

Total	$	76,613	$	—	$	3,113	$	—	$	—	$	79,726	$	3,113
(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.


	Three Months Ended March 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 March 31, 2022		Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2022
Assets
Other assets:
Equity investment	$	81,358	$	—	$	3,124	$	—	$	—	$	84,482	$	3,124

Total	$	81,358	$	—	$	3,124	$	—	$	—	$	84,482	$	3,124
(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 Condensed 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 March 31, 2023:


	March 31, 2023
	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	$	768,982	$	768,982	$	768,982	$	—	$	—
Cash restricted or segregated under regulations and other	40,199		40,199		40,199		—		—
Securities borrowed	1,458,021		1,458,021		—		1,458,021		—
Securities purchased under agreements to resell	713,364		713,364		—		713,364		—
Receivables from broker-dealers and clearing organizations	1,093,952		1,093,952		—		1,093,952		—
Receivables from customers	109,205		109,205		—		109,205		—
Other assets (1)	32,505		32,505		—		32,505		—
Total Assets	$	4,216,228	$	4,216,228	$	809,181	$	3,407,047	$	—

Liabilities
Short-term borrowings	$	121,238	$	125,000	$	—	$	125,000	$	—
Long-term borrowings	1,779,079		1,752,656		—		1,752,656		—
Securities loaned	1,027,536		1,027,536		—		1,027,536		—
Securities sold under agreements to repurchase	1,007,307		1,007,307		—		1,007,307		—
Payables to broker-dealers and clearing organizations	258,752		258,752		—		258,752		—
Payables to customers	107,526		107,526		—		107,526		—
Other liabilities (2)	25,486		25,486		—		25,486		—
Total Liabilities	$	4,326,924	$	4,304,263	$	—	$	4,304,263	$	—
(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, 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 dealer 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.

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 Condensed Consolidated Statements of Financial Condition. In the tables below, the amounts of financial instruments owned that are not offset in the Condensed 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 March 31, 2023 and December 31, 2022:


	March 31, 2023
	Gross Amounts of Recognized Assets		Amounts Offset in the Condensed Consolidated Statement of Financial Condition		Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,458,021	$	—	$	1,458,021	$	(1,433,500)	$	(3,800)	$	20,721
Securities purchased under agreements to resell	713,364		—		713,364		(713,364)		—		—
Receivables from broker-dealers and clearing organizations:
Interest rate swaps	71,878		—		71,878		—		—		71,878
Trading assets, at fair value:
Currency forwards	690,832		(690,341)		491		—		—		491
Options	4,661		—		4,661		—		(3,479)		1,182
Total	$	2,938,756	$	(690,341)	$	2,248,415	$	(2,146,864)	$	(7,279)	$	94,272


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

(in thousands)							Financial Instruments		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,027,536	$	—	$	1,027,536	$	(1,015,535)	$	(3,800)	$	8,201
Securities sold under agreements to repurchase	1,007,307		—		1,007,307		(1,007,307)		—		—


Trading liabilities, at fair value:
Currency forwards	747,398		(747,397)		1		—		—		1
Options	3,847		—		3,847		—		(3,479)		368
Total	$	2,786,088	$	(747,397)	$	2,038,691	$	(2,022,842)	$	(7,279)	$	8,570


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

(in thousands)							Financial Instrument Collateral		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
Interest rate swaps	—		—		—		—		—		—
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

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 as of March 31, 2023 and December 31, 2022:


	March 31, 2023
	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	$	210,000	$	50,000	$	—	$	400,000
U.S. and Non-U.S. government obligations	607,307		—		—		—				607,307
Total	$	607,307	$	140,000	$	210,000	$	50,000	$	—	$	1,007,307

Securities loaned:
Equity securities	$	1,027,536	$	—	$	—	$	—	$	—	$	1,027,536
Total	$	1,027,536	$	—	$	—	$	—	$	—	$	1,027,536


	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

- 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

Borrowings - Prime Brokerage Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Short-term Debt [Line Items]
Weighted Average Interest Rate			3.80%
Total principal of long-term borrowings	$ 1,808,344		$ 1,826,693
Interest expense	$ 24,288	$ 21,333
Short-Term Credit Facilities
Short-term Debt [Line Items]
Weighted Average Interest Rate	7.71%		7.42%
Financing Available	$ 591,000		$ 591,000
Total principal of long-term borrowings	285,052		$ 212,912
Interest expense	$ 3,500	$ 1,600

Earnings per Share

3 Months Ended

Mar. 31, 2023

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:


	Three Months Ended March 31,
(in thousands)		2023		2022
Income before income taxes and noncontrolling interest		$	134,765	$	241,711
Provision for income taxes		24,682		41,786
Net income		110,083		199,925



Noncontrolling interest		(52,202)		(87,668)

Net income available for common stockholders		$	57,881	$	112,257

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


	Three Months Ended March 31,
(in thousands, except for share or per share data)		2023		2022
Basic earnings per share:
Net income available for common stockholders		$	57,881	$	112,257

Less: Dividends and undistributed earnings allocated to participating securities		(2,677)		(3,859)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		55,204		108,398

Weighted average shares of common stock outstanding:
Class A		97,795,957		109,329,468

Basic earnings per share		$	0.56	$	0.99


	Three Months Ended March 31,
(in thousands, except for share or per share data)		2023		2022
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		$	55,204	$	108,398

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		97,795,957		109,329,468
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan		17,734		737,173
		97,813,691		110,066,641

Diluted earnings per share		$	0.56	$	0.98

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net Income	$ 110,083	$ 199,925
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization	15,348	17,477
Amortization of purchased intangibles and acquired capitalized software	16,020	16,480
Debt issue cost related to debt refinancing and prepayment	306	24,316
Amortization of debt issuance costs and deferred financing fees	1,664	2,644
Termination of office leases	96	707
Share-based compensation	15,583	13,712
Deferred taxes	7,800	12,629
Other	(4,030)	(1,609)
Changes in operating assets and liabilities:
Securities borrowed	(270,347)	(350,902)
Securities purchased under agreements to resell	(376,365)	(40,699)
Receivables from broker-dealers and clearing organizations	(66,035)	(475,141)
Trading assets, at fair value	(807,784)	(1,713,357)
Receivables from customers	(28,375)	(183,902)
Operating lease right-of-use assets	813	5,188
Other assets	16,955	25,781
Securities loaned	(32,896)	126,329
Securities sold under agreements to repurchase	379,758	35,382
Payables to broker-dealers and clearing organizations	(15,091)	411,069
Payables to customers	61,001	106,566
Trading liabilities, at fair value	917,807	1,594,220
Operating lease liabilities	(1,948)	(8,808)
Accounts payable, accrued expenses and other liabilities	(88,745)	(73,192)
Net cash used in operating activities	(148,382)	(255,185)
Cash flows from investing activities
Development of capitalized software	(20,638)	(21,689)
Acquisition of property and equipment	(13,795)	(9,958)
Other investing activities	(1,350)	(3,383)
Net cash used in investing activities	(35,783)	(35,030)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(52,004)	(125,805)
Repurchase of Class C common stock	(424)	(8,204)
Purchase of treasury stock	(93,218)	(305,565)
Stock options exercised	0	4,691
Short-term borrowings, net	121,055	78,945
Proceeds from long-term borrowings	0	1,800,000
Repayment of long term borrowings	(18,000)	(1,599,774)
Payment of tax receivable agreement obligations	0	(21,343)
Debt issuance costs	(3,953)	(35,827)
Net cash used in financing activities	(46,544)	(212,882)
Effect of exchange rate changes on cash and cash equivalents	1,648	(5,168)
Net decrease in cash and cash equivalents	(229,061)	(508,265)
Cash, cash equivalents, and restricted or segregated cash, beginning of period	1,038,242	1,120,953
Cash, cash equivalents, and restricted or segregated cash, end of period	809,181	612,688
Supplementary disclosure of cash flow information
Cash paid for interest	96,572	49,277
Cash paid for taxes	3,471	13,791
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software	$ 4,732	$ 4,092

Cash (Tables)

3 Months Ended

Mar. 31, 2023

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


(in thousands)	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	768,982	$	981,580
Cash restricted or segregated under regulations and other	40,199		56,662
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	809,181	$	1,038,242

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


(in thousands)	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	768,982	$	981,580
Cash restricted or segregated under regulations and other	40,199		56,662
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	809,181	$	1,038,242

Financial Assets and Liabilities - Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Securities borrowed
Gross Amounts of Recognized Assets	$ 1,458,021	$ 1,187,674
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	1,458,021	1,187,674
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,433,500)	(1,148,238)
Counterparty Netting/ Cash Collateral	(3,800)	(5,138)
Net Amount	20,721	34,298
Securities purchased under agreements to resell
Gross Amounts of Recognized Assets	713,364	336,999
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	713,364	336,999
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(713,364)	(336,849)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	150
Total
Gross Amounts of Recognized Assets	2,938,756	2,117,694
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(690,341)	(493,237)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	2,248,415	1,624,457
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(2,146,864)	(1,485,087)
Counterparty Netting/ Cash Collateral	(7,279)	(9,027)
Net Amount	94,272	130,343
Currency forwards
Trading assets, at fair value:
Gross Amounts of Recognized Assets	690,832	500,553
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(690,341)	(493,237)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	491	7,316
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	491	7,316
Options
Trading assets, at fair value:
Gross Amounts of Recognized Assets	4,661	5,200
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	4,661	5,200
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	(3,479)	(3,889)
Net Amount	1,182	1,311
Interest rate swap
Trading assets, at fair value:
Gross Amounts of Recognized Assets	71,878	87,268
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	71,878	87,268
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	$ 71,878	$ 87,268

Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

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.


	March 31, 2023
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	125,000	$	(3,762)	$	121,238


	$	125,000	$	(3,762)	$	121,238


	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

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

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 Condensed Consolidated Statements of Financial Condition.


	At March 31, 2023
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility (1)	6.00%	$	400,000	$	125,000	$	(3,762)	$	121,238
Committed facility	8.47%	650,000		—		—		—
Overdraft facility	8.30%	10,000		—		—		—


		$	1,060,000	$	125,000	$	(3,762)	$	121,238
(1) $0.2 million of deferred debt issuance costs are included within Other assets on the Consolidated Statement 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	5.50%	$	400,000	$	—	$	—	$	—
Committed facility	7.67%	650,000		—		—		—
Overdraft facility	7.80%	10,000		—		—		—
		$	1,060,000	$	—	$	—	$	—

Schedule of interest expense on debt

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


	Three Months Ended March 31,
(in thousands)		2023		2022
Broker-dealer credit facilities:
Uncommitted facility		$	1,561	$	504
Committed facility		—		15


		$	1,561	$	519

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

As of March 31, 2023, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)	March 31, 2023
Remainder of 2023	$	18,000
2024	18,000
2025	18,000
2026	44,344
2027	18,000
2028	18,000
Thereafter	1,674,000
Total principal of long-term borrowings	$	1,808,344

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 March 31, 2023
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	7.71%	$	591,000	$	285,052
		$	591,000	$	285,052


	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

(1) Outstanding borrowings are included with Receivables from/Payables to broker-dealers and clearing organizations within the Condensed 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 March 31, 2023
(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	7.86%	$	1,782,000	$	(3,685)	$	(25,580)	$	1,752,735

SBI bonds	January 2026	5.00%	26,344		—		—		26,344
			$	1,808,344	$	(3,685)	$	(25,580)	$	1,779,079


		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

- 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

Geographic Information and Business Segments - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers [Line Items]
Total revenue	$ 620,380	$ 701,262
United States
Revenues from External Customers [Line Items]
Total revenue	522,629	549,449
Ireland
Revenues from External Customers [Line Items]
Total revenue	53,959	77,958
Singapore
Revenues from External Customers [Line Items]
Total revenue	26,218	46,277
Canada
Revenues from External Customers [Line Items]
Total revenue	8,716	17,197
Australia
Revenues from External Customers [Line Items]
Total revenue	6,640	8,921
Others
Revenues from External Customers [Line Items]
Total revenue	$ 2,218	$ 1,460

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: 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)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: 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 9: 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 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: 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)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: 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)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: 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)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 16: 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)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 17: 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)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 19: 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(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: 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)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.24	$ 0.24

Borrowings - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Remainder of 2023	$ 18,000
2024	18,000
2025	18,000
2026	44,344
2027	18,000
2028	18,000
Thereafter	1,674,000
Total principal of long-term borrowings	$ 1,808,344	$ 1,826,693

Geographic Information and Business Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of non-operating segments	1

Earnings per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic earnings per share:
Net income available for common stockholders	$ 57,881	$ 112,257
Less: Dividends and undistributed earnings allocated to participating securities	(2,677)	(3,859)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 55,204	$ 108,398
Weighted average shares of common stock outstanding:
Class A (in shares)	97,795,957	109,329,468
Basic earnings per share (in dollars per share)	$ 0.56	$ 0.99
Class A
Weighted average shares of common stock outstanding:
Class A (in shares)	97,795,957	109,329,468

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: 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)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: 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 12: 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)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: 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)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: 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)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: 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)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: 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(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-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 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: 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 31: 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)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: 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)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: 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 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-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 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events for adjustment to or disclosure in its Condensed Consolidated Financial Statements through the date of this report, and has not identified any recordable or disclosable events, not otherwise reported in these Condensed Consolidated Financial Statements or the notes thereto, except for the following: On April 20, 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 June 15, 2023 to holders of record as of June 1, 2023.

Borrowings - Long-Term Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding Principal	$ 1,808,344	$ 1,826,693
Discount	(3,685)	(3,881)
Deferred Debt Issuance Cost	(25,580)	(26,860)
Outstanding Borrowings, net	$ 1,779,079	$ 1,795,952
SBI bonds
Line of Credit Facility [Line Items]
Interest Rate	5.00%	5.00%
Outstanding Principal	$ 26,344	$ 26,693
Discount	0	0
Deferred Debt Issuance Cost	0	(2)
Outstanding Borrowings, net	$ 26,344	$ 26,691
Senior Secured Credit Facility \| Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest Rate	7.86%	7.42%
Outstanding Principal	$ 1,782,000	$ 1,800,000
Discount	(3,685)	(3,881)
Deferred Debt Issuance Cost	(25,580)	(26,858)
Outstanding Borrowings, net	$ 1,752,735	$ 1,769,261

- Definition

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

+ References + Details

Regulatory Requirement - Regulatory Capital and Capital Requirements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Virtu Americas LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	$ 567,382	$ 554,550
Regulatory Capital Requirement	1,702	1,000
Excess Regulatory Capital	565,680	553,550
Virtu ITG Canada Corp \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	11,994	14,248
Regulatory Capital Requirement	185	184
Excess Regulatory Capital	11,809	14,064
Virtu Financial Canada ULC \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	2,670	2,663
Regulatory Capital Requirement	185	184
Excess Regulatory Capital	2,485	2,479
Virtu ITG Europe Limited \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	118,361	78,834
Regulatory Capital Requirement	28,859	28,502
Excess Regulatory Capital	89,502	50,332
Virtu Financial Ireland Ltd \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	90,779	89,853
Regulatory Capital Requirement	38,032	39,768
Excess Regulatory Capital	52,747	50,085
Virtu ITG UK Limited \| United Kingdom
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,434	1,405
Regulatory Capital Requirement	925	906
Excess Regulatory Capital	509	499
Virtu ITG Australia Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	25,796	30,027
Regulatory Capital Requirement	8,063	3,115
Excess Regulatory Capital	17,733	26,912
Virtu ITG Hong Kong Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,654	1,683
Regulatory Capital Requirement	476	497
Excess Regulatory Capital	1,178	1,186
Virtu ITG Singapore Pte Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	654	1,147
Regulatory Capital Requirement	79	91
Excess Regulatory Capital	575	1,056
Virtu Financial Singapore Pte. Ltd. \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	128,570	121,166
Regulatory Capital Requirement	56,686	46,025
Excess Regulatory Capital	$ 71,884	$ 75,141

Variable Interest Entities - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 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	13.20%
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%

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of stock options activity

The following table summarizes activity related to stock options for the three months ended March 31, 2023 and 2022:


	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, 2021	1,795,655	$	19.00	3.24	1,795,655	$	19.00
Granted	—	—		—	—	—
Exercised	(246,879)	19.00		—	(246,879)	19.00
Forfeited or expired	(5,000)	—		—	(5,000)	—
At March 31, 2022	1,543,776	$	19.00	2.99	1,543,776	$	19.00

At December 31, 2022	1,521,776	$	19.00	2.24	1,521,776	$	19.00
Granted	—	—		—	—	—
Exercised	—	—		—	—	—
Forfeited or expired	—	—		—	—	—
At March 31, 2023	1,521,776	$	19.00	1.99	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 three months ended March 31, 2023, and 2022:


	Number of RSUs and RSAs	Weighted Average Fair Value




At December 31, 2021	3,224,447	$	24.30
Granted	2,484,363	29.92
Forfeited	(220,849)	24.92
Vested	(1,669,030)	25.07
At March 31, 2022	3,818,931	$	27.60

At December 31, 2022	3,954,833	$	28.13
Granted (1)	3,440,682	19.41
Forfeited	(71,475)	30.58
Vested	(2,393,550)	21.60
At March 31, 2023	4,930,490	$	25.18
(1) Excluded in the number of RSUs and RSAs are 37,500 participating RSAs where the grant date has not been achieved because the performance conditions have not been met.

Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 768,982	$ 981,580
Cash restricted or segregated under regulations and other	40,199	56,662
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 809,181	$ 1,038,242	$ 612,688	$ 1,120,953

Capital Structure - Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan (Details) - Assumed Awards - Class A	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

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2023
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 March 31, 2023, and December 31, 2022 the Company had net payables to its affiliates of $0.4 million and receivables from its affiliates of $0.5 million, respectively. The Company has held a minority interest in JNX since 2016 (see Note 9 "Financial Assets and Liabilities"). The Company pays exchange fees to JNX for the trading activities conducted on its proprietary trading system. The Company paid $2.5 million and $3.8 million for the three months ended March 31, 2023 and 2022, respectively, to JNX for these trading activities. The Company pays monthly use fees to two JVs in which it holds interests (see Note 11 "Variable Interest Entities"). These monthly fees are for the use of microwave communication networks operated by each of these JVs and are recorded within Communications and data processing on the Condensed Consolidated Statements of Comprehensive Income. The Company made payments to these JVs of $6.3 million and $5.5 million for the three months ended March 31, 2023 and 2022, respectively. 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 rebates of $0.1 million and made payments of $6.7 million for the three months ended March 31, 2023 and 2022, respectively. In 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. The Company consolidates this JV, and recorded noncontrolling interest of $39.2 million in the condensed consolidated statement of changes in equity as of March 31, 2023. Refer to Note 11 "Variable Interest Entities" for further details.

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022, the Company’s total amount of goodwill recorded was $1,148.9 million. No goodwill impairment was recognized during the three months ended March 31, 2023 and 2022.

The following table presents the details of goodwill by segment as of March 31, 2023 and December 31, 2022:


(in thousands)	Market Making		Execution Services		Corporate		Total



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

As of March 31, 2023 and December 31, 2022, the Company's total amount of intangible assets recorded was $305.5 million and $321.5 million, respectively. Acquired intangible assets consisted of the following as of March 31, 2023 and December 31, 2022:


	As of March 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(201,947)	$	284,653	10	to	12
Technology	136,000		(121,986)		14,014		1	to	6
Favorable occupancy leases	5,895		(4,600)		1,295		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	$	(334,033)	$	305,460


	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

Amortization expense relating to finite-lived intangible assets was approximately $16.0 million, and $16.5 million for the three months ended March 31, 2023, and 2022, respectively. This is included in Amortization of purchased intangibles and acquired capitalized software in the accompanying Condensed Consolidated Statements of Comprehensive Income.

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


(in thousands)
Remainder of 2023	$	47,940
2024	50,845
2025	47,879
2026	47,879
2027	47,879
2028	47,879

Related Party Transactions (Details) $ in Millions	3 Months Ended
Related Party Transactions (Details) $ in Millions	Mar. 31, 2023 USD ($) venture	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Due to affiliates	$ 0.4
Due from related parties			$ 0.5
Payment of regulatory transaction fees	6.7	$ 6.7
Proceeds from regulator rebates	0.1
Noncontrolling Interest
Related Party Transaction [Line Items]
Contributions from noncontrolling interests	39.2
Microwave communication network JVs
Related Party Transaction [Line Items]
Payments to related party	$ 6.3	5.5
Number of microwave communication network JVs the company makes payments to \| venture	2
SBI
Related Party Transaction [Line Items]
Payments to related party	$ 2.5	$ 3.8

Tax Receivable Agreements (Details) - USD ($)	1 Months Ended					3 Months Ended	12 Months Ended
Tax Receivable Agreements (Details) - USD ($)	Mar. 31, 2022	Apr. 30, 2021	Mar. 31, 2020	Sep. 30, 2018	Feb. 28, 2017	Mar. 31, 2023	Dec. 31, 2022
Tax Receivable Agreements [Abstract]
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
Period over which the obligations are to be settled						15 years	15 years
Deferred tax assets						$ 156,900,000	$ 162,100,000
Tax receivable agreement obligations						$ 238,758,000	$ 238,758,000

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

Financial Assets and Liabilities - Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash restricted or segregated under regulations and other	$ 40,199	$ 56,662
Receivables from broker-dealers and clearing organizations	1,165,830	1,115,185
Receivables from customers	109,205	80,830
Other assets	291,689	303,916
Liabilities
Payables to broker-dealers and clearing organizations	258,752	273,843
Payables to customers	107,526	46,525
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and cash equivalents	768,982	981,580
Cash restricted or segregated under regulations and other	40,199	56,662
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	809,181	1,038,242
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
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	1,458,021	1,187,674
Securities purchased under agreements to resell	713,364	336,999
Receivables from broker-dealers and clearing organizations	1,093,952	1,027,917
Receivables from customers	109,205	80,830
Other assets	32,505	30,579
Total Assets	3,407,047	2,663,999
Liabilities
Short-term borrowings	125,000	3,944
Long-term borrowings	1,752,656	1,783,943
Securities loaned	1,027,536	1,060,432
Securities sold under agreements to repurchase	1,007,307	627,549
Payables to broker-dealers and clearing organizations	258,752	273,843
Payables to customers	107,526	46,525
Other liabilities	25,486	23,776
Total Liabilities	4,304,263	3,820,012
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	768,982	981,580
Cash restricted or segregated under regulations and other	40,199	56,662
Securities borrowed	1,458,021	1,187,674
Securities purchased under agreements to resell	713,364	336,999
Receivables from broker-dealers and clearing organizations	1,093,952	1,027,917
Receivables from customers	109,205	80,830
Other assets	32,505	30,579
Total Assets	4,216,228	3,702,241
Liabilities
Short-term borrowings	121,238	3,944
Long-term borrowings	1,779,079	1,795,952
Securities loaned	1,027,536	1,060,432
Securities sold under agreements to repurchase	1,007,307	627,549
Payables to broker-dealers and clearing organizations	258,752	273,843
Payables to customers	107,526	46,525
Other liabilities	25,486	23,776
Total Liabilities	4,326,924	3,832,021
Fair Value
Assets
Cash and cash equivalents	768,982	981,580
Cash restricted or segregated under regulations and other	40,199	56,662
Securities borrowed	1,458,021	1,187,674
Securities purchased under agreements to resell	713,364	336,999
Receivables from broker-dealers and clearing organizations	1,093,952	1,027,917
Receivables from customers	109,205	80,830
Other assets	32,505	30,579
Total Assets	4,216,228	3,702,241
Liabilities
Short-term borrowings	125,000	3,944
Long-term borrowings	1,752,656	1,783,943
Securities loaned	1,027,536	1,060,432
Securities sold under agreements to repurchase	1,007,307	627,549
Payables to broker-dealers and clearing organizations	258,752	273,843
Payables to customers	107,526	46,525
Other liabilities	25,486	23,776
Total Liabilities	$ 4,304,263	$ 3,820,012

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating lease cost:
Fixed	$ 18,878	$ 18,068
Variable	1,764	1,886
Total Operating lease cost	20,642	19,954
Sublease income	4,889	4,923
Finance lease cost:
Amortization of ROU Asset	2,124	1,908
Interest on lease liabilities	208	78
Total Finance lease cost	$ 2,332	$ 1,986

Financial Assets and Liabilities - Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Securities loaned
Gross Amounts of Recognized Liabilities	$ 1,027,536	$ 1,060,432
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,027,536	1,060,432
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(1,015,535)	(1,027,062)
Counterparty Netting/ Cash Collateral	(3,800)	(9,100)
Net Amount	8,201	24,270
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities	1,007,307	627,549
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,007,307	627,549
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(1,007,307)	(627,388)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	161
Total
Gross Amounts of Recognized Liabilities	2,786,088	2,189,669
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(747,397)	(497,799)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	2,038,691	1,691,870
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(2,022,842)	(1,654,450)
Counterparty Netting/ Cash Collateral	(7,279)	(12,989)
Net Amount	8,570	24,431
Interest rate swap
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities		0
Amounts Offset in the Condensed Consolidated Statement of Financial Condition		0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition		0
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments		0
Counterparty Netting/ Cash Collateral		0
Net Amount		0
Currency forwards
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	747,398	497,799
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(747,397)	(497,799)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1	0
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	1	0
Options
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	3,847	3,889
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	3,847	3,889
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	(3,479)	(3,889)
Net Amount	$ 368	$ 0

Collateralized Transactions

3 Months Ended

Mar. 31, 2023

Collateralized Agreements [Abstract]

Collateralized Transactions

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 March 31, 2023 and December 31, 2022, substantially all of the securities received as collateral have been repledged.

The fair value of the collateralized transactions at March 31, 2023 and December 31, 2022 are summarized as follows:


(in thousands)	March 31, 2023		December 31, 2022
Securities received as collateral:
Securities borrowed	$	1,433,500	$	1,148,238
Securities purchased under agreements to resell	713,364		336,849
	$	2,146,864	$	1,485,087

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 March 31, 2023 and December 31, 2022 consisted of the following:


(in thousands)	March 31, 2023		December 31, 2022
Equities	$	969,913	$	957,443

Exchange traded notes	11,425		5,628
	$	981,338	$	963,071

Tax Receivable Agreements	3 Months Ended
Tax Receivable Agreements	Mar. 31, 2023
Tax Receivable Agreements [Abstract]
Tax Receivable Agreements	Tax Receivable Agreements For a detailed discussion of the Company's tax receivable agreements, see Note 5 "Tax Receivable Agreements" in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2022. 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 Condensed Consolidated Statements of Comprehensive Income. 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, $16.5 million in April 2021, and $21.3 million in March 2022. Tax receivable payments are expected to range from approximately $36.4 thousand to $22.0 million per year over the next 15 years. At March 31, 2023 and December 31, 2022, the Company’s remaining deferred tax assets that relate to the matters described above were approximately $156.9 million and $162.1 million, respectively, and the Company’s liabilities over the next 15 years pursuant to the tax receivable agreements were approximately $238.8 million for both periods. The amounts recorded as of March 31, 2023 and December 31, 2022 are based on best estimates available at the respective dates and may be subject to change after the filing of the Company’s U.S. federal and state income tax returns for the years in which tax savings were realized.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 28, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 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
Entity Central Index Key	0001592386
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		95,423,359
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

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	868,315	580,710
Increase (decrease) in accrued employee compensation expense	$ 5.9	$ 6.0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized	10.1	$ 8.6
Unrecognized share-based compensation expense	$ 87.8		$ 54.6
Weighted average period for compensation expense expected to be recognized	1 year 6 months	10 months 24 days
2015 Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	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

Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Equities futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	$ 1,229	$ (575)
Notional	547,514	663,110
Equities futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(2,406)	1,819
Notional	1,019,042	3,238,651
Commodity futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	13,464	(31,007)
Notional	6,866,210	7,597,057
Commodity futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	35	597
Notional	25,089	39,046
Currency futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(12,534)	(24,023)
Notional	5,711,990	7,460,531
Currency futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(12,279)	8
Notional	947,462	6,386
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(43)	(360)
Notional	16,414	30,292
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	229	(264)
Notional	130,369	123,043
Options
Derivatives Assets
Fair Value	4,661	5,200
Derivatives Liabilities
Fair Value	3,847	3,889
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives Assets
Fair Value	4,661	5,200
Notional	961,466	691,737
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	3,847	3,889
Notional	926,702	742,531
Currency forwards
Derivatives Assets
Fair Value	690,832	500,553
Derivatives Liabilities
Fair Value	747,398	497,799
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives Assets
Fair Value	690,832	500,553
Notional	55,818,504	30,286,330
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	747,398	497,799
Notional	55,846,786	30,284,952
Interest rate swap
Derivatives Assets
Fair Value	71,878	87,268
Derivatives Liabilities
Fair Value		0
Interest rate swap \| Derivative instruments designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	71,878	87,268
Notional	$ 1,525,000	$ 1,525,000

Leases - Lease Term and Discount Rate (Details)	Mar. 31, 2023	Dec. 31, 2022
Weighted average remaining lease term
Operating leases	6 years	6 years 2 months 15 days
Finance leases	3 years 6 months 21 days	2 years 10 months 2 days
Weighted average discount rate
Operating leases	5.50%	5.43%
Finance leases	4.77%	3.92%

Goodwill and Intangible Assets - Narrative (Details)	3 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 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
Intangible assets	305,460,000		$ 321,480,000
Amortization expense relating to finite-lived intangible assets	$ 16,020,000	$ 16,480,000

- 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 - Expects Amortization Expense (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 47,940
2024	50,845
2025	47,879
2026	47,879
2027	47,879
2028	$ 47,879

Derivative Instruments - Gain (Loss) From Derivative Instruments (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2019 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2020 USD ($) instrument	Dec. 31, 2019 USD ($)
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		$ 63,721	$ 84,698
Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income		(15,393)	56,145
Futures \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		124,466	77,346
Currency forwards \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		(62,937)	8,910
Options \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		2,655	(1,095)
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract term	5 years			5 years	5 years
Derivative, notional amount	$ 525,000			$ 1,000,000	$ 525,000
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		(463)	(463)
Interest rate swap \| Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income		$ (15,393)	$ 56,145

Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accumulated depreciation	$ 442,632	$ 460,763
Intangibles, accumulated amortization	334,033	318,013
Fair value of other assets	$ 82,215	$ 78,965
Treasury stock, shares (in shares)	38,454,789	34,522,290
Class A
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)	134,714,394	133,071,754
Common stock, shares outstanding (in shares)	96,259,605	98,549,464
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)	8,856,531	9,030,066
Common stock, shares outstanding (in shares)	8,856,531	9,030,066
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

Financial Assets and Liabilities - Level 3 financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	$ 76,613	$ 81,358
Purchases	0	0
Total Realized and Unrealized Gains / (Losses)	3,113	3,124
Net Transfers into (out of) Level 3	0	0
Settlement	0	0
Ending balance	79,726	84,482
Change in Net Unrealized Gains / (Losses) on Investments still held at End of Period	3,113	3,124
Equity investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	76,613	81,358
Purchases	0	0
Total Realized and Unrealized Gains / (Losses)	3,113	3,124
Net Transfers into (out of) Level 3	0	0
Settlement	0	0
Ending balance	79,726	84,482
Change in Net Unrealized Gains / (Losses) on Investments still held at End of Period	$ 3,113	$ 3,124

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Accounting Pronouncements, Recently Adopted and Not Yet Adopted	Accounting Pronouncements Recently Adopted 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 Company adopted this ASU on January 1, 2023 and it did not have a material impact on its condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted as of March 31, 2023 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 condensed consolidated financial statements. 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 condensed consolidated financial statements. Leases - Common Control Arrangements - In March 2023, the FASB issued ASU 2023-01, Leases—Common Control Arrangements (Topic 842). This ASU provides updated guidance for accounting for common control leases and leasehold improvements. 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 condensed consolidated financial statements. Investments - Equity Method and Joint Ventures - In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323). This ASU provides updated guidance for accounting for investments in tax credit structures. 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 condensed consolidated financial statements.

Capital Structure - Employee Exchanges (Details) - VFH	3 Months Ended
Capital Structure - Employee Exchanges (Details) - VFH	Mar. 31, 2023 shares	Mar. 31, 2022 shares
Class of Stock [Line Items]
Common stock exchange ratio	1	1
Class A
Class of Stock [Line Items]
Issuance of common stock in connection with employee exchanges (in shares)	152,037	71,641

Revenues from Contracts with Customers (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 121,444,000	$ 154,655,000
Total revenue	620,380,000	701,262,000
Revenue related to performance obligation	59,000,000.0		$ 56,100,000
Impairment losses on receivables	0
Deferred revenue related to contracts with customers	13,500,000		$ 9,600,000
Revenue recognized	6,900,000	7,500,000
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	602,382,000	682,818,000
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	17,998,000	18,444,000
Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	86,958,000	117,716,000
Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	24,957,000	26,445,000
Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	9,529,000	10,494,000
Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	498,936,000	546,607,000
Operating Segments \| Market Making
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	9,701,000	9,048,000
Total revenue	498,921,000	546,561,000
Operating Segments \| Market Making \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	498,921,000	546,561,000
Operating Segments \| Market Making \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments \| Market Making \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	9,701,000	9,048,000
Operating Segments \| Market Making \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating Segments \| Market Making \| Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating Segments \| Market Making \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	489,220,000	537,513,000
Operating Segments \| Execution Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	111,743,000	145,607,000
Total revenue	118,478,000	151,745,000
Operating Segments \| Execution Services \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	100,480,000	133,301,000
Operating Segments \| Execution Services \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	17,998,000	18,444,000
Operating Segments \| Execution Services \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	77,257,000	108,668,000
Operating Segments \| Execution Services \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	24,957,000	26,445,000
Operating Segments \| Execution Services \| Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	9,529,000	10,494,000
Operating Segments \| Execution Services \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	6,735,000	6,138,000
Corporate
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Total revenue	2,981,000	2,956,000
Corporate \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	2,981,000	2,956,000
Corporate \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Corporate \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Corporate \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	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	$ 2,981,000	$ 2,956,000

Capital Structure

3 Months Ended

Mar. 31, 2023

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 85.6% 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 59.5% interest in Virtu Financial at March 31, 2023.

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 March 31, 2023 and December 31, 2022, there were 4,289,305 and 4,462,840 Virtu Financial Units outstanding held by Employee Holdco (as defined below), respectively, and 173,535 and 305,910 of such Virtu Financial Units and corresponding Class C Common Stock were exchanged into Class A Common Stock, forfeited or repurchased during the three months ended March 31, 2023, and 2022, 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 March 31, 2023, the Company repurchased approximately 36.3 million shares of Class A Common Stock and Virtu Financial Units for approximately $975.2 million. As of March 31, 2023, the Company has approximately $244.8 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

Employee Exchanges

During the three months ended March 31, 2023, and 2022, 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 152,037, and 71,641 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 8 "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 8 "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 Condensed Consolidated Statements of Financial Condition and as an increase

to Additional paid-in capital on the Condensed 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 Condensed Consolidated Statements of Comprehensive Income.

Accumulated Other Comprehensive Income

The following table presents the changes in Other Comprehensive Income for the three months ended March 31, 2023, and 2022:


	Three Months Ended March 31, 2023
(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)	$	44,925	$	(1,330)	$	(6,504)	$	37,091
Foreign exchange translation adjustment	(13,321)		980		—		(12,341)
Total	$	31,604	$	(350)	$	(6,504)	$	24,750
(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 March 31, 2023, the Company expects approximately $26.0 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.

	Three Months Ended March 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)	$	(10,481)	$	26,390	$	2,997	$	18,906
Foreign exchange translation adjustment	285		(3,172)		—		(2,887)
Total	$	(10,196)	$	23,218	$	2,997	$	16,019
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income.

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: 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(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Capital Structure - Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended		29 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Nov. 03, 2021	May 04, 2021	Feb. 11, 2021	Nov. 06, 2020
Class of Stock [Line Items]
Stock repurchased during period, value	$ 424	$ 8,204
Treasury stock purchases	93,218	$ 305,565
Class A
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	$ 244,800		$ 244,800
Stock repurchased during period, value			36,300
Treasury stock purchases			$ 975,200

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of nonconsolidated VIE

The following table presents the Company’s nonconsolidated VIEs at March 31, 2023:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	45,275	$	—	$	45,275	$	256,556

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

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
2023	$ 53,238
2024	61,883
2025	36,994
2026	31,173
2027	26,981
2028 and thereafter	81,357
Total lease payments	291,626
Less imputed interest	(54,372)
Total lease liability	237,254	$ 239,202
Finance Leases
2023	6,536
2024	7,451
2025	3,866
2026	3,087
2027	2,998
2028 and thereafter	256
Total lease payments	24,194
Less imputed interest	(2,246)
Total lease liability	$ 21,948

Collateralized Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Securities received as collateral:
Securities borrowed	$ 1,433,500	$ 1,148,238
Securities purchased under agreements to resell	713,364	336,849
Securities received as collateral	2,146,864	1,485,087
Pledged
Securities received as collateral:
Financial instruments owned	981,338	963,071
Equities \| Pledged
Securities received as collateral:
Financial instruments owned	969,913	957,443
Exchange traded notes \| Pledged
Securities received as collateral:
Financial instruments owned	$ 11,425	$ 5,628

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Acquired Intangible Assets [Line Items]
Accumulated Amortization	$ (334,033)	$ (318,013)
Gross Carrying Amount	639,493	639,493
Net Carrying Amount	305,460	321,480
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	(201,947)	(189,986)
Net Carrying Amount	$ 284,653	$ 296,614
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	(121,986)	(118,119)
Net Carrying Amount	$ 14,014	$ 17,881
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	(4,600)	(4,408)
Net Carrying Amount	$ 1,295	$ 1,487
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)	(3,600)
Net Carrying Amount	$ 0	$ 0
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

Organization and Basis of Presentation (Details) instrument in Thousands	3 Months Ended
	Mar. 31, 2023 instrument venue country acquisition segment
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
Virtu Financial
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Ownership interest	59.50%

Geographic Information and Business Segments

3 Months Ended

Mar. 31, 2023

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 three months ended March 31, 2023, and 2022:


	Three Months Ended March 31,
(in thousands)		2023		2022
Revenues:
United States		$	522,629	$	549,449
Ireland		53,959		77,958
Singapore		26,218		46,277
Canada		8,716		17,197
Australia		6,640		8,921

Others		2,218		1,460
Total revenues		$	620,380	$	701,262

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 three months ended March 31, 2023, and 2022 are summarized in the following table:


(in thousands)	Market Making		Execution Services		Corporate		Consolidated Total
2023
Total revenue	$	498,921	$	118,478	$	2,981	$	620,380
Income before income taxes and noncontrolling interest	124,109		9,015		1,641		134,765

2022
Total revenue	546,561		151,745		2,956		701,262
Income before income taxes and noncontrolling interest	224,220		15,126		2,365		241,711

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Receivables from/Payables to Broker-Dealers and Clearing Organizations

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022:



(in thousands)	March 31, 2023		December 31, 2022
Assets
Due from prime brokers	$	559,847	$	560,111
Deposits with clearing organizations	147,512		146,927
Net equity with futures commission merchants	124,305		137,312
Unsettled trades with clearing organizations	112,249		87,145
Securities failed to deliver	186,105		149,747
Commissions and fees	35,812		33,943
Total receivables from broker-dealers and clearing organizations	$	1,165,830	$	1,115,185

Liabilities
Due to prime brokers	$	220,536	$	229,424
Net equity with futures commission merchants (1)	(60,931)		(32,381)
Unsettled trades with clearing organizations	269		38
Securities failed to receive	93,864		70,576
Commissions and fees	5,014		6,186
Total payables to broker-dealers and clearing organizations	$	258,752	$	273,843

(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 8 "Borrowings") of approximately $285.1 million and $212.9 million as of March 31, 2023 and December 31, 2022, 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.

Geographic Information and Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of total revenues by geographic area

The following table presents total revenues by geographic area for the three months ended March 31, 2023, and 2022:


	Three Months Ended March 31,
(in thousands)		2023		2022
Revenues:
United States		$	522,629	$	549,449
Ireland		53,959		77,958
Singapore		26,218		46,277
Canada		8,716		17,197
Australia		6,640		8,921

Others		2,218		1,460
Total revenues		$	620,380	$	701,262

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 three months ended March 31, 2023, and 2022 are summarized in the following table:


(in thousands)	Market Making		Execution Services		Corporate		Consolidated Total
2023
Total revenue	$	498,921	$	118,478	$	2,981	$	620,380
Income before income taxes and noncontrolling interest	124,109		9,015		1,641		134,765

2022
Total revenue	546,561		151,745		2,956		701,262
Income before income taxes and noncontrolling interest	224,220		15,126		2,365		241,711

Capital Structure - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,651,427	$ 1,863,618
Balance at end of period	1,635,374	1,698,742
AOCI reclassified into earnings over next 12 months	26,000
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	44,925	(10,481)
Amounts reclassified from AOCI to income	(1,330)	26,390
Amounts recorded in AOCI	(6,504)	2,997
Balance at end of period	37,091	18,906
Foreign exchange translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(13,321)	285
Amounts reclassified from AOCI to income	980	(3,172)
Amounts recorded in AOCI	0	0
Balance at end of period	(12,341)	(2,887)
AOCI attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	31,604	(10,196)
Amounts reclassified from AOCI to income	(350)	23,218
Amounts recorded in AOCI	(6,504)	2,997
Balance at end of period	$ 24,750	$ 16,019

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124436220&loc=d3e21914-107793

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI https://asc.fasb.org/extlink&oid=126929396&loc=SL4568740-111683

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 5
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124436220&loc=d3e21711-107793

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL125981372-237846

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4590271-111686

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 25: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126929396&loc=SL4568447-111683

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

+ Details

Borrowings

3 Months Ended

Mar. 31, 2023

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.


	March 31, 2023
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	125,000	$	(3,762)	$	121,238


	$	125,000	$	(3,762)	$	121,238


	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

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 Secured Overnight Financing Rate ("SOFR") or base rate plus 1.25% per annum. Borrowing Base B Loans are subject to a sublimit of $300 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 17 "Capital Structure".


	At March 31, 2023
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility (1)	6.00%	$	400,000	$	125,000	$	(3,762)	$	121,238
Committed facility	8.47%	650,000		—		—		—
Overdraft facility	8.30%	10,000		—		—		—


		$	1,060,000	$	125,000	$	(3,762)	$	121,238
(1) $0.2 million of deferred debt issuance costs are included within Other assets on the Consolidated Statement 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	5.50%	$	400,000	$	—	$	—	$	—
Committed facility	7.67%	650,000		—		—		—
Overdraft facility	7.80%	10,000		—		—		—
		$	1,060,000	$	—	$	—	$	—


	Three Months Ended March 31,
(in thousands)		2023		2022
Broker-dealer credit facilities:
Uncommitted facility		$	1,561	$	504
Committed facility		—		15


		$	1,561	$	519

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 March 31, 2023, there was no balance associated with international settlement activities outstanding under these 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%. These short-term bank loan balances are included within Short-term borrowings on the Condensed 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 March 31, 2023
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	7.71%	$	591,000	$	285,052
		$	591,000	$	285,052


	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

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

Interest expense in relation to the facilities was $3.5 million and $1.6 million for the three months ended March 31, 2023 and 2022, respectively.

Long-Term Borrowings

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


		At March 31, 2023
(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	7.86%	$	1,782,000	$	(3,685)	$	(25,580)	$	1,752,735

SBI bonds	January 2026	5.00%	26,344		—		—		26,344
			$	1,808,344	$	(3,685)	$	(25,580)	$	1,779,079


		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

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").

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 and the Company repaid $18.0 million on January 13, 2023. The revolving commitments will terminate on January 13, 2025. As of March 31, 2023, $1,782 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 9 "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 Condensed 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 ($26.3 million) as of March 31, 2023 and ¥3.5 billion ($26.7 million) as of December 31, 2022. The Company had a gain of $0.3 million, and a gain of $2.0 million, during the three months ended March 31, 2023 and 2022, respectively, due to changes in foreign currency rates.

As of March 31, 2023, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)	March 31, 2023
Remainder of 2023	$	18,000
2024	18,000
2025	18,000
2026	44,344
2027	18,000
2028	18,000
Thereafter	1,674,000
Total principal of long-term borrowings	$	1,808,344

- 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
-Topic 470
-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

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
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

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022:


(in thousands)		March 31, 2023				December 31, 2022
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	$	1,229	$	547,514	$	(575)	$	663,110
Commodity futures	Receivables from broker-dealers and clearing organizations	13,464		6,866,210		(31,007)		7,597,057
Currency futures	Receivables from broker-dealers and clearing organizations	(12,534)		5,711,990		(24,023)		7,460,531
Fixed income futures	Receivables from broker-dealers and clearing organizations	(43)		16,414		(360)		30,292

Options	Financial instruments owned	4,661		961,466		5,200		691,737
Currency forwards	Financial instruments owned	690,832		55,818,504		500,553		30,286,330


Derivative instruments designated as hedging instruments:
Interest rate swap	Receivables from broker-dealers and clearing organizations	71,878		1,525,000		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	$	(2,406)	$	1,019,042	$	1,819	$	3,238,651
Commodity futures	Payables to broker-dealers and clearing organizations	35		25,089		597		39,046
Currency futures	Payables to broker-dealers and clearing organizations	(12,279)		947,462		8		6,386
Fixed income futures	Payables to broker-dealers and clearing organizations	229		130,369		(264)		123,043
Options	Financial instruments sold, not yet purchased	3,847		926,702		3,889		742,531
Currency forwards	Financial instruments sold, not yet purchased	747,398		55,846,786		497,799		30,284,952

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

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 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022.


		Three Months Ended March 31,
(in thousands)	Financial Statements Location		2023		2022
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	124,466	$	77,346
Currency forwards	Trading income, net		(62,937)		8,910
Options	Trading income, net		2,655		(1,095)
Interest rate swap on term loan	Other, net		(463)		(463)
			$	63,721	$	84,698

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	(15,393)	$	56,145

			$	(15,393)	$	56,145

(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 Condensed Consolidated Statements of Comprehensive Income beginning in the first quarter of 2020.

Financial Assets and Liabilities - Fair Value Inputs (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 79,726	$ 76,613
Minimum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	(0.082)	(0.057)
Minimum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.152	0.155
Minimum \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00095	(0.00012)
Maximum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.050	0.050
Maximum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.152	0.155
Maximum \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00179	0.00181
Weighted Average \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.031	0.031
Weighted Average \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.152	0.155
Weighted Average \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00131	0.00122

Geographic Information and Business Segments - Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 620,380	$ 701,262
Income before income taxes and noncontrolling interest	134,765	241,711
Operating Segments \| Market Making
Segment Reporting Information [Line Items]
Total revenue	498,921	546,561
Income before income taxes and noncontrolling interest	124,109	224,220
Operating Segments \| Execution Services
Segment Reporting Information [Line Items]
Total revenue	118,478	151,745
Income before income taxes and noncontrolling interest	9,015	15,126
Segment Reconciling Items \| Corporate
Segment Reporting Information [Line Items]
Total revenue	2,981	2,956
Income before income taxes and noncontrolling interest	$ 1,641	$ 2,365

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: 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 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Borrowings - Credit Agreement (Details)			1 Months Ended		3 Months Ended
Borrowings - Credit Agreement (Details)	Jan. 13, 2023 USD ($)	Mar. 02, 2020	Jan. 31, 2020 USD ($) swap	Oct. 31, 2019 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2020 USD ($) instrument	Dec. 31, 2019 USD ($)	Dec. 31, 2022 USD ($)	Jan. 31, 2022	Jan. 13, 2022 USD ($)	Apr. 30, 2021
Debt Instrument [Line Items]
Commitment fee (as a percent)					0.50%
Outstanding principal amount					$ 1,808,344,000			$ 1,826,693,000
Fixed interest rate percentage				4.30%
Interest rate swap
Debt Instrument [Line Items]
Derivative contract term				5 years		5 years	5 years
Derivative, notional amount				$ 525,000,000		$ 1,000,000,000	$ 525,000,000
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 \| 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%
Repayments of term loan	$ 18,000,000
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 \| Committed facility
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 250,000,000
VFH \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity										20,000,000
VFH \| Swingline Subfacility
Debt Instrument [Line Items]
Maximum borrowing capacity										20,000,000
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]
Outstanding principal amount					$ 1,782,000,000
Term Loan \| First Lien Term Loan Facility \| VFH
Debt Instrument [Line Items]
Aggregate principal amount				$ 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

Regulatory Requirement (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	567,382	$	1,702	$	565,680

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

The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of March 31, 2023 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp (1)	$	11,994	$	185	$	11,809

Virtu Financial Canada ULC (1)	2,670		185		2,485
Ireland
Virtu Europe Trading Limited (1)	118,361		28,859		89,502
Virtu Financial Ireland Limited (1)	90,779		38,032		52,747
United Kingdom
Virtu ITG UK Limited (1)	1,434		925		509
Asia Pacific
Virtu ITG Australia Limited	25,796		8,063		17,733
Virtu ITG Hong Kong Limited	1,654		476		1,178
Virtu ITG Singapore Pte Limited	654		79		575
Virtu Financial Singapore Pte. Ltd.	128,570		56,686		71,884
(1) Preliminary

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 Europe Trading Limited	78,834		28,502		50,332
Virtu Financial Ireland Limited	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

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Income Tax Expense (Benefit)	$ (24,682)	$ (41,786)
Effective Income Tax Rate Reconciliation, Percent	18.30%	17.30%
Current income taxes receivable	$ 40,600		$ 54,100
Current taxes payable	13,200		13,400
Deferred tax asset, state and local operating loss carryforward	400		400
Unrecognized tax benefits that would impact effective tax rate	6,700
ITG
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	66,100		64,600
Deferred tax asset, non-U.S. operating loss carryforward	12,600		12,400
Valuation allowance on deferred taxes	12,600		12,400
KCG
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	239,300
Deferred tax asset, non-U.S. operating loss carryforward	$ 44,900		$ 44,900

Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 768,982	$ 981,580
Cash restricted or segregated under regulations and other	40,199	56,662
Securities borrowed	1,458,021	1,187,674
Securities purchased under agreements to resell	713,364	336,999
Receivables from broker-dealers and clearing organizations	1,165,830	1,115,185
Trading assets, at fair value:
Receivables from customers	109,205	80,830
Property, equipment and capitalized software (net of accumulated depreciation of $442,632 and $460,763 as of March 31, 2023 and December 31, 2022, respectively)	93,424	85,194
Operating lease right-of-use assets	186,629	187,442
Goodwill	1,148,926	1,148,926
Intangibles (net of accumulated amortization of $334,033 and $318,013 as of March 31, 2023 and December 31, 2022, respectively)	305,460	321,480
Deferred tax assets	141,250	146,801
Other assets ($82,215 and $78,965, at fair value, as of March 31, 2023 and December 31, 2022, respectively)	291,689	303,916
Total assets	11,861,315	10,583,241
Liabilities
Short-term borrowings	121,238	3,944
Securities loaned	1,027,536	1,060,432
Securities sold under agreements to repurchase	1,007,307	627,549
Payables to broker-dealers and clearing organizations	258,752	273,843
Payables to customers	107,526	46,525
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	5,114,781	4,196,974
Tax receivable agreement obligations	238,758	238,758
Deferred tax liabilities	367	343
Accounts payable, accrued expenses and other liabilities	333,343	448,292
Operating lease liabilities	237,254	239,202
Long-term borrowings	1,779,079	1,795,952
Total liabilities	10,225,941	8,931,814
Commitments and Contingencies (Note 14)
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 38,454,789 and 34,522,290 shares at March 31, 2023 and December 31, 2022, respectively	(1,030,205)	(954,637)
Additional paid-in capital	1,323,219	1,292,613
Retained earnings (accumulated deficit)	987,852	972,317
Accumulated other comprehensive income (loss)	24,750	31,604
Total Virtu Financial Inc. stockholders' equity	1,305,618	1,341,899
Noncontrolling interest	329,756	309,528
Total equity	1,635,374	1,651,427
Total liabilities and equity	11,861,315	10,583,241
Class A
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	4,456,998	3,667,481
Pledged
Trading assets, at fair value:
Financial instruments owned	$ 981,338	$ 963,071

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

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022:



(in thousands)	March 31, 2023		December 31, 2022
Assets
Due from prime brokers	$	559,847	$	560,111
Deposits with clearing organizations	147,512		146,927
Net equity with futures commission merchants	124,305		137,312
Unsettled trades with clearing organizations	112,249		87,145
Securities failed to deliver	186,105		149,747
Commissions and fees	35,812		33,943
Total receivables from broker-dealers and clearing organizations	$	1,165,830	$	1,115,185

Liabilities
Due to prime brokers	$	220,536	$	229,424
Net equity with futures commission merchants (1)	(60,931)		(32,381)
Unsettled trades with clearing organizations	269		38
Securities failed to receive	93,864		70,576
Commissions and fees	5,014		6,186
Total payables to broker-dealers and clearing organizations	$	258,752	$	273,843

Borrowings - Interest Expense on Broker-Dealer Facilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Line of Credit Facility [Line Items]
Interest expense	$ 24,288	$ 21,333
Uncommitted facility
Line of Credit Facility [Line Items]
Interest expense	1,561	504
Committed facility
Line of Credit Facility [Line Items]
Interest expense	0	15
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Interest expense	$ 1,561	$ 519

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

The Company primarily enters into lessee arrangements for corporate office space, data centers, and technology equipment. For more information on lease accounting, see Note 2 "Summary of Significant Accounting Policies" and Note 16 "Leases" to the Consolidated Financial Statements of the Company's 2022 Annual Report on Form 10-K

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	March 31, 2023		December 31, 2022
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	186,629	$	187,442
Operating lease liabilities	Operating lease liabilities	237,254		239,202

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	32,289		27,908
Accumulated depreciation	Property, equipment, and capitalized software, net	(10,557)		(12,736)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	21,948		15,323

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


	March 31, 2023		December 31, 2022
Weighted average remaining lease term
Operating leases	6.00 years		6.21 years
Finance leases	3.56 years		2.84 years
Weighted average discount rate
Operating leases	5.50	%	5.43	%
Finance leases	4.77	%	3.92	%

The components of lease expense are as follows:


	Three Months Ended March 31,
(in thousands)		2023		2022
Operating lease cost:
Fixed		$	18,878	$	18,068
Variable		1,764		1,886

Total Operating lease cost		$	20,642	$	19,954

Sublease income		4,889		4,923

Finance lease cost:
Amortization of ROU Asset		$	2,124	$	1,908
Interest on lease liabilities		208		78
Total Finance lease cost		$	2,332	$	1,986

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of March 31, 2023, are as follows:



(in thousands)	Operating Leases		Finance Leases
2023	$	53,238	$	6,536
2024	61,883		7,451
2025	36,994		3,866
2026	31,173		3,087
2027	26,981		2,998
2028 and thereafter	81,357		256
Total lease payments	$	291,626	$	24,194
Less imputed interest	(54,372)		(2,246)
Total lease liability	$	237,254	$	21,948

Leases

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	March 31, 2023		December 31, 2022
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	186,629	$	187,442
Operating lease liabilities	Operating lease liabilities	237,254		239,202

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	32,289		27,908
Accumulated depreciation	Property, equipment, and capitalized software, net	(10,557)		(12,736)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	21,948		15,323

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


	March 31, 2023		December 31, 2022
Weighted average remaining lease term
Operating leases	6.00 years		6.21 years
Finance leases	3.56 years		2.84 years
Weighted average discount rate
Operating leases	5.50	%	5.43	%
Finance leases	4.77	%	3.92	%

The components of lease expense are as follows:


	Three Months Ended March 31,
(in thousands)		2023		2022
Operating lease cost:
Fixed		$	18,878	$	18,068
Variable		1,764		1,886

Total Operating lease cost		$	20,642	$	19,954

Sublease income		4,889		4,923

Finance lease cost:
Amortization of ROU Asset		$	2,124	$	1,908
Interest on lease liabilities		208		78
Total Finance lease cost		$	2,332	$	1,986

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of March 31, 2023, are as follows:



(in thousands)	Operating Leases		Finance Leases
2023	$	53,238	$	6,536
2024	61,883		7,451
2025	36,994		3,866
2026	31,173		3,087
2027	26,981		2,998
2028 and thereafter	81,357		256
Total lease payments	$	291,626	$	24,194
Less imputed interest	(54,372)		(2,246)
Total lease liability	$	237,254	$	21,948

Borrowings - Broker-Dealer Credit Facilities Carrying Values, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Total principal of long-term borrowings	$ 1,808,344	$ 1,826,693
Deferred Debt Issuance Cost	(25,580)	(26,860)
Outstanding Borrowings, net	$ 1,779,079	$ 1,795,952
Uncommitted facility
Line of Credit Facility [Line Items]
Interest Rate	6.00%	5.50%
Financing Available	$ 400,000	$ 400,000
Total principal of long-term borrowings	125,000	0
Deferred Debt Issuance Cost	(3,762)	0
Outstanding Borrowings, net	121,238	$ 0
Uncommitted facility \| Other assets
Line of Credit Facility [Line Items]
Deferred Debt Issuance Cost	$ (200)
Committed facility
Line of Credit Facility [Line Items]
Interest Rate	8.47%	7.67%
Financing Available	$ 650,000	$ 650,000
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	8.30%	7.80%
Financing Available	$ 10,000	$ 10,000
Total principal of long-term borrowings	0	0
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	0	0
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Financing Available	1,060,000	1,060,000
Total principal of long-term borrowings	125,000	0
Deferred Debt Issuance Cost	(3,762)	0
Outstanding Borrowings, net	$ 121,238	$ 0

Cash

3 Months Ended

Mar. 31, 2023

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


(in thousands)	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	768,982	$	981,580
Cash restricted or segregated under regulations and other	40,199		56,662
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	809,181	$	1,038,242

Earnings per Share - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Income before income taxes and noncontrolling interest	$ 134,765	$ 241,711
Provision for income taxes	24,682	41,786
Net income	110,083	199,925
Noncontrolling interest	(52,202)	(87,668)
Net income available for common stockholders	$ 57,881	$ 112,257

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

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: 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(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI https://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

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)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: 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)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 10: 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)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 11: 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)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3000-108585

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI https://asc.fasb.org/extlink&oid=126929396&loc=SL4569616-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 18: 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 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-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 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 25: 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 26: 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)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 27: 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)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 28: 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)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

Share-based Compensation - Summary of Activity in Options (Details) - 2015 Management Incentive Plan - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Number of Options
Outstanding at beginning of period (in shares)	1,521,776	1,795,655	1,795,655
Granted (in shares)	0	0
Exercised (in shares)	0	(246,879)
Forfeited or expired (in shares)	0	(5,000)
Outstanding at end of period (in shares)	1,521,776	1,543,776	1,521,776	1,795,655
Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 19.00	$ 19.00	$ 19.00
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	19.00
Forfeited or expired (in dollars per share)	0	0
Outstanding at end of period (in dollars per share)	$ 19.00	$ 19.00	$ 19.00	$ 19.00
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life	1 year 11 months 26 days	2 years 11 months 26 days	2 years 2 months 26 days	3 years 2 months 26 days
Options exercisable, number of options (in shares)	1,521,776	1,543,776	1,521,776	1,795,655
Options granted, number of options (in shares)	0	0
Options exercised, number of options exercised (in shares)	0	(246,879)
Options exercisable, number of options forfeited or expired (in shares)	0	(5,000)
Options exercisable, weighted average exercise price (in dollars per share)	$ 19.00	$ 19.00	$ 19.00	$ 19.00

Regulatory Requirement - Narrative (Details) - USD ($)	3 Months Ended
Regulatory Requirement - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
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	$ 34,000,000.0	$ 50,200,000
Cash in reserve bank accounts for the benefit of proprietary accounts of brokers	5,900,000	5,800,000
Virtu ITG Hong Kong Limited
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Capital settlement	30,000	30,000
Virtu Europe Trading Limited
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Deposit funds for trade	$ 100,000
Virtu ITG Europe Limited
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Deposit funds for trade		100,000
Virtu ITG Canada Corp
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Deposit funds for trade		$ 400,000

Subsequent Events (Details) - $ / shares		3 Months Ended
Subsequent Events (Details) - $ / shares	Apr. 20, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.24	$ 0.24
Class A \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24

Borrowings - SBI Bonds (Details)	3 Months Ended
Borrowings - SBI Bonds (Details)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 JPY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 JPY (¥)	Jul. 25, 2016 USD ($)	Jul. 25, 2016 JPY (¥)
Debt Instrument [Line Items]
Outstanding principal amount	$ 1,808,344,000			$ 1,826,693,000
SBI bonds
Debt Instrument [Line Items]
Outstanding principal amount	26,344,000			26,693,000
VFH \| SBI bonds
Debt Instrument [Line Items]
Face amount						$ 33,100,000	¥ 3,500,000,000
Outstanding principal amount	26,300,000		¥ 3,500,000,000	$ 26,700,000	¥ 3,500,000,000
Gain (loss) on due to change in currency rates	$ 300,000	$ 2,000,000

Capital Structure - Additional Information (Details)	3 Months Ended
Capital Structure - Additional Information (Details)	Mar. 31, 2023 class vote shares	Mar. 31, 2022 shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Number of classes of common stock \| class	4
Non-voting common interest units outstanding (in shares) \| shares	4,289,305		4,462,840
Number of non-voting common interest units forfeited or repurchased (in shares) \| shares	173,535	305,910
Virtu Financial
Class of Stock [Line Items]
Ownership interest	59.50%
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	85.60%

Derivative Instruments

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022:


(in thousands)		March 31, 2023				December 31, 2022
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	$	1,229	$	547,514	$	(575)	$	663,110
Commodity futures	Receivables from broker-dealers and clearing organizations	13,464		6,866,210		(31,007)		7,597,057
Currency futures	Receivables from broker-dealers and clearing organizations	(12,534)		5,711,990		(24,023)		7,460,531
Fixed income futures	Receivables from broker-dealers and clearing organizations	(43)		16,414		(360)		30,292

Options	Financial instruments owned	4,661		961,466		5,200		691,737
Currency forwards	Financial instruments owned	690,832		55,818,504		500,553		30,286,330


Derivative instruments designated as hedging instruments:
Interest rate swap	Receivables from broker-dealers and clearing organizations	71,878		1,525,000		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	$	(2,406)	$	1,019,042	$	1,819	$	3,238,651
Commodity futures	Payables to broker-dealers and clearing organizations	35		25,089		597		39,046
Currency futures	Payables to broker-dealers and clearing organizations	(12,279)		947,462		8		6,386
Fixed income futures	Payables to broker-dealers and clearing organizations	229		130,369		(264)		123,043
Options	Financial instruments sold, not yet purchased	3,847		926,702		3,889		742,531
Currency forwards	Financial instruments sold, not yet purchased	747,398		55,846,786		497,799		30,284,952

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.


		Three Months Ended March 31,
(in thousands)	Financial Statements Location		2023		2022
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	124,466	$	77,346
Currency forwards	Trading income, net		(62,937)		8,910
Options	Trading income, net		2,655		(1,095)
Interest rate swap on term loan	Other, net		(463)		(463)
			$	63,721	$	84,698

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	(15,393)	$	56,145

			$	(15,393)	$	56,145

Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023:


	March 31, 2023
(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	$	615,187	$	1,739,662	$	—	$	—	$	2,354,849
U.S. and Non-U.S. government obligations	297,666		757,207		—		—		1,054,873
Corporate Bonds	—		1,029,894		—		—		1,029,894
Exchange traded notes	52		12,178		—		—		12,230
Currency forwards	—		690,832		—		(690,341)		491
Options	4,661		—		—		—		4,661
	$	917,566	$	4,229,773	$	—	$	(690,341)	$	4,456,998

Financial instruments owned, pledged as collateral:
Equity securities	$	582,062	$	387,851	$	—	$	—	$	969,913

Exchange traded notes	6		11,419		—		—		11,425
	$	582,068	$	399,270	$	—	$	—	$	981,338

Other Assets
Equity investment	$	—	$	—	$	79,726	$	—	$	79,726
Exchange stock	2,489		—		—		—		2,489
	$	2,489	$	—	$	79,726	$	—	$	82,215

Receivables from broker dealers and clearing organizations:
Interest rate swap	$	—	$	71,878	$	—	$	—	$	71,878

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,761,081	$	1,215,079	$	—	$	—	$	2,976,160
U.S. and Non-U.S. government obligations	192,041		857,874		—		—		1,049,915
Corporate Bonds	—		1,067,783		—		—		1,067,783
Exchange traded notes	—		17,075		—		—		17,075
Currency forwards	—		747,398		—		(747,397)		1
Options	3,847		—		—		—		3,847
	$	1,956,969	$	3,905,209	$	—	$	(747,397)	$	5,114,781

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

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of March 31, 2023:


	March 31, 2023
	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	$	768,982	$	768,982	$	768,982	$	—	$	—
Cash restricted or segregated under regulations and other	40,199		40,199		40,199		—		—
Securities borrowed	1,458,021		1,458,021		—		1,458,021		—
Securities purchased under agreements to resell	713,364		713,364		—		713,364		—
Receivables from broker-dealers and clearing organizations	1,093,952		1,093,952		—		1,093,952		—
Receivables from customers	109,205		109,205		—		109,205		—
Other assets (1)	32,505		32,505		—		32,505		—
Total Assets	$	4,216,228	$	4,216,228	$	809,181	$	3,407,047	$	—

Liabilities
Short-term borrowings	$	121,238	$	125,000	$	—	$	125,000	$	—
Long-term borrowings	1,779,079		1,752,656		—		1,752,656		—
Securities loaned	1,027,536		1,027,536		—		1,027,536		—
Securities sold under agreements to repurchase	1,007,307		1,007,307		—		1,007,307		—
Payables to broker-dealers and clearing organizations	258,752		258,752		—		258,752		—
Payables to customers	107,526		107,526		—		107,526		—
Other liabilities (2)	25,486		25,486		—		25,486		—
Total Liabilities	$	4,326,924	$	4,304,263	$	—	$	4,304,263	$	—
(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, 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 dealer 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.

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:

March 31, 2023

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

79,726

Discounted cash flow

Estimated revenue growth

(8.2)% - 5.0%

3.1

Discount rate

15.2% - 15.2%

15.2

Market

Future enterprise value/ EBIDTA ratio

9.5x - 17.9x

13.1x

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

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:


	Three Months Ended March 31, 2023
(in thousands)	Balance at December 31, 2022		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at March 31, 2023		Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2023
Assets
Other assets:
Equity investment	$	76,613	$	—	$	3,113	$	—	$	—	$	79,726	$	3,113

Total	$	76,613	$	—	$	3,113	$	—	$	—	$	79,726	$	3,113
(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.


	Three Months Ended March 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 March 31, 2022		Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2022
Assets
Other assets:
Equity investment	$	81,358	$	—	$	3,124	$	—	$	—	$	84,482	$	3,124

Total	$	81,358	$	—	$	3,124	$	—	$	—	$	84,482	$	3,124
(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 March 31, 2023 and December 31, 2022:


	March 31, 2023
	Gross Amounts of Recognized Assets		Amounts Offset in the Condensed Consolidated Statement of Financial Condition		Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,458,021	$	—	$	1,458,021	$	(1,433,500)	$	(3,800)	$	20,721
Securities purchased under agreements to resell	713,364		—		713,364		(713,364)		—		—
Receivables from broker-dealers and clearing organizations:
Interest rate swaps	71,878		—		71,878		—		—		71,878
Trading assets, at fair value:
Currency forwards	690,832		(690,341)		491		—		—		491
Options	4,661		—		4,661		—		(3,479)		1,182
Total	$	2,938,756	$	(690,341)	$	2,248,415	$	(2,146,864)	$	(7,279)	$	94,272


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

(in thousands)							Financial Instruments		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,027,536	$	—	$	1,027,536	$	(1,015,535)	$	(3,800)	$	8,201
Securities sold under agreements to repurchase	1,007,307		—		1,007,307		(1,007,307)		—		—


Trading liabilities, at fair value:
Currency forwards	747,398		(747,397)		1		—		—		1
Options	3,847		—		3,847		—		(3,479)		368
Total	$	2,786,088	$	(747,397)	$	2,038,691	$	(2,022,842)	$	(7,279)	$	8,570


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

(in thousands)							Financial Instrument Collateral		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
Interest rate swaps	—		—		—		—		—		—
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

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 March 31, 2023 and December 31, 2022:


	March 31, 2023
	Gross Amounts of Recognized Assets		Amounts Offset in the Condensed Consolidated Statement of Financial Condition		Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,458,021	$	—	$	1,458,021	$	(1,433,500)	$	(3,800)	$	20,721
Securities purchased under agreements to resell	713,364		—		713,364		(713,364)		—		—
Receivables from broker-dealers and clearing organizations:
Interest rate swaps	71,878		—		71,878		—		—		71,878
Trading assets, at fair value:
Currency forwards	690,832		(690,341)		491		—		—		491
Options	4,661		—		4,661		—		(3,479)		1,182
Total	$	2,938,756	$	(690,341)	$	2,248,415	$	(2,146,864)	$	(7,279)	$	94,272


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

(in thousands)							Financial Instruments		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,027,536	$	—	$	1,027,536	$	(1,015,535)	$	(3,800)	$	8,201
Securities sold under agreements to repurchase	1,007,307		—		1,007,307		(1,007,307)		—		—


Trading liabilities, at fair value:
Currency forwards	747,398		(747,397)		1		—		—		1
Options	3,847		—		3,847		—		(3,479)		368
Total	$	2,786,088	$	(747,397)	$	2,038,691	$	(2,022,842)	$	(7,279)	$	8,570


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

(in thousands)							Financial Instrument Collateral		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
Interest rate swaps	—		—		—		—		—		—
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

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


	March 31, 2023
	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	$	210,000	$	50,000	$	—	$	400,000
U.S. and Non-U.S. government obligations	607,307		—		—		—				607,307
Total	$	607,307	$	140,000	$	210,000	$	50,000	$	—	$	1,007,307

Securities loaned:
Equity securities	$	1,027,536	$	—	$	—	$	—	$	—	$	1,027,536
Total	$	1,027,536	$	—	$	—	$	—	$	—	$	1,027,536


	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

Variable Interest Entities

3 Months Ended

Mar. 31, 2023

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 March 31, 2023, 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 March 31, 2023, 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 March 31, 2023, the Company held approximately a 13.2% 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 March 31, 2023, 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 Condensed 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 March 31, 2023:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	45,275	$	—	$	45,275	$	256,556

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

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 March 31, 2023, the Company held a 51% controlling interest in this entity. This JV meets the criteria to be considered a VIE, and based on the standard for control set forth above, the Company consolidates this entity and records the interest that the Company does not own as noncontrolling interest in the Condensed Consolidated Financial Statements.

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill by segment

The following table presents the details of goodwill by segment as of March 31, 2023 and December 31, 2022:


(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 March 31, 2023 and December 31, 2022:


	As of March 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(201,947)	$	284,653	10	to	12
Technology	136,000		(121,986)		14,014		1	to	6
Favorable occupancy leases	5,895		(4,600)		1,295		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	$	(334,033)	$	305,460


	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

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)
Remainder of 2023	$	47,940
2024	50,845
2025	47,879
2026	47,879
2027	47,879
2028	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

Capital Structure - Amended and Restated 2015 Management Incentive Plan (Details) - 2015 Management Incentive Plan - Class A - 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

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Trading income, net	$ 412,511	$ 522,307
Interest and dividends income	$ 82,244	$ 21,011
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	$ 121,444	$ 154,655
Other, net	4,181	3,289
Total revenue	620,380	701,262
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	145,523	150,380
Communication and data processing	56,812	55,835
Employee compensation and payroll taxes	103,437	103,480
Interest and dividends expense	97,601	42,538
Operations and administrative	24,299	25,215
Depreciation and amortization	15,348	17,477
Amortization of purchased intangibles and acquired capitalized software	16,020	16,480
Termination of office leases	96	707
Debt issue cost related to debt refinancing, prepayment and commitment fees	2,176	25,684
Transaction advisory fees and expenses	15	422
Financing interest expense on long-term borrowings	24,288	21,333
Total operating expenses	485,615	459,551
Income before income taxes and noncontrolling interest	134,765	241,711
Provision for income taxes	24,682	41,786
Net income	110,083	199,925
Noncontrolling interest	(52,202)	(87,668)
Net income available for common stockholders	$ 57,881	$ 112,257
Earnings per share
Basic (in dollars per share)	$ 0.56	$ 0.99
Diluted (in dollars per share)	$ 0.56	$ 0.98
Weighted average common shares outstanding
Basic (in shares)	97,795,957	109,329,468
Diluted (in shares)	97,813,691	110,066,641
Net Income	$ 110,083	$ 199,925
Other comprehensive income
Foreign exchange translation adjustment, net of taxes	1,648	(5,168)
Net change in unrealized cash flow hedges gain (loss), net of taxes	(13,168)	47,873
Comprehensive income	98,563	242,630
Less: Comprehensive income attributable to noncontrolling interest	(47,535)	(104,159)
Comprehensive income attributable to common stockholders	$ 51,028	$ 138,471

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Due from prime brokers	$ 559,847	$ 560,111
Deposits with clearing organizations	147,512	146,927
Net equity with futures commission merchants	124,305	137,312
Unsettled trades with clearing organizations	112,249	87,145
Securities failed to deliver	186,105	149,747
Commissions and fees	35,812	33,943
Total receivables from broker-dealers and clearing organizations	1,165,830	1,115,185
Liabilities
Due to prime brokers	220,536	229,424
Net equity with futures commission merchants	(60,931)	(32,381)
Unsettled trades with clearing organizations	269	38
Securities failed to receive	93,864	70,576
Commissions and fees	5,014	6,186
Total payables to broker-dealers and clearing organizations	258,752	273,843
Outstanding principal balance	$ 285,100	$ 212,900

Earnings per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 55,204	$ 108,398
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	97,795,957	109,329,468
Weighted average shares of common stock outstanding (in shares)	97,813,691	110,066,641
Diluted earnings per share (in dollars per share)	$ 0.56	$ 0.98
Class A
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	97,795,957	109,329,468
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan (in shares)	17,734	737,173
Weighted average shares of common stock outstanding (in shares)	97,813,691	110,066,641

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ 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

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Lease assets and liabilities

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	March 31, 2023		December 31, 2022
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	186,629	$	187,442
Operating lease liabilities	Operating lease liabilities	237,254		239,202

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	32,289		27,908
Accumulated depreciation	Property, equipment, and capitalized software, net	(10,557)		(12,736)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	21,948		15,323

Lease term, discount rate and components of lease expense

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


	March 31, 2023		December 31, 2022
Weighted average remaining lease term
Operating leases	6.00 years		6.21 years
Finance leases	3.56 years		2.84 years
Weighted average discount rate
Operating leases	5.50	%	5.43	%
Finance leases	4.77	%	3.92	%

The components of lease expense are as follows:


	Three Months Ended March 31,
(in thousands)		2023		2022
Operating lease cost:
Fixed		$	18,878	$	18,068
Variable		1,764		1,886

Total Operating lease cost		$	20,642	$	19,954

Sublease income		4,889		4,923

Finance lease cost:
Amortization of ROU Asset		$	2,124	$	1,908
Interest on lease liabilities		208		78
Total Finance lease cost		$	2,332	$	1,986

Future minimum lease payments under operating leases

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of March 31, 2023, are as follows:



(in thousands)	Operating Leases		Finance Leases
2023	$	53,238	$	6,536
2024	61,883		7,451
2025	36,994		3,866
2026	31,173		3,087
2027	26,981		2,998
2028 and thereafter	81,357		256
Total lease payments	$	291,626	$	24,194
Less imputed interest	(54,372)		(2,246)
Total lease liability	$	237,254	$	21,948

Future minimum lease payments under finance leases

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of March 31, 2023, are as follows:



(in thousands)	Operating Leases		Finance Leases
2023	$	53,238	$	6,536
2024	61,883		7,451
2025	36,994		3,866
2026	31,173		3,087
2027	26,981		2,998
2028 and thereafter	81,357		256
Total lease payments	$	291,626	$	24,194
Less imputed interest	(54,372)		(2,246)
Total lease liability	$	237,254	$	21,948

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization The accompanying Condensed 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 March 31, 2023, VFI owned approximately 59.5% 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 Europe Trading Limited (“VETL”) (f/k/a Virtu ITG Europe Limited , 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 20 "Geographic Information and Business Segments" for a further discussion of the Company’s segments. Basis of Consolidation and Form of Presentation These Condensed 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-Q 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. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with SEC rules and regulations. The Condensed 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.

Financial Assets and Liabilities - Gross Obligations For Securities Lending Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 1,007,307	$ 627,549
Remaining contractual maturity for securities loaned	1,027,536	1,060,432
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	607,307	227,549
Remaining contractual maturity for securities loaned	1,027,536	1,060,432
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	140,000	250,000
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	210,000	100,000
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	50,000
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	1,027,536	1,060,432
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	1,027,536	1,060,432
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	140,000	250,000
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	210,000	100,000
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	50,000
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	607,307	227,549
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	607,307	227,549
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