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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2017	Mar. 13, 2018	Jun. 30, 2017
Entity Registrant Name	Virtu Financial, Inc.
Entity Central Index Key	0001592386
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 699.7
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Class A
Entity Common Stock, Shares Outstanding		91,512,582
Class C
Entity Common Stock, Shares Outstanding		17,066,564
Class D
Entity Common Stock, Shares Outstanding		79,610,490

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 532,887	$ 181,415
Securities borrowed	1,471,172	220,005
Receivables from broker dealers and clearing organizations	972,018	448,728
Trading assets, at fair value:
Financial instruments owned	2,117,579	1,683,999
Financial instruments owned and pledged	595,043	143,883
Property, equipment and capitalized software (net of accumulated depreciation of $375,656 and $113,184 as of December 31, 2017 and 2016, respectively)	137,018	29,660
Goodwill	844,883	715,379
Intangibles (net of accumulated amortization of $123,408 and $110,908 as of December 31, 2017 and December 31, 2016, respectively)	111,224	992
Deferred tax asset	125,760	193,859
Assets of business held for sale	55,070
Other assets ($98,364 and $36,480, at fair value, as of December 31, 2017 and 2016, respectively)	357,352	74,470
Total Assets	7,320,006	3,692,390
Liabilities
Short term borrowings	27,883	25,000
Securities loaned	754,687	222,203
Securities sold under agreements to repurchase	390,642
Payables to broker dealers and clearing organizations	716,205	695,978
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	2,384,598	1,349,155
Tax receivable agreement obligations	147,040	231,404
Accounts payable and accrued expenses and other liabilities	358,825	69,281
Long-term borrowings	1,388,548	564,957
Total Liabilities	6,168,428	3,157,978
Stockholders' Equity
Treasury stock, at cost, 616,923 and 453,066 shares at December 31, 2017 and 2016, respectively	(11,041)	(8,358)
Additional paid-in capital	900,746	155,536
Accumulated deficit	(62,129)	(1,254)
Accumulated other comprehensive income (loss)	2,991	(252)
Total stockholders' equity	830,569	145,673
Noncontrolling interest	321,009	388,739
Total equity	1,151,578	534,412
Total liabilities and equity	7,320,006	3,692,390
Class D
Stockholders' Equity
Common stock value	1	1
Class A
Stockholders' Equity
Common stock value	$ 1

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Apr. 21, 2015
Accumulated depreciation (in dollars)	$ 375,656	$ 113,184
Intangibles accumulated amortization (in dollars)	123,408	110,908
Fair value of other assets (in dollars)	$ 98,364	$ 36,480
Treasury stock shares	616,923	453,066
Class A
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Common stock shares authorized	1,000,000,000	1,000,000,000
Common stock shares issued	90,415,532	40,436,580
Common stock shares outstanding	89,798,609	39,983,514
Class B
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock shares authorized	175,000,000	175,000,000
Common stock shares issued	0	0
Common stock shares outstanding	0	0
Class C
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock shares authorized	90,000,000	90,000,000
Common stock shares issued	17,880,239	19,810,707
Common stock shares outstanding	17,880,239	19,810,707
Class D
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock shares authorized	175,000,000	175,000,000
Common stock shares issued	79,610,490	79,610,490
Common stock shares outstanding	79,610,490	79,610,490

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Trading income, net	$ 766,027	$ 665,465	$ 757,455
Interest and dividends income	50,407	26,419	28,136
Commissions, net and technology services	116,503	10,352	10,622
Other, net	95,045	36
Total revenue	1,027,982	702,272	796,213
Operating Expenses:
Brokerage, exchange and clearance fees, net	256,926	221,214	232,469
Communication and data processing	131,506	71,001	68,647
Employee compensation and payroll taxes	177,489	85,295	88,026
Payments for order flow	27,727
Interest and dividends expense	91,993	56,557	52,423
Operations and administrative	65,137	23,039	25,991
Depreciation and amortization	47,327	29,703	33,629
Amortization of purchased intangibles and acquired capitalized software	15,447	211	211
Debt issue costs related to debt refinancing	10,460	5,579
Transaction advisory fees and expenses	25,270
Reserve for legal matter	657		5,440
Charges related to share-based compensation at IPO	772	1,755	44,194
Financing interest expense on long-term borrowings	64,107	28,327	29,254
Total operating expenses	914,818	522,681	580,284
Income (loss) before income taxes and noncontrolling interest	113,164	179,591	215,929
Provision for (benefit from) income taxes	94,266	21,251	18,439
Net income (loss)	18,898	158,340	197,490
Noncontrolling interest	(15,959)	(125,360)	(176,603)
Net income (loss) available for common stockholders	$ 2,939	$ 32,980	$ 20,887
Earnings (loss) per share
Basic (in dollars per share)	$ 0.03	$ 0.83	$ 0.60
Diluted (in dollars per share)	$ 0.03	$ 0.83	$ 0.59
Weighted average common shares outstanding
Basic (in shares)	62,579,147	38,539,091	34,964,312
Diluted (in shares)	62,579,147	38,539,091	35,339,585
Comprehensive income
Net income (loss)	$ 18,898	$ 158,340	$ 197,490
Other comprehensive income (loss)
Foreign currency translation adjustment, net of taxes	9,117	(1,165)	(4,255)
Comprehensive income (loss)	28,015	157,175	193,235
Less: Comprehensive income (loss) attributable to non-controlling interests	(21,833)	(124,546)	(172,249)
Comprehensive income (loss) attributable to common stockholders	$ 6,182	$ 32,629	$ 20,986

Consolidated Statements of Changes in Equity - USD ($)	Common Stock Class A	Common Stock Class C	Common Stock Class D	Treasury Stock	Additional Paid-in Capital	Capital Units Class A-1	Capital Units Class A-2	Retained Earnings (Accumulated Deficit).	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling Interest	Class A	Class C	Class D	Total
Balance at Dec. 31, 2014						$ 19,648,000	$ 287,705,000	$ (91,383,000)	$ (3,705,000)	$ 212,265,000					$ 212,265,000
Balance (in shares) at Dec. 31, 2014						1,964,826	99,855,666
Increase (decrease) in stockholder's/members' equity
Share based compensation							$ 438,000			438,000					438,000
Share based compensation (in shares)							6,418
Repurchase of interests							$ (97,000)			(97,000)					(97,000)
Repurchase of interests (in shares)							(13,495)
Dividends								(130,000,000)		(130,000,000)					(130,000,000)
Net income (loss)								83,147,000		83,147,000					83,147,000
Foreign exchange translation adjustment									(4,633,000)	(4,633,000)					(4,633,000)
Reorganization of equity structure		$ 36,746,041	$ 1,000		$ 63,261,000	$ (19,648,000)	$ (288,046,000)	138,236,000	8,338,000	(97,858,000)	$ 392,291,000				294,433,000
Reorganization of equity structure (in shares)	18,763,664		79,610,490
Reorganization of equity structure (in shares)						(1,964,826)	(99,848,589)
Balance at Apr. 15, 2015			$ 1,000		63,261,000
Balance at Apr. 15, 2015										63,262,000	392,291,000				455,553,000
Balance (in shares) at Apr. 15, 2015	18,763,664	36,746,041	79,610,490
Balance at Dec. 31, 2014						$ 19,648,000	$ 287,705,000	(91,383,000)	(3,705,000)	212,265,000					212,265,000
Balance (in shares) at Dec. 31, 2014						1,964,826	99,855,666
Increase (decrease) in stockholder's/members' equity
Net income (loss)															197,490,000
Foreign exchange translation adjustment															(4,255,000)
Balance at Dec. 31, 2015			$ 1,000		130,902,000			3,525,000	99,000	130,708,000	427,162,000				557,870,000
Balance (in shares) at Dec. 31, 2015	38,379,858	20,976,598	79,610,490
Treasury stock at Dec. 31, 2015				$ (3,819,000)						(3,819,000)					(3,819,000)
Treasury stock (in shares) at Dec. 31, 2015				(169,649)
Balance at Apr. 15, 2015			$ 1,000		63,261,000
Balance at Apr. 15, 2015										63,262,000	392,291,000				455,553,000
Balance (in shares) at Apr. 15, 2015	18,763,664	36,746,041	79,610,490
Increase (decrease) in stockholder's/members' equity
Share based compensation					19,278,000					19,278,000					19,278,000
Share based compensation (in shares)	576,693
Repurchase of interests		$ (12,214,224)			(277,153,000)					(277,153,000)					(277,153,000)
Repurchase of interests (in shares)	(3,470,724)
Dividends								(17,362,000)		(17,362,000)					(17,362,000)
Net income (loss)								20,887,000		20,887,000	93,456,000				114,343,000
Foreign exchange translation adjustment									99,000	99,000	279,000				378,000
Issuance of Common Stock, net of offering costs					327,366,000					327,366,000					327,366,000
Issuance of Common Stock, net of offering costs (in shares)	19,012,112	(3,498,113)
Issuance of Common Stock in connection with secondary offering, net of offering costs					7,782,000					7,782,000					7,782,000
Issuance of common stock (in shares)	3,498,113
Repurchase of units and corresponding number of common stock in connection with secondary offering					(8,805,000)					(8,805,000)					(8,805,000)
Share based compensation vested upon IPO					44,908,000					44,908,000					44,908,000
Adjustments for changes in proportionate ownership in Virtu Financial					(22,513,000)					(22,513,000)	22,513,000
Issuance of tax receivable agreements in connection with secondary offering					(23,041,000)					(23,041,000)					(23,041,000)
Repurchase of common stock		$ (57,106)			(1,368,000)					(1,368,000)					(1,368,000)
Treasury stock purchases (in shares)				(169,649)
Distribution from Virtu Financial to non-controlling interest											(81,377,000)				(81,377,000)
Issuance of tax receivable agreements in connection with secondary offering					(1,187,000)					(1,187,000)					(1,187,000)
Balance at Dec. 31, 2015			$ 1,000		130,902,000			3,525,000	99,000	130,708,000	427,162,000				557,870,000
Balance (in shares) at Dec. 31, 2015	38,379,858	20,976,598	79,610,490
Treasury stock at Dec. 31, 2015				$ (3,819,000)						(3,819,000)					(3,819,000)
Treasury stock (in shares) at Dec. 31, 2015				(169,649)
Increase (decrease) in stockholder's/members' equity
Share based compensation					24,893,000					24,893,000					24,893,000
Share based compensation (in shares)	953,054	(58,070)
Dividends								(37,759,000)		(37,759,000)					(37,759,000)
Net income (loss)								32,980,000		32,980,000	125,360,000				158,340,000
Foreign exchange translation adjustment									(351,000)	(351,000)	(814,000)				(1,165,000)
Issuance of Common Stock in connection with secondary offering, net of offering costs					16,677,000					16,677,000					16,677,000
Issuance of common stock (in shares)	1,103,668
Repurchase of units and corresponding number of common stock in connection with secondary offering					(17,383,000)					(17,383,000)					(17,383,000)
Repurchase of units and corresponding number of common stock in connection with secondary offering (in shares)		(1,103,668)
Issuance of tax receivable agreements in connection with secondary offering					(545,000)					(545,000)					(545,000)
Repurchase of common stock					(98,000)					(98,000)					(98,000)
Repurchase of common stock (in shares)		(4,153)
Treasury stock purchases				$ (4,539,000)						(4,539,000)					(4,539,000)
Treasury stock purchases (in shares)				(283,417)
Distribution from Virtu Financial to non-controlling interest											(162,969,000)				(162,969,000)
Balance at Dec. 31, 2016															145,673,000
Balance at Dec. 31, 2016			$ 1,000		155,536,000			(1,254,000)	(252,000)	145,673,000	388,739,000				534,412,000
Balance (in shares) at Dec. 31, 2016	40,436,580	19,810,707	79,610,490									39,983,514	19,810,707	79,610,490
Treasury stock at Dec. 31, 2016				$ (8,358,000)											$ (8,358,000)
Treasury stock (in shares) at Dec. 31, 2016				(453,066)											(453,066)
Increase (decrease) in stockholder's/members' equity
Share based compensation		$ (34,019)			16,846,000					16,846,000					$ 16,846,000
Share based compensation (in shares)	546,265
Repurchase of interests					(9,143,000)					(9,143,000)					(9,143,000)
Dividends								(63,814,000)		(63,814,000)					(63,814,000)
Net income (loss)								2,939,000		2,939,000	15,959,000				18,898,000
Foreign exchange translation adjustment									3,243,000	3,243,000	5,874,000				9,117,000
Issuance of Common Stock, net of offering costs	$ 1,000				735,973,000					735,974,000					735,974,000
Issuance of Common Stock, net of offering costs (in shares)	48,076,924
Issuance of common stock (in shares)	1,355,763
Repurchase of units and corresponding number of common stock in connection with secondary offering (in shares)		(1,355,763)
Issuance of tax receivable agreements in connection with secondary offering					1,534,000					1,534,000					1,534,000
Repurchase of common stock (in shares)		(540,686)
Treasury stock purchases				$ (2,683,000)						(2,683,000)					(2,683,000)
Treasury stock purchases (in shares)				(163,857)
Distribution from Virtu Financial to non-controlling interest											(89,563,000)				(89,563,000)
Balance at Dec. 31, 2017	$ 1,000		$ 1,000		$ 900,746,000			$ (62,129,000)	$ 2,991,000	$ 830,569,000	$ 321,009,000				1,151,578,000
Balance (in shares) at Dec. 31, 2017	90,415,532	17,880,239	79,610,490
Balance at Dec. 31, 2017															830,569,000
Balance at Dec. 31, 2017															1,151,578,000
Balance (in shares) at Dec. 31, 2017												89,798,609	17,880,239	79,610,490
Treasury stock at Dec. 31, 2017				$ (11,041,000)											$ (11,041,000)
Treasury stock (in shares) at Dec. 31, 2017				(616,923)											(616,923)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net Income	$ 18,898	$ 158,340	$ 197,490
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	47,327	29,703	33,629
Amortization of purchased intangibles and acquired capitalized software	15,447	211	211
Debt issue cost related to debt refinancing	10,460	5,579
Amortization of debt issuance costs and deferred financing fees	5,822	1,690	1,755
Termination of office leases	3,671		1,380
Share based compensation	26,259	22,866	61,878
Reserve for legal matter	657		5,440
Equipment writeoff	1,216	428	559
Tax receivable agreement obligation reduction	(86,599)
Deferred taxes	102,973	13,313	3,985
Other	(4,577)	(1,070)	219
Changes in operating assets and liabilities:
Securities borrowed	155,277	233,291	31,638
Securities purchased under agreements to resell	16,894	14,981	16,482
Receivables from broker dealers and clearing organizations	26,145	27,808	(88,884)
Trading assets, at fair value	1,210,599	(530,668)	247,094
Other Assets	44,494	772	(5,796)
Securities loaned	366,295	(302,400)	26,741
Securities sold under agreements to repurchase	(450,964)		(2,006)
Payables to broker dealers and clearing organizations	(516,376)	209,374	(199,599)
Trading liabilities, at fair value	(721,204)	370,065	(58,544)
Accounts payable and accrued expenses and other liabilities	17,860	(14,684)	(13,392)
Net cash provided by operating activities	290,574	239,599	260,280
Cash flows from investing activities
Development of capitalized software	(14,158)	(8,404)	(8,028)
Acquisition of property and equipment	(18,932)	(11,859)	(16,271)
Investment in SBI Japannext		(38,754)
Acquisition of KCG Holdings, net of cash acquired, described in Note 3	(799,632)
Acquisition of Teza Technologies	(5,594)
Proceeds from sale of DMM business	300
Net cash used in investing activities	(838,016)	(59,017)	(24,299)
Cash flows from financing activities
Distribution to members			(130,000)
Distribution from Virtu Financial to non-controlling interest	(89,563)	(162,969)	(81,377)
Dividends	(63,814)	(37,759)	(17,362)
Purchase of treasury stock	(2,683)	(4,539)	(3,819)
Short-term borrowings, net	7,000	(20,000)	45,000
Proceeds from long-term borrowings	1,115,036	75,753
Repayment of senior secured credit facility	(256,473)	(3,825)	(2,914)
Repayment of KCG Notes	(480,987)
Tax receivable agreement obligations	(7,045)
Debt issuance costs	(56,505)	(5,094)	(976)
Issuance of common stock, net of offering costs	735,974		327,366
Repurchase of Virtu Financial Units and corresponding number of Class A and C Common Stock			(277,153)
Issuance of common stock, net of offering costs		16,677	7,782
Repurchase of Virtu Financial Units and corresponding number of Class A and C common stock in connection with IPO		(17,383)	(8,805)
Net cash provided by (used in) financing activities	889,797	(161,237)	(144,355)
Effect of exchange rate changes on cash and cash equivalents	9,117	(1,165)	(4,255)
Net decrease in Cash and cash equivalents	351,472	18,180	87,371
Cash and cash equivalents beginning of period	181,415	163,235	75,864
Cash and Cash Equivalents, at Carrying Value	181,415	163,235	75,864
Supplementary disclosure of cash flow information
Cash paid for interest	112,982	54,872	63,230
Cash paid for taxes	5,976	16,175	12,875
Non-cash investing activities
Share based compensation of developers relating to software capitalized	1,605	2,750	11,278
Non-cash financing activities
Tax receivable agreement described in Note 6	1,534	545	(21,854)
Class A-2
Cash flows from financing activities
Purchase of treasury stock	$ (11,143)	(2,000)	$ (2,097)
Class C
Cash flows from financing activities
Purchase of treasury stock		$ (98)

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2017
Organization and Basis of Presentation
Organization and Basis of Presentation	Virtu Financial, Inc. and Subsidiaries Notes to Consolidated Financial Statements (dollars in thousands, except shares and per share amounts, unless otherwise noted) 1. Organization and Basis of Presentation Organization The accompanying consolidated financial statements include the accounts and operations of Virtu Financial, Inc. (“VFI” or, collectively with its wholly owned or controlled subsidiaries, the “Company”) beginning with its initial public offering (“IPO”) in April of 2015, along with the historical accounts and operations of Virtu Financial LLC (“Virtu Financial”) prior to the Company’s IPO. VFI is a Delaware corporation whose primary asset is its ownership interest in Virtu Financial, which it acquired pursuant to and subsequent to certain reorganization transactions (the “Reorganization Transactions”) consummated in connection with its IPO. As of December 31, 2017, VFI owned approximately 48.3% 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, through Virtu Financial and its subsidiaries (the “Group”), continues to conduct the business now conducted by such subsidiaries. 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 has broad diversification, in combination with its proprietary technology platform and low-cost structure, which enables the Company to facilitate risk transfer between global capital markets participants by supplying competitive liquidity and execution services while at the same time earning attractive margins and returns. Virtu Financial was formed as a Delaware limited liability company on April 8, 2011 in connection with a corporate reorganization and acquisition of the outstanding equity interests of Madison Tyler Holdings, LLC (“MTH”), an electronic trading firm and market maker. In connection with the reorganization, the members of Virtu Financial’s predecessor entity, Virtu Financial Operating LLC (“VFO”), a Delaware limited liability company formed on March 19, 2008, exchanged their interests in VFO for interests in Virtu Financial and the members of MTH exchanged their interests in MTH for cash and/or interests in Virtu Financial. On July 20, 2017 (the “Closing Date”), the Company completed the all-cash acquisition (the “Acquisition”) of KCG Holdings, Inc. (“KCG”). Pursuant to the terms of the Agreement and Plan of Merger, dated as of April 20, 2017 (the “Merger Agreement”), by and among the Company, Orchestra Merger Sub, Inc., a Delaware corporation and an indirect wholly-owned subsidiary of the Company (“Merger Sub”), and KCG Merger Sub merged with and into KCG (the “Merger”), with KCG surviving the Merger as a wholly owned subsidiary of the Company. The transaction will extend Virtu’s scaled operating model to KCG’s wholesale market making businesses and broaden the distribution of Virtu’s Execution Services to KCG’s extensive institutional client base. See Note 3 “Acquisition of KCG Holdings Inc.” for further details. Virtu Financial’s principal subsidiaries include Virtu Financial BD LLC (“VFBD”) and Virtu Americas LLC (“VAL”), which are self-clearing U.S. broker-dealers, Virtu Financial Capital Markets LLC (“VFCM”), a U.S. broker-dealer, which self-clears its proprietary transactions and introduces the accounts of its affiliates and non-affiliated broker-dealers on an agency basis to other clearing firms that clear and settle transactions in those accounts. Virtu Financial Global Markets LLC (“VFGM”), a U.S. trading entity focused on futures and currencies, Virtu Financial Ireland Limited (“VFIL”), formed in Ireland, Virtu Financial Asia Pty Ltd (“VFAP”), formed in Australia, and Virtu Financial Singapore Pte. Ltd. (“VFSing”), formed in Singapore, each of which are trading entities focused on asset classes in their respective geographic regions. On October 24, 2017, the Company announced it has entered into a definitive agreement to sell its fixed income trading venue, BondPoint, to Intercontinental Exchange (“ICE”). See Note 4 “Business Held for Sale” and Note 22 “Subsequent Events” for further details. Prior to the Acquisition of KCG, the Company was managed and operated as one business, under one reportable segment. As a result of the acquisition of KCG, beginning in the third quarter of 2017 the Company has three operating segments: (i) Market Making; (ii) Execution Services; and (iii) Corporate. See Note 19 “Geographic Information and Business Segments” for a further discussion of the Company’s segments. Basis of Consolidation and Form of Presentation These consolidated financial statements are presented in U.S. dollars and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding financial reporting with respect to Form 10-K and accounting standards generally accepted in the United States of America (“U.S. GAAP”) promulgated in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC” or the “Codification”). The consolidated financial statements of the Company include its equity interests in Virtu Financial, and its subsidiaries. The Company operates and controls all business and affairs of Virtu Financial and its operating subsidiaries indirectly through its equity interest in Virtu Financial. Certain reclassifications have been made to the prior periods’ consolidated financial statements in order to conform to the current period presentation. Such reclassifications are immaterial to both current and all previously issued financial statements taken as a whole and have no effect on previously reported consolidated net income available to common stockholders. The consolidated financial statements include the accounts of the Company and its majority and wholly owned 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. As discussed in Note 3 “Acquisition of KCG Holdings Inc.”, the Company is accounting for the acquisition of KCG under the acquisition method of accounting. Under the acquisition method of accounting, the assets and liabilities of KCG, as of July 20, 2017, were recorded at their respective fair values and added to the carrying value of the Company's existing assets and liabilities. The reported financial condition, results of operations and cash flows of the Company for the periods following the Acquisition reflect KCG's and the Company's balances and reflect the impact of purchase accounting adjustments. As the Company is the accounting acquirer, the financial results for the year ended December 31, 2017 comprise the results of the Company for the entire applicable period and the results of KCG from Closing Date through December 31, 2017. All periods prior to the Closing Date comprise solely the results of the Company.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

The Company's consolidated financial statements are prepared in conformity with U.S. GAAP, which require management to make estimates and assumptions regarding measurements including the fair value of trading assets and liabilities, goodwill and intangibles, compensation accruals, capitalized software, income tax, and other matters that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ materially from those estimates.

Earnings Per Share

Earnings per share (“EPS”) is calculated on both a basic and diluted basis. Basic EPS excludes dilution and is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is calculated by dividing the net income available for common stockholders by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of the basic EPS and, in addition, reflects the dilutive effect of shares of common stock estimated to be distributed in the future under the Company’s share based compensation plans.

The Company grants restricted stock units (“RSUs”), which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. As a result, the unvested RSUs meet the definition of a participating security requiring the application of the two-class method. Under the two-class method, earnings available to common shareholders, including both distributed and undistributed earnings, are allocated to each class of common stock and participating securities according to dividends declared and participating rights in undistributed earnings, which may cause diluted EPS to be more dilutive than the calculation using the treasury stock method.

Cash and Cash Equivalents

Cash and cash equivalents include money market accounts, which are payable on demand, and short-term investments with an original maturity of less than 90 days.

The Company maintains cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company manages this risk by selecting financial institutions deemed highly creditworthy to minimize the risk.

Securities Borrowed and Securities Loaned

The Company conducts securities borrowing and lending activities with external counterparties. In connection with these transactions, the Company receives or posts collateral, which comprises by cash and/or securities. In accordance with substantially all of its stock borrow agreements, the Company is permitted to sell or repledge the securities received. Securities borrowed or loaned are recorded based on the amount of cash collateral advanced or received. The initial cash collateral advanced or received generally approximates or is greater than 102% of the fair value of the underlying securities borrowed or loaned. The Company monitors the fair value of securities borrowed and loaned, and delivers or obtains additional collateral as appropriate. Receivables and payables with the same counterparty are not offset in the consolidated statements of financial condition. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under interest and dividends income or interest and dividends expense in the consolidated statements of comprehensive income.

Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase

In a repurchase agreement, securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at contract value, plus accrued interest, which approximates fair value. It is the Company's policy that its custodian takes possession of the underlying collateral securities with a fair value approximately equal to the principal amount of the repurchase transaction, including accrued interest. For reverse repurchase agreements, the Company typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated statements of financial condition. To ensure that the fair value of the underlying collateral remains sufficient, the collateral is valued daily with additional collateral obtained or excess collateral returned, as permitted under contractual provisions. The Company does not net securities purchased under agreements to resell transactions with securities sold under agreements to repurchase transactions entered into with the same counterparty.

The Company has also entered into bilateral and tri-party term and overnight repurchase and other collateralized financing agreements which bear interest at negotiated rates. The Company receives cash and makes delivery of financial instruments to a custodian who monitors the market value of these instruments on a daily basis. The market value of the instruments delivered must be equal to or in excess of the principal amount loaned under the repurchase agreements plus the agreed upon margin requirement. The custodian may request additional collateral, if appropriate. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under interest and dividends income or interest and dividends expense in the consolidated statements of comprehensive income.

Receivables from/Payables to Broker-dealers and Clearing Organizations

Amounts receivable from broker-dealers and clearing organizations may be restricted to the extent that they serve as deposits for securities sold, not yet purchased. At December 31, 2017 and 2016, receivables from and payables to broker-dealers and clearing organizations primarily represented amounts due for unsettled trades, open equity in futures transactions, securities failed to deliver or failed to receive, deposits with clearing organizations or exchanges and balances due from or due to prime brokers in relation to the Company’s trading. The Company presents its balances, including outstanding principal balances on all credit facilities, on a net by counterparty basis within receivables from and payable to broker-dealers and clearing organizations when the criteria for offsetting are met.

In the normal course of business, a significant portion of the Company’s securities transactions, money balances, and security positions are transacted with several third-party brokers. The Company is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of such brokers and to minimize the risk of any losses from these counterparties.

Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased

Financial instruments owned and Financial instruments sold, not yet purchased relate to market making and trading activities, and include listed and other equity securities, listed equity options and fixed income securities.

The Company records financial instruments owned, including those pledged as collateral, and financial instruments sold, not yet purchased at fair value. Gains and losses arising from financial instrument transactions are recorded net on a trade-date basis in trading income, net, in the consolidated statements of comprehensive income.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The recognition of “block discounts” for large holdings of unrestricted financial instruments where quoted prices are readily and regularly available in an active market is prohibited. The Company categorizes its financial instruments into a three level hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy level assigned to each financial instrument is based on the assessment of the transparency and reliability of the inputs used in the valuation of such financial instruments at the measurement date based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements).

Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories based on inputs:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly; or

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Transfers in or out of levels are recognized based on the beginning fair value of the period in which they occurred.

Fair Value Option

The fair value option election allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are recorded in other, net in the consolidated statements of comprehensive income. The decision to elect the fair value option is determined on an instrument by instrument basis must be applied to an entire instrument and is irrevocable once elected.

Derivative Instruments

Derivative instruments are used for trading purposes, including economic hedges of trading instruments, which are carried at fair value include futures, forward contracts, and options. Gains or losses on these derivative instruments are recognized currently within trading income, net in the consolidated statement of comprehensive income. Fair values for exchange-traded derivatives, principally futures, are based on quoted market prices. Fair values for over-the-counter derivative instruments, principally forward contracts, are based on the values of the underlying financial instruments within the contract. The underlying instruments are currencies, which are actively traded. The Company presents its derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met.

Property, Equipment and Occupancy

Property and equipment are carried at cost, less accumulated depreciation, except for the assets acquired in connection with the acquisitions of MTH and KCG which were recorded at fair value on the respective date of acquisitions. Depreciation is provided using the straight-line method over estimated useful lives of the underlying assets. Routine maintenance, repairs and replacement costs are expensed as incurred and improvements that appreciably extend the useful life of the assets are capitalized. When property and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. Furniture, fixtures, and equipment are depreciated over three to seven years. Leasehold improvements are amortized over the lesser of the life of the improvement or the term of the lease.

The Company recognizes rent expense under operating leases with fixed rent escalations, lease incentives and free rent periods on a straight-line basis over the lease term beginning on the date the Company takes possession of or controls the use of the space, including during free rent periods.

Lease Loss Accrual

The Company’s policy is to identify excess real estate capacity and where applicable, accrue for related future costs, net of projected sub-lease income upon the date the Company ceases to use the excess real estate, which is recorded under operating and administrative in the consolidated statements of comprehensive income. Such accrual is adjusted to the extent the actual terms of sub-leased property differ from the previous assumptions used in the calculation of the accrual.

Capitalized Software

The Company capitalizes costs of materials, consultants, and payroll and payroll related costs for employees incurred in developing internal-use software. Costs incurred during the preliminary project and post-implementation stages are charged to expense.

Management’s judgment is required in determining the point at which various projects enter the stages at which costs may be capitalized, in assessing the ongoing value of the capitalized costs, and in determining the estimated useful lives over which the costs are amortized.

Capitalized software development costs and related accumulated amortization are included in property, equipment and capitalized software in the accompanying consolidated statements of financial condition and are amortized over a period of 1.5 to 2.5 years, which represents the estimated useful lives of the underlying software.

Goodwill

Goodwill represents the excess of the purchase price over the underlying net tangible and intangible assets of the Company’s acquisitions. Goodwill is not amortized but is tested for impairment on an annual basis and between annual tests whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment.

The Company tests goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events or circumstances exist. In the impairment test as of July 1, 2017, the primary valuation method used to estimate the fair value of the Company’s reporting unit was the market capitalization approach based on the market price of its Class A common stock, which the Company’s management believes to be an appropriate indicator of its fair value. Following the Acquisition, our impairment testing is performed for each reporting unit.

Intangible Assets

The Company amortizes finite-lived intangible assets over their estimated useful lives. Finite-lived intangible assets are tested for impairment annually or when impairment indicators are present, and if impaired, they are written down to fair value.

Exchange Memberships and Stock

Exchange memberships are recorded at cost or, if any other than temporary impairment in value has occurred, at a value that reflects management’s estimate of fair value. Exchange memberships acquired in connection with the Acquisition were recorded at their fair value on the date of acquisition. Exchange stock includes shares that entitle the Company to certain trading privileges. The Company’s exchange memberships and stock are included in intangibles in the consolidated statements of financial condition.

Trading Income, net

Trading income is comprised of changes in the fair value of trading assets and liabilities (i.e., unrealized gains and losses) and realized gains and losses on trading assets and liabilities. Trading gains and losses on financial instruments owned and financial instruments sold, not yet purchased are recorded on the trade date and reported on a net basis in the consolidated statements of comprehensive income.

Commissions, net and Technology Services

Commissions, net, which primarily comprise commissions and commission equivalents earned on institutional client orders, are recorded on a trade date basis. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions and technology services in the consolidated statements of comprehensive income.

Technology services revenues consist of technology licensing fees and agency commission fees. Technology licensing fees are earned from third parties for licensing of the Company’s proprietary risk management and trading infrastructure technology and the provision of associated management and hosting services. These fees include both upfront and annual recurring fees. Revenue from technology services is recognized once persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. Revenue is recognized ratably over the contractual service period.

Interest and Dividends Income/Interest and Dividends Expense

Interest income and interest expense are accrued in accordance with contractual rates. Interest income consists of interest earned on collateralized financing arrangements and on cash held by brokers. Interest expense includes interest expense from collateralized transactions, margin and related lines of credit. Dividends on financial instruments owned including those pledged as collateral and financial instruments sold, not yet purchased are recorded on the ex-dividend date and interest is recognized on an accrual basis.

Brokerage, Exchange and Clearance Fees, Net

Brokerage, exchange and clearance fees, net, comprise the costs of executing and clearing trades and are recorded on a trade date basis. Rebates consist of volume discounts, credits or payments received from exchanges or other market places related to the placement and/or removal of liquidity from the order flow in the marketplace. Rebates are recorded on an accrual basis and included net within brokerage, exchange and clearance fees in the accompanying consolidated statements of comprehensive income.

Payments for Order Flow

Payments for order flow represent payments to broker-dealer clients, in the normal course of business, for directing their order flow in U.S. equities to the Company. Payments for order flow are recorded on a trade-date basis in the consolidated statements of comprehensive income.

Income Taxes

Subsequent to consummation of the Reorganization Transactions and the IPO, the Company is subject to U.S. federal, state and local income taxes on its taxable income. The Company's subsidiaries are subject to income taxes in the respective jurisdictions (including foreign jurisdictions) in which they operate. Prior to the consummation of the Reorganization Transactions and the IPO, no provision for United States federal, state and local income tax was required, as Virtu Financial is a limited liability company and is treated as a pass-through entity for United States federal, state, and local income tax purposes.

The provision for income tax is comprised of current tax and deferred tax. Current tax represents the tax on current year tax returns, using tax rates enacted at the balance sheet date. The deferred tax assets are recognized in full and then reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be recognized.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the applicable taxing authority, including resolution of the appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit for each such position that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Many factors are considered when evaluating and estimating the tax positions and tax benefits. Such estimates involve interpretations of regulations, rulings, case law, etc. and are inherently complex. The Company’s estimates may require periodic adjustments and may not accurately anticipate actual outcomes as resolution of income tax treatments in individual jurisdictions typically would not be known for several years after completion of any fiscal year.

The 2017 Tax Act significantly changes how the U.S. taxes corporations. The 2017 Tax Act requires significant judgments to be made in interpretation of its provisions and significant estimates in calculations, and the preparation and analysis of information not previously relevant or regularly produced. The U.S. Treasury Department, the IRS, and other standard-setting bodies could interpret or issue guidance on how provisions of the 2017 Tax Act will be applied or otherwise administered that is different from our interpretation. As we complete our analysis of the 2017 Tax Act, collect and prepare necessary data, and interpret any additional guidance, we may make adjustments to provisional amounts that we have recorded that may materially impact our provision for income taxes in the period in which the adjustments are made.

Comprehensive Income and Foreign Currency Translation

Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Company’s OCI is comprised of foreign currency translation adjustments. Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at period-end exchange rates, and revenues and expenses are translated at weighted average exchange rates for the period. Gains and losses resulting from translating foreign currency financial statements, net of related tax effects, are reflected in accumulated other comprehensive income, a separate component of stockholders’ equity.

The Company's foreign subsidiaries generally use the U.S. dollar as their functional currency. The Company also has subsidiaries that utilize a functional currency other than the U.S. dollar, primarily comprising its Irish subsidiaries, which utilizes the Euro as the functional currency.

The Company may seek to reduce the impact of fluctuations in foreign exchange rates on its net investment in certain non-U.S. operations through the use of foreign currency forward contracts. For foreign currency forward contracts designated as hedges, the Company assesses its risk management objectives and strategy, including identification of the hedging instrument, the hedged item and the risk exposure and how effectiveness is to be assessed prospectively and retrospectively. The effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts. For qualifying net investment hedges, any gains or losses, to the extent effective, are included in Accumulated other comprehensive income on the consolidated statements of financial condition and Cumulative translation adjustment, net of tax, on the consolidated statements of comprehensive income. The ineffective portion, if any, is recorded in Investment income and other, net on the consolidated statements of operations.

Share-Based Compensation

The fair value of awards issued for compensation prior to the Reorganization Transactions and the IPO was determined by management, with the assistance of an independent third party valuation firm, using a projected annual forfeiture rate, where applicable, on the date of grant.

Share-based awards issued for compensation in connection with or subsequent to the Reorganization Transaction and the IPO pursuant to the VFI 2015 Management Incentive Plan (as amended, the “2015 Amended and Restated Management Incentive Plan”) were in the form of stock options, Class A common stock and RSUs. The fair value of the stock option grants is determined through the application of the Black-Scholes-Merton model. The fair value of the Class A common stock and RSUs are determined based on the volume weighted average price for the three days preceding the grant, and with respect to the RSUs, a projected annual forfeiture rate. The fair value of share-based awards granted to employees is expensed based on the vesting conditions and are recognized on a straight line basis over the vesting period. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the issuance of Class A common stock, the vesting of RSUs or the exercise of stock options.

Variable Interest Entities

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

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

In October 2016, the Company invested in a joint venture (“JV”) with nine other parties. One of the parties was KCG. Upon the Merger, KCG was required to relinquish their ownership in the JV. As of December 31, 2017, each of the remaining parties owns approximately 11% of the voting shares and 11% of the equity of this JV, which is building microwave communication networks in the U.S. and Asia, and which is considered to be a VIE. The Company and all of its JV partners each pay monthly fees for the funding of the construction of the microwave communication networks. When completed, this JV may sell excess bandwidth that is not utilized by its joint venture members to third parties.

As a result of the Acquisition, the Company owns 50% of the voting shares and 50% of the equity of a JV which maintains microwave communication networks in the U.S. and Europe, and which is considered to be a VIE. The Company and its JV partner each pay monthly fees for the use of the microwave communication networks in connection with their respective trading activities, and the JV may sell excess bandwidth that is not utilized by the JV members to third parties.

In each of the JVs, the Company does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; therefore it does not have a controlling financial interest in the JV and does not consolidate the JVs. 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 JV within Accrued expenses and other liabilities on the consolidated statements of financial condition. The Company records its pro-rata share of each JVs earnings or losses within Other, net and fees related to the use of communication services provided by the JVs within Communications and data processing on the consolidated statements of comprehensive income.

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

The following table presents the Company’s nonconsolidated VIE at December 31, 2017:


						Maximum
	Carrying Amount					Exposure to
(in thousands)	Asset		Liability			loss		VIE's assets
Equity investment	$	18,799	$	—	$	18,799	$	41,936

Recent Accounting Pronouncements

Revenue - In May 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 defers the effective date of ASU 2014-09 by one year for public companies. ASU 2015-14 applies to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. In December 2016, FASB issued ASU 2016-20 Technical Correction and Improvement (Topic 606): Revenue from Contracts with Customers, which amends the guidance in ASU 2014-09. The effective date and transition requirements for the ASU are the same as ASU 2014-09. The Company adopted the new revenue standard on January 1, 2018 by applying the modified retrospective method, which did not result in a transition adjustment. The new standard does not apply to revenue associated with financial instruments that are accounted for under other GAAP, and as a result, did not have an impact on the Company’s consolidated statements of comprehensive income, most closely associated with financial instrument, including Trading income, net, and Interest and dividends income. The new revenue standard primarily impacts the revenue recognition and accounting policy related to technology services. The Company’s technology services contracts include certain variable considerations which will be estimated and included in the transaction price only to the extent that it is probable when a significant reversal in the amount of the cumulative revenue recognized will occur in the future period. The new revenue standard requires enhanced disclosures, which the Company will include in the notes to the condensed consolidated financial statements beginning with the three months ended March 31, 2018.

Financial Assets and Liabilities — In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU intends to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The new ASU affects all entities that hold financial assets or owe financial liabilities and is effective for annual reporting periods (including interim periods) beginning after December 15, 2017. The Company does not expect the adoption of ASU 2016-01 to have a material impact on its consolidated financial statements, as it does not currently classify any equity securities as available for sale, and it does not apply the fair value option to its own debt issuances.

Leases — In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under the new ASU, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. The liability will be equal to the present value of the future lease payments. The asset, referred to as a “right-of-use asset” will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, leases will be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. New quantitative and qualitative disclosures, including significant judgments made by management, will be required to provide greater information regarding the extent of revenue and expense recognized and expected to be recognized from existing contracts. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. . The Company anticipates adopting this ASU on January 1, 2019. The Company is not anticipating recognizing lease assets and lease liabilities for leases with a term of twelve months or less. As of December 31, 2017, the Company has not yet identified any significant changes in the timing of operating leases recognition when considering this ASU, but the Company’s implementation efforts are ongoing and such assessments may change prior to the January 1, 2019, anticipated implementation date. Upon adoption of this ASU, the Company expects to report increased assets and liabilities on its consolidated statement of financial condition as a result of recognizing right-of-use assets and lease liabilities related to certain equipment under noncancelable operating lease agreements, which currently are not reflected in its consolidated statement of financial condition.

Statement of Cash Flows – In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The ASU intended to reduce diversity in practice how certain transactions are classified in the statement of cash flows by mandating classification of certain activities. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company has adopted this ASU, and it does not have a material impact on its consolidated financial statements.

Income Taxes – In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 749): Intra-Entity Transfers of Assets Other Than Inventory. The ASU requires the reporting entity to recognize the tax expense from the sale of an asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of the transactions are eliminated in consolidation. Any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. The ASU is effective for annual periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the potential effects of adoption of ASU 2016-16 on the Company’s consolidated financial statements.

Restricted cash – In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flow (Topic 230): Restricted Cash, which is intended to reduce diversity in the presentation of restricted cash and restricted cash equivalent in the statements. The statement requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company elected to early adopt this ASU effective June 30, 2017.

Accounting Changes – In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Correction (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323), which amends SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC update). The SEC staff view is that a registrant should evaluate the impact of new accounting standards that have not yet been adopted to determine the appropriate financial disclosures on the potential material effects, especially on new standards on revenue recognition, leases, and financial instruments – credit losses. If a registrant cannot reasonably estimate the impact that adoption of the ASUs, the registrant should consider additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact. Additional qualitative disclosures should include a description of the effect of the accounting policies expected to be applied compared to current accounting policies. Furthermore, the registrant should describe the status of its process to implement the new standards and the significant implementation matters yet to be addressed. The Company adopted this ASU on January 1, 2017, and appropriate disclosures have been included in this Note for each recently issued accounting standard.

Goodwill - In January, 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, this ASU eliminated Step 2 from the goodwill impairment test. (In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. This ASU is effective for public entities in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this ASU to have a material impact on the its consolidated financial statements.

Business Combinations - In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business, to amend the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU is effective for reporting periods beginning after December 15, 2017. The impact of this ASU will depend on the nature of the Company’s activities after adoption.

Acquisition of KCG Holdings, Inc.

12 Months Ended

Dec. 31, 2017

Acquisition of KCG Holdings, Inc.

Acquisition of KCG Holdings, Inc.

3. Acquisition of KCG Holdings, Inc.

As of the Closing Date of the Acquisition, each of KCG’s issued and outstanding shares of Class A common stock, par value $0.01 per share were cancelled and extinguished and converted into the right to receive $20.00 in cash, without interest, less any applicable withholding taxes.

On the Closing Date, and in connection with the financing of the Acquisition, as described in Note 10, “Borrowings”, the Company issued to Aranda Investments Pte. Ltd. (“Aranda”), an affiliate of Temasek Holdings (Private) Limited (“Temasek”), 6,346,155 shares of the Company’s Class A common stock, pursuant to the investment agreement with Aranda (as amended, the “Aranda Investment Agreement”) for an aggregate purchase price of approximately $99.0 million. On August 10, 2017, the Company issued an additional 1,666,666 shares of its Class A common stock for an aggregate purchase price of $26.0 million (collectively, the “Temasek Investment”).

On the Closing Date, and in connection with the financing of the Acquisition, the Company issued to North Island Holdings I, LP (“NIH”) 39,725,979 shares of the Company’s Class A common stock for an aggregate purchase price of approximately $613.5 million. On August 10, 2017 the Company issued an additional 338,124 shares of its Class A common stock for an aggregate purchase price of $5.2 million (collectively, the “NIH Investment”). In connection with the Temasek Investment and NIH Investment, the Company incurred approximately $7.8 million in fees which were recorded as a reduction to additional paid-in capital.

On July 21, 2017, the outstanding 6.875% Senior Secured Notes due 2020 issued by KCG were redeemed at a redemption price equal to 103.438% of the $465.0 million principal amount, plus accrued and unpaid interest. The redemption was pursuant to the indenture, dated as of March 13, 2015 (as amended, restated, supplemented or otherwise modified), by and among KCG, the subsidiary guarantors party thereto and The Bank of New York Mellon, as trustee and collateral agent.

Accounting treatment of the Acquisition

The Acquisition is accounted for as a purchase of KCG by the Company, pursuant to provisions of ASC 805, Business Combinations. Under the acquisition method of accounting, the assets and liabilities of KCG, as of July 20, 2017, were recorded at their respective fair values and added to the carrying value of the Company's existing assets and liabilities. These fair values were determined with the assistance of third party valuation professionals. The reported financial condition, results of operations and cash flows of the Company for the periods following the Acquisition reflect KCG’s and the Company's balances and reflect the impact of purchase accounting adjustments. As the Company is the accounting acquirer, the financial results for the year ended December 31, 2017 comprise the results of the Company for the entire applicable period and the results of KCG from Closing Date through December 31, 2017. All periods prior to 2017 comprise solely the results of the Company.

Certain former KCG management employees were terminated upon the Acquisition, and as a result were paid an aggregate of $6.4 million pursuant to their existing employment contracts. This amount has been recognized as an expense by the Company and is included in Employee compensation and payroll taxes in the consolidated statements of comprehensive income for the year ending December 31, 2017. The Company also expects to make annual incentive compensation payments to former KCG employees who became employees of the Company following the Merger, and accrued related compensation expense of approximately $35.3 million during the year ended December 31, 2017, which is included in Employee compensation and payroll taxes in the consolidated statements of comprehensive income.

Purchase price and goodwill

The aggregate cash purchase price of $1.40 billion was determined as the sum of the fair value, at $20.00 per share, of KCG shares and warrants outstanding to former KCG stockholders at closing and the fair value of KCG employee stock based awards that were outstanding, and which vested at the Closing Date.

The purchase price has been allocated to the assets acquired and liabilities assumed using their estimated fair values at the Closing Date of the Acquisition. Although the Company has substantially completed its analysis to record the allocation of the purchase price to the KCG acquired assets and liabilities, the allocation of the purchase price may be modified over the measurement period, which does not exceed twelve months from the Closing Date, as more information is obtained about the fair values of assets acquired and liabilities assumed. Adjustments to the provisional values during the measurement period will be recorded in the reporting period in which the adjustment amounts are determined. The Company has engaged third party specialists for the purchase price allocation.

During the quarter ended December 31, 2017, the Company recorded adjustments to its initial fair value estimates in the Acquisition. Among the adjustments recorded, the fair value of acquired intangible assets and property, equipment and capitalized software were increased by $18.7 million and $2.2 million, respectively, and other assets, primarily income taxes receivable, decreased by $8.6 million. Cash and securities segregated under federal regulations of $3.0 million was reclassified into cash and equivalents, and payables to customers of $17.6 million were reclassified to accounts payable and accrued expenses and other liabilities. Deferred tax assets were adjusted to account for the effects of the aforementioned adjustments, and goodwill decreased by $14.7 million as a result of these adjustments.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Closing Date:


(in thousands)		September 30, 2017		Measurement Period		December 31, 2017
Cash and equivalents	$	592,993	$	2,676	$	595,669
Cash and securities segregated under federal regulations		3,000		(3,000)		-
Securities borrowed		1,406,444		-		1,406,444
Securities purchased under agreements to resell		16,894		-		16,894
Receivables from broker dealers and clearing organizations		553,031		(211)		552,820
Financial instruments owned, at fair value		2,095,339		-		2,095,339
Property, equipment and capitalized software		112,204		2,163		114,367
Intangibles		156,300		18,695		174,995
Deferred tax assets		22,928		980		23,908
Other assets		331,820		(8,636)		323,184
Total Assets	$	5,290,953	$	12,667	$	5,303,620

Securities loaned	$	166,189		-	$	166,189
Securities sold under agreements to repurchase		841,606		-		841,606
Payables to broker dealers and clearing organizations		536,653		-		536,653
Payables to customers		17,583		(17,583)		-
Financial instruments sold, not yet purchased, at fair value		1,756,647		-		1,756,647
Accounts payable and accrued expenses and other liabilities		239,004		15,524		254,528
Debt		480,987		-		480,987
Total Liabilities	$	4,038,669	$	(2,059)	$	4,036,610

Total identified assets acquired, net of assumed liabilities	$	1,252,284	$	14,726	$	1,267,010

Goodwill	$	143,012	$	(14,726)	$	128,286

Total Purchase Price	$	1,395,296	$	-	$	1,395,296

Amounts allocated to intangible assets, the amortization period and goodwill were as follows


			Amortization
(in thousands)		Amount	Years
Technology	$	67,700	1-6 years
Customer relationships		94,000	13 - 17 years
Trade names		1,000	10 years
Favorable leases		5,895	2-15 years
Exchange memberships		6,400	Indefinite
Intangible assets	$	174,995
Goodwill		128,286
Total	$	303,281

Of the total Goodwill of $128.3 million, $96.2 million has been assigned to the Market Making segment and $32.1 million has been assigned to the Execution Services segment. Such goodwill is attributable to the expansion of products offerings and expected synergies of the combined workforce, products and technologies of the Company and KCG.

Tax treatment of the Acquisition

The Company believes that the Acquisition will be treated as a tax-free transaction to the Company that does not result in a step up in tax basis in the acquired assets and, therefore, KCG’s tax basis in its assets and liabilities generally carries over to the Company following the Acquisition. None of the goodwill is expected to be deductible for tax purposes.

The Company recorded net deferred tax assets of $23.9 million with respect to recording KCG’s assets and liabilities under the purchase method of accounting as described above as well as recording the value of other tax attributes acquired as a result of the Acquisition, as described in Note 13 “Income Tax”.

Pro forma results

Included in the Company’s results for the year ended December 31, 2017 are results from the business acquired as a result of the Acquisition, from the Closing Date through December 31, 2017 as follows:



(in thousands)
Revenues	$	379,203
Income before income taxes and noncontrolling interest		14,340

The financial information in the table below summarizes the combined pro forma results of operations of the Company and KCG, based on adding the pre-tax historical results of KCG and the Company, and adjusting primarily for amortization of intangibles created in the Acquisition, debt raised in conjunction with the Acquisition and nonrecurring costs associated with the Acquisition, which comprise advisory and other professional fees incurred by the Company and KCG of $24.2 and $22.5 million, respectively. The pro forma data assumes all of KCG’s issued and outstanding shares of Class A common stock, par value $0.01 per share were cancelled and extinguished and converted into the right to receive $20.00 in cash, without interest, less any applicable withholding taxes on January 1, 2016 and does not include adjustments to reflect the Company's operating costs or expected differences in the way funds generated by the Company are invested.

This pro forma financial information is based on estimates and assumptions that have been made solely for purposes of developing such pro forma information, including, without limitation, preliminary purchase accounting adjustments. The pro forma financial information does not reflect any synergies or operating cost reductions that may be achieved from the combined operations. The pro forma financial information combines the historical results for the Company and KCG for the years ended December 31, 2017 and 2016:


	For the Years Ended
(in thousands, except per share amounts)		2017		2016
Revenue	$	1,528,588	$	2,153,008

Net income (loss)		(14,151)		443,101

Net income (loss) attributable to common stockholders		(5,219)		163,407

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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+ Details

Business Held for Sale

12 Months Ended

Dec. 31, 2017

Business Held for Sale

Business Held for Sale

4. Business Held for Sale

In October 2017, the Company entered into an Asset Purchase Agreement (the “BondPoint Agreement”) with ICE pursuant to which the Company has agreed to sell specified assets and to assign specified liabilities constituting its BondPoint division and fixed income venue (“BondPoint”). BondPoint is a provider of electronic fixed income trading solutions for the buy-side and sell-side offering access to centralized liquidity and automated trade execution services, and is included in the Company’s Execution Services segment, see Note 19 “Geographic Information and Business Segments”.

The purchase price payable by ICE for BondPoint at the closing of the transaction is $400.0 million in cash subject to a customary adjustment for working capital of BondPoint. The consummation of the transaction is subject to the satisfaction of customary closing conditions and receipt of certain regulatory clearances, including from the Financial Industry Regulatory Authority, Inc. and the Municipal Securities Rulemaking Board and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

The BondPoint Agreement contains customary representations, warranties, covenants and indemnification provisions. The parties have agreed to execute a transition services agreement simultaneously with the closing of the transaction. The transaction closed on January 2, 2018, which is further discussed in Note 22 “Subsequent Events”.

The assets and liabilities of businesses held for sale as of December 31, 2017 are summarized as follows:


(in thousand)
Receivables from broker dealers and clearing organizations	$	3,383
Intangibles
Technology		5,982
Customer relationships		43,819
Trade names		955
Capitalized software		518
Other assets		413
Total assets	$	55,070

Payable to brokers, dealers and clearing organizations	$	50
Accrued expenses and other liabilities		678
Total liabilities	$	728

The total assets and total liabilities are included in assets of business held for sale and accounts payables and accrued expenses and other liabilities, respectively, on the Company’s consolidated statement of financial condition.

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Earnings per Share

12 Months Ended

Dec. 31, 2017

Earnings per Share

Earnings per share

5. Earnings per Share

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


	For the Year ended December 31
(in thousands)	2017		2016		2015
Income before income taxes and noncontrolling interest	$	113,164	$	179,591	$	215,929
Provision for income taxes		94,266		21,251		18,439
Net income		18,898		158,340		197,490

Net income allocable to members of Virtu Financial (for the period January 1, 2015 through April 15, 2015)		—		—		(83,147)

Noncontrolling interest		(15,959)		(125,360)		(93,456)

Net income available for common stockholders	$	2,939	$	32,980	$	20,887

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


	For the Year Ended December 31,
(in thousands, except for share or per share data)	2017		2016		2015
Basic earnings per share:
Net income available for common stockholders	$	2,939	$	32,980	$	20,887

Less: Dividends and undistributed earnings allocated to participating securities		(1,326)		(809)		—
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		1,613		32,171		20,887

Weighted average shares of common stock outstanding:
Class A		62,579,147		38,539,091		34,964,312

Basic Earnings per share	$	0.03	$	0.83	$	0.60


	For the Year Ended December 31,
(in thousands, except for share or per share data)	2017		2016		2015
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$	1,613	$	32,171	$	20,887

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		62,579,147		38,539,091		34,964,312
Issuable pursuant to 2015 Management Incentive Plan(1)		—		—		375,273
		62,579,147		38,539,091		35,339,585

Diluted Earnings per share	$	0.03	$	0.83	$	0.59

(1)

The dilutive impact of unexercised stock options excludes from the computation of EPS 1,740,630, 743,096 and 0 options for the years ended December 31, 2017, 2016 and 2015, respectively, because inclusion of the options would have been anti-dilutive.

Tax Receivable Agreements	12 Months Ended
Tax Receivable Agreements	Dec. 31, 2017
Tax Receivable Agreements
Tax Receivable Agreements	6. Tax Receivable Agreements In connection with the IPO and the Reorganization Transactions, the Company entered into tax receivable agreements to make payments to certain Virtu Members, as defined in Note 15 “Capital Structure”, that are generally equal to 85% of the applicable cash tax savings, if any, that the Company actually realizes as a result of favorable tax attributes that were and will continue to be available to the Company as a result of the Reorganization Transactions, exchanges of membership interests for Class A common stock or Class B common stock and payments made under the tax receivable agreements. Payments will occur only after the filing of the U.S. federal and state income tax returns and realization of the cash tax savings from the favorable tax attributes. The first payment was due 120 days after the filing of the Company’s tax return for the year ended December 31, 2015, which was due March 15, 2016, but the due date was extended until September 15, 2016. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The Company made its first payment of $7.0 million in February 2017. As a result of (i) the purchase of equity interests in Virtu Financial from certain Virtu Members in connection with the Reorganization Transactions, (ii) the purchase of non-voting common interest units in Virtu Financial (the “Virtu Financial Units”) (along with the corresponding shares of Class C common stock) from certain of the Virtu Members in connection with the IPO, (iii) the purchase of Virtu Financial Units (along with the corresponding shares of Class C common stock) and the exchange of Virtu Financial Units (along with the corresponding shares of Class C common stock) for shares of Class A common stock in connection with the Secondary Offerings, the Company recorded a deferred tax asset of $220.8 million associated with the increase in tax basis that results from such events. Payments to certain Virtu Members in respect of the purchases were expected to range from approximately $0.3 million to $12.8 million per year over the next 15 years. The corresponding deduction to additional paid-in capital was approximately $19.9 million for the difference between the tax receivable agreements liability and the related deferred tax asset. In connection with the February 2017, May 2017, August 2017 and November 2017 employee exchanges (as described in Note 15 “Capital Structure”), the Company recorded an additional deferred tax asset of $10.8 million and payment liability pursuant to the tax receivable agreements of $9.3 million, with the $1.5 million difference recorded as an increase to additional paid-in capital. As a result of the reduction in the U.S. federal income tax rate as described below, the aforementioned deferred tax asset and related payment liability were subsequently reduced as described below. The amounts recorded as of December 31, 2017 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. On December 22, 2017, the Tax Cuts and Jobs Act (“2017 Tax Act”) was signed into law. This act includes, among other items, a permanent reduction to the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018 as further described in Note 13 “Income Taxes”. As a result, at December 31, 2017, the Company recorded a reduction of its tax receivable agreement obligation of $86.6 million which is included in other, net in the consolidated statement of operations for the year ended December 31, 2017. As further described in Note 13 “Income Taxes”, the Company also recorded a reduction of its deferred tax assets, including deferred tax assets relating to the deferred tax assets described above. At December 31, 2017 and December 31, 2016, the Company’s remaining deferred tax assets were approximately $101.6 million and $185.7 million, respectively, and the Company’s payment liabilities pursuant to the tax receivable agreements were approximately $147.0 million and $231.4 million, respectively. For the tax receivable agreements discussed above, the cash savings realized by the Company are computed by comparing the actual income tax liability of the Company to the amount of such taxes the Company would have been required to pay had there been (i) no increase to the tax basis of the assets of Virtu Financial as a result of the purchase or exchange of Virtu Financial Units, (ii) no tax benefit from the tax basis in the intangible assets of Virtu Financial on the date of the IPO and (iii) no tax benefit as a result of the Net Operating Losses (“NOLs”) and other tax attributes of Virtu Financial. Subsequent adjustments of the tax receivable agreements obligations due to certain events (e.g., changes to the expected realization of NOLs or changes in tax rates) will be recognized within income before taxes and noncontrolling interests in the consolidated statements of comprehensive income.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets

Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

Prior to the Acquisition, the Company was managed and operated as one business, and accordingly, operated under one reportable segment. As a result of the acquisition of KCG, beginning in the third quarter of 2017 the Company has three operating segments: (i) Market Making; (ii) Execution Services; and (iii) Corporate. The Company allocated goodwill to the new reporting units using a relative fair value approach. In addition, the Company performed an assessment of potential goodwill impairment for all reporting units immediately prior to the reallocation and determined that no impairment was indicated.

The following table presents the details of goodwill by segment:


	Market		Execution
(in thousands)	Making		Services		Corporate		Total
Balance as of December 31, 2016	$	657,985	$	57,394	$	—	$	715,379
Additions		97,307		32,197		—		129,504
Balance as of December 31, 2017	$	755,292	$	89,591	$	—	$	844,883

On May 3, 2017, the Company completed the acquisition of certain legal entities that owned select strategic telecommunications assets from Teza Technologies. The total purchase price incurred was $5.6 million, of which $1.2 million was recorded as goodwill, and $2.0 million was recorded as intangible assets. This acquisition was accounted for as a business combination.

As described in Note 3 “Acquisition of KCG Holdings, Inc.”, on July 20, 2017 the Company completed the acquisition of KCG. The aggregate cash purchase price of $1.40 billion has been allocated to the assets acquired and liabilities assumed using their estimated fair values at the Closing Date of the Acquisition. The Company has allocated $128.3 million and $175.0 million to goodwill and identified intangible assets, respectively.

As of December 31, 2017 and December 31, 2016, the Company’s total amount of goodwill recorded was $844.9 million and $715.4 million, respectively. No goodwill impairment was recognized in the years ended December 31, 2017 and 2016.

As described in Note 4 “Business Held for Sale”, the Company reclassified net assets related to the BondPoint Sale to Business held for sale on the consolidated statement of financial condition as of December 31, 2017. An aggregated net carrying amount of $50.8 million ( $53.7 million of gross carrying amount net of $2.9 million accumulated amortization from the period between the Closing Date of the Acquisition of KCG to December 31, 2017) was reclassified from intangible assets to Business held for sale.

Acquired intangible assets consisted of the following as of December 31, 2017 and December 31, 2016:


	As of December 31, 2017
	Gross
	Carrying		Accumulated		Net Carrying		Useful Lives
(in thousands)	Amount		Amortization		Amount		(Years)
Purchased technology	$	110,000	$	110,000	$	—	1.4	to	2.5
ETF issuer relationships		950		559		391		9
ETF buyer relationships		950		559		390		9
Leases		1,800		397		1,403		3
FCC licenses		200		19		181		7
Technology		60,000		9,644		50,356	1	to	6
Customer relationships		49,000		1,822		47,178	12	to	17
Favorable occupancy leases		5,895		408		5,487		7
Exchange memberships		5,838		—		5,838		Indefinite
	$	234,633	$	123,408	$	111,224


	As of December 31, 2016
	Gross
	Carrying		Accumulated		Net Carrying		Useful Lives
(in thousands)	Amount		Amortization		Amount		(Years)
Purchased technology	$	110,000	$	110,000	$	—	1.4	to	2.5
ETF issuer relationships		950		454		496		9
ETF buyer relationships		950		454		496		9
	$	111,900	$	110,908	$	992

Amortization expense relating to finite-lived intangible assets was approximately $15.4 million, $0.2 million, and $0.2 million for the years ended December 31, 2017, 2016, and 2015, respectively. This is included in amortization of purchased intangibles and acquired capitalized software in the accompanying consolidated statements of comprehensive income.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Receivables from/Payables to Broker-Dealers and Clearing Organizations

12 Months Ended

Dec. 31, 2017

Receivables from/Payables to Broker-Dealers and Clearing Organizations

Receivables from/Payables to Broker-Dealers and Clearing Organizations

8. Receivables from/Payables to Broker-Dealers and Clearing Organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at December 31, 2017 and December 31, 2016:


(in thousands)	2017		2016
Assets
Due from prime brokers	$	219,573	$	91,476
Deposits with clearing organizations		112,847		21,995
Net equity with futures commission merchants		203,711		213,030
Unsettled trades with clearing organization		173,778		44,312
Securities failed to deliver		248,088		77,915
Commissions and fees		14,021		—
Total receivables from broker-dealers and clearing organizations	$	972,018	$	448,728
Liabilities
Due to prime brokers	$	197,439	$	227,335
Net equity with futures commission merchants		44,526		38,838
Unsettled trades with clearing organization		420,029		429,800
Securities failed to receive		51,143		5
Commissions and fees		3,068		—
Total payables to broker-dealers and clearing organizations	$	716,205	$	695,978

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 short-term credit facilities (described in Note 9 “Collateralized Transactions”) of approximately $205.7 million and $309.1 million as of December 31, 2017 and 2016, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company’s ordinary course futures and other trading positions, which are held in the Company’s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company’s trading accounts and deposit accounts with these financial institutions. “Securities failed to deliver” and “Securities failed to receive” include amounts with a clearing organization and other broker-dealers.

Collateralized Transactions

12 Months Ended

Dec. 31, 2017

Collateralized Transactions

Collateralized Transactions

9. Collateralized Transactions

The Company is permitted to sell or repledge securities received as collateral and use these securities to secure repurchase agreements, enter into securities lending transactions or deliver these securities to counterparties or clearing organizations to cover short positions. At December 31, 2017 and December 31, 2016, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at December 31, 2017 and December 31, 2016 are summarized as follows:


(in thousands)	2017		2016
Securities received as collateral:
Securities borrowed	$	1,415,793	$	213,203
	$	1,415,793	$	213,203

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

Financial instruments owned and pledged, where the counterparty has the right to repledge, at December 31, 2017 and December 31, 2016 consisted of the following:


(in thousands)	2017		2016
Equities	$	586,251	$	128,202
U.S. and Non-U.S. government obligations		99		—
Exchange traded notes		8,693		15,681
	$	595,043	$	143,883

Borrowings

12 Months Ended

Dec. 31, 2017

Borrowings

Borrowings

10. Borrowings

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 collateralized by one of the Company’s broker-dealer subsidiaries trading and deposit account with the financial institution.

On November 3, 2017, the Company entered the second credit facility (“Revolving Credit Facility”) with the same financial institution for an aggregated borrowing limit of $500.0 million. The Revolving Credit Facility consists 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 NSCC. Each of the three broker-dealers has a sublimit under Borrowing Base A Loan, from $25.0 million to $500.0 million, which bears interest at the adjusted LIBOR or base rate plus 1.25% per annum. Two out of the three broker-dealers have sublimit under Borrowing Base B Loan, from $40.0 million to $100.0 million, which bears interest at the adjusted LIBOR 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.

The following summarizes the Company’s broker-dealer credit facilities carrying value, net of unamortized debt issuance costs, where applicable:


	At December 31, 2017
			Financing		Outstanding		Deferred Debt		Outstanding
(in thousands)	Interest Rate		Available		Principal		Issuance Cost		Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	2.42%	$	150,000	$	25,000	$	—	$	25,000
Revolving credit facility	2.81%		500,000		7,000		(4,117)		2,883
		$	650,000	$	32,000	$	(4,117)	$	27,883


	At December 31, 2016
			Financing		Borrowing		Deferred Debt		Outstanding
(in thousands)	Interest Rate		Available		Outstanding		Issuance Cost		Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	1.66%	$	125,000	$	25,000	$	—	$	25,000
Committed facility (1)	n/a		75,000		—		—		—
		$	200,000	$	25,000	$	—	$	25,000

The following summarizes interest expense for the broker-dealer facilities. Interest expense is included within interest and dividends expense in the accompanying consolidated statements of comprehensive income.


	For the Years Ended December 31,
(in thousands)		2017		2016		2015
Broker-dealer credit facilities:
Uncommitted facility	$	1,667	$	1,191	$	903
Committed facility (1)		33		41		15
Revolving credit facility		19		—		—
	$	1,719	$	1,232	$	918

(1)

Facility was terminated in July 2017.

Short-Term Credit Facilities

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


	At December 31, 2017
	Weighted Average		Financing		Borrowing
	Interest Rate		Available		Outstanding
Short-Term Credit Facilities:
Short-term credit facilities (2)	3.86%	$	543,000	$	205,677
		$	543,000	$	205,677


	At December 31, 2016
	Weighted Average		Financing		Borrowing
	Interest Rate		Available		Outstanding
Short-Term Credit Facilities:
Short-term credit facilities (2)	3.12%	$	493,000	$	309,086
		$	493,000	$	309,086

(2) Outstanding borrowings were included with receivable from broker-dealers and clearing organization within the consolidated statements of financial condition.

Interest expense in relation to the facilities for the years ended December 31, 2017, 2016 and 2015 was approximately $6.6 million, $6.3 million, and $5.5 million, respectively.

Long-Term Borrowings

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


		At December, 2017
	Maturity	Interest		Outstanding				Deferred Debt		Outstanding
(in thousands)	Date	Rate		Principal		Discount		Issuance Cost		Borrowings, net
Long-term borrowings:
Fourth Amended and Restate Credit Agreement	December 2021	5.13%	$	900,000	$	(999)	$	(18,504)	$	880,497
Senior secured Second Lien Notes	June 2022	6.75%		500,000		—		(22,961)		477,039
SBI bonds	January 2020	5.00%		31,059		—		(47)		31,012
			$	1,431,059	$	(999)	$	(41,512)	$	1,388,548


		At December 31, 2016
	Maturity	Interest		Outstanding				Deferred Debt		Outstanding
(in thousands)	Date	Rate		Principal		Discount		Issuance Cost		Borrowings, net
Long-term borrowings:
Senior secured credit facility	December 2021	4.25%	$	540,000	$	(956)	$	(3,941)	$	535,103
Revolving credit facility	(3)	5.50%		—		—		—		—
SBI bonds	January 2020	5.00%		29,925		—		(71)		29,854
			$	569,925	$	(956)	$	(4,012)	$	564,957

(3) Prior to the Fourth Amended Restated Credit Agreement described below, the Company entered into a revolving credit facility with the lenders for an aggregated commitment of $100.0 million. This facility was terminated in July 2017 as a result of refinancing.

Fourth Amended and Restated Credit Agreement

On June 30, 2017, Virtu Financial and VFH Parent LLC (“VFH”) entered into a fourth amended and restated credit agreement (the “Fourth Amended and Restated Credit Agreement”) for an aggregate $1.15 billion of first lien secured term loans (the “Term Loan Facility”) with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, sole lead arranger and bookrunner, which amended and restated in its entirety the existing Credit Agreement.

For the year ended December 31, 2017, $250.0 million of prepayments were made under the Fourth Amended and Restated Credit Agreement. In connection with the debt refinancing and the debt prepayment, the Company accelerated approximately $10.5 million unamortized financing costs incurred that were scheduled to be amortized over the term of the loan, including original issue discount and underwriting and legal fees, which is included within debt issue cost related to debt refinancing in the consolidated statements of comprehensive income.

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

Senior Secured Second Lien Notes

On June 16, 2017, the Escrow Issuer and Orchestra Co-Issuer, Inc. (the “Co-Issuer”) completed the offering of $500.0 million aggregate principal amount of 6.750% Senior Secured Second Lien Notes due 2022 (the “Notes”). The Notes were issued under an Indenture, dated June 16, 2017 (the “Indenture”), among the Escrow Issuer, the Co-Issuer and U.S. Bank National Associations, as trustee and collateral agent.

On July 20, 2017, VFH assumed all of the obligations of the Escrow Issuer under the Indenture and the Notes. The Notes are guaranteed by Virtu Financial and each of Virtu Financial’s wholly-owned domestic restricted subsidiaries that guarantees the Fourth Amended and Restated Credit Agreement.

The Indenture imposes certain limitations on the Company, and contains certain customary events of default, including, among others, payment defaults related to the failure to pay principal or interest on Notes, covenant defaults, final maturity default or cross-acceleration with respect to material indebtedness and certain bankruptcy events. The gross proceeds from the Notes were deposited into a segregated escrow account with an escrow agent. The proceeds were released from escrow as of the Closing Date and were used to finance, in part, the Acquisition, and to repay certain indebtedness of the Company and KCG. (See Note 3 “Acquisition of KCG Holdings, Inc.” for further details).

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 SBI (as described in Note 11 “Financial assets and liabilities”). The SBI Bonds are guaranteed by Virtu Financial. The SBI Bonds are subject to fluctuations on the Japanese Yen currency rates relative to the Company’s reporting currency (U.S. Dollar) with the changes reflected in other, net in the consolidated statements of comprehensive income. The principal balance was ¥3.5 billion ($31.0 million) as of December 31, 2017 and ¥3.5 billion ($29.9 million) as of December 31, 2016. The Company recorded a gain of $1.1 million and a loss of $3.2 million due to the change in currency rates during the years ended December 31, 2017 and 2016, respectively.

Aggregate future required minimum principal payments based on the terms of the long-term borrowings at December 31, 2017 were as follows:


(in thousands)
2018	$	—
2019		—
2020		31,059
2021 and thereafter		1,400,000
Total principal of long-term borrowings	$	1,431,059

Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2017

Financial Assets and Liabilities

Financial Assets and Liabilities

11. 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 financial instruments noted in the preceding paragraph, 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 broadly distributed bank 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.

As of March 31, 2017, the Company began pricing 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. The Company concluded that this is a change in accounting estimate and no retrospective adjustments were necessary.

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2017:


	December 31, 2017
	Quoted Prices		Significant
	in Active		Other		Significant		Counterparty
	Markets for		Observable		Unobservable		and Cash
	Identical Assets		Inputs		Inputs		Collateral		Total Fair
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Netting		Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	758,596	$	1,167,995	$	—	$	—	$	1,926,591
U.S. and Non-U.S. government obligations		5,968		16,815		—		—		22,783
Corporate Bonds		—		60,975		—		—		60,975
Exchange traded notes		13,576		68,819		—		—		82,395
Currency forwards		—		2,045,487		—		(2,027,697)		17,790
Options		7,045		—		—		—		7,045
		785,185		3,360,091		—		(2,027,697)		2,117,579

Financial instruments owned, pledged as collateral:
Equity securities	$	410,670	$	175,581	$	—	$	—	$	586,251
U.S. and Non-U.S. government obligations		99		—		—		—		99
Exchange traded notes		82		8,611		—		—		8,693
		410,851		184,192		—		—		595,043

Other Assets
Equity investment	$	—	$	—	$	40,588	$	—	$	40,588
Exchange stock		1,952		—		—		—		1,952
Other(1)		—		55,824		—		—		55,824
		1,952		55,824		40,588		—		98,364

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	847,816	$	1,355,616	$	—	$	—	$	2,203,432
U.S. and Non-U.S. government obligations		18,940		12,481		—		—		31,421
Corporate Bonds		—		81,118		—		—		81,118
Exchange traded notes		1,514		54,248		—		—		55,762
Currency forwards		—		2,032,017		—		(2,024,991)		7,026
Options		5,839		—		—		—		5,839
	$	874,109	$	3,535,480	$	—	$	(2,024,991)	$	2,384,598

(1)

Other primarily consists of a $55.8 million receivable from Bats related to the sale of KCG Hotspot.

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2016:


	December 31, 2016
	Quoted
	Prices in
	Active		Significant
	Markets for		Other		Significant		Counterparty
	Identical		Observable		Unobservable		and Cash
	Assets		Inputs		Inputs		Collateral		Total Fair
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Netting		Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	1,597,049	$	31,988	$	—	$	—	$	1,629,037
Non-U.S. government obligations		—		10,765		—		—		10,765
Exchange traded notes		37,034		—		—		—		37,034
Currency forwards		—		1,147,261		—		(1,140,239)		7,022
Options		—		141		—		—		141
	$	1,634,083	$	1,190,155	$	—	$	(1,140,239)	$	1,683,999
Financial instruments owned, pledged as collateral:
Equity securities	$	128,202	$	—	$	—	$	—	$	128,202
Exchange traded notes		15,681		—		—		—		15,681
	$	143,883	$	—	$	—	$	—	$	143,883
Other Assets
Equity investment	$	—	$	—	$	36,031	$	—	$	36,031
Exchange stock		449		—		—		—		449
	$	449	$	—	$	36,031	$	—	$	36,480
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,323,693	$	6,638	$	—	$	—	$	1,330,331
Exchange traded notes		18,744		—		—		—		18,744
Currency forwards		—		1,009,038		—		(1,009,038)		—
Options		—		80		—		—		80
	$	1,342,437	$	1,015,756	$	—	$	(1,009,038)	$	1,349,155

On July 27, 2016, the Company purchased an additional minority investment (29.4%) in SBI Japannext Co., Ltd (“SBI Japannext”), a proprietary trading system based in Tokyo for $38.8 million in cash (“SBI Investment”), which increased the Company’s total minority investment in SBI Japannext to 29.9%.The Company elected the fair value option to account for this equity investment because it believes that fair value is the most relevant measurement attribute for this investment, as well as to reduce operational and accounting complexity. This investment has been categorized as Level 3, and the valuation process involved for Level 3 measurements is completed on a quarterly basis. The Company employs two valuation methodologies when determining the fair value of investments categorized as Level 3, market comparable analysis and discounted cash flow analysis. The market comparable analysis considers key financial inputs, recent public and private transactions and other available measures. The discounted cash flow analysis incorporates significant assumptions and judgments and the estimates of key inputs used in this methodology include the discount rate for the investment and assumed inputs used to calculate terminal values, such as price/earnings multiples. Upon completion of the valuations conducted using these methodologies, a weighting is ascribed to each method and to the ultimate fair value recorded for a particular investment. When determining the weighting ascribed to each valuation methodology, the Company considers, among other factors, the availability of direct market comparables, the applicability of a discounted cash flow analysis and the expected holding period.

As of December 31, 2017, the fair value of SBI Investment was determined using the discounted cash flow method, an income approach, with the discount rate of 15.0% applied to the cash flow forecasts. The Company also used a market approach based on 14x average price/earnings multiples of comparable companies to corroborate the income approach. The fair value of the SBI Investment at December 31, 2017 was determined by taking the weighted average of enterprise valuations based on discounted cash flow on projected income from the next five years, the implied enterprise valuations on comparable companies, and the implied enterprise valuations on comparable transactions. 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 price/earnings multiples would result in a significantly lower (higher) fair value measurement. Changes in the fair value of the SBI Investment are reflected in other, net in the consolidated statements of comprehensive income.

There were no transfers of financial instruments between levels during the years ended December 31, 2017 and 2016.

Receivable from Bats Global Markets, Inc. (“Bats”)

In March 2015, KCG sold KCG Hotspot, an institutional spot foreign exchange electronic communications networks (“ECN”), to Bats, which is now a subsidiary of CBOE Holdings, Inc. KCG and Bats agreed to share certain tax benefits, which as of December 31, 2017 comprise a $50.0 million payment and an annual payment of up to $6.6 million, both of which are due in April 2018. The $6.8 million annual payment is contingent on Bats (and CBOE) generating sufficient taxable net income to receive the tax benefits.

The Company has elected the fair value option related to the receivable from Bats and considers the receivable to be a Level 2 asset in the fair value hierarchy as the fair value is derived from observable significant inputs such as contractual cash flows and market discount rates. The remaining additional potential payments of $56.8 million are recorded at a fair value of $55.8 million in other assets on the consolidated statements of financial condition as of December 31, 2017.

Financial Instruments Not Measured at Fair Value

The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments that are not measured at fair value on the consolidated statement 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 categorized as Level 2 in the fair value hierarchy, which is based on quoted prices from the market.

Financial assets and liabilities not measured at fair value as of December 31, 2017:


	December 31, 2017
						Quoted Prices		Significant
						in Active		Other		Significant
						Markets for		Observable		Unobservable
						Identical Assets		Inputs		Inputs
		Carrying Value		Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	532,887	$	532,887	$	532,887	$	—	$	—

Securities borrowed	$	1,471,172	$	1,471,172	$	—	$	1,471,172	$	—

Receivables from broker dealers and clearing organizations		972,018		972,018		36,513		935,505		—

Total Assets	$	2,976,077	$	2,976,077	$	569,400	$	2,406,677	$	—

Liabilities
Short-term borrowings	$	27,883	$	27,883	$	—	$	27,883	$	—

Long-term borrowings	$	1,388,548	$	1,465,489	$	—	$	1,465,489	$	—

Securities loaned	$	754,687	$	754,687	$	—	$	754,687	$	—

Securities sold under agreements to repurchase	$	390,642	$	390,642	$	—	$	390,642	$	—

Payables to broker dealer and clearing organizations		716,205		716,205		2,925		713,280		—

Total Liabilities	$	3,277,965	$	3,354,906	$	2,925	$	3,351,981	$	—

Financial assets and liabilities not measured at fair value as of December 31, 2016:


	December 31, 2016
						Quoted Prices		Significant
						in Active		Other		Significant
						Markets for		Observable		Unobservable
						Identical Assets		Inputs		Inputs
		Carrying Value		Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	181,415	$	181,415	$	181,415	$	—	$	—

Securities borrowed	$	220,005	$	220,005	$	—	$	220,005	$	—

Receivables from broker dealers and clearing organizations		448,728		972,018		—		972,018		—

Total Assets	$	850,148	$	1,373,438	$	181,415	$	1,192,023	$	0

Liabilities
Short-term borrowings	$	25,000	$	25,000	$	—	$	25,000	$	—

Long-term borrowings	$	564,957	$	564,957	$	—	$	564,957	$	—

Securities loaned	$	222,203	$	222,203	$	—	$	222,203	$	—

Payables to broker dealer and clearing organizations		695,978		695,978		—		695,978		—

Total Liabilities	$	1,508,138	$	1,508,138	$	—	$	1,508,138	$	—

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


	Year Ended December 31, 2017
													Change in Net
													Unrealized Gains
													/ (Losses) on
													Investments
	Balance at				Total Realized		Net Transfers				Balance at		still held at
	December 31,				and Unrealized		into (out of)				December 31		December 31
(in thousands)	2016		Purchases		Gains / (Losses)		Level 3		Settlement		2017		2017
Assets
Other assets:
Equity investment	$	36,031	$	—	$	4,557	$	—	$	—	$	40,588	$	4,557
Other		—		3,000		—		—		(3,000)		—		—
Total	$	36,031	$	3,000	$	4,557	$	—	$	(3,000)	$	40,588	$	4,557


		Year Ended December 31, 2016
											Change in Net
											Unrealized Gains
											/ (Losses) on
											Investments
	Balance at				Total Realized		Net Transfers		Balance at		still held at
	December 31,				and Unrealized		into (out of)		December 31		December 31
(in thousands)	2015		Purchases		Gains / (Losses)		Level 3		2016		2016
Assets
Other assets:
Equity investment	$	—	$	38,754	$	(3,117)	$	394	$	36,031	$	(3,117)
Total	$	—	$	38,754	$	(3,117)	$	394	$	36,031	$	(3,117)

Offsetting of Financial Assets and Liabilities

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

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of December 31, 2017 and 2016.


	December 31, 2017

					Net Amounts of
			Gross Amounts		Assets Presented
			Offset in the		in the		Gross Amounts Not Offset In the
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
(in thousands)	Assets		Financial Condition		Financial Condition		Instruments		Received		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,471,172	$	—	$	1,471,172	$	(1,418,672)	$	(13,318)	$	39,182
Trading assets, at fair value:
Currency forwards		2,045,487		(2,027,697)		17,790		—		—		17,790
Options		7,045		—		7,045		(45)		—		7,000
Total	$	3,523,704	$	(2,027,697)	$	1,496,007	$	(1,418,717)	$	(13,318)	$	63,972



					Net Amounts of
			Gross Amounts		Liabilities Presented
			Offset in the		in the		Gross Amounts Not Offset In the
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
	Liabilities		Financial Condition		Financial Condition		Instruments		Pledged		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	754,687	$	—	$	754,687	$	(737,731)	$	(10,776)	$	6,180
Securities sold under agreements to repurchase		390,642		—		390,642		(390,642)		—		—
Trading liabilities, at fair value:
Currency forwards		2,032,017		(2,024,991)		7,026		—				7,026
Options		5,839		—		5,839		(56)		—		5,783
Total	$	3,183,185	$	(2,024,991)	$	1,158,194	$	(1,128,429)	$	(10,776)	$	18,989


	December 31, 2016

					Net Amounts of
			Gross Amounts		Assets Presented
			Offset in the		in the		Gross Amounts Not Offset In the
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
(in thousands)	Assets		Financial Condition		Financial Condition		Instruments		Received		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	220,005	$	—	$	220,005	$	(216,778)	$	(248)	$	2,979
Trading assets, at fair value:
Currency forwards		1,147,261		(1,140,239)		7,022		—		—		7,022
Options		141		—		141		(80)		(13)		48
Total	$	1,367,407	$	(1,140,239)	$	227,168	$	(216,858)	$	(261)	$	10,049



					Net Amounts of
					Liabilities
			Gross Amounts		Presented		Gross Amounts Not Offset In the
			Offset in the		in the		Consolidated
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
(in thousands)	Liabilities		Financial Condition		Financial Condition		Instruments		Pledged		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	222,203	$	—	$	222,203	$	(221,792)	$	—	$	411
Trading liabilities, at fair value:
Currency forwards		1,009,038		(1,009,038)		—		—		—		—
Options		80		—		80		(80)		—		—
Total	$	1,231,321	$	(1,009,038)	$	222,283	$	(221,872)	$	—	$	411

The following table presents gross obligations for securities lending transactions by remaining contractual maturity and the class of collateral pledged.


		December 31, 2017
		Remaining Contractual Maturity
	Overnight and		Less than		30 - 60		61 - 90
(in thousands)	Continuous		30 days		days		Days		Total

Repurchase agreements:
Equity securities	$	—	$	100,000	$	90,000	$	200,000	$	390,000
U.S. and Non-U.S. government obligations		642		—		—		—		642
Total	$	642	$	100,000	$	90,000	$	200,000	$	390,642

Securities lending transactions:
Equity securities	$	754,687	$	—	$	—	$	—	$	754,687
Total	$	754,687	$	—	$	—	$	—	$	754,687


		December 31, 2016
		Remaining Contractual Maturity
	Overnight and		Less than		30 - 60		61 - 90
(in thousands)	Continuous		30 days		days		Days		Total

Repurchase agreements:
Equity securities	$	222,203	$	—	$	—	$	—	$	222,203
Total	$	222,203	$	—	$	—	$	—	$	222,203

- Definition

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

+ References + Details

Derivative Instruments

12 Months Ended

Dec. 31, 2017

Derivative Instruments

Derivative Instruments

12. Derivative Instruments

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at December 31, 2017 and December 31, 2016:


(in thousands)		December 31, 2017				December 31, 2016
Derivatives Assets	Financial Statements Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Receivables from broker dealers and clearing organizations	$	(505)	$	1,985,770	$	2,403	$	1,461,286
Commodity futures	Receivables from broker dealers and clearing organizations		971		21,231,001		13,964		3,918,778
Currency futures	Receivables from broker dealers and clearing organizations		26,548		3,994,412		1,591		3,264,093
Fixed income futures	Receivables from broker dealers and clearing organizations		73		44,395		31		5,730
Options	Financial instruments owned		7,045		682,369		141		6,844
Currency forwards	Financial instruments owned		2,045,487		124,000,221		1,147,261		94,192,414


Derivatives Liabilities	Financial Statements Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Payables to broker dealers and clearing organizations	$	(575)	$	142,658	$	(43)	$	62,417
Commodity futures	Payables to broker dealers and clearing organizations		(1,602)		130,042		2,842		22,616,170
Currency futures	Payables to broker dealers and clearing organizations		(13,947)		7,756,958		(6,282)		1,137,908
Fixed income futures	Payables to broker dealers and clearing organizations		(1)		2,584		—		—
Options	Financial instruments sold, not yet purchased		5,839		681,147		80		4,486
Currency forwards	Financial instruments sold, not yet purchased		2,032,017		123,993,234		1,009,038		85,874,684

Derivative instruments designated as hedging instruments:
Currency forwards	Financial instruments sold, not yet purchased		(514)		16,115		—		—

Amounts included in receivables from and payables to broker-dealers and clearing organizations represent net variation margin on long and short futures contracts.

The following table summarizes the net gain from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in trading income, net, and from those designated as hedging instrument under ASC 815, which are recorded in accumulated other comprehensive income in the accompanying consolidated statements of comprehensive income for the years ended December 31, 2017, 2016, and 2015.


		December 31,

(in thousands)	Financial Statements Location	2017		2016		2015
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net	$	290,609	$	559,626	$	1,180,483
Currency forwards	Trading income, net		2,603		1,915		(16,431)
Options	Trading income, net		(7,166)		(410)		(1,784)
Others	Trading income, net		—		(6)		4
		$	286,046	$	561,125	$	1,162,272

Derivative instruments designated as hedging instruments:
Foreign exchange - forward contract	Accumulated other comprehensive income	$	(642)	$	—	$	—

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

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-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Taxes

Income Taxes

13. Income Taxes

Income before income taxes and noncontrolling interest is as follows for the years ended December 31, 2017, 2016 and 2015:


	December 31,
	2017		2016		2015
(in thousands)
U.S. operations	$	70,484	$	138,950	$	154,947
Non-U.S. operations		42,680		40,641		60,982
	$	113,164	$	179,591	$	215,929

The provision for income taxes consists of the following for the years ended December 31, 2017, 2016 and 2015.


	For the years ended
	December 31,
(in thousands)	2017		2016		2015
Current provision (benefit)
Federal	$	(9,991)	$	2,690	$	7,584
State and Local		65		38		108
Foreign		1,219		5,210		6,762
Deferred provision (benefit)
Federal		106,415		13,547		3,345
State and Local		(3,380)		194		48
Foreign		(62)		(428)		592
Provision for income taxes	$	94,266	$	21,251	$	18,439

The Tax Cuts and Jobs Act (“2017 Tax Act”) was signed into law on December 22, 2017. The 2017 Tax Act significantly revises the U.S. corporate income tax by, among other things, lowering the statutory corporate tax rate from 35% to 21%, and eliminating certain deductions. The Company has not completed its determination of the accounting implications of the 2017 Tax Act on its tax accruals. However, the Company has reasonably estimated the effects of the 2017 Tax Act and recorded provisional amounts in our financial statements as of December 31, 2017. The Company recorded a provisional deferred tax expense for the impact of the 2017 Tax Act of approximately $90.6 million, which is primarily composed of the remeasurement of federal net deferred tax assets as a result of the permanent reduction in the U.S. statutory corporate tax rate to 21% from 35%. The Company expects to complete its analysis of the 2017 Tax Act by the third quarter of 2018, which is within the one-year measurement period prescribed by SEC Staff Accounting Bulletin No. 118. As the Company completes its analysis, collects and prepares necessary data, and interprets any additional guidance issued by the U.S. Treasury Department, the IRS, and other standard-setting bodies, it may make adjustments to the provisional amounts. Those adjustments may materially impact the Company’s provision for income taxes in the period in which the adjustments are made.

As discussed in Note 6 “Tax Receivable Agreements” the Company revalued its tax receivable agreement obligation as a result of this decrease in the U.S. corporate income tax rate and recorded a gain of $86.6 million, which is reported in Other, net on the consolidated statements of operations for the year ended December 31, 2017. This gain does not impact the Company’s provision for income taxes.

The reconciliation of the tax provision at the U.S. Federal Statutory Rate to the provision for income taxes for the years ended December 31, 2017, 2016 and 2015 is as follows:


	December 31,
	2017		2016		2015
(in thousands, except percentages)
Tax provision at the U.S. federal statutory rate	35.0	%	35.0	%	35.0	%
Less: rate attributable to noncontrolling interest	(19.1)		(24.4)		(27.8)
State and local taxes, net of federal benefit	(1.9)		1.3		1.4
Impact of 2017 Tax Act on deferred tax assets	80.1		—		—
Impact of 2017 Tax Act on tax receivable agreement obligation	(12.9)		—		—
Non-deductible expenses, net	1.9		—		—
Other, net	0.2		—		—
Provision for income taxes	83.3	%	11.9	%	8.6	%

The components of the deferred tax assets and liabilities as of December 31, 2017 and 2016 are as follows:


	December 31,
(in thousands)	2017		2016
Deferred income tax assets
Tax Receivable Agreement	$	101,594	$	185,677
Share-based compensation		5,213		5,664
Intangibles		14,547		—
Fixed assets and other		13,425		2,518
Tax credits and net operating loss carryforwards		50,867		—
Less: Valuation allowance on net operating loss carryforwards and tax credits		(43,544)		—
Total deferred income tax assets	$	142,102	$	193,859

Deferred income tax liabilities
Intangibles		16,342		—
Fixed assets		—		84
Total deferred income tax liabilities	$	16,342	$	84

Subsequent to consummation of the Reorganization Transactions and the IPO, 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 years ended December 31, 2017, 2016 and 2015, the income attributable to these noncontrolling interests is reported in the consolidated statements of comprehensive income, but the related U.S. income tax expense attributable to these noncontrolling interests is not reported by the Company as it is the obligation of the individual partners. Income tax expense is also affected by the differing effective tax rates in foreign, state and local jurisdictions where certain of the Company’s subsidiaries are subject to corporate taxation.

Included in other assets on the consolidated statements of financial condition at December 31, 2017 and 2016 are current income tax receivables of $115.2 million and $5.8 million, respectively. The balance at December 31, 2017 primarily comprises the income tax benefit of KCG net operating losses that were generated prior to the Acquisition of KCG and that are eligible to be carried back by the Company.

Deferred income taxes arise primarily due to the amortization of the deferred tax assets recognized in connection with the IPO (Note 6 “Tax Receivable Agreements” and Note 15 “Capital Structure”) and the Acquisition of KCG (Note 3 “Acquisition of KCG Holdings, Inc”), differences in the valuation of financial assets and liabilities, and in connection with other temporary differences arising from the deductibility of compensation and depreciation expenses in different time periods for book and income tax return purposes.

There are no expiration dates on the deferred tax assets. The Company’s deferred tax asset at December 31, 2017 includes an alternative minimum tax credit carryforward of $0.6 million, which can be either be refunded or applied against future income tax liability pursuant to the 2017 Tax Act. 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. As a result of the Acquisition of KCG, the Company has non-U.S. net operating losses of $231.8 million at December 31, 2017 and has recorded a related deferred tax asset of $43.5 million. A full valuation allowance was also recorded against this deferred tax asset at December 31, 2017 as it is more likely than not that this deferred tax asset will not be realized. No valuation allowance against the remaining deferred taxes was recorded as of December 31, 2017 and 2016 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 December 31, 2017, the Company’s tax years for 2013 through 2016 and 2010 through 2017 are subject to examination by U.S. and non-U.S. tax authorities, respectively. As a result of the Acquisition of KCG, the Company has assumed any KCG tax exposures. KCG is currently subject to U.S. Federal income tax examinations for 2013 through 2017, and to non-U.S. income tax examinations for the tax years 2007 through 2016. In addition, the Company is subject to state and local income tax examinations in various jurisdictions for the tax years 2007 through 2016. The final outcome of these examinations is not yet determinable. However, the Company anticipates that adjustments to the unrecognized tax benefits, if any, will not result in a material change to the financial condition, results of operations and cash flows.

The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income or loss before income taxes and noncontrolling interest. Penalties, if any, are recorded in operations and administrative expense and interest received or paid is recorded in other, net or operations and administrative expense in the consolidated statement of comprehensive income

The Company had $7.3 million of unrecognized tax benefits as of December 31, 2017, all of which would affect the Company’s effective tax rate if recognized. The Company has determined that there are no uncertain tax positions that would have a material impact on the Company’s financial position as of December 31, 2016.

The following table reconciles the beginning and ending amount of unrecognized tax benefits:


	December 31,
(in thousands)	2017
Balance at December 31, 2016	$	—
Increase from Acquisition of KCG		7,232
Decreases based on tax positions related to prior period		—
Increase based on tax positions related to current period		68
Balance at December 31, 2017	$	7,300

Commitments, Contingencies and Guarantees

12 Months Ended

Dec. 31, 2017

Commitments, Contingencies and Guarantees

Commitments, Contingencies and Guarantees

14. Commitments, Contingencies and Guarantees

At December 31, 2017, minimum rental commitments under non-cancellable leases are

approximately as follows:


	Minimum Rental Commitments
Year Ending December 31	Capital		Operating
2018		18,829		33,331
2019		17,759		30,712
2020		6,942		29,238
2021		—		21,017
2022		—		18,063
Thereafter		—		127,723
Total minimum lease payments	$	43,530	$	260,084

Total operating lease expense, net of amortization expense related to landlord incentives, for the years ended December 31, 2017, 2016 and 2015 was approximately $13.1 million, $2.4 million, and $5.3 million, respectively. Occupancy lease expense for the years ended December 31, 2017, 2016 and 2015 of $12.9 million, $1.3 million and $3.9 million, respectively, is included within operations and administrative expenses in the consolidated statements of comprehensive income. Communication equipment lease expense for the years ended December 31, 2017, 2016 and 2015 of $0.2 million, $1.1 million and $1.4 million, respectively, is included within communication and data processing in the accompanying consolidated statements of comprehensive income.

Legal 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. The Company and its subsidiaries are subject to several of these matters at the present time. 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 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. 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 matters will not 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 for potential claims, including securities actions, against the Company and its respective directors and officers.

In connection with the Acquisition of KCG, a previously filed complaint, which was initially captioned Greenway v. KCG Holdings, Inc., et al., Case No. 2017-0421-JTL and filed on behalf of a putative class in Delaware Chancery Court, was recaptioned Chester County Employees’ Retirement Fund v. KCG Holdings, Inc., et al., amended and refiled on February 14, 2018 to include claims for the alleged breach of fiduciary duties against former KCG board members, claims against each of Virtu and Jefferies for allegedly aiding and abetting the KCG board members’ alleged breaches of fiduciary duty and a claim against Virtu and Jefferies for alleged civil conspiracy. No amount of damages is stated in the amended complaint, which Virtu intends to defend 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 securities. In addition, there has been an increased focus by Congress, federal and state regulators, SROs and the media on market structure issues, and in particular, high frequency trading, best execution, internalization, ATS manner of operations, market fragmentation and complexity, colocation, cybersecurity, access to market data feeds and remuneration arrangements, such as payment for order flow and exchange fee structures. The Company has received information requests from various authorities, including the SEC, requesting, among other items, information regarding these market structure matters, to which the Company has responded or is in the process of responding.

The Company is currently the subject of various regulatory reviews and investigations by federal, state and foreign regulators and SROs, including the SEC and the Financial Industry Regulatory Authority. In some instances, these matters may rise to a disciplinary action and/or a civil or administrative action. For example, the Autorité des Marchés Financiers ("AMF") fined the Company’s European subsidiary in the amount of €5.0 million (approximately $5.4 million) based on its allegations that the subsidiary of a predecessor entity engaged in price manipulation and violations of the AMF General Regulation and Euronext Market Rules. The fine was subsequently reduced in 2017 to €3.3 million (approximately $3.9 million). The Company had fully reserved for the monetary penalty as of December 31, 2017 and anticipates paying the fine during the year ended December 31, 2018.

Indemnification Arrangements

Consistent with standard business practices in the normal course of business, the Company has provided general indemnifications to its managers, officers, directors, employees, and agents against expenses, 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.

Capital Structure	12 Months Ended
Capital Structure	Dec. 31, 2017
Capital Structure
Capital Structure	15. 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. Initial Public Offering and Reorganization Transactions Prior to the IPO, the Company’s business was conducted through Virtu Financial and its subsidiaries. In a series of transactions that occurred in connection with the IPO, (i) the Company became the sole managing member of Virtu Financial and acquired Virtu Financial Units, (ii) certain direct or indirect equityholders of Virtu Financial acquired shares of the Company’s Class A common stock and (iii) certain direct or indirect equityholders of Virtu Financial had their interests reclassified into Virtu Financial Units and acquired shares of the Company’s Class C common stock or, in the case of the TJMT Holdings LLC only, shares of the Company’s Class D common stock (collectively, the “Virtu Members”). On April 21, 2015, the Company completed its IPO of 19,012,112 shares of its Class A common stock, par value $0.00001 per share, including 2,479,840 shares of Class A common stock sold in connection with the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of $19.00 per share. The shares began trading on NASDAQ on April 16, 2015 under the ticker symbol “VIRT” and the offering was closed on April 21, 2015. In connection with the Reorganization Transactions, the Company sold 16,532,272 shares of Class A common stock. The Company used its net proceeds from its IPO to purchase shares of Class A common stock from an affiliate of Silver Lake Partners, purchase Virtu Financial Units and corresponding shares of Class C common stock from certain Virtu Members, and for working capital and general corporate purposes. 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. 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 16,000,000 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. Secondary Offerings In September 2016, the Company completed a public offering (the “September 2016 Secondary Offering,” collectively with the November 2015 Secondary Offering, the “Secondary Offerings”) of 1,103,668 shares of the Company’s Class A common stock. The Company sold 1,103,668 shares of Class A common stock at a price to the public of $15.75 per share. The Company used the net proceeds from the September 2016 Secondary Offering to purchase Virtu Financial Units (together with corresponding shares of Class C common stock) from certain employees at a net price equal to the price paid by the underwriters for shares of its Class A common stock, which was the price at which the shares were offered to the public less underwriting discounts and commissions of $0.10 per share. Acquisition of KCG On the Closing Date and in connection with the financing of the Acquisition, the Company issued 6,346,155 shares of the Company’s Class A common stock to Aranda for an aggregate purchase price of approximately $99.0 million and 39,725,979 shares of the Company Class A Common Stock to NIH for an aggregate purchase price of approximately $613.5 million. On August 10, 2017, the Company issued an additional 1,666,666 shares of its Class A Common Stock for an aggregate purchase price of $26.0 million and an additional 338,124 shares of its Class A Common Stock for an aggregate purchase price of $5.2 million. See Note 3 for further details. Employee Exchanges In February, May, August and November 2017, pursuant to the exchange agreement by and among the Company, Virtu Financial and holders of Virtu Financial common units, certain current and former employees elected to exchange 683,762, 307,544, 155,009, and 209,448 units, respectively, in Virtu Financial held on their behalf by Virtu Financial Employee Holdco LLC (“Employee Holdco”) on a one-for-one basis for shares of Class A common stock. As a result of the completion of the IPO, the Reorganization Transactions, the Secondary Offerings, employee exchange, and the share issuance in connection with the Acquisition, the Company holds approximately 48.3% interest in Virtu Financial at December 31, 2017.

- Definition

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

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
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-Section S99
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Share-based Compensation

12 Months Ended

Dec. 31, 2017

Share-based Compensation

Share-based Compensation

16. Share-based Compensation

Share-based compensation prior to the Company’s Reorganization completed on April 15, 2015 and IPO commenced on April 16, 2015:

Class A-2 profits interests were issued to Employee Holdco LLC, a holding company that holds the interests on behalf of certain key employees or stakeholders. During the years ended December 31, 2017, 2016 and 2015, the Company recorded expense relating to non-voting common interest units, which were originally granted as Class A-2 profits interests and were reclassified into non-voting common interest units in connection with the Reorganization Transactions. The non-voting common interest units are subject to the same vesting requirements as the prior Class A-2 profits interests, which were either fully vested upon issuance or vested over a period of up to four years, and in each case are subject to repurchase provisions upon certain termination events. These awards were accounted for as equity awards and were measured at fair value at the date of grant. The Company recognized compensation expense related to the vesting of non-voting common interest units (formerly Class A-2 profits interests) of $0.7 million, $1.3 million and $1.5 million for the years ended December 31, 2017, 2016 and 2015, respectively. As of December 31, 2017 and 2016, total unrecognized share-based compensation expense related to unvested non-voting common interest units (formerly Class A-2 profits interests), was $0.1 million and $0.8 million, respectively; and this amount is expected to be recognized over a weighted average period of 0.1 years and 0.8 years, respectively.

On July 8, 2011, 2,625,000 Class A-2 capital interests were contributed by Class A-2 members to Virtu East

MIP LLC (“East MIP”). East MIP issued Class A interests to the members who contributed the Class A-2 capital

interests, and Class B interests (“East MIP Class B interests”) to certain key employees. Additionally, Class B interests were issued to Employee Holdco on behalf of certain key employees and stakeholders on July 8, 2011, and on subsequent dates. East MIP Class B interests and Class B interests were each subject to time based vesting over four years and only fully vested upon the consummation of a qualifying capital transaction by the Company, including an IPO. In connection with the Reorganization Transactions, East MIP was liquidated and a portion of the Class A-2 capital interests held by East MIP were contributed to Virtu Employee Holdco on behalf of holders of East MIP Class B Interests (or, in the case of certain employees located outside the United States, contributed to a trust whose trustee is one of the Company’s subsidiaries), which Class A-2 capital interests were subsequently reclassified into non-voting common interest units. The Company recognized compensation expense in respect of non-voting common interest units (formerly Class B interests) vested of $0.7 million, $1.1 million and $44.9 million for the years ended December 31, 2017, 2016 and 2015, respectively. The compensation expense related to non-voting common interest units (formerly Class B interests) was included within charges related to share based compensation at IPO in the consolidated statements of comprehensive income. As of December 31, 2017 and 2016, total unrecognized share-based compensation expense related to unvested non-voting common interest units (formerly Class B interests) was $0.1 million and $0.8 million, respectively; and this amount is expected to be recognized over a weighted average period of 0.1 years and 1.0 years, respectively.

Additionally, in connection with the compensation charges related to non-voting common interest units (formerly Class B interests) mentioned above, the Company capitalized $0.04 million, $0.09 million and $9.2 million for the years ended December 31, 2017, 2016 and 2015, respectively. The amortization costs related to these capitalized compensation charges and previously capitalized compensation charges related to East MIP Class B interests and Class B interests were approximately $0.07 million, $0.7 million and $8.5 million for the years ended December 31, 2017, 2016 and 2015, respectively. The costs attributable to employees incurred in development of software for internal use were included within charges related to share based compensation at IPO in the consolidated statements of comprehensive income.

The fair value of the Class A-2 profit, Class B and East MIP Class B interest was estimated by the Company using an option pricing methodology based on expected volatility, risk-free rates and expected life. Expected volatility is calculated based on companies in the same peer group as the Company.

In connection with the Reorganization Transactions, all Class A-2 profits interests, Class B and East MIP Class B interests were reclassified into non-voting common interest units. As of December 31, 2017 and 2016, there were 12,301,067 and 14,231,535 non-voting common interest units outstanding, respectively, and 1,930,468, 1,162,891 and 57,106 non-voting common interest units and corresponding Class C common stock were exchanged into Class A common stock, forfeited or repurchased during the years ended December 31, 2017, 2016 and 2015, respectively.

Share-based compensation after the Company’s Reorganization completed on April 15, 2015 and IPO completed on April 16, 2015:

Pursuant to 2015 Management Incentive Plan as described in Note 15 “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 the 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 year ended December 31, 2017 and 2016:


	Options Outstanding					Options Exercisable
		Weighted Average		Weighted Average			Weighted Average
	Number of	Exercise Price		Remaining		Number of	Exercise Price
	Options	Per Share		Contractual Life		Options	Per Share
At December 31, 2014	—	$	—		—	—	$	—
Granted	9,228,000		19.00		10.00	—		—
Exercised	—		—		—	—		—
Forfeited or expired	(234,000)		—		—	—		—
At December 31, 2015	8,994,000	$	19.00		9.29	—	$	—
Granted	—		—		—	—		—
Exercised	—		—		—	—		—
Forfeited or expired	(760,000)		—		—	—		—
At December 31, 2016	8,234,000	$	19.00		8.29	2,058,500	$	19.00
Granted	—		—		—	—		—
Exercised	—		—		—	—		—
Forfeited or expired	(496,000)		—		—	—		—
At December 31, 2017	7,738,000	$	19.00		7.29	3,869,000	$	19.00

The expected life has been 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.

The Company recognized $5.2 million, $5.6 million and $4.7 million of compensation expense in relation to the stock options issued and outstanding for the years ended December 31, 2017, 2016 and 2015, respectively. As of December 31, 2017 and 2016, total unrecognized share-based compensation expense related to unvested stock options was $7.5 million and $14.2 million, respectively, and these amounts are to be recognized over a weighted average period of 1.3 years and 2.3 years, respectively.

Class A common stock and Restricted Stock Units

Pursuant to the 2015 Management Incentive Plan as described in Note 15, “Capital Structure”, subsequent to the IPO, shares of immediately vested Class A common stock and restricted stock units were granted, the latter which vest 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 is being recognized on a straight line basis over the vesting period. For the years ended December 31, 2017, 2016 and 2015, there were 19,719, 656,019 and 576,693 shares of immediately vested Class A common stock granted as part of year-end compensation, and the Company recorded compensation expense of $0.3 million, $10.6 million and $13.2 million, respectively. In addition, the Company accrued compensation expense of $11.0 million for the year ended December 31, 2017 related to immediately vested Class A common stock expected to be awarded in early 2018 as part of year-end incentive compensation for the 2017 performance year, which is included in employee compensation and payroll taxes on the Consolidated Statements of Comprehensive Income and accounts payable and accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

The following table summarizes activity related to the RSUs:


		Weighted
	Number of	Average Fair
	Shares	Value
At December 31, 2014	—	$	—
Granted	984,466		22.32
Forfeited	—		—
Vested	—		—
At December 31, 2015	984,466	$	22.32
Granted	1,019,148		16.06
Forfeited	(133,138)		22.51
Vested	(297,035)		16.48
At December 31, 2016	1,573,441	$	18.28
Granted	64,402		18.09
Forfeited	(258,250)		18.40
Vested	(526,546)		18.75
At December 31, 2017	853,047	$	17.94

The Company recognized $9.9 million, $6.3 million and $0.5 million of compensation expense in relation to the restricted stock units for the years ended December 31, 2017, 2016 and 2015, respectively. As of December 31, 2017 and 2016, total unrecognized share-based compensation expense related to unvested RSUs was $14.3 million and $28.5 million, respectively, and this amount is to be recognized over a weighted average period of 1.5 years and 2.6 years, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Property, Equipment and Capitalized Software

12 Months Ended

Dec. 31, 2017

Property, Equipment and Capitalized Software

Property, Equipment and Capitalized Software

17. Property, Equipment and Capitalized Software

Property, equipment and capitalized software consisted of the following at December 31, 2017 and 2016:


(in thousands)	2017		2016
Capitalized software costs	$	94,915	$	77,591
Leasehold improvements		93,624		3,636
Furniture and equipment		324,135		61,540
Land		—		77
		512,674		142,844
Less: Accumulated depreciation and amortization		(375,656)		(113,184)
Total property, equipment and capitalized software, net	$	137,018	$	29,660

Depreciation expense for property and equipment for the years ended December 31, 2017, 2016, and 2015 was approximately $36.8 million, $19.6 million and $24.0 million, respectively, and is included within depreciation and amortization expense in the accompanying consolidated statements of comprehensive income.

The Company’s capitalized software development costs excluding the compensation charges recognized in relation to the IPO disclosed below were approximately $15.7 million, $11.1 million, and $10.1 million for years ended December 31, 2017, 2016 and 2015, respectively. The related amortization expense was approximately $10.1 million, $10.1 million, and $9.6 million for the years ended December 31, 2017, 2016, and 2015, respectively, and is included within depreciation and amortization expense in the accompanying consolidated statements of comprehensive income.

Additionally, in connection with the compensation charges related to non-voting interest units (formerly Class B interests) recognized upon the IPO (Note 16 “Share-based Compensation”), the Company capitalized approximately $0.04 million, $0.09 million and $9.2 million for the years ended December 31, 2017, 2016 and 2015 respectively. The amortization costs related to these capitalized compensation charges and previously capitalized compensation charges related to East MIP Class B interests and Class B interests were approximately $0.07 million, $0.7 million and $8.5 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Regulatory Requirement

12 Months Ended

Dec. 31, 2017

Regulatory Requirement

Regulatory Requirement

18. Regulatory Requirement

As of December 31, 2017 and 2016, broker-dealer subsidiaries of the Company are subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital of $1.0 million for each of the three broker-dealer subsidiaries. Pursuant to NYSE and NYSE MKT (formerly NYSE Amex) rules, Virtu Financial Capital Markets LLC was also required to maintain $4.1 million and $1.9 million of capital in connection with the operation of its DMM business as of December 31, 2017 and December 31, 2016, respectively. The required amount is determined under the exchange rules as the greater of $1 million or 15% of the market value of 60 trading units for each symbol in which the broker-dealer subsidiary is registered as the DMM.

The regulatory capital and regulatory capital requirements of these subsidiaries as of December 31, 2017 was as follows:


	Regulatory		Regulatory Capital		Excess Regulatory
(in thousands)	Capital		Requirement		Capital
Virtu Americas LLC	$	379,875	$	1,000	$	378,875
Virtu Financial BD LLC		40,683		1,000		39,683
Virtu Financial Capital Markets LLC		8,308		5,114		3,194

The regulatory capital and regulatory capital requirements of these subsidiaries as of December 31, 2016 was as follows:


	Regulatory		Regulatory Capital		Excess Regulatory
(in thousands)	Capital		Requirement		Capital
Virtu Financial BD LLC		74,467		1,000		73,467
Virtu Financial Capital Markets LLC		10,830		2,886		7,944

Geographic Information and Business Segments

12 Months Ended

Dec. 31, 2017

Geographic Information and Business Segments

Geographic Information and Business Segments

19. Geographic Information and Business Segments

The Company operates its business in the U.S. and internationally, primarily in Europe and Asia. Significant transactions and balances between geographic regions occur primarily as a result of certain Company’s subsidiaries incurring operating expenses such as employee compensation, communications and data processing and other overhead costs, for the purpose of providing execution, clearing and other support services to affiliates. Charges for transactions between regions are designed to approximate full costs. Intra-region income and expenses and related balances have been eliminated in the geographic information presented below to accurately reflect the external business conducted in each geographical region. The revenues are attributed to countries based on the locations of the subsidiaries. The following table presents total revenues by geographic area for the years ended December 31, 2017, 2016, and 2015:


	December 31,
(in thousands)	2017		2016		2015
Revenues:
United States	$	791,044	$	455,418	$	537,310
Ireland		97,637		139,642		166,739
United Kingdom		21,143		—		—
Singapore		113,891		106,813		91,816
Sweden		3,986		—		—
Others		281		399		348
Total revenues	$	1,027,982	$	702,272	$	796,213

Prior to the Acquisition, the Company was managed and operated as one business, and, accordingly, operated under one reportable segment. As a result of the acquisition of KCG, beginning in the third quarter of 2017 the Company has three operating segments: (i) Market Making; (ii) Execution Services; and (iii) Corporate.

The Market Making segment principally consists of market making in the cash, futures and options markets across global equities, options, 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, 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 Bulletin Board marketplaces operated by the OTC Markets Group Inc. and the AIM.

The Execution Services segment comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers as well as technology services revenues. 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. Agency-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 executing program, block and riskless principal trades in global equities and ETFs; (iii) a fixed income ECN that also offers trading applications; and (iv) an ATS for U.S. equities. Technology licensing fees are earned from third parties for licensing of the Company’s proprietary risk management and trading infrastructure technology and the provision of associated management and hosting services.

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 are summarized in the following table:


		Market		Execution		Corporate		Consolidated
(in thousands)		Making		Services		(1)		Total
2017:
Total revenue	$	836,707	$	99,135	$	92,140	$	1,027,982
Income before income taxes and noncontrolling interest		74,633		(12,519)		51,050		113,164

2016:
Total revenue	$	691,884	$	10,352	$	36	$	702,272
Income (loss) before income taxes and noncontrolling interest		176,145		4,403		(957)		179,591

2015:
Total revenue	$	785,591	$	10,622	$	-	$	796,213
Income before income taxes and noncontrolling interest		211,443		4,486		-		215,929

(1) Amounts shown in the Corporate segment include eliminations of income statement and balance sheet items included in the Company's other segments.

- 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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2017
Related Party Transactions
Related Party Transactions	20. Related Party Transactions The Company incurs expenses and maintains balances with its affiliates in the ordinary course of business. As of December 31, 2017, and December 31, 2016, the Company had a receivable of $0.08 million and a payable of $0.2 million to its affiliates, respectively. The Company conducts securities lending transactions with Industrial and Commercial Bank of China (“ICBC”), which is partially owned by Temasek Holdings (Private) Limited and its affiliates. As of December 31, 2017, the Company had a securities borrowed contract of $23.1 million and a securities loaned contract of $1.1 million with ICBC. The Company did not have outstanding securities with ICBC as of December 31, 2016. The Company purchases network connections services from affiliates of Level 3 Communications (“Level 3”). Temasek Holdings (Private) Limited and its affiliates have a significant ownership interest in Level 3. During the years ended December 31, 2017, 2016 and 2015 the Company paid $2.5 million, $2.4 million, and $4.3 million, respectively, to Level 3 for these services. The Company purchases and leases computer equipment and maintenance and support from affiliates of Dell Inc. (“Dell”). Temasek Holdings (Private) Limited and its affiliates have a significant ownership interest in Dell. During the years ended December 31, 2017. 2016 and 2015, the Company paid $2.5 million, $2.7 million and $3.6 million, respectively, to Dell for these purchases and leases. The Company purchases telecommunications services from Singapore Telecommunications Limited (“Singtel”). Temasek and its affiliates have a significant ownership interest in Singtel. During the years ended December 31, 2017, 2016, and 2015, the Company paid $0.1 million, $0.2 million, and $0.1 million, respectively, to Singtel for these purchases. The Company employed the son of the Company’s Founder and Executive Chairman, as a trader during the year ended December 31, 2015, This employee was paid approximately $0.8 million of employee compensation during year ended December 31, 2015, and granted 60,000 stock options with respect to shares of the Company’s Class A common stock under the 2015 Management Incentive Plan. The Company had no such expense during the years ended December 31, 2017 and 2016. The Company has engaged a member of the Board of Directors to provide leadership consulting services. The Company has paid approximately $4 thousand, $0.03 million and $0.1 million for such engagement for the years ended December 31, 2017, 2016, and 2015, respectively. Additionally, the Company entered into sublease arrangements with affiliates of the Company’s Founder and Executive Chairman for office space no longer used by the Company. For the years ended December 31, 2017, 2016 and 2015, the Company received $0.06 million, $0.04 million and $0.1 million, respectively, pursuant to these arrangements. The Company has held a minority interest in SBI since 2016 (See Note 11, “Financial Assets and Liabilities”). The Company pays exchange fees to SBI for the trading activities conducted on its proprietary trading system. The Company paid $6.0 million and $2.2 million for the year ended December 31, 2017 and for the period since the completion of the minority interest investment to December 31, 2016, respectively. The Company makes payments to two JVs (See Note 2, “Summary of Significant Accounting Policies”) to fund the construction of the microwave communication networks, and to purchase microwave communication networks, which are recorded within communications and data processing on the consolidated statements of comprehensive income. The Company made payments of $8.3 million and $0.6 million to the JVs for the years ended December 31, 2017 and 2016, respectively. The Company made no such payments for the year ended December 31, 2015.

Parent Company

12 Months Ended

Dec. 31, 2017

Parent Company

Parent Company

21. Parent Company

VFI is the sole managing member of Virtu Financial, which guarantees the indebtedness of its direct subsidiary under the senior secured facility and senior secured second lien notes (Note 10 “Borrowings”). VFI is limited to its ability to receive distributions (including for purposes of paying corporate and other overhead expenses and dividends) from Virtu Financial under its Fourth Amended and Restated Credit Agreement and senior secured second lien notes. The following financial statements (the “Parent Company Only Financial Statements”) should be read in conjunction with the consolidated financial statements of the Company and the foregoing.

The condensed statements of financial condition as of December 31, 2017 and 2016 reflect the condensed financial condition of VFI. The condensed statements of comprehensive income and of cash flows for the year ended December 31, 2015 reflect the condensed operating results and cash flows of Virtu Financial prior to April 15, 2015 and reflect the condensed operating results and cash flows of VFI from April 16, 2015 through December 31, 2015.

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Financial Condition


	As of December 31,
	December 31,		December 31,
(In thousands except interest data)	2017		2016
Assets
Cash	$	60,193	$	17,149
Deferred tax asset		124,631		192,961
Investment in subsidiary		1,549,162		165,204
Other assets		10,731		1,892
Total assets	$	1,744,717	$	377,206

Liabilities, redeemable membership interest and equity
Liabilities
Payable to affiliate	$	767,101	$	129
Accounts payable and accrued expenses and other liabilities		7		—
Tax receivable agreement obligations		147,040		231,404
Total liabilities	$	914,148	$	231,533

Virtu Financial Inc. Stockholders' equity
Class A-1 — Authorized and Issued — 0 and 0 interests, Outstanding — 0 and 0 interests, at December 31, 2017 and 2016, respectively		—		—
Class A-2 — Authorized and Issued — 0 and 0 interests, Outstanding — 0 and 0 interests, at December 31, 2017 and 2016, respectively		—		—
Class A common stock (par value $0.00001), Authorized — 1,000,000,000 and 1,000,000,000 shares, Issued — 90,415,532 and 40,436,580 shares, Outstanding — 89,798,609 and 39,983,514 shares at December 31, 2017 and 2016, respectively		1		—
Class B common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 0 and 0 shares at December 31, 2017 and 2016, respectively		—		—
Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued — 17,880,239 and 19,810,707 shares, Outstanding — 17,880,239 and 19,810,707, at December 31, 2017 and 2016, respectively		—		—
Class D common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 79,610,490 and 79,610,490 shares at December 31, 2017 and 2016, respectively		1		1
Treasury stock, at cost, 616,923 and 453,066 shares at December 31, 2017 and 2016, respectively		(11,041)		(8,358)
Additional paid-in capital		900,746		155,536
Accumulated deficit		(62,129)		(1,254)
Accumulated other comprehensive income (loss)		2,991		(252)
Total Virtu Financial Inc. stockholders' equity	$	830,569	$	145,673

Total liabilities and stockholders' equity	$	1,744,717	$	377,206

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Comprehensive Income


	For the Years Ended
	December 31,
(in thousands)	2017		2016		2015
Revenues:
Service fee revenue	$	—	$	—	$	445
Other Income		86,599		—		—
		86,599		—		445

Operating Expenses:
Operations and administrative		181		198		447

Income (loss) before equity in income of subsidiary		86,418		(198)		(2)
Equity in income of subsidiary, net of tax		(83,479)		33,178		104,036
Net income	$	2,939	$	32,980	$	104,034
Net income attributable to common stockholders		2,939		32,980		20,887
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes		3,243		(351)		(4,534)
Comprehensive income	$	6,182	$	32,629	$	16,353

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Cash Flows


	For the Years Ended
	December 31,
(in thousands)	2017		2016		2015
Cash flows from operating activities
Net income	$	2,939	$	32,980	$	104,034

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax		(513,601)		157,975		(18,237)
Tax receivable agreement obligation reduction		(86,599)		—		—
Deferred taxes		102,973		13,197		3,392
Other		(8,500)		—		—
Changes in operating assets and liabilities:		(8,832)		(4,012)		5,900
Net cash provided by (used in) operating activities		(511,620)		200,140		95,089

Cash flows from investing activities
Acquisition of KCG Holdings, net of cash acquired, described in Note 3		(23,908)		—		—
Investments in subsidiaries, equity basis		16,846		24,893		64,624
Net cash provided by (used in) investing activities		(7,062)		24,893		64,624

Cash flows from financing activities
Distribution to members		—		—		(130,000)
Distribution from Virtu Financial to non-controlling interest		(89,563)		(162,969)		(81,377)
Dividends		(63,814)		(37,759)		(17,362)
Payments on repurchase of non-voting common interest		(11,143)		(2,000)		(2,097)
Repurchase of Class C common stock		—		(98)		—
Purchase of treasury stock		(2,683)		(4,539)		(3,819)
Tax receivable agreement obligations		(7,045)		—		—
Issuance of common stock, net of offering costs		735,974		—		327,366
Repurchase of Virtu Financial Units and corresponding number of Class A and C common stock in connections with IPO		—		—		(277,153)
Issuance of common stock in connection with secondary offering, net of offering costs		—		16,677		7,782
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with secondary offering		—		(17,383)		(8,805)
Net cash provided by (used in) financing activities	$	561,726	$	(208,071)	$	(185,465)

Net increase (decrease) in Cash	$	43,044	$	16,962	$	(25,752)
Cash, beginning of period		17,149		187		25,939
Cash, end of period	$	60,193	$	17,149	$	187

Supplemental disclosure of cash flow information:
Taxes paid	$	133	$	8,813	$	5,615

Non-cash financing activities
Tax receivable agreement described in Note 6		1,534		-		(21,854)
Secondary offerings described in Note 15		-		1,350		-

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events.

Subsequent Events

22. Subsequent Events

The Company has evaluated subsequent events for adjustment to or disclosure in its consolidated financial statements through the date of this report, and has not identified any recordable or disclosable events, not otherwise reported in these consolidated financial statements or the notes thereto, except for the following:

On January 2, 2018, the Company completed the sale of its BondPoint business to ICE for total gross proceeds of $400 million. The Company used the after-tax net proceeds to prepay $250.0 million of principal under its Fourth Amended and Restated Credit Agreement. Concurrently with the closing of the sale of BondPoint, on January 8, 2018, the Company entered into a refinancing transaction to reprice its senior secured term loan at LIBOR plus 3.25%, along with additional principal repayment of $26.0 million. Following the refinancing the transaction, the total principal outstanding under the senior secured facility is $624 million.

The following table contains information about the Company’s purchases of its Class A common stock during the period from January 1, 2018 to the date of this report (in thousands, except average price paid per share):


Period	Total Number of Shares Purchased		Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
January 1, 2018 - January 31, 2018
Common stock repurchases	—		—	—	—

February 1, 2018 - February 28, 2018
Common stock repurchases	375,000	$	29.27	375,000	39,023,750

March 1, 2018 - March 13, 2018
Common stock repurchases	—		—	—	39,023,750

Total
Common stock repurchases	375,000		29.27	375,000	39,023,750

(1)

On February 8, 2018, the Company’s board of directors authorized a new share repurchase program of up to $50.0 million in Class A common stock and common units by March 31, 2019. The Company may repurchase shares from time to time in open market transactions, privately negotiated transactions or by other means. Repurchases may also be made under Rule 10b5-1 plans. The timing and amount of repurchase transactions will be determined by the Company’s management based on its evaluation of market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice. There are no assurances that any further repurchases will actually occur.

On February 8, 2018, 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 Restricted Stock Unit that will be paid on March 15, 2018 to holders of record as of March 1, 2018.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Summary of Significant Accounting Policies

Use of Estimates

Earnings Per Share

Cash and Cash Equivalents

Cash and cash equivalents include money market accounts, which are payable on demand, and short-term investments with an original maturity of less than 90 days.

Securities Borrowed and Securities Loaned

Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase

Receivables from/Payables to Broker-dealers and Clearing Organizations

Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased

Fair Value Measurements

Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories based on inputs:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly; or

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Transfers in or out of levels are recognized based on the beginning fair value of the period in which they occurred.

Fair Value Option

Derivative Instruments

Property, Equipment and Occupancy

Exchange Memberships and Stock

Trading Income, net

Commissions, net and Technology Services

Interest and Dividends Income/Interest and Dividends Expense

Brokerage, Exchange and Clearance Fees, Net

Payments for Order Flow

Income Taxes

Comprehensive Income (Loss) and Foreign Currency Translation

Comprehensive Income and Foreign Currency Translation

Share-Based Compensation

Variable Interest Entity

Variable Interest Entities

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 VIE at December 31, 2017:


						Maximum
	Carrying Amount					Exposure to
(in thousands)	Asset		Liability			loss		VIE's assets
Equity investment	$	18,799	$	—	$	18,799	$	41,936

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Significant Accounting Policies

Summary of nonconsolidated VIE

The following table presents the Company’s nonconsolidated VIE at December 31, 2017:


						Maximum
	Carrying Amount					Exposure to
(in thousands)	Asset		Liability			loss		VIE's assets
Equity investment	$	18,799	$	—	$	18,799	$	41,936

Acquisition of KCG Holdings, Inc. (Tables)

12 Months Ended

Dec. 31, 2017

Acquisition of KCG Holdings, Inc.

Summary of the estimated fair values of the assets acquired and liabilities assumed


(in thousands)		September 30, 2017		Measurement Period		December 31, 2017
Cash and equivalents	$	592,993	$	2,676	$	595,669
Cash and securities segregated under federal regulations		3,000		(3,000)		-
Securities borrowed		1,406,444		-		1,406,444
Securities purchased under agreements to resell		16,894		-		16,894
Receivables from broker dealers and clearing organizations		553,031		(211)		552,820
Financial instruments owned, at fair value		2,095,339		-		2,095,339
Property, equipment and capitalized software		112,204		2,163		114,367
Intangibles		156,300		18,695		174,995
Deferred tax assets		22,928		980		23,908
Other assets		331,820		(8,636)		323,184
Total Assets	$	5,290,953	$	12,667	$	5,303,620

Securities loaned	$	166,189		-	$	166,189
Securities sold under agreements to repurchase		841,606		-		841,606
Payables to broker dealers and clearing organizations		536,653		-		536,653
Payables to customers		17,583		(17,583)		-
Financial instruments sold, not yet purchased, at fair value		1,756,647		-		1,756,647
Accounts payable and accrued expenses and other liabilities		239,004		15,524		254,528
Debt		480,987		-		480,987
Total Liabilities	$	4,038,669	$	(2,059)	$	4,036,610

Total identified assets acquired, net of assumed liabilities	$	1,252,284	$	14,726	$	1,267,010

Goodwill	$	143,012	$	(14,726)	$	128,286

Total Purchase Price	$	1,395,296	$	-	$	1,395,296

Schedule of Preliminary allocation of intangible assets, amortization period and goodwill


			Amortization
(in thousands)		Amount	Years
Technology	$	67,700	1-6 years
Customer relationships		94,000	13 - 17 years
Trade names		1,000	10 years
Favorable leases		5,895	2-15 years
Exchange memberships		6,400	Indefinite
Intangible assets	$	174,995
Goodwill		128,286
Total	$	303,281

Schedule of Proforma Pro forma results



(in thousands)
Revenues	$	379,203
Income before income taxes and noncontrolling interest		14,340

Schedule of Proforma Financial Information with Combined Historical Results


	For the Years Ended
(in thousands, except per share amounts)		2017		2016
Revenue	$	1,528,588	$	2,153,008

Net income (loss)		(14,151)		443,101

Net income (loss) attributable to common stockholders		(5,219)		163,407

Business Held for Sale (Tables)

12 Months Ended

Dec. 31, 2017

Business Held for Sale

Summary of assets and liabilities of businesses held for sale

The assets and liabilities of businesses held for sale as of December 31, 2017 are summarized as follows:


(in thousand)
Receivables from broker dealers and clearing organizations	$	3,383
Intangibles
Technology		5,982
Customer relationships		43,819
Trade names		955
Capitalized software		518
Other assets		413
Total assets	$	55,070

Payable to brokers, dealers and clearing organizations	$	50
Accrued expenses and other liabilities		678
Total liabilities	$	728

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
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-Topic 205
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-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Topic 360
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings per Share

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


	For the Year ended December 31
(in thousands)	2017		2016		2015
Income before income taxes and noncontrolling interest	$	113,164	$	179,591	$	215,929
Provision for income taxes		94,266		21,251		18,439
Net income		18,898		158,340		197,490

Net income allocable to members of Virtu Financial (for the period January 1, 2015 through April 15, 2015)		—		—		(83,147)

Noncontrolling interest		(15,959)		(125,360)		(93,456)

Net income available for common stockholders	$	2,939	$	32,980	$	20,887

Schedule of basic earnings per share


	For the Year Ended December 31,
(in thousands, except for share or per share data)	2017		2016		2015
Basic earnings per share:
Net income available for common stockholders	$	2,939	$	32,980	$	20,887

Less: Dividends and undistributed earnings allocated to participating securities		(1,326)		(809)		—
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		1,613		32,171		20,887

Weighted average shares of common stock outstanding:
Class A		62,579,147		38,539,091		34,964,312

Basic Earnings per share	$	0.03	$	0.83	$	0.60

Schedule of diluted earnings per share

	For the Year Ended December 31,
(in thousands, except for share or per share data)	2017		2016		2015
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$	1,613	$	32,171	$	20,887

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		62,579,147		38,539,091		34,964,312
Issuable pursuant to 2015 Management Incentive Plan(1)		—		—		375,273
		62,579,147		38,539,091		35,339,585

Diluted Earnings per share	$	0.03	$	0.83	$	0.59

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets

Schedule of goodwill by segment


	Market		Execution
(in thousands)	Making		Services		Corporate		Total
Balance as of December 31, 2016	$	657,985	$	57,394	$	—	$	715,379
Additions		97,307		32,197		—		129,504
Balance as of December 31, 2017	$	755,292	$	89,591	$	—	$	844,883

Schedule of acquired intangible assets


	As of December 31, 2017
	Gross
	Carrying		Accumulated		Net Carrying		Useful Lives
(in thousands)	Amount		Amortization		Amount		(Years)
Purchased technology	$	110,000	$	110,000	$	—	1.4	to	2.5
ETF issuer relationships		950		559		391		9
ETF buyer relationships		950		559		390		9
Leases		1,800		397		1,403		3
FCC licenses		200		19		181		7
Technology		60,000		9,644		50,356	1	to	6
Customer relationships		49,000		1,822		47,178	12	to	17
Favorable occupancy leases		5,895		408		5,487		7
Exchange memberships		5,838		—		5,838		Indefinite
	$	234,633	$	123,408	$	111,224


	As of December 31, 2016
	Gross
	Carrying		Accumulated		Net Carrying		Useful Lives
(in thousands)	Amount		Amortization		Amount		(Years)
Purchased technology	$	110,000	$	110,000	$	—	1.4	to	2.5
ETF issuer relationships		950		454		496		9
ETF buyer relationships		950		454		496		9
	$	111,900	$	110,908	$	992

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

12 Months Ended

Dec. 31, 2017

Receivables from/Payables to Broker-Dealers and Clearing Organizations

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


(in thousands)	2017		2016
Assets
Due from prime brokers	$	219,573	$	91,476
Deposits with clearing organizations		112,847		21,995
Net equity with futures commission merchants		203,711		213,030
Unsettled trades with clearing organization		173,778		44,312
Securities failed to deliver		248,088		77,915
Commissions and fees		14,021		—
Total receivables from broker-dealers and clearing organizations	$	972,018	$	448,728
Liabilities
Due to prime brokers	$	197,439	$	227,335
Net equity with futures commission merchants		44,526		38,838
Unsettled trades with clearing organization		420,029		429,800
Securities failed to receive		51,143		5
Commissions and fees		3,068		—
Total payables to broker-dealers and clearing organizations	$	716,205	$	695,978

Collateralized Transactions (Tables)

12 Months Ended

Dec. 31, 2017

Collateralized Transactions

Summary of the fair value of collateralized transactions


(in thousands)	2017		2016
Securities received as collateral:
Securities borrowed	$	1,415,793	$	213,203
	$	1,415,793	$	213,203

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


(in thousands)	2017		2016
Equities	$	586,251	$	128,202
U.S. and Non-U.S. government obligations		99		—
Exchange traded notes		8,693		15,681
	$	595,043	$	143,883

Borrowings (Tables)

12 Months Ended

Dec. 31, 2017

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


	At December 31, 2017
			Financing		Outstanding		Deferred Debt		Outstanding
(in thousands)	Interest Rate		Available		Principal		Issuance Cost		Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	2.42%	$	150,000	$	25,000	$	—	$	25,000
Revolving credit facility	2.81%		500,000		7,000		(4,117)		2,883
		$	650,000	$	32,000	$	(4,117)	$	27,883


	At December 31, 2016
			Financing		Borrowing		Deferred Debt		Outstanding
(in thousands)	Interest Rate		Available		Outstanding		Issuance Cost		Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	1.66%	$	125,000	$	25,000	$	—	$	25,000
Committed facility (1)	n/a		75,000		—		—		—
		$	200,000	$	25,000	$	—	$	25,000

Schedule of interest expense on debt


	For the Years Ended December 31,
(in thousands)		2017		2016		2015
Broker-dealer credit facilities:
Uncommitted facility	$	1,667	$	1,191	$	903
Committed facility (1)		33		41		15
Revolving credit facility		19		—		—
	$	1,719	$	1,232	$	918

(1)

Facility was terminated in July 2017.

Senior Secured Credit Facility

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


(in thousands)
2018	$	—
2019		—
2020		31,059
2021 and thereafter		1,400,000
Total principal of long-term borrowings	$	1,431,059

Schedule of reconciliation of the senior secured credit facility


		At December, 2017
	Maturity	Interest		Outstanding				Deferred Debt		Outstanding
(in thousands)	Date	Rate		Principal		Discount		Issuance Cost		Borrowings, net
Long-term borrowings:
Fourth Amended and Restate Credit Agreement	December 2021	5.13%	$	900,000	$	(999)	$	(18,504)	$	880,497
Senior secured Second Lien Notes	June 2022	6.75%		500,000		—		(22,961)		477,039
SBI bonds	January 2020	5.00%		31,059		—		(47)		31,012
			$	1,431,059	$	(999)	$	(41,512)	$	1,388,548


		At December 31, 2016
	Maturity	Interest		Outstanding				Deferred Debt		Outstanding
(in thousands)	Date	Rate		Principal		Discount		Issuance Cost		Borrowings, net
Long-term borrowings:
Senior secured credit facility	December 2021	4.25%	$	540,000	$	(956)	$	(3,941)	$	535,103
Revolving credit facility	(3)	5.50%		—		—		—		—
SBI bonds	January 2020	5.00%		29,925		—		(71)		29,854
			$	569,925	$	(956)	$	(4,012)	$	564,957

Short-Term Credit Facilities

Schedule of reconciliation of the senior secured credit facility


	At December 31, 2017
	Weighted Average		Financing		Borrowing
	Interest Rate		Available		Outstanding
Short-Term Credit Facilities:
Short-term credit facilities (2)	3.86%	$	543,000	$	205,677
		$	543,000	$	205,677


	At December 31, 2016
	Weighted Average		Financing		Borrowing
	Interest Rate		Available		Outstanding
Short-Term Credit Facilities:
Short-term credit facilities (2)	3.12%	$	493,000	$	309,086
		$	493,000	$	309,086

(2) Outstanding borrowings were included with receivable from broker-dealers and clearing organization within the consolidated statements of financial condition.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Financial Assets and Liabilities

Summary of fair value measurements measured on a recurring basis

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2017:


	December 31, 2017
	Quoted Prices		Significant
	in Active		Other		Significant		Counterparty
	Markets for		Observable		Unobservable		and Cash
	Identical Assets		Inputs		Inputs		Collateral		Total Fair
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Netting		Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	758,596	$	1,167,995	$	—	$	—	$	1,926,591
U.S. and Non-U.S. government obligations		5,968		16,815		—		—		22,783
Corporate Bonds		—		60,975		—		—		60,975
Exchange traded notes		13,576		68,819		—		—		82,395
Currency forwards		—		2,045,487		—		(2,027,697)		17,790
Options		7,045		—		—		—		7,045
		785,185		3,360,091		—		(2,027,697)		2,117,579

Financial instruments owned, pledged as collateral:
Equity securities	$	410,670	$	175,581	$	—	$	—	$	586,251
U.S. and Non-U.S. government obligations		99		—		—		—		99
Exchange traded notes		82		8,611		—		—		8,693
		410,851		184,192		—		—		595,043

Other Assets
Equity investment	$	—	$	—	$	40,588	$	—	$	40,588
Exchange stock		1,952		—		—		—		1,952
Other(1)		—		55,824		—		—		55,824
		1,952		55,824		40,588		—		98,364

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	847,816	$	1,355,616	$	—	$	—	$	2,203,432
U.S. and Non-U.S. government obligations		18,940		12,481		—		—		31,421
Corporate Bonds		—		81,118		—		—		81,118
Exchange traded notes		1,514		54,248		—		—		55,762
Currency forwards		—		2,032,017		—		(2,024,991)		7,026
Options		5,839		—		—		—		5,839
	$	874,109	$	3,535,480	$	—	$	(2,024,991)	$	2,384,598

(1)

Other primarily consists of a $55.8 million receivable from Bats related to the sale of KCG Hotspot.

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2016:


	December 31, 2016
	Quoted
	Prices in
	Active		Significant
	Markets for		Other		Significant		Counterparty
	Identical		Observable		Unobservable		and Cash
	Assets		Inputs		Inputs		Collateral		Total Fair
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Netting		Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	1,597,049	$	31,988	$	—	$	—	$	1,629,037
Non-U.S. government obligations		—		10,765		—		—		10,765
Exchange traded notes		37,034		—		—		—		37,034
Currency forwards		—		1,147,261		—		(1,140,239)		7,022
Options		—		141		—		—		141
	$	1,634,083	$	1,190,155	$	—	$	(1,140,239)	$	1,683,999
Financial instruments owned, pledged as collateral:
Equity securities	$	128,202	$	—	$	—	$	—	$	128,202
Exchange traded notes		15,681		—		—		—		15,681
	$	143,883	$	—	$	—	$	—	$	143,883
Other Assets
Equity investment	$	—	$	—	$	36,031	$	—	$	36,031
Exchange stock		449		—		—		—		449
	$	449	$	—	$	36,031	$	—	$	36,480
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,323,693	$	6,638	$	—	$	—	$	1,330,331
Exchange traded notes		18,744		—		—		—		18,744
Currency forwards		—		1,009,038		—		(1,009,038)		—
Options		—		80		—		—		80
	$	1,342,437	$	1,015,756	$	—	$	(1,009,038)	$	1,349,155

Summary of fair value measurements not measured on a recurring basis

Financial assets and liabilities not measured at fair value as of December 31, 2017:


	December 31, 2017
						Quoted Prices		Significant
						in Active		Other		Significant
						Markets for		Observable		Unobservable
						Identical Assets		Inputs		Inputs
		Carrying Value		Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	532,887	$	532,887	$	532,887	$	—	$	—

Securities borrowed	$	1,471,172	$	1,471,172	$	—	$	1,471,172	$	—

Receivables from broker dealers and clearing organizations		972,018		972,018		36,513		935,505		—

Total Assets	$	2,976,077	$	2,976,077	$	569,400	$	2,406,677	$	—

Liabilities
Short-term borrowings	$	27,883	$	27,883	$	—	$	27,883	$	—

Long-term borrowings	$	1,388,548	$	1,465,489	$	—	$	1,465,489	$	—

Securities loaned	$	754,687	$	754,687	$	—	$	754,687	$	—

Securities sold under agreements to repurchase	$	390,642	$	390,642	$	—	$	390,642	$	—

Payables to broker dealer and clearing organizations		716,205		716,205		2,925		713,280		—

Total Liabilities	$	3,277,965	$	3,354,906	$	2,925	$	3,351,981	$	—

Financial assets and liabilities not measured at fair value as of December 31, 2016:


	December 31, 2016
						Quoted Prices		Significant
						in Active		Other		Significant
						Markets for		Observable		Unobservable
						Identical Assets		Inputs		Inputs
		Carrying Value		Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	181,415	$	181,415	$	181,415	$	—	$	—

Securities borrowed	$	220,005	$	220,005	$	—	$	220,005	$	—

Receivables from broker dealers and clearing organizations		448,728		972,018		—		972,018		—

Total Assets	$	850,148	$	1,373,438	$	181,415	$	1,192,023	$	0

Liabilities
Short-term borrowings	$	25,000	$	25,000	$	—	$	25,000	$	—

Long-term borrowings	$	564,957	$	564,957	$	—	$	564,957	$	—

Securities loaned	$	222,203	$	222,203	$	—	$	222,203	$	—

Payables to broker dealer and clearing organizations		695,978		695,978		—		695,978		—

Total Liabilities	$	1,508,138	$	1,508,138	$	—	$	1,508,138	$	—

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


	Year Ended December 31, 2017
													Change in Net
													Unrealized Gains
													/ (Losses) on
													Investments
	Balance at				Total Realized		Net Transfers				Balance at		still held at
	December 31,				and Unrealized		into (out of)				December 31		December 31
(in thousands)	2016		Purchases		Gains / (Losses)		Level 3		Settlement		2017		2017
Assets
Other assets:
Equity investment	$	36,031	$	—	$	4,557	$	—	$	—	$	40,588	$	4,557
Other		—		3,000		—		—		(3,000)		—		—
Total	$	36,031	$	3,000	$	4,557	$	—	$	(3,000)	$	40,588	$	4,557


		Year Ended December 31, 2016
											Change in Net
											Unrealized Gains
											/ (Losses) on
											Investments
	Balance at				Total Realized		Net Transfers		Balance at		still held at
	December 31,				and Unrealized		into (out of)		December 31		December 31
(in thousands)	2015		Purchases		Gains / (Losses)		Level 3		2016		2016
Assets
Other assets:
Equity investment	$	—	$	38,754	$	(3,117)	$	394	$	36,031	$	(3,117)
Total	$	—	$	38,754	$	(3,117)	$	394	$	36,031	$	(3,117)

Summary of netting of certain financial assets and financial liabilities


	December 31, 2017

					Net Amounts of
			Gross Amounts		Assets Presented
			Offset in the		in the		Gross Amounts Not Offset In the
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
(in thousands)	Assets		Financial Condition		Financial Condition		Instruments		Received		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,471,172	$	—	$	1,471,172	$	(1,418,672)	$	(13,318)	$	39,182
Trading assets, at fair value:
Currency forwards		2,045,487		(2,027,697)		17,790		—		—		17,790
Options		7,045		—		7,045		(45)		—		7,000
Total	$	3,523,704	$	(2,027,697)	$	1,496,007	$	(1,418,717)	$	(13,318)	$	63,972



					Net Amounts of
			Gross Amounts		Liabilities Presented
			Offset in the		in the		Gross Amounts Not Offset In the
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
	Liabilities		Financial Condition		Financial Condition		Instruments		Pledged		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	754,687	$	—	$	754,687	$	(737,731)	$	(10,776)	$	6,180
Securities sold under agreements to repurchase		390,642		—		390,642		(390,642)		—		—
Trading liabilities, at fair value:
Currency forwards		2,032,017		(2,024,991)		7,026		—				7,026
Options		5,839		—		5,839		(56)		—		5,783
Total	$	3,183,185	$	(2,024,991)	$	1,158,194	$	(1,128,429)	$	(10,776)	$	18,989


	December 31, 2016

					Net Amounts of
			Gross Amounts		Assets Presented
			Offset in the		in the		Gross Amounts Not Offset In the
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
(in thousands)	Assets		Financial Condition		Financial Condition		Instruments		Received		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	220,005	$	—	$	220,005	$	(216,778)	$	(248)	$	2,979
Trading assets, at fair value:
Currency forwards		1,147,261		(1,140,239)		7,022		—		—		7,022
Options		141		—		141		(80)		(13)		48
Total	$	1,367,407	$	(1,140,239)	$	227,168	$	(216,858)	$	(261)	$	10,049



					Net Amounts of
					Liabilities
			Gross Amounts		Presented		Gross Amounts Not Offset In the
			Offset in the		in the		Consolidated
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
(in thousands)	Liabilities		Financial Condition		Financial Condition		Instruments		Pledged		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	222,203	$	—	$	222,203	$	(221,792)	$	—	$	411
Trading liabilities, at fair value:
Currency forwards		1,009,038		(1,009,038)		—		—		—		—
Options		80		—		80		(80)		—		—
Total	$	1,231,321	$	(1,009,038)	$	222,283	$	(221,872)	$	—	$	411

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


		December 31, 2017
		Remaining Contractual Maturity
	Overnight and		Less than		30 - 60		61 - 90
(in thousands)	Continuous		30 days		days		Days		Total

Repurchase agreements:
Equity securities	$	—	$	100,000	$	90,000	$	200,000	$	390,000
U.S. and Non-U.S. government obligations		642		—		—		—		642
Total	$	642	$	100,000	$	90,000	$	200,000	$	390,642

Securities lending transactions:
Equity securities	$	754,687	$	—	$	—	$	—	$	754,687
Total	$	754,687	$	—	$	—	$	—	$	754,687


		December 31, 2016
		Remaining Contractual Maturity
	Overnight and		Less than		30 - 60		61 - 90
(in thousands)	Continuous		30 days		days		Days		Total

Repurchase agreements:
Equity securities	$	222,203	$	—	$	—	$	—	$	222,203
Total	$	222,203	$	—	$	—	$	—	$	222,203

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments

Schedule of fair value of derivative instruments on a gross basis


(in thousands)		December 31, 2017				December 31, 2016
Derivatives Assets	Financial Statements Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Receivables from broker dealers and clearing organizations	$	(505)	$	1,985,770	$	2,403	$	1,461,286
Commodity futures	Receivables from broker dealers and clearing organizations		971		21,231,001		13,964		3,918,778
Currency futures	Receivables from broker dealers and clearing organizations		26,548		3,994,412		1,591		3,264,093
Fixed income futures	Receivables from broker dealers and clearing organizations		73		44,395		31		5,730
Options	Financial instruments owned		7,045		682,369		141		6,844
Currency forwards	Financial instruments owned		2,045,487		124,000,221		1,147,261		94,192,414


Derivatives Liabilities	Financial Statements Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Payables to broker dealers and clearing organizations	$	(575)	$	142,658	$	(43)	$	62,417
Commodity futures	Payables to broker dealers and clearing organizations		(1,602)		130,042		2,842		22,616,170
Currency futures	Payables to broker dealers and clearing organizations		(13,947)		7,756,958		(6,282)		1,137,908
Fixed income futures	Payables to broker dealers and clearing organizations		(1)		2,584		—		—
Options	Financial instruments sold, not yet purchased		5,839		681,147		80		4,486
Currency forwards	Financial instruments sold, not yet purchased		2,032,017		123,993,234		1,009,038		85,874,684

Derivative instruments designated as hedging instruments:
Currency forwards	Financial instruments sold, not yet purchased		(514)		16,115		—		—

Schedule of net gain from derivative instruments not designated as hedging instruments


		December 31,

(in thousands)	Financial Statements Location	2017		2016		2015
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net	$	290,609	$	559,626	$	1,180,483
Currency forwards	Trading income, net		2,603		1,915		(16,431)
Options	Trading income, net		(7,166)		(410)		(1,784)
Others	Trading income, net		—		(6)		4
		$	286,046	$	561,125	$	1,162,272

Derivative instruments designated as hedging instruments:
Foreign exchange - forward contract	Accumulated other comprehensive income	$	(642)	$	—	$	—

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Summary of income before income taxes


	December 31,
	2017		2016		2015
(in thousands)
U.S. operations	$	70,484	$	138,950	$	154,947
Non-U.S. operations		42,680		40,641		60,982
	$	113,164	$	179,591	$	215,929

Summary of provision for income taxes


	For the years ended
	December 31,
(in thousands)	2017		2016		2015
Current provision (benefit)
Federal	$	(9,991)	$	2,690	$	7,584
State and Local		65		38		108
Foreign		1,219		5,210		6,762
Deferred provision (benefit)
Federal		106,415		13,547		3,345
State and Local		(3,380)		194		48
Foreign		(62)		(428)		592
Provision for income taxes	$	94,266	$	21,251	$	18,439

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


	December 31,
	2017		2016		2015
(in thousands, except percentages)
Tax provision at the U.S. federal statutory rate	35.0	%	35.0	%	35.0	%
Less: rate attributable to noncontrolling interest	(19.1)		(24.4)		(27.8)
State and local taxes, net of federal benefit	(1.9)		1.3		1.4
Impact of 2017 Tax Act on deferred tax assets	80.1		—		—
Impact of 2017 Tax Act on tax receivable agreement obligation	(12.9)		—		—
Non-deductible expenses, net	1.9		—		—
Other, net	0.2		—		—
Provision for income taxes	83.3	%	11.9	%	8.6	%

Schedule of components of deferred tax assets and liabilities


	December 31,
(in thousands)	2017		2016
Deferred income tax assets
Tax Receivable Agreement	$	101,594	$	185,677
Share-based compensation		5,213		5,664
Intangibles		14,547		—
Fixed assets and other		13,425		2,518
Tax credits and net operating loss carryforwards		50,867		—
Less: Valuation allowance on net operating loss carryforwards and tax credits		(43,544)		—
Total deferred income tax assets	$	142,102	$	193,859

Deferred income tax liabilities
Intangibles		16,342		—
Fixed assets		—		84
Total deferred income tax liabilities	$	16,342	$	84

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


	December 31,
(in thousands)	2017
Balance at December 31, 2016	$	—
Increase from Acquisition of KCG		7,232
Decreases based on tax positions related to prior period		—
Increase based on tax positions related to current period		68
Balance at December 31, 2017	$	7,300

Commitments, Contingencies and Guarantees (Tables)

12 Months Ended

Dec. 31, 2017

Commitments, Contingencies and Guarantees

Schedule of minimum rental commitments under non-cancellable leases


	Minimum Rental Commitments
Year Ending December 31	Capital		Operating
2018		18,829		33,331
2019		17,759		30,712
2020		6,942		29,238
2021		—		21,017
2022		—		18,063
Thereafter		—		127,723
Total minimum lease payments	$	43,530	$	260,084

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Non-qualified stock options

Schedule of activity


	Options Outstanding					Options Exercisable
		Weighted Average		Weighted Average			Weighted Average
	Number of	Exercise Price		Remaining		Number of	Exercise Price
	Options	Per Share		Contractual Life		Options	Per Share
At December 31, 2014	—	$	—		—	—	$	—
Granted	9,228,000		19.00		10.00	—		—
Exercised	—		—		—	—		—
Forfeited or expired	(234,000)		—		—	—		—
At December 31, 2015	8,994,000	$	19.00		9.29	—	$	—
Granted	—		—		—	—		—
Exercised	—		—		—	—		—
Forfeited or expired	(760,000)		—		—	—		—
At December 31, 2016	8,234,000	$	19.00		8.29	2,058,500	$	19.00
Granted	—		—		—	—		—
Exercised	—		—		—	—		—
Forfeited or expired	(496,000)		—		—	—		—
At December 31, 2017	7,738,000	$	19.00		7.29	3,869,000	$	19.00

Restricted stock units

Schedule of activity related to restricted stock units


		Weighted
	Number of	Average Fair
	Shares	Value
At December 31, 2014	—	$	—
Granted	984,466		22.32
Forfeited	—		—
Vested	—		—
At December 31, 2015	984,466	$	22.32
Granted	1,019,148		16.06
Forfeited	(133,138)		22.51
Vested	(297,035)		16.48
At December 31, 2016	1,573,441	$	18.28
Granted	64,402		18.09
Forfeited	(258,250)		18.40
Vested	(526,546)		18.75
At December 31, 2017	853,047	$	17.94

Property, Equipment and Capitalized Software (Tables)

12 Months Ended

Dec. 31, 2017

Property, Equipment and Capitalized Software

Schedule of property, equipment and capitalized software


(in thousands)	2017		2016
Capitalized software costs	$	94,915	$	77,591
Leasehold improvements		93,624		3,636
Furniture and equipment		324,135		61,540
Land		—		77
		512,674		142,844
Less: Accumulated depreciation and amortization		(375,656)		(113,184)
Total property, equipment and capitalized software, net	$	137,018	$	29,660

Regulatory Requirement (Tables)

12 Months Ended

Dec. 31, 2017

Regulatory Requirement

Schedule of regulatory capital and regulatory capital requirements

The regulatory capital and regulatory capital requirements of these subsidiaries as of December 31, 2017 was as follows:


	Regulatory		Regulatory Capital		Excess Regulatory
(in thousands)	Capital		Requirement		Capital
Virtu Americas LLC	$	379,875	$	1,000	$	378,875
Virtu Financial BD LLC		40,683		1,000		39,683
Virtu Financial Capital Markets LLC		8,308		5,114		3,194

The regulatory capital and regulatory capital requirements of these subsidiaries as of December 31, 2016 was as follows:


	Regulatory		Regulatory Capital		Excess Regulatory
(in thousands)	Capital		Requirement		Capital
Virtu Financial BD LLC		74,467		1,000		73,467
Virtu Financial Capital Markets LLC		10,830		2,886		7,944

Geographic Information and Business Segments (Tables)

12 Months Ended

Dec. 31, 2017

Geographic Information and Business Segments

Schedule of total revenues by geographic area


	December 31,
(in thousands)	2017		2016		2015
Revenues:
United States	$	791,044	$	455,418	$	537,310
Ireland		97,637		139,642		166,739
United Kingdom		21,143		—		—
Singapore		113,891		106,813		91,816
Sweden		3,986		—		—
Others		281		399		348
Total revenues	$	1,027,982	$	702,272	$	796,213

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


		Market		Execution		Corporate		Consolidated
(in thousands)		Making		Services		(1)		Total
2017:
Total revenue	$	836,707	$	99,135	$	92,140	$	1,027,982
Income before income taxes and noncontrolling interest		74,633		(12,519)		51,050		113,164

2016:
Total revenue	$	691,884	$	10,352	$	36	$	702,272
Income (loss) before income taxes and noncontrolling interest		176,145		4,403		(957)		179,591

2015:
Total revenue	$	785,591	$	10,622	$	-	$	796,213
Income before income taxes and noncontrolling interest		211,443		4,486		-		215,929

(1) Amounts shown in the Corporate segment include eliminations of income statement and balance sheet items included in the Company's other segments.

Parent Company (Tables) - VFH

12 Months Ended

Dec. 31, 2017

Condensed Statements of Financial Condition


	As of December 31,
	December 31,		December 31,
(In thousands except interest data)	2017		2016
Assets
Cash	$	60,193	$	17,149
Deferred tax asset		124,631		192,961
Investment in subsidiary		1,549,162		165,204
Other assets		10,731		1,892
Total assets	$	1,744,717	$	377,206

Liabilities, redeemable membership interest and equity
Liabilities
Payable to affiliate	$	767,101	$	129
Accounts payable and accrued expenses and other liabilities		7		—
Tax receivable agreement obligations		147,040		231,404
Total liabilities	$	914,148	$	231,533

Virtu Financial Inc. Stockholders' equity
Class A-1 — Authorized and Issued — 0 and 0 interests, Outstanding — 0 and 0 interests, at December 31, 2017 and 2016, respectively		—		—
Class A-2 — Authorized and Issued — 0 and 0 interests, Outstanding — 0 and 0 interests, at December 31, 2017 and 2016, respectively		—		—
Class A common stock (par value $0.00001), Authorized — 1,000,000,000 and 1,000,000,000 shares, Issued — 90,415,532 and 40,436,580 shares, Outstanding — 89,798,609 and 39,983,514 shares at December 31, 2017 and 2016, respectively		1		—
Class B common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 0 and 0 shares at December 31, 2017 and 2016, respectively		—		—
Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued — 17,880,239 and 19,810,707 shares, Outstanding — 17,880,239 and 19,810,707, at December 31, 2017 and 2016, respectively		—		—
Class D common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 79,610,490 and 79,610,490 shares at December 31, 2017 and 2016, respectively		1		1
Treasury stock, at cost, 616,923 and 453,066 shares at December 31, 2017 and 2016, respectively		(11,041)		(8,358)
Additional paid-in capital		900,746		155,536
Accumulated deficit		(62,129)		(1,254)
Accumulated other comprehensive income (loss)		2,991		(252)
Total Virtu Financial Inc. stockholders' equity	$	830,569	$	145,673

Total liabilities and stockholders' equity	$	1,744,717	$	377,206

Condensed Statements of Comprehensive Income


	For the Years Ended
	December 31,
(in thousands)	2017		2016		2015
Revenues:
Service fee revenue	$	—	$	—	$	445
Other Income		86,599		—		—
		86,599		—		445

Operating Expenses:
Operations and administrative		181		198		447

Income (loss) before equity in income of subsidiary		86,418		(198)		(2)
Equity in income of subsidiary, net of tax		(83,479)		33,178		104,036
Net income	$	2,939	$	32,980	$	104,034
Net income attributable to common stockholders		2,939		32,980		20,887
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes		3,243		(351)		(4,534)
Comprehensive income	$	6,182	$	32,629	$	16,353

Condensed Statements of Cash Flows


	For the Years Ended
	December 31,
(in thousands)	2017		2016		2015
Cash flows from operating activities
Net income	$	2,939	$	32,980	$	104,034

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax		(513,601)		157,975		(18,237)
Tax receivable agreement obligation reduction		(86,599)		—		—
Deferred taxes		102,973		13,197		3,392
Other		(8,500)		—		—
Changes in operating assets and liabilities:		(8,832)		(4,012)		5,900
Net cash provided by (used in) operating activities		(511,620)		200,140		95,089

Cash flows from investing activities
Acquisition of KCG Holdings, net of cash acquired, described in Note 3		(23,908)		—		—
Investments in subsidiaries, equity basis		16,846		24,893		64,624
Net cash provided by (used in) investing activities		(7,062)		24,893		64,624

Cash flows from financing activities
Distribution to members		—		—		(130,000)
Distribution from Virtu Financial to non-controlling interest		(89,563)		(162,969)		(81,377)
Dividends		(63,814)		(37,759)		(17,362)
Payments on repurchase of non-voting common interest		(11,143)		(2,000)		(2,097)
Repurchase of Class C common stock		—		(98)		—
Purchase of treasury stock		(2,683)		(4,539)		(3,819)
Tax receivable agreement obligations		(7,045)		—		—
Issuance of common stock, net of offering costs		735,974		—		327,366
Repurchase of Virtu Financial Units and corresponding number of Class A and C common stock in connections with IPO		—		—		(277,153)
Issuance of common stock in connection with secondary offering, net of offering costs		—		16,677		7,782
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with secondary offering		—		(17,383)		(8,805)
Net cash provided by (used in) financing activities	$	561,726	$	(208,071)	$	(185,465)

Net increase (decrease) in Cash	$	43,044	$	16,962	$	(25,752)
Cash, beginning of period		17,149		187		25,939
Cash, end of period	$	60,193	$	17,149	$	187

Supplemental disclosure of cash flow information:
Taxes paid	$	133	$	8,813	$	5,615

Non-cash financing activities
Tax receivable agreement described in Note 6		1,534		-		(21,854)
Secondary offerings described in Note 15		-		1,350		-

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2017

Subsequent Events.

Summary of purchases of its Class A common stock


Period	Total Number of Shares Purchased		Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
January 1, 2018 - January 31, 2018
Common stock repurchases	—		—	—	—

February 1, 2018 - February 28, 2018
Common stock repurchases	375,000	$	29.27	375,000	39,023,750

March 1, 2018 - March 13, 2018
Common stock repurchases	—		—	—	39,023,750

Total
Common stock repurchases	375,000		29.27	375,000	39,023,750

(1)

Organization and Basis of Presentation (Details)			3 Months Ended	6 Months Ended
Organization and Basis of Presentation (Details)	Oct. 24, 2017 segment	Jul. 19, 2017 item	Sep. 30, 2017 segment	Jun. 30, 2017 item segment	Dec. 31, 2017	Jul. 27, 2016
Ownership interest (as a percent)						29.40%
Number of businesses Company is managed and operated as \| item		1		1
Number of reportable segments		1		1
Number of operating segments \| segment	3		3
Virtu Financial
Ownership interest (as a percent)					48.30%

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property and Equipment and Capitalized Software
Capitalized software development costs, excluding charges recognized in relation to the IPO	$ 15,700	$ 11,100	$ 10,100
Amortization expense for capitalized software, excluding charges recognized in relation to the IPO	$ 10,100	10,100	9,600
Securities Borrowed and Securities Loaned
Minimum initial collateral advanced or received expressed as a percentage of fair value of the underlying securities borrowed or loaned	102.00%
Class B interests
Property and Equipment and Capitalized Software
Capitalized software development costs recognized upon the IPO	$ 40	90	9,200
Class B interests \| East MIP
Property and Equipment and Capitalized Software
Amortization expense for capitalized software recognized upon the IPO	$ 70	$ 700	$ 8,500
Furniture, fixtures and equipment \| Minimum
Property and Equipment and Capitalized Software
Estimated useful lives	3 years
Furniture, fixtures and equipment \| Maximum
Property and Equipment and Capitalized Software
Estimated useful lives	7 years
Capitalized software \| Minimum
Property and Equipment and Capitalized Software
Estimated useful lives	1 year 6 months
Capitalized software \| Maximum
Property and Equipment and Capitalized Software
Estimated useful lives	2 years 6 months

Summary of Significant Accounting Policies - Goodwill, Income Taxes and VIE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)	Jul. 20, 2017 USD ($)	Jul. 27, 2016
Goodwill
Goodwill impairment	$ 0	$ 0
Income Taxes
Unrecognized tax benefits	7,300	0
Deferred tax asset	125,760	$ 193,859
Variable Interest Entity
Ownership interest (as a percent)				29.40%
Carrying amount asset	18,799
Maximum exposure to loss	18,799
VIE's assets	$ 41,936
Share-Based Compensation
Number of days prior to the grant that common stock and restricted stock units fair value is determined based on	3 days
JV building microwave communication networks in US and Asia
Variable Interest Entity
Number of other investors in JV \| item	9
Ownership of voting shares of JV held be each investor (as a percent)	11.00%
Ownership of equity of JV held be each investor (as a percent)	11.00%
JV building microwave communication networks in US and Europe
Variable Interest Entity
Ownership of voting shares (as a percent)	50.00%
Ownership interest (as a percent)	50.00%
KCG
Income Taxes
Deferred tax asset	$ 43,500		$ 23,900

Acquisition of KCG Holdings, Inc. (Details) - USD ($) $ / shares in Units, $ in Thousands						9 Months Ended	12 Months Ended
	Aug. 10, 2017	Jul. 21, 2017	Jul. 20, 2017	Apr. 21, 2015	Apr. 15, 2015	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 16, 2017
Business Acquisition [Line Items]
Aggregate purchase price						$ 327,366	$ 735,974
Employee compensation expense							6,400
Annual incentive compensation payments							$ 35,300
Temasek Investment
Business Acquisition [Line Items]
Stock issuance fees	$ 7,800
Senior Secured Second Lien Notes
Business Acquisition [Line Items]
Face amount										$ 500,000
Interest rate (as a percent)										6.75%
Senior Secured Notes Due 2020
Business Acquisition [Line Items]
Face amount		$ 465,000
Interest rate (as a percent)		6.875%
Redemption price as a percentage of the principal amount		103.438%
Class A
Business Acquisition [Line Items]
Common stock, par value				$ 0.00001			$ 0.00001	$ 0.00001
Number of shares of stock issued				19,012,112	16,532,272
Employee compensation expense							$ 300	$ 10,600	$ 13,200
Class A \| NIH Investment Agreement
Business Acquisition [Line Items]
Number of shares of stock issued	338,124
Aggregate purchase price	$ 5,200
VFH \| Class A
Business Acquisition [Line Items]
Common stock, par value							$ 0.00001
KCG
Business Acquisition [Line Items]
Common stock, par value			$ 0.01
Right to receive cash			20.00
Fair value ( in dollars per share)			$ 20.00
KCG \| NIH Investment Agreement
Business Acquisition [Line Items]
Number of shares of stock issued			39,725,979
Aggregate purchase price			$ 613,500
KCG \| Class A \| Aranda
Business Acquisition [Line Items]
Number of shares of stock issued			6,346,155
Aggregate purchase price			$ 99,000
KCG \| Class A \| Temasek Investment
Business Acquisition [Line Items]
Number of shares of stock issued	1,666,666
Aggregate purchase price	$ 26,000
KCG \| Class A \| NIH Investment Agreement
Business Acquisition [Line Items]
Number of shares of stock issued	338,124
Aggregate purchase price	$ 5,200

Acquisition of KCG Holdings, Inc. - Estimated fair values of the assets acquired and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017	Jul. 20, 2017	Dec. 31, 2016
Acquisition of KCG Holdings, Inc.
Goodwill	$ 844,883			$ 715,379
KCG
Acquisition of KCG Holdings, Inc.
Cash and equivalents	595,669
Securities borrowed	1,406,444
Securities purchased under agreements to resell	16,894
Receivables from broker dealers and clearing organizations	552,820
Financial instruments owned, at fair value	2,095,339
Property, equipment and capitalized software (net)	114,367
Intangibles	174,995
Deferred taxes	23,908
Other assets	323,184
Total Assets	5,303,620
Securities loaned	166,189
Securities sold under agreements to repurchase	841,606
Payables to broker dealers and clearing organizations	536,653
Financial instruments sold, not yet purchased, at fair value	1,756,647
Accounts payable and accrued expenses and other liabilities	254,528
Debt	480,987
Total Liabilities	4,036,610
Total identified assets acquired, net of assumed liabilities	1,267,010
Goodwill	128,286		$ 128,286
Total Purchase Price	1,395,296
As previously reported \| KCG
Acquisition of KCG Holdings, Inc.
Cash and equivalents		$ 592,993
Cash and securities segregated under federal regs		3,000
Securities borrowed		1,406,444
Securities purchased under agreements to resell		16,894
Receivables from broker dealers and clearing organizations		553,031
Financial instruments owned, at fair value		2,095,339
Property, equipment and capitalized software (net)		112,204
Intangibles		156,300
Deferred taxes		22,928
Other assets		331,820
Total Assets		5,290,953
Securities loaned		166,189
Securities sold under agreements to repurchase		841,606
Payables to broker dealers and clearing organizations		536,653
Payables to customers		17,583
Financial instruments sold, not yet purchased, at fair value		1,756,647
Accounts payable and accrued expenses and other liabilities		239,004
Debt		480,987
Total Liabilities		4,038,669
Total identified assets acquired, net of assumed liabilities		1,252,284
Goodwill		143,012
Total Purchase Price		$ 1,395,296
Changes \| KCG
Acquisition of KCG Holdings, Inc.
Cash and equivalents	2,676
Cash and securities segregated under federal regs	(3,000)
Receivables from broker dealers and clearing organizations	(211)
Property, equipment and capitalized software (net)	2,163
Intangibles	18,695
Deferred taxes	980
Other assets	(8,636)
Total Assets	12,667
Payables to customers	(17,583)
Accounts payable and accrued expenses and other liabilities	15,524
Total Liabilities	(2,059)
Total identified assets acquired, net of assumed liabilities	14,726
Goodwill	$ (14,726)

Acquisition of KCG Holdings, Inc. - Intangible assets (Details) - USD ($) $ in Thousands	Jul. 20, 2017	Dec. 31, 2017	Dec. 31, 2016
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets		$ 111,224	$ 992
Goodwill		844,883	715,379
Deferred tax asset		125,760	193,859
Customer relationships
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets		47,178
Favorable leases
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets		5,487
VFH
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Deferred tax asset		124,631	192,961
KCG
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets	$ 174,995	50,800
Goodwill	128,286	128,286
Total	303,281
Goodwill deductible for tax purposes	0
Deferred tax asset	23,900	43,500
KCG \| Technology
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets	67,700
KCG \| Customer relationships
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets	94,000
KCG \| Trade names
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets	$ 1,000
Amortization Years	10 years
KCG \| Favorable leases
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets	$ 5,895
KCG \| Exchange memberships
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets	$ 6,400
Minimum \| KCG \| Technology
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Amortization Years	1 year
Minimum \| KCG \| Customer relationships
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Amortization Years	13 years
Minimum \| KCG \| Favorable leases
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Amortization Years	2 years
Maximum \| KCG \| Technology
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Amortization Years	6 years
Maximum \| KCG \| Customer relationships
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Amortization Years	17 years
Maximum \| KCG \| Favorable leases
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Amortization Years	15 years
Market Making
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Goodwill	$ 96,200	755,292	657,985
Execution Services
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Goodwill		$ 89,591	$ 57,394
Technology and Execution Services
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Goodwill	$ 32,100

Acquisition of KCG Holdings, Inc. - Pro forma results (Details) - USD ($) $ in Thousands	4 Months Ended	5 Months Ended	9 Months Ended	12 Months Ended
	Apr. 15, 2015	Dec. 31, 2017	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition, Pro Forma Information [Abstract]
Revenues				$ 1,027,982	$ 702,272	$ 796,213
Net income (loss)	$ 83,147		$ 114,343	18,898	158,340	197,490
Net income (loss) attributable to common stockholders				2,939	32,980	20,887
Pro Forma
Business Acquisition, Pro Forma Information [Abstract]
Revenues				1,528,588	2,153,008
Net income (loss)				(14,151)	443,101
Net income (loss) attributable to common stockholders				(5,219)	163,407
VFH
Business Acquisition, Pro Forma Information [Abstract]
Revenues				86,599		445
Net income (loss)				2,939	32,980	104,034
Net income (loss) attributable to common stockholders				$ 2,939	$ 32,980	$ 20,887
Advisory and other professional fees		$ 24,200
KCG
Business Acquisition, Pro Forma Information [Abstract]
Revenues		379,203
Income (loss) before income taxes		14,340
Advisory and other professional fees		$ 22,500

Business Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Oct. 31, 2017
Assets and liabilities of businesses held for sale
Total assets	$ 55,070
Held for Sale
Assets and liabilities of businesses held for sale
Receivables from broker dealers and clearing organizations	3,383
Capitalized software	518
Other assets	413
Total assets	55,070
Payable to brokers, dealers and clearing organizations	50
Accrued expenses and other liabilities	678
Total liabilities	728
Technology \| Held for Sale
Assets and liabilities of businesses held for sale
Intangibles	5,982
Customer relationships \| Held for Sale
Assets and liabilities of businesses held for sale
Intangibles	43,819
Trade names \| Held for Sale
Assets and liabilities of businesses held for sale
Intangibles	$ 955
BondPoint \| ICE
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price payable		$ 400,000

Earnings Per Share - Reconciliation (Details) - USD ($) $ in Thousands	4 Months Ended	9 Months Ended	12 Months Ended
	Apr. 15, 2015	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of net income before minority interest to net income available for common stockholders
Income before income taxes and non-controlling interest			$ 113,164	$ 179,591	$ 215,929
Provision for (benefit from) income taxes			94,266	21,251	18,439
Net income (loss)	$ 83,147	$ 114,343	18,898	158,340	197,490
Net income allocable to members of Virtu Financial (for the period January 1, 2015 through April 15, 2015)	$ (83,147)
Noncontrolling interest		$ (93,456)	(15,959)	(125,360)	(176,603)
Net income available for common stockholders			$ 2,939	$ 32,980	$ 20,887

Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jul. 27, 2016
Basic earnings per share
Net income available for common stockholders	$ 2,939	$ 32,980	$ 20,887
Less: Dividends and undistributed earnings allocated to participating securities	(1,326)	(809)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 1,613	$ 32,171	$ 20,887
Weighted average shares of common stock outstanding
Outstanding	62,579,147	38,539,091	34,964,312
Ownership interest (as a percent)				29.40%
Basic Earnings per share	$ 0.03	$ 0.83	$ 0.60
Class A
Weighted average shares of common stock outstanding
Outstanding	62,579,147	38,539,091	34,964,312
Basic Earnings per share	$ 0.03	$ 0.83	$ 0.60
Virtu Financial
Weighted average shares of common stock outstanding
Ownership interest (as a percent)	48.30%

Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Diluted earnings per share
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 1,613	$ 32,171	$ 20,887
Weighted average shares of common stock outstanding
Issued and outstanding	62,579,147	38,539,091	34,964,312
Weighted average number of shares of common stock outstanding	62,579,147	38,539,091	35,339,585
Diluted Earnings per share	$ 0.03	$ 0.83	$ 0.59
Anti-dilutive shares excluded from computation of EPS	1,740,630	743,096	0
Class A
Weighted average shares of common stock outstanding
Issued and outstanding	62,579,147	38,539,091	34,964,312
2015 Management Incentive Plan \| Class A
Weighted average shares of common stock outstanding
Issuable pursuant to 2015 Management Incentive Plan			375,273

Tax Receivable Agreements (Details) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
	Jan. 01, 2018	Apr. 15, 2015	Feb. 28, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Aug. 31, 2017
Payment on applicable cash tax savings (as a percent)		85.00%
First payment due after filing of company's tax return							120 days
First payment made			$ 7,000
Deferred tax assets related to exchange of units		$ 220,800
Minimum tax receivable agreement obligation over the agreed period		300
Maximum tax receivable agreement obligation over the agreed period		$ 12,800
Period over which the obligations are to be settled		15 years
Reduction of paid-in capital for the difference between TRA liability and related deferred tax asset.		$ 19,900
Deferred tax asset recorded in connection with a stock offering								$ 10,800
Amount of payment liability pursuant to tax receivable agreements								9,300
Increase in additional paid-in capital related to tax receivable agreements								$ 1,500
U.S. federal statutory rate (as a percent)					35.00%	35.00%	35.00%
Reduction to additional paid-in capital as a result of differences between estimate and tax returns					$ 86,600
Deferred tax assets					101,600	$ 185,700
Tax receivable agreement obligations					$ 147,040	$ 231,404
Forecast
U.S. federal statutory rate (as a percent)	21.00%			21.00%

Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands				3 Months Ended	6 Months Ended	12 Months Ended
	Oct. 24, 2017 segment	Jul. 19, 2017 item	May 03, 2017 USD ($)	Sep. 30, 2017 segment	Jun. 30, 2017 USD ($) item segment	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2017 USD ($)	Jul. 20, 2017 USD ($)	May 03, 2017 USD ($)	Dec. 31, 2016 USD ($)
Changes in goodwill
Number of businesses Company is managed and operated as \| item		1			1
Number of reportable segments		1			1
Number of operating segments \| segment	3			3
Balance at the beginning of the period					$ 715,379	$ 715,379
Additions						129,504
Balance at the end of the period						844,883	$ 715,379
Purchase price						5,594
Goodwill					715,379	715,379	715,379	$ 844,883			$ 715,379
Goodwill impairment						0	0
Gross Carrying Amount											111,900
Accumulated Amortization								123,408			110,908
Intangible assets								111,224			992
Teza Technologies strategic telecommunications assets
Changes in goodwill
Balance at the end of the period			$ 1,200
Purchase price			5,600
Goodwill			$ 1,200							$ 1,200
Intangibles										$ 2,000
KCG
Changes in goodwill
Balance at the end of the period						128,286
Goodwill						128,286		128,286	$ 128,286
Intangibles								174,995
Gross Carrying Amount								53,700
Accumulated Amortization								2,900
Intangible assets								50,800	174,995
Market Making
Changes in goodwill
Balance at the beginning of the period					657,985	657,985
Additions						97,307
Balance at the end of the period						755,292	657,985
Goodwill					657,985	657,985	657,985	755,292	$ 96,200		657,985
Execution Services
Changes in goodwill
Balance at the beginning of the period					57,394	57,394
Additions						32,197
Balance at the end of the period						89,591	57,394
Goodwill					$ 57,394	$ 57,394	$ 57,394	$ 89,591			$ 57,394

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Acquired intangible assets
Gross Carrying Amount		$ 111,900
Accumulated Amortization	$ 123,408	110,908
Net Carrying Amount	111,224	992
Gross Carrying Amount	234,633
Net Carrying Amount	111,224
Amortization expense relating to finite-lived intangible assets	15,447	211	$ 211
Exchange memberships
Acquired intangible assets
Indefinite-lived intangibles	5,838
Purchased technology
Acquired intangible assets
Gross Carrying Amount	110,000	110,000
Accumulated Amortization	$ 110,000	$ 110,000
Purchased technology \| Minimum
Acquired intangible assets
Useful Lives	1 year 4 months 24 days	1 year 4 months 24 days
Purchased technology \| Maximum
Acquired intangible assets
Useful Lives	2 years 6 months	2 years 6 months
ETF issuer relationships
Acquired intangible assets
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	559	454
Net Carrying Amount	$ 391	$ 496
Useful Lives	9 years	9 years
ETF buyer relationships
Acquired intangible assets
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	559	454
Net Carrying Amount	$ 390	$ 496
Useful Lives	9 years	9 years
Leases
Acquired intangible assets
Gross Carrying Amount	$ 1,800
Accumulated Amortization	397
Net Carrying Amount	$ 1,403
Useful Lives	3 years
FCC licenses
Acquired intangible assets
Gross Carrying Amount	$ 200
Accumulated Amortization	19
Net Carrying Amount	$ 181
Useful Lives	7 years
Technology
Acquired intangible assets
Gross Carrying Amount	$ 60,000
Accumulated Amortization	9,644
Net Carrying Amount	$ 50,356
Technology \| Minimum
Acquired intangible assets
Useful Lives	1 year
Technology \| Maximum
Acquired intangible assets
Useful Lives	6 years
Customer relationships
Acquired intangible assets
Gross Carrying Amount	$ 49,000
Accumulated Amortization	1,822
Net Carrying Amount	$ 47,178
Customer relationships \| Minimum
Acquired intangible assets
Useful Lives	12 years
Customer relationships \| Maximum
Acquired intangible assets
Useful Lives	17 years
Favorable leases
Acquired intangible assets
Gross Carrying Amount	$ 5,895
Accumulated Amortization	408
Net Carrying Amount	$ 5,487
Useful Lives	7 years

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Due from prime brokers	$ 219,573	$ 91,476
Deposits with clearing organizations	112,847	21,995
Net equity with futures commission merchants	203,711	213,030
Unsettled trades with clearing organization	173,778	44,312
Securities failed to deliver	248,088	77,915
Commissions and fees	14,021
Total receivables from broker-dealers and clearing organizations	972,018	448,728
Liabilities
Due to prime brokers	197,439	227,335
Net equity with futures commission merchants	44,526	38,838
Unsettled trades with clearing organization	420,029	429,800
Securities failed to receive	51,143	5
Commissions and fees	3,068
Total payables to broker-dealers and clearing organizations	716,205	695,978
Outstanding principal balance	$ 205,700	$ 309,100

Collateralized Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financial instruments owned and pledged
Financial instruments owned and pledged, where counterparty has right to repledge	$ 595,043	$ 143,883
Securities received as collateral:
Securities borrowed	1,415,793	213,203
Total amounts related to collateralized transactions	1,415,793	213,203
Equity securities
Financial instruments owned and pledged
Financial instruments owned and pledged, where counterparty has right to repledge	586,251	128,202
US and non-US government obligations
Financial instruments owned and pledged
Financial instruments owned and pledged, where counterparty has right to repledge	99
Exchange traded notes
Financial instruments owned and pledged
Financial instruments owned and pledged, where counterparty has right to repledge	$ 8,693	$ 15,681

Borrowings - Broker-Dealer Credit Facilities (Details)	12 Months Ended
Borrowings - Broker-Dealer Credit Facilities (Details)	Dec. 31, 2017 USD ($) subsidiary	Dec. 31, 2016 USD ($) subsidiary	Dec. 31, 2015 USD ($)	Dec. 31, 2017 item	Dec. 31, 2017	Dec. 31, 2017 USD ($)	Nov. 03, 2017 USD ($) item
Long-Term Borrowings
Borrowing Outstanding						$ 1,431,059,000
Borrowing Outstanding, net		$ 564,957,000				1,388,548,000
Number of broker-dealer subsidiaries	3	3		3
Interest expense	$ 64,107,000	$ 28,327,000	$ 29,254,000
LIBOR rate
Long-Term Borrowings
Interest rate margin (as a percent)	1.25%
Broker-Dealer Credit Facilities
Long-Term Borrowings
Financing Available		200,000,000				650,000,000	$ 500.0
Number of borrowing bases \| item							2
Borrowing Outstanding		25,000,000				32,000,000
Deferred Debt Issuance Cost						(4,117,000)
Borrowing Outstanding, net		25,000,000				27,883,000
Number of secured credit facilities \| item				2
Number of broker-dealer subsidiaries the committed facility is available to \| item				2
Maximum borrowing capacity						25,000,000
Commitment fee (as a percent)	0.50%
Interest expense	$ 1,719,000	1,232,000	918,000
Broker-Dealer Credit Facilities \| LIBOR rate
Long-Term Borrowings
Interest rate margin (as a percent)	2.50%
Broker-Dealer Credit Facility on an uncommitted basis
Long-Term Borrowings
Financing Available		125,000,000				150,000,000
Borrowing Outstanding		25,000,000				25,000,000
Borrowing Outstanding, net		$ 25,000,000				25,000,000
Number of secured credit facilities \| item				1
Interest rate (as a percent)		1.66%			2.42%
Interest expense	$ 1,667,000	$ 1,191,000	903,000
Broker-Dealer Credit Facility on committed basis
Long-Term Borrowings
Financing Available		75,000,000
Number of secured credit facilities \| item				1
Interest expense	33,000	41,000	15,000
Short-Term Credit Facilities
Long-Term Borrowings
Financing Available		493,000,000				543,000,000
Borrowing Outstanding		309,086,000				205,677,000
Interest expense	6,600,000	6,300,000	$ 5,500,000
Revolving credit facility
Long-Term Borrowings
Financing Available						500,000,000
Borrowing Outstanding						7,000,000
Deferred Debt Issuance Cost						(4,117,000)
Borrowing Outstanding, net						2,883,000
Interest rate (as a percent)					2.81%
Interest expense	$ 19,000
SBI Bonds
Long-Term Borrowings
Borrowing Outstanding		29,925,000				31,059,000
Deferred Debt Issuance Cost		(71,000)				(47,000)
Borrowing Outstanding, net		$ 29,854,000				31,012,000
Maximum \| Broker-Dealer Credit Facilities
Long-Term Borrowings
Maximum borrowing capacity						100,000,000
Minimum \| Broker-Dealer Credit Facilities
Long-Term Borrowings
Maximum borrowing capacity						$ 40,000,000

Borrowings - Short-Term Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Short-Term Credit Facilities
Borrowing Outstanding	$ 1,431,059
Interest expense	$ 64,107	$ 28,327	$ 29,254
Short-Term Credit Facilities
Short-Term Credit Facilities
Weighted average interest rate	3.86%	3.12%
Financing Available	$ 543,000	$ 493,000
Borrowing Outstanding	205,677	309,086
Interest expense	6,600	$ 6,300	$ 5,500
Revolving credit facility
Short-Term Credit Facilities
Financing Available	500,000
Borrowing Outstanding	7,000
Interest expense	$ 19

Borrowings - Long-Term Borrowings (Details) $ in Thousands, ¥ in Billions	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 JPY (¥)	Dec. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)	Jun. 16, 2017 USD ($)	Dec. 31, 2016 JPY (¥)	Dec. 31, 2016 USD ($)	Jul. 25, 2016 JPY (¥)	Jun. 25, 2016 USD ($)
Long-Term Borrowings
Repayments of long-term debt	$ 256,473	$ 3,825	$ 2,914
Discount					$ 1,438				$ 1,350
Debt Issue Cost Related To Debt Refinancing	10,460	5,579
Outstanding principal amount					1,431,059
Interest expense	$ 64,107	28,327	29,254
Reconciliation of senior secured credit facility
Outstanding principal					1,431,059
Discount					(1,438)				(1,350)
Long term borrowings					1,388,548				$ 564,957
Aggregate future required minimum principal payments based on the terms of loan
2020					31,059
2021 and thereafter					1,400,000
Total principal of long-term borrowings					1,431,059
LIBOR rate
Long-Term Borrowings
Interest rate added to variable rate (as a percent)	1.25%
Revolving credit facility
Long-Term Borrowings
Interest rate (as a percent)								5.50%	5.50%
Outstanding principal amount					7,000
Interest expense	$ 19
Deferred financing fees					4,117
Reconciliation of senior secured credit facility
Interest rate (as a percent)								5.50%	5.50%
Outstanding principal					7,000
Net deferred financing fees					(4,117)
Long term borrowings					2,883
Aggregate future required minimum principal payments based on the terms of loan
Total principal of long-term borrowings					$ 7,000
Broker-Dealer Credit Facility on committed basis
Long-Term Borrowings
Interest expense	33	41	$ 15
Senior Secured Second Lien Notes
Long-Term Borrowings
Face amount							$ 500,000
Interest rate (as a percent)							6.75%
Reconciliation of senior secured credit facility
Interest rate (as a percent)							6.75%
Senior Secured Credit Facility
Long-Term Borrowings
Interest rate (as a percent)								4.25%	4.25%
Discount									$ 956
Outstanding principal amount									540,000
Deferred financing fees									$ 3,941
Reconciliation of senior secured credit facility
Interest rate (as a percent)								4.25%	4.25%
Outstanding principal									$ 540,000
Discount									(956)
Net deferred financing fees									(3,941)
Long term borrowings									535,103
Aggregate future required minimum principal payments based on the terms of loan
Total principal of long-term borrowings									540,000
Senior Secured Credit Facility Fourth Amendment
Long-Term Borrowings
Interest rate (as a percent)				5.13%	5.13%
Repayments of long-term debt	250,000
Discount					$ 999
Accelerated unamortized financing costs	10,500
Outstanding principal amount					900,000	$ 1,150
Deferred financing fees					$ 18,504
Reconciliation of senior secured credit facility
Interest rate (as a percent)				5.13%	5.13%
Outstanding principal					$ 900,000	1,150
Discount					(999)
Net deferred financing fees					(18,504)
Long term borrowings					880,497
Aggregate future required minimum principal payments based on the terms of loan
Total principal of long-term borrowings					$ 900,000	1,150
Senior Secured Credit Facility Fourth Amendment \| Senior Secured Second Lien Notes
Long-Term Borrowings
Interest rate (as a percent)				6.75%	6.75%
Outstanding principal amount					$ 500,000
Deferred financing fees					$ 22,961
Reconciliation of senior secured credit facility
Interest rate (as a percent)				6.75%	6.75%
Outstanding principal					$ 500,000
Net deferred financing fees					(22,961)
Long term borrowings					477,039
Aggregate future required minimum principal payments based on the terms of loan
Total principal of long-term borrowings					500,000
Total Long-term borrowings
Long-Term Borrowings
Discount					999				956
Outstanding principal amount					1,431,059				569,925
Deferred financing fees					41,512				4,012
Reconciliation of senior secured credit facility
Outstanding principal					1,431,059				569,925
Discount					(999)				(956)
Net deferred financing fees					(41,512)				(4,012)
Long term borrowings					1,388,548				564,957
Aggregate future required minimum principal payments based on the terms of loan
Total principal of long-term borrowings					$ 1,431,059				$ 569,925
SBI Bonds
Long-Term Borrowings
Interest rate (as a percent)				5.00%	5.00%			5.00%	5.00%
Outstanding principal amount					$ 31,059				$ 29,925
Deferred financing fees					$ 47				$ 71
Reconciliation of senior secured credit facility
Interest rate (as a percent)				5.00%	5.00%			5.00%	5.00%
Outstanding principal					$ 31,059				$ 29,925
Net deferred financing fees					(47)				(71)
Long term borrowings					31,012				29,854
Aggregate future required minimum principal payments based on the terms of loan
Total principal of long-term borrowings					31,059				29,925
VFH \| Senior Secured Credit Facility
Long-Term Borrowings
Face amount						$ 100,000
VFH \| SBI Bonds
Long-Term Borrowings
Face amount										¥ 3.5	$ 33,100
Loss due to change in currency rates	$ 1,100	$ 3,200
Outstanding principal amount				¥ 3.5	31,000			¥ 3.5	29,900
Reconciliation of senior secured credit facility
Outstanding principal				3.5	31,000			3.5	29,900
Aggregate future required minimum principal payments based on the terms of loan
Total principal of long-term borrowings				¥ 3.5	$ 31,000			¥ 3.5	$ 29,900

Financial Assets and Liabilities - Level 3 financial instruments (Details) $ in Thousands		12 Months Ended
	Jul. 27, 2017 USD ($)	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)	Jul. 27, 2016
Fair value measurements measured on a recurring basis
Transfers of financial assets between levels		$ 0	$ 0
Assets
Financial instruments owned, at fair value		2,117,579	1,683,999
Financial instruments owned, pledged as collateral		595,043	143,883
Other assets		98,364	36,480
Liabilities
Financial instruments sold, not yet purchased, at fair value		2,384,598	1,349,155
Equity method investment
Ownership interest (as a percent)				29.40%
Payment for minority interest			38,754
Payment receivable		50,000
Annual payment receivable		6,800
Remaining additional potential payments		56,800
Fair value of remaining additional potential payments		55,800
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		$ 36,031
Purchases			38,754
Total Realized and Unrealized Gains / (Losses)			(3,117)
Net Transfers into (out of) Level 3			394
Ending Balance			36,031
Change in Net Unrealized Gains / (Losses) On Investments Held			(3,117)
SBI
Equity method investment
Ownership interest (as a percent)	29.90%
Payment for minority interest	$ 38,800
Discount rate applied to cash flow forecasts to determine initial fair value of equity method investment.		15.00%
Market approach average price/earnings multiples of comparable companies to corroborate the income approach \| item		14
Time period of projected income to determine fair value of equity method investment		5 years
Maximum
Equity method investment
Annual payment receivable		$ 6,600
Equity securities
Assets
Financial instruments owned, pledged as collateral		586,251	128,202
US and non-US government obligations
Assets
Financial instruments owned, pledged as collateral		99
Exchange traded notes
Assets
Financial instruments owned, pledged as collateral		8,693	15,681
Equity investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		36,031
Purchases			38,754
Total Realized and Unrealized Gains / (Losses)			(3,117)
Net Transfers into (out of) Level 3			394
Ending Balance			36,031
Change in Net Unrealized Gains / (Losses) On Investments Held			(3,117)
Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases		3,000
Settlement		(3,000)
Fair value measurements measured on a recurring basis
Assets
Financial instruments owned, at fair value, counterparty and cash collateral netting		(2,027,697)	(1,140,239)
Liabilities
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting		(2,024,991)	(1,009,038)
Fair value measurements measured on a recurring basis \| Currency forwards
Assets
Financial instruments owned, at fair value, counterparty and cash collateral netting		(2,027,697)	(1,140,239)
Liabilities
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting		(2,024,991)
Fair value measurements measured on a recurring basis \| Options
Liabilities
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting			(1,009,038)
Fair value measurements measured on a recurring basis \| Fair Value
Assets
Financial instruments owned, at fair value		2,117,579	1,683,999
Financial instruments owned, pledged as collateral		595,043	143,883
Other assets		98,364	36,480
Liabilities
Financial instruments sold, not yet purchased, at fair value		2,384,598	1,349,155
Fair value measurements measured on a recurring basis \| Fair Value \| Interest rate swaps
Liabilities
Financial instruments sold, not yet purchased, at fair value			80
Fair value measurements measured on a recurring basis \| Fair Value \| Currency forwards
Assets
Financial instruments owned, at fair value		17,790	7,022
Liabilities
Financial instruments sold, not yet purchased, at fair value		7,026
Fair value measurements measured on a recurring basis \| Fair Value \| Options
Assets
Financial instruments owned, at fair value		7,045	141
Liabilities
Financial instruments sold, not yet purchased, at fair value		5,839
Fair value measurements measured on a recurring basis \| Fair Value \| Equity securities
Assets
Financial instruments owned, at fair value		1,926,591	1,629,037
Financial instruments owned, pledged as collateral		586,251	128,202
Liabilities
Financial instruments sold, not yet purchased, at fair value		2,203,432	1,330,331
Fair value measurements measured on a recurring basis \| Fair Value \| US and non-US government obligations
Assets
Financial instruments owned, at fair value		22,783	10,765
Financial instruments owned, pledged as collateral		99
Liabilities
Financial instruments sold, not yet purchased, at fair value		31,421
Fair value measurements measured on a recurring basis \| Fair Value \| Corporate Bonds
Assets
Financial instruments owned, at fair value		60,975
Liabilities
Financial instruments sold, not yet purchased, at fair value		81,118
Fair value measurements measured on a recurring basis \| Fair Value \| Exchange traded notes
Assets
Financial instruments owned, at fair value		82,395	37,034
Financial instruments owned, pledged as collateral		8,693	15,681
Liabilities
Financial instruments sold, not yet purchased, at fair value		55,762
Fair value measurements measured on a recurring basis \| Fair Value \| Exchange stock
Assets
Other assets		1,952	449
Liabilities
Financial instruments sold, not yet purchased, at fair value			18,744
Fair value measurements measured on a recurring basis \| Fair Value \| Equity investment
Assets
Other assets		40,588	36,031
Fair value measurements measured on a recurring basis \| Fair Value \| Other
Assets
Other assets		55,824
Fair value measurements measured on a recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Financial instruments owned, at fair value		785,185	1,634,083
Financial instruments owned, pledged as collateral		410,851	143,883
Other assets		1,952	449
Liabilities
Financial instruments sold, not yet purchased, at fair value		874,109	1,342,437
Fair value measurements measured on a recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Options
Assets
Financial instruments owned, at fair value		7,045
Liabilities
Financial instruments sold, not yet purchased, at fair value		5,839
Fair value measurements measured on a recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities
Assets
Financial instruments owned, at fair value		758,596	1,597,049
Financial instruments owned, pledged as collateral		410,670	128,202
Liabilities
Financial instruments sold, not yet purchased, at fair value		847,816	1,323,693
Fair value measurements measured on a recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| US and non-US government obligations
Assets
Financial instruments owned, at fair value		5,968
Financial instruments owned, pledged as collateral		99
Liabilities
Financial instruments sold, not yet purchased, at fair value		18,940
Fair value measurements measured on a recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange traded notes
Assets
Financial instruments owned, at fair value		13,576	37,034
Financial instruments owned, pledged as collateral		82	15,681
Liabilities
Financial instruments sold, not yet purchased, at fair value		1,514
Fair value measurements measured on a recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange stock
Assets
Other assets		1,952	449
Liabilities
Financial instruments sold, not yet purchased, at fair value			18,744
Fair value measurements measured on a recurring basis \| Significant Other Observable Inputs (Level 2)
Assets
Financial instruments owned, at fair value		3,360,091	1,190,155
Financial instruments owned, pledged as collateral		184,192
Other assets		55,824
Liabilities
Financial instruments sold, not yet purchased, at fair value		3,535,480	1,015,756
Fair value measurements measured on a recurring basis \| Significant Other Observable Inputs (Level 2) \| Interest rate swaps
Liabilities
Financial instruments sold, not yet purchased, at fair value			80
Fair value measurements measured on a recurring basis \| Significant Other Observable Inputs (Level 2) \| Currency forwards
Assets
Financial instruments owned, at fair value		2,045,487	1,147,261
Liabilities
Financial instruments sold, not yet purchased, at fair value		2,032,017
Fair value measurements measured on a recurring basis \| Significant Other Observable Inputs (Level 2) \| Options
Assets
Financial instruments owned, at fair value			141
Liabilities
Financial instruments sold, not yet purchased, at fair value			1,009,038
Fair value measurements measured on a recurring basis \| Significant Other Observable Inputs (Level 2) \| Equity securities
Assets
Financial instruments owned, at fair value		1,167,995	31,988
Financial instruments owned, pledged as collateral		175,581
Liabilities
Financial instruments sold, not yet purchased, at fair value		1,355,616	6,638
Fair value measurements measured on a recurring basis \| Significant Other Observable Inputs (Level 2) \| US and non-US government obligations
Assets
Financial instruments owned, at fair value		16,815	10,765
Liabilities
Financial instruments sold, not yet purchased, at fair value		12,481
Fair value measurements measured on a recurring basis \| Significant Other Observable Inputs (Level 2) \| Corporate Bonds
Assets
Financial instruments owned, at fair value		60,975
Liabilities
Financial instruments sold, not yet purchased, at fair value		81,118
Fair value measurements measured on a recurring basis \| Significant Other Observable Inputs (Level 2) \| Exchange traded notes
Assets
Financial instruments owned, at fair value		68,819
Financial instruments owned, pledged as collateral		8,611
Liabilities
Financial instruments sold, not yet purchased, at fair value		54,248
Fair value measurements measured on a recurring basis \| Significant Other Observable Inputs (Level 2) \| Other
Assets
Other assets		55,824
Fair value measurements measured on a recurring basis \| Significant Unobservable Inputs (Level 3)
Assets
Other assets		40,588	36,031
Fair value measurements measured on a recurring basis \| Significant Unobservable Inputs (Level 3) \| Equity investment
Assets
Other assets		40,588	36,031
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		36,031
Purchases		3,000
Total Realized and Unrealized Gains / (Losses)		4,557
Settlement		(3,000)
Ending Balance		40,588	$ 36,031
Change in Net Unrealized Gains / (Losses) On Investments Held		$ 4,557

Financial Assets and Liabilities - Not measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financial Instruments Not Measured at Fair Value
Cash and cash equivalents	$ 532,887	$ 181,415	$ 163,235	$ 75,864
Securities borrowed	1,471,172	220,005
Receivables from broker dealers and clearing organizations:
Due from prime brokers	219,573	91,476
Unsettled trades with clearing organization	112,847	21,995
Securities failed to deliver	248,088	77,915
Commissions and fees	14,021
Total receivables from broker-dealers and clearing organizations	972,018	448,728
Total Assets	7,320,006	3,692,390
Short term borrowings	27,883	25,000
Long-term borrowings	1,388,548	564,957
Securities loaned	754,687	222,203
Securities sold under agreements to repurchase	390,642
Payables to broker dealer and clearing organizations
Due to prime brokers	197,439	227,335
Securities failed to receive	51,143	5
Commissions and fees	3,068
Total payables to broker-dealers and clearing organizations	716,205	695,978
Total Liabilities	6,168,428	3,157,978
Carrying Value
Financial Instruments Not Measured at Fair Value
Cash and cash equivalents	532,887	181,415
Securities borrowed	1,471,172	220,005
Receivables from broker dealers and clearing organizations:
Total receivables from broker-dealers and clearing organizations	972,018	448,728
Total Assets	2,976,077	850,148
Short term borrowings	27,883	25,000
Long-term borrowings	1,388,548	564,957
Securities loaned	754,687	222,203
Securities sold under agreements to repurchase	390,642
Payables to broker dealer and clearing organizations
Total payables to broker-dealers and clearing organizations	716,205	695,978
Total Liabilities	3,277,965	1,508,138
Fair value measurements not measured on a recurring basis \| Fair Value
Financial Instruments Not Measured at Fair Value
Cash and cash equivalents	532,887	181,415
Securities borrowed	1,471,172	220,005
Receivables from broker dealers and clearing organizations:
Total receivables from broker-dealers and clearing organizations	972,018	972,018
Total Assets	2,976,077	1,373,438
Short term borrowings	27,883	25,000
Long-term borrowings	1,465,489	564,957
Securities loaned	754,687	222,203
Securities sold under agreements to repurchase	390,642
Payables to broker dealer and clearing organizations
Total payables to broker-dealers and clearing organizations	716,205	695,978
Total Liabilities	3,354,906	1,508,138
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair value measurements not measured on a recurring basis \| Fair Value
Financial Instruments Not Measured at Fair Value
Cash and cash equivalents	532,887	181,415
Receivables from broker dealers and clearing organizations:
Total receivables from broker-dealers and clearing organizations	36,513
Total Assets	569,400	181,415
Payables to broker dealer and clearing organizations
Total payables to broker-dealers and clearing organizations	2,925
Total Liabilities	2,925
Significant Other Observable Inputs (Level 2) \| Fair value measurements not measured on a recurring basis \| Fair Value
Financial Instruments Not Measured at Fair Value
Securities borrowed	1,471,172	220,005
Receivables from broker dealers and clearing organizations:
Total receivables from broker-dealers and clearing organizations	935,505	972,018
Total Assets	2,406,677	1,192,023
Short term borrowings	27,883	25,000
Long-term borrowings	1,465,489	564,957
Securities loaned	754,687	222,203
Securities sold under agreements to repurchase	390,642
Payables to broker dealer and clearing organizations
Total payables to broker-dealers and clearing organizations	713,280	695,978
Total Liabilities	$ 3,351,981	1,508,138
Significant Unobservable Inputs (Level 3) \| Fair value measurements not measured on a recurring basis \| Fair Value
Receivables from broker dealers and clearing organizations:
Total Assets		$ 0

Financial Assets and Liabilities - Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Securities borrowed
Gross Amounts of Recognized Assets	$ 1,471,172	$ 220,005
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	1,471,172	220,005
Gross Amounts Not Offset in the Statement of Financial Condition
Financial instruments	(1,418,672)	(216,778)
Cash collateral received	(13,318)	(248)
Net Amount	39,182	2,979
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Securities Loaned, Collateral, Right to Reclaim Cash	10,776
Total
Gross Amounts of Recognized Assets	3,523,704	1,367,407
Gross Amounts Offset in the Consolidated Statement of Financial Condition	(2,027,697)	(1,140,239)
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	1,496,007	227,168
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Financial instruments	(1,418,717)	(216,858)
Cash collateral received	(13,318)	(261)
Net Amount	63,972	10,049
Currency forwards
Trading assets, at fair value
Gross Amounts of Recognized Assets	2,045,487	1,147,261
Gross Amounts Offset in the Consolidated Statement of Financial Condition	(2,027,697)	(1,140,239)
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	17,790	7,022
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Net Amount	17,790	7,022
Options
Trading assets, at fair value
Gross Amounts of Recognized Assets	7,045	141
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	7,045	141
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Financial instruments	(45)	(80)
Cash collateral received		(13)
Net Amount	$ 7,000	$ 48

Financial Assets and Liabilities - Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Securities loaned
Gross Amounts of Recognized Liabilities	$ 754,687	$ 222,203
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	754,687	222,203
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Financial instruments	(737,731)	(221,792)
Cash collateral received	(10,776)
Net Amount	6,180	411
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities	390,642
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	390,642
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Financial instruments	(390,642)
Total
Gross Amounts of Recognized Liabilities	3,183,185	1,231,321
Gross Amounts Offset in the Consolidated Statement of Financial Condition	(2,024,991)	(1,009,038)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,158,194	222,283
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Financial instruments	(1,128,429)	(221,872)
Cash collateral received	(10,776)
Net Amount	18,989	411
Currency forwards
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	2,032,017	1,009,038
Gross Amounts Offset in the Consolidated Statement of Financial Condition	(2,024,991)	(1,009,038)
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	7,026
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Net Amount	7,026
Options
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	5,839	80
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	5,839	80
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Financial instruments	(56)	$ (80)
Net Amount	$ 5,783

Financial Assets and Liabilities - Gross Obligations For Securities Lending Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair value measurements measured on a recurring basis
Remaining contractual maturity for repurchase agreements	$ 390,642	$ 222,203
Remaining contractual maturity for securities lending transactions	754,687
Overnight and Continuous
Fair value measurements measured on a recurring basis
Remaining contractual maturity for repurchase agreements	642	$ 222,203
Remaining contractual maturity for securities lending transactions	754,687
Less than 30 Days
Fair value measurements measured on a recurring basis
Remaining contractual maturity for repurchase agreements	100,000
30 To 60 Days
Fair value measurements measured on a recurring basis
Remaining contractual maturity for repurchase agreements	90,000
61 To 90 Days
Fair value measurements measured on a recurring basis
Remaining contractual maturity for repurchase agreements	200,000
Equity securities
Fair value measurements measured on a recurring basis
Remaining contractual maturity for repurchase agreements	390,000
Remaining contractual maturity for securities lending transactions	754,687
Equity securities \| Overnight and Continuous
Fair value measurements measured on a recurring basis
Remaining contractual maturity for securities lending transactions	754,687
Equity securities \| Less than 30 Days
Fair value measurements measured on a recurring basis
Remaining contractual maturity for repurchase agreements	100,000
Equity securities \| 30 To 60 Days
Fair value measurements measured on a recurring basis
Remaining contractual maturity for repurchase agreements	90,000
Equity securities \| 61 To 90 Days
Fair value measurements measured on a recurring basis
Remaining contractual maturity for repurchase agreements	200,000
US and non-US government obligations
Fair value measurements measured on a recurring basis
Remaining contractual maturity for repurchase agreements	642
US and non-US government obligations \| Overnight and Continuous
Fair value measurements measured on a recurring basis
Remaining contractual maturity for repurchase agreements	$ 642

Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Equities futures \| Receivables from broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	$ (505)	$ 2,403
Derivatives Assets, Notional	1,985,770	1,461,286
Equities futures \| Payables to broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Liabilities, Fair Value	(575)	(43)
Derivatives Liabilities, Notional	142,658	62,417
Commodity futures \| Receivables from broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	971	13,964
Derivatives Assets, Notional	21,231,001	3,918,778
Commodity futures \| Payables to broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Liabilities, Fair Value	(1,602)	2,842
Derivatives Liabilities, Notional	130,042	22,616,170
Currency futures \| Receivables from broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	26,548	1,591
Derivatives Assets, Notional	3,994,412	3,264,093
Currency futures \| Not designated as hedging instruments \| Payables to broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Liabilities, Fair Value	(13,947)	(6,282)
Derivatives Liabilities, Notional	7,756,958	1,137,908
Fixed Income futures \| Not designated as hedging instruments
Fair value of derivative instruments on a gross basis
Derivatives Liabilities, Fair Value	(1)
Derivatives Liabilities, Notional	2,584
Currency forwards
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	2,045,487	1,147,261
Derivatives Liabilities, Fair Value	2,032,017	1,009,038
Currency forwards \| Financial instruments owned
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	2,045,487	1,147,261
Derivatives Assets, Notional	124,000,221	94,192,414
Currency forwards \| Not designated as hedging instruments \| Financial instruments sold, not yet purchased
Fair value of derivative instruments on a gross basis
Derivatives Liabilities, Fair Value	2,032,017	1,009,038
Derivatives Liabilities, Notional	123,993,234	85,874,684
Currency forwards \| Derivative instruments designed as hedging instruments:
Fair value of derivative instruments on a gross basis
Derivatives Liabilities, Fair Value	(514)
Derivatives Liabilities, Notional	16,115
Options
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	7,045	141
Derivatives Liabilities, Fair Value	5,839	80
Options \| Receivables from broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	7,045	141
Derivatives Assets, Notional	682,369	6,844
Options \| Not designated as hedging instruments \| Financial instruments sold, not yet purchased
Fair value of derivative instruments on a gross basis
Derivatives Liabilities, Fair Value	5,839	80
Derivatives Liabilities, Notional	681,147	4,486
Treasury futures \| Receivables from broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	73	31
Derivatives Assets, Notional	$ 44,395	$ 5,730

Derivative Instruments - Gain From Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Not designated as hedging instruments
Gain impact of derivative instruments not designated as hedging instruments
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	$ 286,046	$ 561,125	$ 1,162,272
Derivative instruments designed as hedging instruments:
Gain impact of derivative instruments not designated as hedging instruments
Net gain from derivative instruments, which are recorded in accumulated other comprehensive income	(642)
Futures \| Not designated as hedging instruments
Gain impact of derivative instruments not designated as hedging instruments
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	290,609	559,626	1,180,483
Currency forwards \| Not designated as hedging instruments
Gain impact of derivative instruments not designated as hedging instruments
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	2,603	1,915	(16,431)
Options \| Not designated as hedging instruments
Gain impact of derivative instruments not designated as hedging instruments
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	$ (7,166)	(410)	(1,784)
Others \| Not designated as hedging instruments
Gain impact of derivative instruments not designated as hedging instruments
Gain impact that derivative instruments not designated as hedging instruments had on results of operations		$ (6)	$ 4

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jul. 20, 2017
Income taxes
Provision for (benefit from) income taxes	$ 94,266	$ 21,251	$ 18,439
Effective tax rate (as a percent)	83.30%	11.90%	8.60%
Current income taxes receivable	$ 115,200	$ 5,800
Alternative minimum tax credit carryforward	600
Deferred tax asset	125,760	193,859
Unrecognized tax benefits	7,300	0
VFH
Income taxes
Deferred tax asset	124,631	$ 192,961
KCG
Income taxes
Deferred tax asset	43,500			$ 23,900
KCG \| Non-US
Income taxes
Net operating loss	$ 231,800

Income Taxes (Details) - USD ($) $ in Thousands		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income (loss) before income taxes
U.S. operations			$ 70,484	$ 138,950	$ 154,947
Non-U.S. operations			42,680	40,641	60,982
Income before income taxes and non-controlling interest			113,164	179,591	215,929
Current provision
U.S. current provision			(9,991)	2,690	7,584
State and Local provision			65	38	108
Non-U.S. current provision			1,219	5,210	6,762
Deferred benefit
U.S. deferred provision (benefit)			106,415	13,547	3,345
State and Local provision (benefit)			(3,380)	194	48
Non-US deferred provision (benefit)			(62)	(428)	592
Provision (benefit) for income taxes			94,266	$ 21,251	$ 18,439
Reconciliation of tax provision
Provisional deferred tax expense			90,600
Gain from tax receivable agreement			$ 86,600
Tax provision at the U.S. federal statutory rate (as a percent)			35.00%	35.00%	35.00%
Less: rate attributable to noncontrolling interest			(19.10%)	(24.40%)	(27.80%)
State, local and foreign taxes, net of federal benefit (as a percent)			(1.90%)	1.30%	1.40%
Impact of 2017 Tax Act on deferred tax assets			80.10%
Impact of 2017 Tax Act on tax receivable agreement obligation			(12.90%)
Non-deductible expenses, net			1.90%
Other, net			0.20%
Provision for income taxes (as a percent)			83.30%	11.90%	8.60%
Deferred income tax assets
Tax Receivable Agreement			$ 101,594	$ 185,677
Share-based compensation			5,213	5,664
Intangibles			14,547
Fixed assets and other			13,425	2,518
Tax credits and net operating loss carryforwards			50,867
Less: Valuation allowance on net operating loss carryforwards and tax credits			(43,544)
Total deferred income tax assets			142,102	193,859
Deferred income tax liabilities
Intangibles			16,342
Fixed assets				84
Total deferred income tax liabilities			16,342	84
Unrecognized tax benefits			$ 7,300	$ 0
Forecast
Reconciliation of tax provision
Tax provision at the U.S. federal statutory rate (as a percent)	21.00%	21.00%

Income Taxes - Provision for income taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized Tax Benefits, Beginning Balance	$ 0
Increase based on tax positions related to prior period	7,232
Increase based on tax positions related to current period	68
Unrecognized Tax Benefits, Ending Balance	$ 7,300

Commitments, Contingencies and Guarantees - Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Minimum Rental Commitments, Capital
2018	$ 18,829
2019	17,759
2020	6,942
Total minimum lease payments	43,530
Minimum Rental Commitments, Operating
2018	33,331
2019	30,712
2020	29,238
2021	21,017
2022	18,063
Thereafter	127,723
Total minimum lease payments	260,084
Operating lease expense, net of amortization expense related to landlord incentives	13,100	$ 2,400	$ 5,300
Occupancy lease expense	12,900	1,300	3,900
Communication equipment lease expense	$ 200	$ 1,100	$ 1,400

Commitments, Contingencies and Guarantees - Employee Retention Plan and Litigation (Details) € in Millions, $ in Millions	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 USD ($)	Dec. 31, 2015 EUR (€)	Dec. 31, 2015 USD ($)
Litigation
Amount of fine	€ 3.3	$ 3.9	€ 5.0	$ 5.4

Capital Structure (Details) $ / shares in Units, $ in Thousands					1 Months Ended					9 Months Ended	12 Months Ended
	Aug. 10, 2017 USD ($) shares	Jul. 20, 2017 USD ($) $ / shares shares	Apr. 21, 2015 $ / shares shares	Apr. 15, 2015 shares	Nov. 30, 2017 shares	Aug. 31, 2017 shares	May 31, 2017 shares	Feb. 28, 2017 shares	Sep. 30, 2016 $ / shares shares	Dec. 31, 2015 USD ($)	Dec. 31, 2017 USD ($) Vote item $ / shares	Dec. 31, 2016 $ / shares	Jul. 27, 2016
Aggregate purchase price \| $										$ 327,366	$ 735,974
Ownership interest (as a percent)													29.40%
Number of classes of common stock \| item											4
Virtu Financial
Ownership interest (as a percent)											48.30%
VFH
Issuance of common stock in connection with employee exchanges (in shares) \| shares					209,448	155,009	307,544	683,762
Common stock exchange ratio								1
Class A
Number of shares of stock issued \| shares			19,012,112	16,532,272
Common stock, par value (in dollars per share)			$ 0.00001								$ 0.00001	$ 0.00001
Common stock sold in connection with full exercise of the option to purchase additional shares granted to underwriters (in shares) \| shares			2,479,840
Common stock sold in connection with full exercise of the option to purchase additional shares granted to underwriters, at a price to public (in dollars per share)			$ 19.00
Common stock offered for sale (in shares) \| shares									1,103,668
Price of stock (in dollars per share)									$ 15.75
Commission deducted from the price at which shares were offered to the public (in dollars per share)									$ 0.10
Class A \| 2015 Management Incentive Plan
Number of shares of stock authorized \| shares			16,000,000
Class A \| VFH
Common stock, par value (in dollars per share)											0.00001
Class B
Common stock, par value (in dollars per share)											0.00001	0.00001
Class B \| VFH
Common stock, par value (in dollars per share)											0.00001
Class C
Common stock, par value (in dollars per share)											0.00001	0.00001
Class C \| VFH
Common stock, par value (in dollars per share)											0.00001
Class D
Common stock, par value (in dollars per share)											0.00001	$ 0.00001
Class D \| VFH
Common stock, par value (in dollars per share)											$ 0.00001
Class A common stock and Class C common stock
Number of votes \| Vote											1
Class B common stock and Class D common stock
Number of votes \| Vote											10
Temasek Investment
Other offering costs \| $	$ 7,800
NIH Investment Agreement \| Class A
Number of shares of stock issued \| shares	338,124
Aggregate purchase price \| $	$ 5,200
KCG
Common stock, par value (in dollars per share)		$ 0.01
KCG \| Aranda \| Class A
Number of shares of stock issued \| shares		6,346,155
Aggregate purchase price \| $		$ 99,000
KCG \| Temasek Investment \| Class A
Number of shares of stock issued \| shares	1,666,666
Aggregate purchase price \| $	$ 26,000
KCG \| NIH Investment Agreement
Number of shares of stock issued \| shares		39,725,979
Aggregate purchase price \| $		$ 613,500
KCG \| NIH Investment Agreement \| Class A
Number of shares of stock issued \| shares	338,124
Aggregate purchase price \| $	$ 5,200

Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended			20 Months Ended
	Apr. 21, 2015	Apr. 15, 2015	Jul. 08, 2011	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016
Share-based Compensation.
Expense recognized				$ 6,400
Number of Class A-2 capital interests contributed by Class A-2 members to Virtu East MIP LLC			2,625,000
Non-voting common interest units outstanding				12,301,067	14,231,535		14,231,535
Number of non-voting common interest units forfeited or repurchased				1,930,468	1,162,891	57,106
Weighted Average Remaining Life, outstanding
Weighted Average Remaining Life						9 years 3 months 15 days
Weighted average remaining contractual life, granted						10 years
Class A
Share-based Compensation.
Expense recognized				$ 300	$ 10,600	$ 13,200
Accrued compensation expense				$ 11,000
Granted (in shares)				19,719	656,019	576,693
Class B interests \| East MIP
Share-based Compensation.
Vesting period			4 years
Non-voting common interest units (formerly Class B interests)
Share-based Compensation.
Expense recognized				$ 700	$ 1,100	$ 44,900
Unrecognized share-based compensation expense				$ 100	$ 800		$ 800
Weighted average period for compensation expense expected to be recognized				1 month 6 days	1 year
Capitalized software development costs				$ 40	$ 90	9,200
Amortization expense related to share based compensation					700	8,500
Non-voting common interest units (formerly Class B interests) \| East MIP
Share-based Compensation.
Amortization expense related to share based compensation				70
Non-voting common interest units (formerly Class A 2 profits interests)
Share-based Compensation.
Expense recognized				700	1,300	1,500
Unrecognized share-based compensation expense				$ 100	$ 800		800
Weighted average period for compensation expense expected to be recognized				1 month 6 days	9 months 18 days
Non-voting common interest units (formerly Class A 2 profits interests) \| Maximum
Share-based Compensation.
Vesting period		4 years
Non-qualified stock options \| 2015 Management Incentive Plan
Share-based Compensation.
Vesting period	4 years
Expiration period	10 years
Expense recognized				$ 5,200	$ 5,600	$ 4,700
Unrecognized share-based compensation expense				$ 7,500	$ 14,200		$ 14,200
Weighted average period for compensation expense expected to be recognized				1 year 3 months 18 days	2 years 3 months 18 days
Forfeited or repurchased (in shares)				496,000	760,000	234,000
Outstanding (in shares)				8,234,000	8,994,000
Granted (in shares)						9,228,000
Forfeited or expired (in shares)				(496,000)	(760,000)	(234,000)
Outstanding (in shares)				7,738,000	8,234,000	8,994,000	8,234,000
Weighted Average Exercise Price Per Share
Outstanding (in dollars per share)				$ 19.00	$ 19.00
Granted (in dollars per share)						$ 19.00
Outstanding (in dollars per share)				$ 19.00	$ 19.00	$ 19.00	$ 19.00
Weighted Average Remaining Life, outstanding
Weighted Average Remaining Life				7 years 3 months 15 days	8 years 3 months 15 days
Options Exercisable, Number of Options (in shares)				3,869,000	2,058,500		2,058,500
Options Exercisable, Weighted Average Exercise Price (in dollars per share)				$ 19.00	$ 19.00		$ 19.00
Restricted stock units
Share-based Compensation.
Unrecognized share-based compensation expense				$ 14,300	$ 28,500		$ 28,500
Weighted average period for compensation expense expected to be recognized				1 year 6 months	2 years 7 months 6 days
Restricted stock units \| Class A
Share-based Compensation.
Expense recognized				$ 9,900	$ 6,300	$ 500
Restricted stock units \| 2015 Management Incentive Plan
Activity
Outstanding (in shares)				1,573,441	984,466
Granted (in shares)				64,402	1,019,148	984,466
Forfeited (in shares)				(258,250)	(133,138)
Vested (in shares)				(526,546)	(297,035)
Outstanding (in shares)				853,047	1,573,441	984,466	1,573,441
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding (in dollars per share)				$ 18.28	$ 22.32
Granted (in dollars per share)				18.09	16.06	$ 22.32
Forfeited (in dollars per share)				18.40	22.51
Vested (in dollars per share)				18.75	16.48
Outstanding (in dollars per share)				$ 17.94	$ 18.28	$ 22.32	$ 18.28
Restricted stock units \| 2015 Management Incentive Plan \| Maximum
Share-based Compensation.
Vesting period							4 years

Property, Equipment and Capitalized Software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	$ 512,674	$ 142,844
Less: Accumulated depreciation and amortization	(375,656)	(113,184)
Total property, equipment and capitalized software, net	137,018	29,660
Depreciation expense	36,800	19,600	$ 24,000
Capitalized software costs
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	94,915	77,591
Leasehold improvements
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	93,624	3,636
Furniture, fixtures and equipment
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	$ 324,135	61,540
Land
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross		$ 77

Regulatory Requirement (Details) $ in Thousands	12 Months Ended
Regulatory Requirement (Details) $ in Thousands	Dec. 31, 2016 USD ($) subsidiary item	Dec. 31, 2017 subsidiary	Dec. 31, 2017 item	Dec. 31, 2017	Dec. 31, 2017 USD ($)
Regulatory Requirement
Number of broker-dealer subsidiaries	3	3	3
Virtu Americas LLC
Regulatory Requirement
Regulatory Capital					$ 379,875
Regulatory Capital Requirement					1,000
Excess Regulatory Capital					378,875
Virtu Financial BD LLC
Regulatory Requirement
Regulatory Capital	$ 74,467				40,683
Regulatory Capital Requirement	1,000				1,000
Excess Regulatory Capital	73,467				39,683
VFCM
Regulatory Requirement
Regulatory Capital	10,830				8,308
Regulatory Capital Requirement	2,886				5,114
Excess Regulatory Capital	7,944				3,194
Minimum capital required to be maintained in connection with the operation of the Company's DMM business	$ 1,900				4,100
Required amount under exchange rules					$ 1,000
Required amount under exchange rules as percentage of market value				15.00%
Number of trading units whose market value is considered to calculate required net capital under exchange act \| item	60

Geographic Information and Business Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total revenues by geographic area
Revenues	$ 1,027,982	$ 702,272	$ 796,213
United States
Total revenues by geographic area
Revenues	791,044	455,418	537,310
Ireland
Total revenues by geographic area
Revenues	97,637	139,642	166,739
United Kingdom
Total revenues by geographic area
Revenues	21,143
Singapore
Total revenues by geographic area
Revenues	113,891	106,813	91,816
Sweden
Total revenues by geographic area
Revenues	3,986
Others
Total revenues by geographic area
Revenues	281	$ 399	348
VFH
Total revenues by geographic area
Revenues	$ 86,599		$ 445

Geographic Information and Business Segments - Segments (Details) $ in Thousands			3 Months Ended	6 Months Ended	12 Months Ended
	Oct. 24, 2017 segment	Jul. 19, 2017 item	Sep. 30, 2017 segment	Jun. 30, 2017 item segment	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Segment reporting
Number of businesses Company is managed and operated as \| item		1		1
Number of reportable segments		1		1
Number of operating segments \| segment	3		3
Revenues					$ 1,027,982	$ 702,272	$ 796,213
Pre-tax earnings					113,164	179,591	215,929
VFH
Segment reporting
Revenues					86,599		445
Market Making
Segment reporting
Revenues					836,707	691,884	785,591
Pre-tax earnings					74,633	176,145	211,443
Execution Services
Segment reporting
Revenues					99,135	10,352	10,622
Pre-tax earnings					(12,519)	4,403	$ 4,486
Corporate
Segment reporting
Revenues					92,140	36
Pre-tax earnings					$ 51,050	$ (957)

Related Party Transactions (Details) $ in Thousands	5 Months Ended	12 Months Ended
Related Party Transactions (Details) $ in Thousands	Dec. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) shares
Related Party Transactions
Payable to affiliates	$ 200	$ 80	$ 200
Securities Borrowed	220,005	1,471,172	220,005
Securities Loaned	222,203	754,687	222,203
Non-qualified stock options \| 2015 Management Incentive Plan
Related Party Transactions
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross \| shares				9,228,000
Industrial and Commercial Bank of China (“ICBC”)
Related Party Transactions
Securities Borrowed		23,100
Securities Loaned		1,100
Dell
Related Party Transactions
Payments for purchases		2,500	2,700	$ 3,600
Affiliate Of Founder And Executive Chairman
Related Party Transactions
Sublease revenue		$ 60	40	100
Two microwave communication network JVs
Related Party Transactions
Number of microwave communication network JVs the Company makes payments to \| item		2
Payments to related party		$ 8,300	600	0
Level 3
Related Party Transactions
Payments for purchases		2,500	2,400	4,300
Singtel
Related Party Transactions
Payments for purchases		100	200	100
Son of Company's Founder and Executive Chairman
Related Party Transactions
Total compensation			0	$ 800
Son of Company's Founder and Executive Chairman \| Class A \| Non-qualified stock options \| 2015 Management Incentive Plan
Related Party Transactions
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross \| shares				60,000
Member of Board of Directors
Related Party Transactions
Payments to related party		4	$ 30	$ 100
SBI
Related Party Transactions
Payments to related party	$ 2,200	$ 6,000

Parent Company - Condensed Statements of Financial Condition (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Apr. 21, 2015	Dec. 31, 2014
Assets
Deferred tax asset	$ 125,760	$ 193,859
Other assets	357,352	74,470
Total Assets	7,320,006	3,692,390
Liabilities
Accounts payable and accrued expenses and other liabilities	358,825	69,281
Tax receivable agreement obligations	147,040	231,404
Total Liabilities	6,168,428	3,157,978
Stockholders' / Members' equity
Treasury stock, at cost, 616,923 and 453,066 shares at December 31, 2017 and 2016, respectively	(11,041)	(8,358)	$ (3,819)
Additional paid-in capital	900,746	155,536
(Accumulated deficit) Retained earnings	(62,129)	(1,254)
Accumulated other comprehensive (loss) income	2,991	(252)
Total stockholders' equity	830,569	145,673
Total liabilities and equity	$ 7,320,006	$ 3,692,390
Treasury stock shares	616,923	453,066
VFH
Assets
Cash	$ 60,193	$ 17,149	$ 187		$ 25,939
Deferred tax asset	124,631	192,961
Receivable from subsidiaries	10,731	1,892
Investment in subsidiary	1,549,162	165,204
Total Assets	1,744,717	377,206
Liabilities
Payable to affiliates	767,101	129
Accounts payable and accrued expenses and other liabilities	7
Tax receivable agreement obligations	147,040	231,404
Total Liabilities	914,148	231,533
Stockholders' / Members' equity
Treasury stock, at cost, 616,923 and 453,066 shares at December 31, 2017 and 2016, respectively	(11,041)	(8,358)
Additional paid-in capital	900,746	155,536
(Accumulated deficit) Retained earnings	(62,129)	(1,254)
Accumulated other comprehensive (loss) income	2,991	(252)
Total stockholders' equity	830,569	145,673
Total liabilities and equity	$ 1,744,717	$ 377,206
Treasury stock shares	616,923	453,066
Class A-1 \| VFH
Stockholders' / Members' equity
Common stock, authorized	0	0
Common stock shares issued	0	0
Common stock, outstanding	0	0
Class A-2 \| VFH
Stockholders' / Members' equity
Common stock, authorized	0	0
Common stock shares issued	0	0
Common stock, outstanding	0	0
Class A
Stockholders' / Members' equity
Common stock	$ 1
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001		$ 0.00001
Common stock, authorized	1,000,000,000	1,000,000,000
Common stock shares issued	90,415,532	40,436,580
Common stock, outstanding	89,798,609	39,983,514
Class A \| VFH
Stockholders' / Members' equity
Common stock	$ 1
Common stock, par value (in dollars per share)	$ 0.00001
Common stock, authorized	1,000,000,000	1,000,000,000
Common stock shares issued	90,415,532	40,436,580
Common stock, outstanding	89,798,609	39,983,514
Class B
Stockholders' / Members' equity
Common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized	175,000,000	175,000,000
Common stock shares issued	0	0
Common stock, outstanding	0	0
Class B \| VFH
Stockholders' / Members' equity
Common stock
Common stock, par value (in dollars per share)	$ 0.00001
Common stock, authorized	175,000,000	175,000,000
Common stock shares issued	0	0
Common stock, outstanding	0	0
Class C
Stockholders' / Members' equity
Common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized	90,000,000	90,000,000
Common stock shares issued	17,880,239	19,810,707
Common stock, outstanding	17,880,239	19,810,707
Class C \| VFH
Stockholders' / Members' equity
Common stock
Common stock, par value (in dollars per share)	$ 0.00001
Common stock, authorized	90,000,000	90,000,000
Common stock shares issued	17,880,239	19,810,707
Common stock, outstanding	17,880,239	19,810,707
Class D
Stockholders' / Members' equity
Common stock	$ 1	$ 1
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized	175,000,000	175,000,000
Common stock shares issued	79,610,490	79,610,490
Common stock, outstanding	79,610,490	79,610,490
Class D \| VFH
Stockholders' / Members' equity
Common stock	$ 1	$ 1
Common stock, par value (in dollars per share)	$ 0.00001
Common stock, authorized	175,000,000	175,000,000
Common stock shares issued	79,610,490	79,610,490
Common stock, outstanding	79,610,490	79,610,490

Parent Company - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	4 Months Ended	9 Months Ended	12 Months Ended
	Apr. 15, 2015	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Total revenue			$ 1,027,982	$ 702,272	$ 796,213
Expenses
Operations and administrative			65,137	23,039	25,991
Net income (loss)	$ 83,147	$ 114,343	18,898	158,340	197,490
Net income attributable to common stockholders			2,939	32,980	20,887
Foreign currency translation adjustment, net of taxes	$ (4,633)	$ 378	9,117	(1,165)	(4,255)
Comprehensive income (loss) attributable to common stockholders			6,182	32,629	20,986
VFH
Revenues:
Service fee revenue					445
Other Income			86,599
Total revenue			86,599		445
Expenses
Operations and administrative			181	198	447
Income (loss) before equity in income of subsidiary			86,418	(198)	(2)
Equity in income of subsidiary, net of tax			(83,479)	33,178	104,036
Net income (loss)			2,939	32,980	104,034
Net income attributable to common stockholders			2,939	32,980	20,887
Foreign currency translation adjustment, net of taxes			3,243	(351)	(4,534)
Comprehensive income (loss) attributable to common stockholders			$ 6,182	$ 32,629	$ 16,353

Parent Company - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	4 Months Ended	9 Months Ended	12 Months Ended
	Apr. 15, 2015	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net income (loss)	$ 83,147	$ 114,343	$ 18,898	$ 158,340	$ 197,490
Adjustments to reconcile net income to net cash provided by operating activities:
Tax receivable agreement obligation reduction			(86,599)
Deferred taxes			102,973	13,313	3,985
Other			(4,577)	(1,070)	219
Net cash provided by operating activities			290,574	239,599	260,280
Cash flows from investing activities
Acquisition of KCG Holdings, net of cash acquired, described in Note 3			(799,632)
Cash flows used in investing activities			(838,016)	(59,017)	(24,299)
Cash flows from financing activities
Distribution to members					(130,000)
Distribution from Virtu Financial to non-controlling interest			(89,563)	(162,969)	(81,377)
Dividends			(63,814)	(37,759)	(17,362)
Proceeds from issuance			735,974		327,366
Purchase of treasury stock			(2,683)	(4,539)	(3,819)
Tax receivable agreement obligations			(7,045)
Repurchase of Virtu Financial Units and corresponding number of Class A and C Common Stock					(277,153)
Issuance of common stock, net of offering costs				16,677	7,782
Repurchase of Virtu Financial Units and corresponding number of Class A and C common stock in connection with secondary offering				(17,383)	(8,805)
Net cash provided by (used in) financing activities			889,797	(161,237)	(144,355)
Supplementary disclosure of cash flow information
Tax receivable agreement described in Note 4			(1,534)	(545)	21,854
Discount on issuance of senior secured credit facility			1,438	1,350
Taxes paid			5,976	16,175	12,875
VFH
Cash flows from operating activities
Net income (loss)			2,939	32,980	104,034
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax			(513,601)	157,975	(18,237)
Tax receivable agreement obligation reduction			(86,599)
Deferred taxes			102,973	13,197	3,392
Other			(8,500)
Changes in operating assets and liabilities			(8,832)	(4,012)	5,900
Net cash provided by operating activities			(511,620)	200,140	95,089
Cash flows from investing activities
Acquisition of KCG Holdings, net of cash acquired, described in Note 3			(23,908)
Investment in subsidiaries, equity basis			16,846	24,893	64,624
Cash flows used in investing activities			(7,062)	24,893	64,624
Cash flows from financing activities
Distribution to members					(130,000)
Distribution from Virtu Financial to non-controlling interest		(89,563)		(162,969)	(81,377)
Proceeds from issuance			735,974		327,366
Purchase of treasury stock			(2,683)	(4,539)	(3,819)
Tax receivable agreement obligations			(7,045)
Repurchase of Virtu Financial Units and corresponding number of Class A and C Common Stock					(277,153)
Issuance of common stock, net of offering costs				16,677	7,782
Repurchase of Virtu Financial Units and corresponding number of Class A and C common stock in connection with secondary offering				(17,383)	(8,805)
Net cash provided by (used in) financing activities			561,726	(208,071)	(185,465)
Net increase (decrease) in cash			43,044	16,962	(25,752)
Cash, beginning of period	$ 25,939		17,149	187	25,939
Cash, end of period		$ 187	60,193	17,149	187
Supplementary disclosure of cash flow information
Tax receivable agreement described in Note 4			1,534		(21,854)
Discount on issuance of senior secured credit facility				1,350
Taxes paid			133	8,813	5,615
Class A \| VFH
Cash flows from financing activities
Dividends			(63,814)	(37,759)	(17,362)
Class C
Cash flows from financing activities
Purchase of treasury stock				(98)
Class C \| VFH
Cash flows from financing activities
Repurchase of Virtu Financial Units and corresponding number of Class A and C Common Stock				(98)
Class A-2 \| VFH
Cash flows from financing activities
Repurchase of Class A-2 interests			$ (11,143)	$ (2,000)	$ (2,097)

Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands			2 Months Ended		12 Months Ended
	Jan. 31, 2018	Jan. 02, 2018	Mar. 12, 2018	Feb. 28, 2018	Dec. 31, 2017	Feb. 08, 2018
Subsequent events
Proceeds from sale of business					$ 300
Outstanding principal amount					$ 1,431,059
LIBOR rate
Subsequent events
Spread on variable rate basis (as a percent)					1.25%
Senior secured term loan
Subsequent events
Repayments of debt		$ 26,000
Outstanding principal amount		$ 624,000
Senior secured term loan \| LIBOR rate
Subsequent events
Spread on variable rate basis (as a percent)		3.25%
Senior Secured Credit Facility
Subsequent events
Repayments of debt		$ 250,000
Subsequent Events \| Class A
Subsequent events
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)			375,000	375,000
Average Price Paid per Share			$ 29.27	$ 29.27
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs			39,023,750	39,023,750
New share repurchase program authorized						$ 50,000
Dividends declared (in dollars per share)	$ 0.24
Subsequent Events \| ICE \| BondPoint
Subsequent events
Proceeds from sale of business		$ 400,000