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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2018	Mar. 01, 2019	Jun. 30, 2018
Entity Information [Line Items]
Entity Registrant Name	Virtu Financial, Inc.
Entity Central Index Key	0001592386
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Public Float			$ 1,770.2
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		107,284,814
Class C
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		13,509,886
Class D
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		69,091,740

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 736,047	$ 532,887
Securities borrowed	1,399,684	1,471,172
Securities purchased under agreements to resell	15,475	0
Receivables from broker dealers and clearing organizations	1,101,449	972,018
Trading assets, at fair value:
Financial instruments owned	1,848,806	2,117,579
Financial instruments owned and pledged	791,115	595,043
Property, equipment and capitalized software (net of accumulated depreciation of $323,718 and $375,656 as of December 31, 2018 and December 31, 2017, respectively)	113,322	137,018
Goodwill	836,583	844,883
Intangibles (net of accumulated amortization of $148,644 and $123,408 as of December 31, 2018 and December 31, 2017, respectively)	83,989	111,224
Deferred tax assets	200,359	125,760
Assets of business held for sale	0	55,070
Other assets ($48,273 and $98,364, at fair value, as of December 31, 2018 and December 31, 2017, respectively)	254,149	357,352
Total assets	7,380,978	7,320,006
Liabilities
Short-term borrowings	15,128	27,883
Securities loaned	1,130,039	754,687
Securities sold under agreements to repurchase	281,861	390,642
Payables to broker dealers and clearing organizations	567,441	716,205
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	2,475,395	2,384,598
Tax receivable agreement obligations	214,403	147,040
Accounts payable and accrued expenses and other liabilities	294,975	358,825
Long-term borrowings	907,037	1,388,548
Total liabilities	5,886,279	6,168,428
Commitments and Contingencies (Note 15)
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 2,178,771 and 616,923 shares at December 31, 2018 and December 31, 2017, respectively	(55,005)	(11,041)
Additional paid-in capital	1,010,468	900,746
Retained earnings (accumulated deficit)	96,513	(62,129)
Accumulated other comprehensive income	(82)	2,991
Total Virtu Financial Inc. stockholders' equity	1,051,896	830,569
Noncontrolling interest	442,803	321,009
Total equity	1,494,699	1,151,578
Total liabilities and equity	7,380,978	7,320,006
Class A
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	1	1
Class B
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	0	0
Class C
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	0	0
Class D
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	$ 1	$ 1

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accumulated depreciation	$ 323,718	$ 375,656
Intangibles, accumulated amortization	148,644	123,408
Fair value of other assets	$ 48,273	$ 98,364
Treasury stock, shares (in shares)	2,178,771	616,923
Class A
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	108,955,048	90,415,532
Common stock, shares outstanding (in shares)	106,776,277	89,798,609
Class B
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Class C
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	13,749,886	17,880,239
Common stock, shares outstanding (in shares)	13,749,886	17,880,239
Class D
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	69,091,740	79,610,490
Common stock, shares outstanding (in shares)	69,091,740	79,610,490

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Trading income, net	$ 1,266,682	$ 766,027	$ 665,465
Interest and dividends income	87,508	50,407	26,419
Commissions, net and technology services	184,339	116,503	10,352
Total revenue	1,878,718	1,027,982	702,272
Operating Expenses:
Brokerage, exchange and clearance fees, net	301,779	256,926	221,214
Communication and data processing	176,120	131,506	71,001
Employee compensation and payroll taxes	215,556	177,489	85,295
Payments for order flow	74,645	27,727	0
Interest and dividends expense	141,814	91,993	56,557
Operations and administrative	64,749	61,466	23,358
Depreciation and amortization	61,154	47,327	29,703
Amortization of purchased intangibles and acquired capitalized software	26,123	15,447	211
Termination of office leases	23,357	3,671	(319)
Debt issue cost related to debt refinancing and prepayment	11,727	10,460	5,579
Transaction advisory fees and expenses	11,487	25,270	0
Reserve for legal matters	2,020	657	0
Charges related to share based compensation at IPO	24	772	1,755
Financing interest expense on long-term borrowings	71,800	64,107	28,327
Total operating expenses	1,182,355	914,818	522,681
Income before income taxes and noncontrolling interest	696,363	113,164	179,591
Provision for income taxes	76,171	94,266	21,251
Net income	620,192	18,898	158,340
Noncontrolling interest	(330,751)	(15,959)	(125,360)
Net income available for common stockholders	$ 289,441	$ 2,939	$ 32,980
Earnings per share
Basic (in dollars per share)	$ 2.82	$ 0.03	$ 0.83
Diluted (in dollars per share)	$ 2.78	$ 0.03	$ 0.83
Weighted average common shares outstanding
Basic (in shares)	100,875,793	62,579,147	38,539,091
Diluted (in shares)	102,089,139	62,579,147	38,539,091
Comprehensive income
Net income	$ 620,192	$ 18,898	$ 158,340
Other comprehensive income
Foreign exchange translation adjustment, net of taxes	(5,127)	9,117	(1,165)
Comprehensive income	615,065	28,015	157,175
Less: Comprehensive income attributable to noncontrolling interest	(328,697)	(21,833)	(124,546)
Comprehensive income attributable to common stockholders	286,368	6,182	32,629
Other, net
Revenues:
Total revenue	$ 340,189	$ 95,045	$ 36

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Virtu Financial Inc. Stockholders' Equity	Common Stock Class A	Common Stock Class C	Common Stock Class D	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest
Balance at beginning period (in shares) at Dec. 31, 2015			38,379,858	20,976,598	79,610,490	169,649
Balance at beginning of period at Dec. 31, 2015	$ 557,870	$ 130,708	$ 0	$ 0	$ 1	$ (3,819)	$ 130,902	$ 3,525	$ 99	$ 427,162
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)			953,054	(58,070)
Share based compensation	24,893	24,893					24,893
Repurchase of Class C common stock (in shares)				(4,153)
Repurchase of Class C common stock	(98)	(98)					(98)
Treasury stock purchases (in shares)						(283,417)
Treasury stock purchases	(4,539)	(4,539)				$ (4,539)
Net income	158,340	32,980						32,980		125,360
Foreign exchange translation adjustment	(1,165)	(351)							(351)	(814)
Distribution from Virtu Financial to non-controlling interest	(162,969)									(162,969)
Dividends	(37,759)	(37,759)						(37,759)
Issuance of common stock in connection with secondary offering, net of offering costs (in shares)			1,103,668
Issuance of common stock in connection with secondary offering, net of offering costs	16,677	16,677					16,677
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with secondary offering (in shares)				(1,103,668)
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with secondary offering	(17,383)	(17,383)					(17,383)
Issuance of tax receivable agreements in connection with secondary offering	545	545					545
Balance at end of period at Dec. 31, 2016	534,412	145,673	$ 0	$ 0	$ 1	$ (8,358)	155,536	(1,254)	(252)	388,739
Balance at end of period (in shares) at Dec. 31, 2016			40,436,580	19,810,707	79,610,490	453,066
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)			546,265	(34,019)
Share based compensation	16,846	16,846					16,846
Repurchase of Class C common stock (in shares)				(540,686)
Repurchase of Class C common stock	(9,143)	(9,143)					(9,143)
Treasury stock purchases (in shares)						(163,857)
Treasury stock purchases	(2,683)	(2,683)				$ (2,683)
Net income	18,898	2,939						2,939		15,959
Foreign exchange translation adjustment	9,117	3,243							3,243	5,874
Distribution from Virtu Financial to non-controlling interest	(89,563)									(89,563)
Dividends	(63,814)	(63,814)						(63,814)
Issuance of Class A common stock (in shares)			48,076,924
Issuance of Class A common stock	735,974	735,974	$ 1				735,973
Issuance of common stock in connection with employee exchanges (in shares)			1,355,763
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)				(1,355,763)
Issuance of tax receivable agreements in connection with employee exchange	1,534	1,534					1,534
Balance at end of period at Dec. 31, 2017	1,151,578	830,569	$ 1	$ 0	$ 1	$ (11,041)	900,746	(62,129)	2,991	321,009
Balance at end of period (in shares) at Dec. 31, 2017			90,415,532	17,880,239	79,610,490	(616,923)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)			1,027,861
Share based compensation	34,909	34,909					34,909
Repurchase of Class C common stock (in shares)				(210,891)
Repurchase of Class C common stock	(8,216)	(8,216)						(8,216)
Treasury stock purchases (in shares)			(1,007,230)			(1,561,848)
Treasury stock purchases	(66,218)	(66,218)				$ (43,964)		(22,254)
Stock option exercised (in shares)			4,080,673
Stock option exercised	76,754	76,754					76,754
Net income	620,192	289,441						289,441		330,751
Foreign exchange translation adjustment	(5,127)	(3,073)							(3,073)	(2,054)
Distribution from Virtu Financial to non-controlling interest	(206,903)									(206,903)
Dividends	(100,329)	(100,329)						(100,329)
Issuance of common stock in connection with secondary offering, net of offering costs (in shares)			10,518,750		(10,518,750)
Issuance of common stock in connection with secondary offering, net of offering costs	(950)	(950)					(950)
Issuance of common stock in connection with employee exchanges (in shares)			3,919,462
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)				(3,919,462)
Issuance of tax receivable agreements in connection with employee exchange	(991)	(991)					(991)
Balance at end of period at Dec. 31, 2018	$ 1,494,699	$ 1,051,896	$ 1	$ 0	$ 1	$ (55,005)	$ 1,010,468	$ 96,513	$ (82)	$ 442,803
Balance at end of period (in shares) at Dec. 31, 2018			108,955,048	13,749,886	69,091,740	(2,178,771)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net Income (loss)	$ 620,192	$ 18,898	$ 158,340
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61,154	47,327	29,703
Amortization of purchased intangibles and acquired capitalized software	26,123	15,447	211
Debt issue cost related to debt refinancing and prepayment	10,645	10,460	5,579
Amortization of debt issuance costs and deferred financing fees	10,419	5,822	1,690
Termination of office leases	23,357	3,671	0
Share based compensation	31,934	26,259	22,866
Reserve for legal matters	2,020	657	0
Write-down of assets	3,239	1,216	428
Connectivity early termination	2,000	0	0
Tax receivable agreement obligation reduction	0	(86,599)	0
Deferred taxes	4,131	102,973	13,313
Gain on sale of businesses	(335,211)	0	0
Other	418	(4,577)	(1,070)
Changes in operating assets and liabilities:
Securities borrowed	71,488	155,277	233,291
Securities purchased under agreements to resell	(15,475)	16,894	14,981
Receivables from broker dealers and clearing organizations	(129,431)	26,145	27,808
Trading assets, at fair value	72,701	1,210,599	(530,668)
Other assets	125,272	44,494	772
Securities loaned	375,352	366,295	(302,400)
Securities sold under agreements to repurchase	(108,781)	(450,964)	0
Payables to broker dealers and clearing organizations	(148,764)	(516,376)	209,374
Trading liabilities, at fair value	90,797	(721,204)	370,065
Accounts payable and accrued expenses and other liabilities	(78,985)	17,860	(14,684)
Net cash provided by operating activities	714,595	290,574	239,599
Cash flows from investing activities
Development of capitalized software	(21,482)	(14,158)	(8,404)
Acquisition of property and equipment	(26,467)	(18,932)	(11,859)
Proceeds from sale of telecommunication assets	600	0	0
Investment in joint ventures	(23,669)	0	0
Investment in SBI Japannext	0	0	(38,754)
Acquisition of KCG Holdings, net of cash acquired, described in Note 3	0	(799,632)	0
Acquisition of Teza Technologies	0	(5,594)	0
Net cash provided by (used in) investing activities	329,174	(838,016)	(59,017)
Cash flows from financing activities
Distribution from Virtu Financial to non-controlling interest	(206,903)	(89,563)	(162,969)
Dividends	(100,329)	(63,814)	(37,759)
Repurchase of stock	(66,218)	(2,683)	(4,539)
Stock option exercised	76,754	0	0
Short-term borrowings, net	(15,000)	7,000	(20,000)
Proceeds from long-term borrowings	0	1,115,036	75,753
Repayment of long term borrowings	(500,000)	(256,473)	(3,825)
Repayment of KCG Notes	0	(480,987)	0
Tax receivable agreement obligations	(12,359)	(7,045)	0
Debt issuance costs	(2,261)	(56,505)	(5,094)
Issuance of common stock, net of offering costs	0	735,974	0
Issuance of common stock in connection with secondary offering, net of offering costs	(950)	0	16,677
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with secondary offering	0	0	(17,383)
Net cash provided by (used in) financing activities	(835,482)	889,797	(161,237)
Effect of exchange rate changes on cash and cash equivalents	(5,127)	9,117	(1,165)
Net increase (decrease) in cash and cash equivalents	203,160	351,472	18,180
Cash and cash equivalents beginning of period	532,887	181,415	163,235
Cash and cash equivalents, end of period	736,047	532,887	181,415
Supplementary disclosure of cash flow information
Cash paid for interest	139,412	112,982	54,872
Cash paid for taxes	93,991	5,976	16,175
Non-cash investing activities
Share based compensation to developers relating to capitalized software	2,936	1,605	2,750
Non-cash financing activities
Tax receivable agreement described in Note 6	(991)	1,534	545
Discount on issuance of senior secured credit facility	0	1,438	1,350
Secondary offerings described in Note 16	0	0	0
Class A-2 Interests
Cash flows from financing activities
Repurchase of stock	0	(11,143)	(2,000)
Class C common stock
Cash flows from financing activities
Repurchase of stock	(8,216)	0	(98)
BondPoint
Cash flows from investing activities
Proceeds from sale of business	400,192	0	0
DMM Business
Cash flows from investing activities
Proceeds from sale of business	$ 0	$ 300	$ 0

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization The accompanying consolidated financial statements include the accounts and operations of Virtu Financial, Inc. (“VFI” or, collectively with its wholly owned or controlled subsidiaries, 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, 2018, VFI owned approximately 56.7% of the membership interests of Virtu Financial. VFI is the sole managing member of Virtu Financial and operates and controls all of the businesses and affairs of Virtu Financial and, 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 market making 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. On July 20, 2017 (the “Closing Date”), the Company completed the all-cash acquisition of KCG Holdings, Inc. (“KCG”) (the “Acquisition of KCG”) . Pursuant to the terms of the Agreement and Plan of Merger, dated as of April 20, 2017, 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 “KCG Merger”), with KCG surviving the KCG Merger as a wholly owned subsidiary of the Company. See Note 3 “Acquisition of KCG” for further details. Virtu Financial’s principal subsidiaries include Virtu Financial BD LLC (“VFBD”), Virtu Americas LLC (“VAL”), and Virtu Financial Capital Markets LLC (“VFCM”, collectively with VFBD and VAL, the "broker-dealers"), which are self-clearing U.S. broker-dealers. Other principal subsidiaries include Virtu Financial Global Markets LLC, a U.S. trading entity focused on futures and currencies; Virtu Financial Ireland Limited, formed in Ireland; Virtu Financial Asia Pty Ltd, formed in Australia; and Virtu Financial Singapore Pte. Ltd., formed in Singapore, each of which are trading entities focused on asset classes in their respective geographic regions. On January 2, 2018, the Company completed the sale of its fixed income trading venue, BondPoint, to Intercontinental Exchange (“ICE”) for total gross proceeds of $400.2 million. See Note 4 "Sale of BondPoint" for further details. Prior to the Acquisition of KCG, the Company was managed and operated as one business, under one operating segment. As a result of the Acquisition of KCG, beginning in the third quarter of 2017 the Company has two operating segments: (i) Market Making and (ii) Execution Services; and one non-operating segment: Corporate. See Note 20 "Geographic Information and Business Segments" for a further discussion of the Company’s segments. Basis of Consolidation and Form of Presentation These consolidated financial statements are presented in U.S. dollars, have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding financial reporting with respect to Form 10-K and accounting standards generally accepted in the United States of America (“U.S. GAAP”) promulgated by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC” or the “Codification”), and reflect all adjustments that, in the opinion of management, are normal and recurring, and that are necessary for a fair statement of the results for the periods presented. The consolidated financial statements of the Company include its equity interests in Virtu Financial and its subsidiaries. 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, individually and in the aggregate, to both current and all previously issued financial statements taken as a whole and have no effect on previously reported consolidated net income available to common stockholders. 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”, the Company has accounted 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 the Closing Date, 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. The financial results for the years ended December 31, 2017 and 2016 comprise the results of the Company for the entire applicable periods and results of KCG from the Closing Date through December 31, 2017. All periods prior to the Closing Date comprise solely results of the Company.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

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 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 take possession of the underlying collateral securities with a fair value approximately equal to the principal amount of the repurchase transaction, including accrued interest. For reverse repurchase agreements, the Company typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated statements of financial condition. To ensure that the fair value of the underlying collateral remains sufficient, the collateral is valued daily with additional collateral obtained or excess collateral returned, as permitted under contractual provisions. The Company does not net securities purchased under agreements to resell transactions with securities sold under agreements to repurchase transactions entered into with the same counterparty.

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

Receivables from/Payables to Broker-dealers and Clearing Organizations

As of December 31, 2018 and 2017, 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. Amounts receivable from broker-dealers and clearing organizations may be restricted to the extent that they serve as deposits for securities sold, not yet purchased. The Company presents its balances, including outstanding principal balances on all credit facilities, on a net by counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met.

In the normal course of business, a significant portion of the Company’s securities transactions, money balances, and security positions are transacted with several third-party brokers. The Company is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of such brokers 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, which 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, are carried at fair value, and 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. Cash flows associated with such derivative activities are included in cash flows from operating activities on the consolidated statements of cash flows.

Property, Equipment and Occupancy

Property and equipment are carried at cost, less accumulated depreciation, except for the assets acquired in connection with acquisitions using the purchase accounting method, which were recorded at fair value on 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 assessed for impairment on an annual basis and between annual assessments whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed at the reporting unit level, which is defined as an operating segment or one level below the operating segment.

The Company assesses goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events or circumstances exist. In the impairment assessment as of July 1, 2018, the Company assessed qualitative factors as described in ASC 350-20 for each of its reporting units for any indicators that the fair values of the reporting units were less than their carrying values.

Intangible Assets

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

Exchange Memberships and Stock

Exchange memberships are recorded at cost or, if any other than temporary impairment in value has occurred, at a value that reflects management’s estimate of fair value. Exchange memberships acquired in connection with the Acquisition of KCG 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, net 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. The Company recognizes the related revenue when the third party research services are rendered and payments are made. As the Company acts as an agent in these transactions, it records such expenses on a net basis within commissions, net and technology services in the consolidated statements of comprehensive income.

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, as well as, in certain cases, contingent fees based on client revenues, which represent variable consideration. The services offered under these contracts have the same pattern of transfer; accordingly, they are being measured and recognized as a single performance obligation. The performance obligation is satisfied over time, and accordingly, revenue is recognized as time passes. Variable consideration has not been included in the transaction price as the amount of consideration is contingent on factors outside the Company’s control and thus it is not probable that a significant reversal of cumulative revenue recognized will not occur. Recurring fees, which exclude variable consideration, are billed and collected on a quarterly basis.

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.

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 subsidiaries domiciled in Ireland, which utilize 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 Transactions and the IPO pursuant to the Virtu Financial, Inc. 2015 Management Incentive Plan, adopted by the Company's Board of Directors and stockholders effective upon consummation of the IPO (as amended, the “Amended and Restated 2015 Management Incentive Plan”) were in the form of stock options, Class A common stock, par value $0.00001 (the "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 KCG Merger, KCG was required to relinquish their ownership in the JV. As of December 31, 2018, each of the remaining parties owns approximately 11% of the voting shares and 11% of the equity of this JV. In addition, as a result of the Acquisition of KCG, the Company owns 50% of the voting shares and 50% of the equity of another JV. These two JVs build and maintain microwave communication networks in the U.S., Europe, and Asia. The Company and its JV partners each pay monthly fees for the use of the microwave communication networks in connection with their respective trading activities, and the JVs may sell excess bandwidth that is not utilized by the JV members to third parties. The JVs meet the criteria to be considered VIEs.

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 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 JV's earnings or losses within Other, net and fees related to the use of communication services provided by the JVs within communications and data processing on the consolidated statements of comprehensive income.

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

The following table presents the Company’s nonconsolidated VIEs at December 31, 2018:



	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability		Maximum Exposure to Loss		VIEs' assets
Equity investment	$	18,254	$	—	$	18,254	$	49,450

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



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

Accounting Pronouncements, Recently Adopted

Revenue Recognition - In May 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-9, 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.

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 U.S. GAAP, and as a result, did not have a material impact on the Company’s consolidated financial statements, which are most closely associated with financial instruments, including trading income, net, and interest and dividends income. The new revenue standard primarily impacts revenues from technology services, commissions and soft-dollar arrangements generated by execution services. The additional disclosures required by the new standard have been included in Note 13 "Revenues from Contracts with Customers".

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 affects the accounting for equity investments, financial liabilities under fair value option and presentation and disclosure requirements of financial instruments. The 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 currently classify any equity securities as available for sale, and it does not apply the fair value option to its own debt issuances. The Company has adopted this ASU as of January 1, 2018, and it did 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 reporting periods beginning after December 15, 2017. The Company adopted this ASU on January 1, 2018, and it did not have a material impact on 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 Company adopted this ASU on January 1, 2018, and it did not have a material impact on its consolidated financial statements.

Accounting Pronouncements, Not Yet Adopted as of December 31, 2018

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 statement of comprehensive income 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.

In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, which modified certain aspects of ASC Topic 842, including allowing entities to adopt the new leasing standard as of January 1, 2019, without restating prior periods presented, and providing certain practical expedients including allowing lessors not to separate out lease and non-lease components when certain conditions are met.

The Company adopted this ASU on January 1, 2019 using the modified retrospective method of implementation, and it is finalizing the impact on the financial statements. The Company elected to recognize the cumulative effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. The Company does not plan to recognize lease assets and lease liabilities for leases with a determined lease term of twelve months or less and which are not expected to be renewed. Upon implementation, the Company estimated an impact of $334.0 million to $369.2 million in lease liabilities and $303.8 million to $335.7 million in right-of-use assets on its Statement of Financial Condition related to certain occupancy, equipment, communications and data processing, and other contractual arrangements under noncancelable operating lease agreements held under the Company's name, which currently are not reflected in its Statement of Financial Condition as of December 31, 2018.

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 its consolidated financial statements.

Stock Compensation - In June 2018, the FASB issued ASU 2018-07, Compensation, Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, with the objective of conforming the accounting for share-based awards to non-employees to the accounting for awards granted to employees. Previously, non-employee awards were measured at the vesting date, rather than the grant date, which effectively required the awards to be marked to market until the award vested. Under the new ASU, companies will be required to measure non-employee awards at the fair value of the instruments issued at the grant date. Entities will also be able to consider the probability of the recipient satisfying any performance conditions. The ASU is effective for periods beginning after December 15, 2018, including interim periods within that fiscal year. The Company does not currently make share-based awards to non-employees, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

Fair Value Measurement - In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which modified the disclosure requirements on fair value measurements in ASC Topic 820, Fair Value Measurement. Disclosure requirements were eliminated for the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurements. Disclosure requirements were modified for liquidation of investments in certain entities that calculate net asset value, and for measurement uncertainty disclosures. Disclosure requirements were added for changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for periods beginning after December 15, 2019, including interim periods within that fiscal year. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

Consolidation - In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, which modified how VIEs are assessed for consolidation purposes under ASC Topic 810, Consolidation. Under the update, indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The ASU is effective for periods beginning after December 15, 2019, including interim periods within that fiscal year. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

Measurement of Credit Losses on Financial Instruments - In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) -Measurement of Credit Losses on Financial Instruments. This ASU amends several aspects of the measurement of credit losses on financial instruments, including replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses model ("CECL"). Under CECL, the allowance for losses for financial assets that are measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of the financial assets. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, would be recognized in earnings, and adoption of the ASU will generally result in earlier recognition of credit losses. Expected credit losses will be measured based on historical experience, current conditions and forecasts that affect the collectability of the reported amount, and credit losses are generally recognized earlier than under current GAAP. The ASU is effective for periods beginning after December 15, 2019, including interim periods within that fiscal year.

The Company is currently in the process of identifying and developing the changes to the Company’s existing models and processes that will be required under CECL. As of December 31, 2018, the ASU is expected to impact only those financial instruments that are carried by the Company at amortized cost such as collateralized financing arrangements (repurchase agreements and securities borrowing/ lending transactions) and receivables from broker dealers and clearing organizations, and therefore the Company expects the ASU to have a limited impact on its financial condition, results of operations and cash flows. However, the ultimate impact of adoption of this ASU on the firm’s financial condition, results of operations and cash flows will depend on, among other things, the economic environment and the type of financial assets held by the firm on the date of adoption.

Acquisition of KCG

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Acquisition of KCG

As of the Closing Date of the Acquisition of KCG, each of KCG’s issued and outstanding shares of Class A common stock, par value $0.01 per share was 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 of KCG, 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 of KCG, the Company issued to North Island Holdings I, LP (the “North Island Stockholder”) 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 “North Island Investment”). In connection with the Temasek Investment and North Island 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 (the "KCG Notes") 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. See "Fourth Amended and Restated Credit Agreement" and "Senior Secured Second Lien Notes" in Note 10 "Borrowings".

Accounting treatment of the Acquisition of KCG

The Acquisition of KCG has been 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 the Closing Date, 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 of KCG reflect KCG’s and the Company's balances and reflect the impact of purchase accounting adjustments.

Certain former KCG management employees were terminated upon the Acquisition of KCG, and as a result were paid an aggregate of $6.4 million pursuant to their existing employment contracts. This amount was recognized as an expense by the Company and was included in Employee compensation and payroll taxes in the consolidated statements of comprehensive income for the year ending December 31, 2017. The Company also made annual incentive compensation payments in 2018 to former KCG employees who became employees of the Company following the Acquisition of KCG, and accrued related compensation expense of approximately $35.3 million during the year ended December 31, 2017, which was included in Employee compensation and payroll taxes in the consolidated statements of comprehensive income for the year ended December 31, 2017.

Purchase price and goodwill

The aggregate cash purchase price of $1.4 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 of KCG. Adjustments to the provisional values during the measurement period were recorded in the reporting period in which the adjustment amounts were determined. No further adjustments to the provisional values remain. The Company engaged third party specialists for the purchase price allocation.

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



(in thousands)	Amount		Amortization 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 of KCG

The Company believes that the Acquisition of KCG 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 of KCG. 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 of KCG, as described in Note 14 "Income Taxes".

Sale of BondPoint

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Sale of BondPoint

In October 2017, the Company entered into an Asset Purchase Agreement with Intercontinental Exchange ("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.

As of December 31, 2017, the Company transferred the carrying value of BondPoint to assets held for sale. On January 2, 2018, the Company completed the sale of BondPoint to ICE for total gross proceeds of $400.2 million in cash. The Company incurred one-time transaction costs of $8.5 million, which included professional fees of $7.1 million related to the sale and $1.4 million of compensation expense, which is recorded in Transaction advisory fees and expenses and Employee compensation and payroll taxes, respectively, on the consolidated statement of comprehensive income. The Company recognized a gain on sale of $337.6 million, which is recorded in Other, net on the consolidated statement of comprehensive income for the year ended December 31, 2018.

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



(in thousands)
Total sale proceeds received	$	400,192
Business assets and liabilities held for sale as of December 31, 2017:
Receivables from broker dealers and clearing organizations	3,383
Intangibles and other assets	51,687
Liabilities	(728		)
Total carrying value of BondPoint as of December 31, 2017:	54,342
Goodwill adjustment allocated to BondPoint	8,300
Gain on sale of BondPoint	337,550
Transaction costs	8,568
Gain on sale of BondPoint, net of transaction costs	$	328,982

Earnings per Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings per Share

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



	Years Ended December 31,
(in thousands)	2018			2017			2016
Income (loss) before income taxes and noncontrolling interest	$	696,363		$	113,164		179,591
Provision for (benefit from) income taxes	76,171			94,266			21,251
Net income	620,192			18,898			158,340

Noncontrolling interest	(330,751		)	(15,959		)	(125,360		)

Net income (loss) available for common stockholders	$	289,441		$	2,939		$	32,980

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



	Years Ended December 31,
(in thousands, except for share or per share data)	2018			2017			2016
Basic earnings per share:
Net income (loss) available for common stockholders	$	289,441		$	2,939		$	32,980

Less: Dividends and undistributed earnings allocated to participating securities	(5,418		)	(1,326		)	(809		)
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	284,023			1,613			32,171

Weighted average shares of common stock outstanding:
Class A	100,875,793			62,579,147			38,539,091

Basic earnings per share	$	2.82		$	0.03		0.83



	Years Ended December 31,
(in thousands, except for share or per share data)	2018		2017		2016
Diluted earnings per share:
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$	284,023	$	1,613	$	32,171

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding	100,875,793		62,579,147		38,539,091
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan (1)	1,213,346		—		—
	102,089,139		62,579,147		38,539,091

Diluted earnings per share	$	2.78	$	0.03	$	0.83


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

Tax Receivable Agreements	12 Months Ended
Tax Receivable Agreements	Dec. 31, 2018
Tax Receivable Agreements [Abstract]
Tax Receivable Agreements	Tax Receivable Agreements In connection with the IPO and the Reorganization Transactions, the Company entered into tax receivable agreements to make payments to certain pre-IPO equityholders ("Virtu Members") that are generally equal to 85% of the applicable cash tax savings, if any, that the Company actually realizes as a result of favorable tax attributes that were and will continue to be available to the Company as a result of the Reorganization Transactions, exchanges of membership interests for Class A Common Stock or Class B common stock, par value $0.00001 per share (the "Class B Common Stock"), 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 Company made its first payment of $7.0 million in February 2017 and its second payment of $12.4 million in September 2018. As a result of (i) the purchase of equity interests in Virtu Financial from certain Virtu Members in connection with the Reorganization Transactions, (ii) the purchase of non-voting common interest units in Virtu Financial (the “Virtu Financial Units”) (along with the corresponding shares of Class C common stock, par value $0.00001 per share (the "Class C Common Stock")) from certain of the Virtu Members in connection with the IPO, and (iii) the purchase of Virtu Financial Units (along with the corresponding shares of Class C Common Stock) and the exchange of Virtu Financial Units (along with the corresponding shares of Class C Common Stock) for shares of Class A Common Stock in connection with the secondary offerings completed in November 2015, September 2016 and May 2018 (the “Secondary Offerings”), payments to certain Virtu Members in respect of the purchases are expected to range from approximately $4.7 million to $17.0 million per year over the next 15 years. In connection with the employee exchanges and May 2018 secondary offering between the Company and TJMT Holdings LLC and employee exchanges, both as described in Note 16 "Capital Structure", the Company recorded an additional deferred tax asset of $78.7 million and payment liability pursuant to the tax receivable agreements of $79.7 million, with the $1.0 million difference recorded as a decrease to additional paid-in capital. As a result of the reduction in the U.S. corporate 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, 2018 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. The 2017 Tax 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 14 "Income Taxes". As a result, at December 31, 2017, the Company recorded a reduction of its tax receivable agreement obligation of $86.6 million. As further described in Note 14 "Income Taxes", the Company also recorded a reduction of its deferred tax assets, including the deferred tax assets described above. At December 31, 2018 and 2017, the Company’s remaining deferred tax assets described above were approximately $167.1 million and $101.6 million, respectively, and the Company’s liabilities over the next 15 years pursuant to the tax receivable agreements are approximately $214.4 million and $147.0 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, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

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



(in thousands)	Market Making		Execution Services			Corporate		Total
Balance as of December 31, 2017	$	755,292	$	89,591		$	—	$	844,883
Goodwill adjustment allocated to BondPoint	—		(8,300		)	—		(8,300		)
Balance as of December 31, 2018	$	755,292	$	81,291		$	—	$	836,583

As of December 31, 2018 and 2017, the Company’s total amount of goodwill recorded was $836.6 million and $844.9 million, respectively. As described in Note 4 "Sale of BondPoint", the Company allocated $8.3 million of goodwill to BondPoint as part of the sale. No goodwill impairment was recognized during the years ended December 31, 2018 and 2017.

Acquired intangible assets consisted of the following as of December 31, 2018 and 2017:



	As of December 31, 2018
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Purchased technology	$	110,000	$	110,000	$	—	1.4	to	2.5
ETF issuer relationships	950		665		285			9
ETF buyer relationships	950		665		285			9
Technology	60,000		30,185		29,815		1	to	6
Customer relationships	49,000		5,905		43,095			12
Favorable occupancy leases	5,895		1,224		4,671		3	to	15
Exchange memberships	5,838		—		5,838		Indefinite
	$	232,633	$	148,644	$	83,989



	As of December 31, 2017
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (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

Amortization expense relating to finite-lived intangible assets was approximately $26.1 million, $15.4 million, and $0.2 million for the years ended December 31, 2018, 2017, and 2016, respectively. This is included in amortization of purchased intangibles and acquired capitalized software in the accompanying consolidated statements of comprehensive income.

In the third quarter of 2018, the Company sold certain assets to one of its joint ventures, including the intangible assets associated with leases with a net carrying value of $1.1 million at the time of sale.

Receivables from/Payables to Broker-Dealers and Clearing Organizations

12 Months Ended

Dec. 31, 2018

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

Receivables from/Payables to Broker-Dealers and Clearing Organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at December 31, 2018 and December 31, 2017:




(in thousands)	December 31, 2018		December 31, 2017
Assets
Due from prime brokers	$	302,152	$	219,573
Deposits with clearing organizations	84,509		112,847
Net equity with futures commission merchants	294,884		203,711
Unsettled trades with clearing organization	193,544		173,778
Securities failed to deliver	218,663		248,088
Commissions and fees	7,697		14,021
Total receivables from broker-dealers and clearing organizations	$	1,101,449	$	972,018
Liabilities
Due to prime brokers	$	354,300	$	197,439
Net equity with futures commission merchants	47,998		44,526
Unsettled trades with clearing organization	90,021		420,029
Securities failed to receive	73,547		51,143
Commissions and fees	1,575		3,068
Total payables to broker-dealers and clearing organizations	$	567,441	$	716,205

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 10 "Borrowings") of approximately $184.6 million and $205.7 million as of December 31, 2018 and 2017, 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, 2018

Collateralized Agreements [Abstract]

Collateralized Transactions

The Company is permitted to sell or repledge securities received as collateral and use these securities to secure repurchase agreements, enter into securities lending transactions or deliver these securities to counterparties or clearing organizations to cover short positions. At December 31, 2018 and December 31, 2017, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at December 31, 2018 and December 31, 2017 are summarized as follows:



(in thousands)	December 31, 2018		December 31, 2017
Securities received as collateral:
Securities borrowed	$	1,361,635	$	1,415,793
Securities purchased under agreements to resell	15,475		—
	$	1,377,110	$	1,415,793

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, 2018 and December 31, 2017 consisted of the following:



(in thousands)	December 31, 2018		December 31, 2017
Equities	$	748,846	$	586,251
U.S. and Non-U.S. government obligations	—		99
Exchange traded notes	42,269		8,693
	$	791,115	$	595,043

Borrowings

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

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 million to $500 million, which bears interest at the adjusted LIBOR or base rate plus 1.25% per annum. Two out of the three broker-dealers have a sublimit under Borrowing Base B Loan, from $40 million to $100 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 values, net of unamortized debt issuance costs, where applicable:



	At December 31, 2018
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost			Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	3.40%	$	200,000	$	10,000	$	(832	)	$	9,168
Revolving credit facility	3.75%	500,000		7,000		(1,040		)	5,960
		$	700,000	$	17,000	$	(1,872	)	$	15,128



	At December 31, 2017
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost			Outstanding 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

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



	Years Ended December 31,
(in thousands)	2018		2017		2016
Broker-dealer credit facilities:
Uncommitted facility	$	1,794	$	1,667	$	1,191
Committed facility (1)	—		33		41
Revolving credit facility	306		19		—
	$	2,100	$	1,719	$	1,232

(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, 2018
	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Short-Term Credit Facilities:
Short-term credit facilities (2)	5.03%	$	566,000	$	184,608
		$	566,000	$	184,608



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

(2) Outstanding borrowings are included with Receivables from/ Payables to broker-dealers and clearing organizations within the consolidated statements of financial condition.

Interest expense in relation to the facilities was approximately $7.1 million, $6.6 million, and $6.3 million for the years ended December 31, 2018, 2017, and 2016, respectively.

Long-Term Borrowings

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



		At December 31, 2018
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount			Deferred Debt Issuance Cost			Outstanding Borrowings, net
Long-term borrowings:
Fourth Amended and Restated Credit Agreement	December 2021	5.55%	$	400,000	$	(332	)	$	(6,704	)	$	392,964
Senior Secured Second Lien Notes	June 2022	6.75%	500,000		—			(17,811		)	482,189
SBI bonds	January 2020	5.00%	31,908		—			(24		)	31,884
			$	931,908	$	(332	)	$	(24,539	)	$	907,037



		At December 31, 2017
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount			Deferred Debt Issuance Cost			Outstanding Borrowings, net
Long-term borrowings:
Fourth Amended and Restated 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

Fourth Amended and Restated Credit Agreement

To finance the Acquisition of KCG, on June 30, 2017, Virtu Financial and VFH Parent LLC (“VFH”) entered into a fourth amended and restated credit agreement (as amended on January 2, 2018 and September 19, 2018, the “Fourth Amended and Restated Credit Agreement”) 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, and upon the closing of the Acquisition of KCG, provided for an aggregate $1.15 billion of first lien secured term loans (the “Term Loan Facility”).

For the year ended December 31, 2018, $500.0 million of prepayments were made under the Fourth Amended and Restated Credit Agreement, for an aggregate total of $750.0 million of principal prepayments under the Term Loan Facility since its closing. As a result of these prepayments, the aggregate principal outstanding under the senior secured credit facility is $400.0 million. VFH also entered into a repricing transaction on January 2, 2018 to reprice the first lien secured term loans under the Fourth Amended and Restated Credit Agreement at LIBOR plus 3.25%, and another repricing transaction on September 19, 2018 to reprice such first lien secured term loans at LIBOR plus 2.75%. In connection with the debt refinancing and the debt prepayment, the Company accelerated approximately $10.6 million for 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 covenants 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

To finance the Acquisition of KCG, 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 Association, 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 the 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 of KCG, and to repay certain indebtedness of the Company and KCG. (See Note 3 “Acquisition of KCG” 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 ($31.9 million) as of December 31, 2018 and ¥3.5 billion ($31.1 million) as of December 31, 2017. The Company recorded a gain of $0.8 million, 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, 2018, 2017 and 2016, respectively.

Aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:



(in thousands)	December 31, 2018
2019	$	—
2020	31,908
2021	400,000
2022 and thereafter	500,000
Total principal of long-term borrowings	$	931,908

Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities

Financial Instruments Measured at Fair Value

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

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.

There were no transfers of financial instruments between levels during the years ended December 31, 2018 and 2017.

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2018:



	December 31, 2018
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting			Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	587,680	$	1,022,221	$	—	$	—		$	1,609,901
U.S. and Non-U.S. government obligations	91,466		14,547		—		—			106,013
Corporate Bonds	—		87,500		—		—			87,500
Exchange traded notes	3,396		27,966		—		—			31,362
Currency forwards	—		2,792,373		—		(2,790,242		)	2,131
Options	11,899		—		—		—			11,899
	694,441		3,944,607		—		(2,790,242		)	1,848,806

Financial instruments owned, pledged as collateral:
Equity securities	$	389,810	$	359,036	$	—	$	—		$	748,846
Exchange traded notes	6,968		35,301		—		—			42,269
	396,778		394,337		—		—			791,115

Other Assets
Equity investment	$	—	$	—	$	45,856	$	—		$	45,856
Exchange stock	2,417		—		—		—			2,417
	2,417		—		45,856		—			48,273

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	931,992	$	1,336,338	$	—	$	—		$	2,268,330
U.S. and Non-U.S. government obligations	112,058		3,054		—		—			115,112
Corporate Bonds	—		40,123		—		—			40,123
Exchange traded notes	371		39,613		—		—			39,984
Currency forwards	—		2,720,749		—		(2,719,954		)	795
Options	11,051		—		—		—			11,051
	$	1,055,472	$	4,139,877	$	—	$	(2,719,954	)	$	2,475,395

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



	December 31, 2017
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting			Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	758,596	$	1,167,995	$	—	$	—		$	1,926,591
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 (see Receivable from Bats Global Markets, Inc. ("BATS") below).

SBI Investment

As of December 31, 2018, the fair value of the Company's 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 12.6x average price/earnings multiples of comparable companies to corroborate the income approach. The fair value of the SBI Investment at December 31, 2018 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.

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 comprised a $50.0 million payment and an annual payment of up to $6.6 million, both of which were paid to the Company in April 2018.

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 based on quoted prices from the market for similar instruments, and is categorized as Level 2 in the fair value hierarchy.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2018:



	December 31, 2018
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Carrying Value		Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	736,047	$	736,047	$	736,047	$	—	$	—
Securities borrowed	1,399,684		1,399,684		—		1,399,684		—
Securities purchased under agreements to resell	15,475		15,475		—		15,475		—
Receivables from broker dealers and clearing organizations	1,101,449		1,101,449		71,288		1,030,161		—
Total Assets	$	3,252,655	$	3,252,655	$	807,335	$	2,445,320	$	—

Liabilities
Short-term borrowings	$	15,128	$	15,128	$	—	$	15,128	$	—
Long-term borrowings	907,037		916,465		—		916,465		—
Securities loaned	1,130,039		1,130,039		—		1,130,039		—
Securities sold under agreements to repurchase	281,861		281,861		—		281,861		—
Payables to broker dealer and clearing organizations	567,441		567,441		1,031		566,410		—
Total Liabilities	$	2,901,506	$	2,910,934	$	1,031	$	2,909,903	$	—

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2017:



	December 31, 2017
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	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	$	—

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



	Year Ended December 31, 2018
(in thousands)	Balance at December 31, 2017		Purchases		Total Realized and Unrealized Gains / (Losses)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2018		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2018
Assets
Other assets:
Equity investment	$	40,588	$	—	$	5,268	$	—	$	—	$	45,856	$	5,268
Total	$	40,588	$	—	$	5,268	$	—	$	—	$	45,856	$	5,268



	Year Ended December 31, 2017
(in thousands)	Balance at December 31, 2016		Purchases		Total Realized and Unrealized Gains / (Losses)		Net Transfers into (out of) Level 3		Settlement			Balance at December 31, 2017		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 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

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, 2018 and December 31, 2017:



	December 31, 2018
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Statement of Financial Condition			Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition
								Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
(in thousands)								Financial Instruments			Cash Collateral Received			Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,399,684	$	—		$	1,399,684	$	(1,361,635	)	$	(8,822	)	$	29,227
Securities purchased under agreements to resell	15,475		—			15,475		(15,475		)	—			—
Trading assets, at fair value:
Currency forwards	2,792,373		(2,790,242		)	2,131		—			—			2,131
Options	11,899		—			11,899		(11,899		)	—			—
Total	$	4,219,431	$	(2,790,242	)	$	1,429,189	$	(1,389,009	)	$	(8,822	)	$	31,358



	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Statement of Financial Condition			Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition
								Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
(in thousands)								Financial Instruments			Cash Collateral Pledged			Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,130,039	$	—		$	1,130,039	$	(1,108,461	)	$	(8,822	)	$	12,756
Securities sold under agreements to repurchase	281,861		—			$	281,861	(281,861		)	—			—
Trading liabilities, at fair value:
Currency forwards	2,720,749		(2,719,954		)	795		—			(792		)	3
Options	11,051		—			11,051		(11,051		)	—			—
Total	$	4,143,700	$	(2,719,954	)	$	1,423,746	$	(1,401,373	)	$	(9,614	)	$	12,759



	December 31, 2017
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Statement of Financial Condition			Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition
								Gross Amounts Not Offset In the Statement of Financial Condition
(in thousands)								Financial Instruments			Cash Collateral 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



	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Statement of Financial Condition			Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition
								Gross Amounts Not Offset In the Statement of Financial Condition
(in thousands)								Financial Instruments			Cash Collateral 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

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



	December 31, 2018
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	45,000	$	65,000	$	160,000	$	270,000
U.S. and Non-U.S. government obligations	11,861		—		—		—		11,861
Total	11,861		45,000		65,000		160,000		281,861

Securities loaned:
Equity securities	1,130,039		—		—		—		1,130,039
Total	$	1,130,039	$	—	$	—	$	—	$	1,130,039



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

Securities sold under agreements to repurchase:
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 loaned:
Equity securities	754,687		—		—		—		754,687
Total	$	754,687	$	—	$	—	$	—	$	754,687

- 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, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at December 31, 2018 and December 31, 2017:



(in thousands)		December 31, 2018					December 31, 2017
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	$	(15,382	)	$	2,891,606	$	(505	)	$	1,985,770
Commodity futures	Receivables from broker dealers and clearing organizations	69,235			11,595,215		971			21,231,001
Currency futures	Receivables from broker dealers and clearing organizations	(9,432		)	3,756,914		26,548			3,994,412
Fixed income futures	Receivables from broker dealers and clearing organizations	(28		)	18,694		73			44,395
Options	Financial instruments owned	11,899			659,101		7,045			682,369
Currency forwards	Financial instruments owned	2,792,373			171,288,432		2,045,487			124,000,221

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	$	468		$	106,487	$	(575	)	$	142,658
Commodity futures	Payables to broker dealers and clearing organizations	(375		)	54,782		(1,602		)	130,042
Currency futures	Payables to broker dealers and clearing organizations	(30,643		)	6,239,725		(13,947		)	7,756,958



Fixed income futures	Payables to broker dealers and clearing organizations	93		8,591	(1	)	2,584
Options	Financial instruments sold, not yet purchased	11,051		608,756	5,839		681,147
Currency forwards	Financial instruments sold, not yet purchased	2,720,749		171,252,224	2,032,017		123,993,234

Derivative instruments designated as hedging instruments:
Currency forwards	Financial instruments sold, not yet purchased	(792	)	13,501	(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, 2018, 2017, and 2016.



		Years Ended December 31,
(in thousands)	Financial Statements Location	2018			2017			2016
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net	$	(309,598	)	$	290,609		$	559,626
Currency forwards	Trading income, net	174,310			2,603			1,915
Options	Trading income, net	(6,161		)	(7,166		)	(410		)
Others	Trading income, net	—			—			(6		)
		$	(141,449	)	$	286,046		$	561,125

Derivative instruments designated as hedging instruments:
Foreign exchange - forward contract	Accumulated other comprehensive income	$	63		$	(642	)	—

Revenues from Contracts with Customers

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

Revenue Recognition

The Company adopted ASC Topic 606, Revenue from Contracts with Customers as of January 1, 2018 in the consolidated financial statements by applying the modified retrospective method. The Company’s revenue recognition methods for its contracts with customers prior to the adoption of Topic 606 are consistent with its methods after the adoption of Topic 606. Accordingly, the adoption of the new standard did not result in a transition adjustment to opening retained earnings, and as a result, revenues for contracts with customers would not have been adjusted in prior periods and are not presented herein on an adjusted basis.

The new revenue guidance does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other U.S. GAAP, and as a result, did not have an impact on the elements of the Company’s consolidated statement of comprehensive income most closely associated with financial instruments, including trading income, net and interest and dividend income. The new standard primarily impacts the presentation of the following revenue streams:

•

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

•

Technology services. The Company’s 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 as well as, in certain cases, contingent fees based on customer revenues, which represent variable consideration. The services offered under these contracts are delivered as an integrated package and are interdependent and have the same pattern of transfer to the customer; accordingly, the Company measures and recognizes them as a single performance obligation. The performance obligation is satisfied over time, and, therefore, revenue is recognized as time passes. Variable consideration has not been included in the transaction price as the amount of consideration is contingent on factors outside the Company’s control and thus it is not probable that a significant reversal of cumulative revenue recognized will not occur. Recurring fees, which exclude variable consideration, are billed and collected on a quarterly basis and are included within Receivables from broker dealers and clearing organizations.

Disaggregation of Revenues

The following table presents the Company’s revenue from contracts with customers disaggregated by the services described above, by timing of revenue recognition, reconciled to the Company’s segments, for the year ended December 31, 2018:



	Year Ended December 31, 2018
(in thousands)	Market Making		Execution Services		Corporate			Total
Revenues from Contracts with Customers:
Commissions, net	$	28,813	$	150,206	$	—		$	179,019
Technology services	—		5,320		—			5,320
Total revenue from contracts with customers	28,813		155,526		—			184,339

Other sources of revenue	1,355,662		340,807		(2,090		)	1,694,379

Total revenues	1,384,475		496,333		(2,090		)	1,878,718

Timing of revenue recognition:
Services transferred at a point in time	1,384,475		491,013		(2,090		)	1,873,398
Services transferred over time	—		5,320		—			5,320
Total revenues	$	1,384,475	$	496,333	$	(2,090	)	$	1,878,718

Information on Remaining Performance Obligations and Revenue Recognized

As of December 31, 2018, the aggregate amount of the transaction price allocated to the performance obligations relating to Technology Services revenues that are unsatisfied (or partially unsatisfied) was not material.

Contract Assets and Contract Liabilities

The timing of the revenue recognition may differ from the timing of payment from customers. The Company records a receivable when revenue is recognized prior to payment, and when the Company has an unconditional right to payment. The Company records a contract liability when payment is received prior to the time at which the satisfaction of the service obligation occurs. Receivables related to revenues from contracts with customers amounted to $1.7 million and $7.1 million as of December 31, 2018 and December 31, 2017, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

Income before income taxes and noncontrolling interest is as follows for the years ended December 31, 2018, 2017, and 2016:



	For the Year Ended December 31,
	2018		2017		2016
(in thousands)
U.S. operations	$	659,937	$	70,484	$	138,950
Non-U.S. operations	36,426		42,680		40,641
	$	696,363	$	113,164	$	179,591

The provision for income taxes consists of the following for the years ended December 31, 2018, 2017, and 2016:



	For the Year Ended December 31,
(in thousands)	2018			2017			2016
Current provision (benefit)
Federal	$	49,047		$	(9,991	)	$	2,690
State and Local	18,697			65			38
Foreign	4,276			1,219			5,210
Deferred provision (benefit)
Federal	4,986			106,415			13,547
State and Local	(1,599		)	(3,380		)	194
Foreign	764			(62		)	(428		)
Provision for income taxes	$	76,171		$	94,266		$	21,251

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, 2018, 2017, and 2016:



	For the Year Ended December 31,
	2018		2017		2016
(in thousands, except percentages)
Tax provision at the U.S. federal statutory rate	21.0	%	35.0	%	35.0	%
Less: rate attributable to noncontrolling interest	(10.2	)	(19.1	)	(24.4	)
State and local taxes, net of federal benefit	1.9		(1.9	)	1.3
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	(0.3	)	1.9		—
Other, net	(1.5	)	0.2		—
Effective tax rate	10.9	%	83.3	%	11.9	%

The components of the deferred tax assets and liabilities as of December 31, 2018, and 2017 are as follows



	December 31,
(in thousands)	2018			2017
Deferred income tax assets
Tax Receivable Agreement	$	167,117		$	101,594
Share-based compensation	9,419			5,213
Intangibles	12,738			14,547
Fixed assets and other	21,088			13,425
Tax credits and net operating loss carryforwards	44,972			50,867
Less: Valuation allowance on net operating loss carryforwards and tax credits	(44,947		)	(43,544		)
Total deferred income tax assets	$	210,387		$	142,102
Deferred income tax liabilities
Intangibles	10,028			16,342
Total deferred income tax liabilities	$	10,028		$	16,342

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, 2018, 2017 and 2016, 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, 2018 and December 31, 2017 are current income tax receivables of $41.1 million and $115.2 million, respectively. The balance at December 31, 2018 primarily comprises income taxes due to the Company from federal, state and local, and foreign tax jurisdictions based on income before taxes, and 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 are eligible to be carried back by the Company. Included in Accounts payable and accrued expenses and other liabilities on the consolidated statements of financial condition at December 31, 2018 and December 31, 2017 are current tax liabilities of $10.3 million and $7.6 million, respectively. The balances primarily comprise income taxes owed to federal, state and local, and foreign tax jurisdictions based on income before taxes.

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

There are no expiration dates on the deferred tax assets. The Company’s deferred tax asset at December 31, 2017 includes an alternative minimum tax credit carryforward of $0.6 million, which can be either refunded over a period of years 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 at December 31, 2018 and December 31, 2017 of $239.3 million and $231.8 million, respectively, and has recorded a related deferred tax asset of $44.9 million and $43.5 million, respectively. A full valuation allowance was also recorded against this deferred tax asset at December 31, 2018 and 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, 2018 and December 31, 2017 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, 2018, the Company’s tax years for 2013 through 2017 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 2017. In addition, the Company is subject to state and local income tax examinations in various jurisdictions for the tax years 2013 through 2017. 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, 2018, 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, 2018.



	December 31,
(in thousands)	2018
Balance at December 31, 2017	$	7,300
Increase from Acquisition of KCG	—
Decreases based on tax positions related to prior period	(840		)
Increase based on tax positions related to current period	868
Balance at December 31, 2018	$	7,333

The 2017 Tax Act was signed into law on December 22, 2017 and 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. As of December 31, 2017, the Company recorded a reduction of its deferred tax assets for the impact of the 2017 Tax Act of approximately $90.6 million, which was 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 from 35% to 21%. During the year ended December 31, 2018, the Company did not make any further adjustments due to the 2017 Tax Act. The Company has completed its determination of the accounting implications of the 2017 Tax act on its tax balances.

Commitments, Contingencies and Guarantees

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

At December 31, 2018, minimum rental commitments under non-cancellable leases are approximately as follows:



	Minimum Rental Commitments
Year Ending December 31	Capital		Operating		Subleases			Net Rental Commitments
2019	$	21,983	$	32,755	(8,979		)	45,759
2020	11,283		30,473		(9,324		)	32,432
2021	1,651		25,564		(8,844		)	18,371
2022	—		22,710		(8,552		)	14,158
2023	—		21,456		(8,695		)	12,761
Thereafter	—		113,779		(36,312		)	77,467
Total minimum lease payments	$	34,917	$	246,737	$	(80,706	)	$	200,948

Total operating lease expense, net of amortization expense related to landlord incentives, for the years ended December 31, 2018, 2017, and 2016, was approximately $12.7 million, $13.1 million, and $2.4 million, respectively. Occupancy lease expense for the years ended December 31, 2018, 2017, and 2016 of $12.5 million, $12.9 million, and $1.3 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, 2018, 2017, and 2016 of $0.2 million, $0.2 million, and $1.1 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 legal proceedings 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. 2017-421-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 the Company and Jefferies LLC for allegedly aiding and abetting the KCG board members’ alleged breaches of fiduciary duty and a claim against the Company and Jefferies LLC for alleged civil conspiracy. The amended complaint was again amended on July 16, 2018 with the filing of the Verified Second Amended Class Action Complaint (the “Second Amended Complaint”) to include additional factual allegations. No amount of damages is stated in the Second Amended Complaint, against which Virtu intends to defend vigorously.

On January 29, 2019, the Company was named as a defendant in Ford v. ProShares Trust II, et al., No. 19-cv-886. The complaint was filed in federal district court in New York on behalf of a putative class, and asserts claims against the Company and numerous other financial institutions under Section 11 of the Securities Act of 1933 in connection with trading in a ProShares inverse-volatility ETF. The complaint does not specify the amount of alleged damages. The Company believes that the claims are without merit and intends to defend the lawsuit vigorously. Additionally, on February 27, 2019, the Company was named as a defendant in Bittner v. ProShares Trust, et al., No. 19-cv-1840. The complaint was filed in federal district court in New York on behalf of a putative class, and asserts substantially similar allegations to those in the Ford complaint. The complaint does not specify the amount of alleged damages. The Company believes that the claims are without merit and intends to defend the lawsuit 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. From time to time, the Company is the subject of requests for information and documents from the SEC, FINRA and other regulators. It is the Company's practice to cooperate and comply with the requests for information and documents.

The Company is currently the subject of various regulatory reviews and investigations by federal 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) and recently was reduced to €3.0 million. The Company has fully reserved for the monetary penalty as of December 31, 2018 and anticipates paying the fine during the year ended December 31, 2019.

Representations and Warranties; Indemnification Arrangements

In the normal course of its operations, the Company enters into contracts that contain a variety of representations and warranties in addition to indemnification obligations. The Company's maximum exposure under these arrangements is currently unknown, as any such exposure could relate to claims not yet brought or events which have not yet occurred. For example, in November 2013, KCG sold Urban Financial of America, LLC ("Urban"), the reverse mortgage origination and securitization business previously owned by Knight Capital Group, Inc., to an investor group now known as Finance of America Reverse, LLC ("FAR"). Pursuant to the terms of the Stock Purchase Agreement between KCG and FAR, Virtu has certain continuing obligations related to KCG's prior ownership of Urban and has been and, in the future may be, advised by FAR of potential claims thereunder.

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, legal fees, judgments, fines, settlements, and other amounts actually and reasonably incurred by such persons under certain circumstances as more fully disclosed in its operating agreement. The overall maximum amount of the obligations (if any) cannot reasonably be estimated as it will depend on the facts and circumstances that give rise to any future claims.

Capital Structure	12 Months Ended
Capital Structure	Dec. 31, 2018
Equity [Abstract]
Capital Structure	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, par value $0.00001 per share (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. During the period prior to the Reorganization Transactions and IPO, Class A-2 profits interests and Class B interests in Virtu Financial were issued to Employee Holdco (as defined below) on behalf of certain key employees and stakeholders. In connection with the Reorganization Transactions, all Class A-2 profits interests and Class B interests were reclassified into non-voting common interest units (the "Virtu Financial Units"). As of December 31, 2018 and December 31, 2017, respectively, there were 8,760,755 and 12,301,067 Virtu Financial Units outstanding, respectively, and 3,540,312, 1,930,468, and 1,162,891 Virtu Financial Units and corresponding Class C Common Stock were exchanged into Class A Common Stock, forfeited or repurchased during the years ended December 31, 2018, 2017, and 2016, respectively. Amended and Restated 2015 Management Incentive Plan The Company’s board of directors and stockholders adopted the 2015 Management Incentive Plan, which became effective upon consummation of the IPO, and was subsequently amended and restated following receipt of approval from the Company’s stockholders on June 30, 2017. 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. Acquisition of KCG On the Closing Date and in connection with the financing of the Acquisition of KCG, the Company issued 6,346,155 shares of Class A Common Stock to Aranda for an aggregate purchase price of approximately $99.0 million and 39,725,979 shares of Class A Common Stock to the North Island Shareholder for an aggregate purchase price of approximately $613.5 million. On August 10, 2017, the Company issued an additional 1,666,666 shares of Class A Common Stock for an aggregate purchase price of $26.0 million and an additional 338,124 shares of Class A Common Stock for an aggregate purchase price of $5.2 million. See Note 3 "Acquisition of KCG" for further details. Share Repurchase Program In February 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 Virtu Financial 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. On July 27, 2018, the Company's board of directors authorized the expansion of the Company's share repurchase program, increasing the total authorized amount by $50.0 million to $100.0 million and extending the duration of the program through September 30, 2019. Since the inception of the program in February 2018, the Company has repurchased approximately 2.6 million shares of Class A Common Stock and Virtu Financial Units for approximately $65.9 million. The Company now has approximately $34.1 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program. Secondary Offerings In May 2018, the Company and certain selling stockholders completed a public offering (the “May 2018 Secondary Offering”) of 17,250,000 shares of Class A Common Stock by the Company and certain selling stockholders at a purchase price per share of $27.16 (the offering price to the public of $28.00 per share minus the underwriters’ discount), which included the exercise in full by the underwriters of their option to purchase additional shares in the May 2018 Secondary Offering. The Company sold 10,518,750 shares of Class A Common Stock in the offering, the net proceeds of which were used to purchase an equivalent number of Virtu Financial Units and corresponding shares of Class D Common Stock from TJMT Holdings LLC pursuant to that certain Member Purchase Agreement, entered into on May 15, 2018 by and between the Company and TJMT Holdings LLC. The selling stockholders sold 6,731,250 shares of Class A Common Stock in the May 2018 Secondary Offering, including 2,081,250 shares of Class A Common Stock issued by the Company upon the exercise of vested stock options. In connection with the May 2018 Secondary Offering, the Company, TJMT Holdings LLC, the North Island Stockholder, Havelock Fund Investments Pte. Ltd. (“Havelock”) and Aranda entered into that certain Amendment No. 1 to the Amended and Restated Registration Rights Agreement dated April 20, 2017, by and among the Company, TJMT Holdings LLC, the North Island Stockholder, Havelock, Aranda and certain direct or indirect equityholders of the Company (the “Amended and Restated Registration Rights Agreement”) to add Mr. Vincent Viola and Mr. Michael Viola and to confirm that certain other persons (including the Company’s CEO) remain parties to the Amended and Restated Registration Rights Agreement. Employee Exchanges During the years ended December 31, 2018 and 2017, pursuant to the exchange agreement by and among the Company, Virtu Financial and holders of Virtu Financial Units, certain current and former employees elected to exchange 3,919,462 and 1,355,763 units, respectively in Virtu Financial held directly or on their behalf by Virtu Employee Holdco LLC (“Employee Holdco”) on a one-for-one basis for shares of Class A Common Stock. As a result of the completion of the IPO, the Reorganization Transactions, the Secondary Offerings, employee exchanges, and the share issuance in connection with the Acquisition of KCG, the Company holds approximately 56.7% interest in Virtu Financial at December 31, 2018.

Share-based Compensation

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation

Pursuant to the Amended and Restated 2015 Management Incentive Plan as described in Note 16 "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, 2018 and 2017:



	Options Outstanding					Options Exercisable
	Number of Options		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Number of Options	Weighted Average Exercise Price Per Share
At December 31, 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
Granted	—		—		—	—	—
Exercised	(4,168,100	)	19.00		—	—	—
Forfeited or expired	(83,750	)	—		—	—	—
At December 31, 2018	3,486,150		$	19.00	6.30	1,660,400	$	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 $5.8 million, $5.2 million, and $5.6 million for the years ended December 31, 2018, 2017, and 2016, respectively, of compensation expense in relation to the stock options issued and outstanding. As of December 31, 2018 and December 31, 2017, total unrecognized share-based compensation expense related to unvested stock options was $1.6 million and $7.5 million, respectively, and these amounts are to be recognized over a weighted average period of 0.3 and 1.3 years, respectively.

Class A Common Stock and Restricted Stock Units

Pursuant to the Amended and Restated 2015 Management Incentive Plan as described in Note 16 "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, 2018, 2017, and 2016, respectively, there were 594,536, 19,719, and 656,019 shares of immediately vested Class A Common Stock granted as part of year-end compensation. In addition, the Company accrued compensation expense of $11.2 million and $11.0 million for the years ended December 31, 2018 and 2017, respectively, related to immediately vested Class A Common Stock expected to be awarded as part of year-end incentive compensation, which was included in employee compensation and payroll taxes on the consolidated statements of comprehensive income and accounts payable and accrued expenses and other liabilities on the consolidated statements of financial condition.

The following table summarizes activity related to the RSUs:



	Number of Shares		Weighted Average Fair Value
At December 31, 2016	1,573,441		18.28
Granted	64,402		18.09
Forfeited	(258,250	)	18.4
Vested	(526,546	)	18.75
At December 31, 2017	853,047		17.94
Granted	1,265,899		20.89
Forfeited	(127,493	)	18.30
Vested	(612,531	)	18.76
At December 31, 2018	1,378,922		$	20.03

The Company recognized $17.9 million, $9.9 million, and $6.3 million for the years ended December 31, 2018, 2017, and 2016, respectively, of compensation expense in relation to the restricted stock units. As of December 31, 2018 and December 31, 2017, total unrecognized share-based compensation expense related to unvested RSUs was $21.3 million and $14.3 million, respectively, and this amount is to be recognized over a weighted average period of 1.7 and 1.5 years, respectively.

Property, Equipment and Capitalized Software

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Equipment and Capitalized Software

Property, equipment and capitalized software consisted of the following at December 31, 2018 and 2017:



(in thousands)	2018			2017
Capitalized software costs	$	108,220		$	94,915
Leasehold improvements	67,995			93,624
Furniture and equipment	260,825			324,135
Total	437,040			512,674
Less: Accumulated depreciation and amortization	(323,718		)	(375,656		)
Total property, equipment and capitalized software, net	$	113,322		$	137,018

Depreciation expense for property and equipment for the years ended December 31, 2018, 2017, and 2016 was approximately $48.4 million, $36.8 million, and $19.6 million, respectively, and is included within depreciation and amortization expense in the 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 $24.4 million, $15.7 million, and $11.1 million for the years ended December 31, 2018, 2017, and 2016, respectively. The related amortization expense was approximately $20.4 million, $10.1 million, and $10.1 million for the years ended December 31, 2018, 2017, and 2016, respectively, and is included within depreciation and amortization expense in the 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, the Company continuously capitalized the vesting of the interest units through December 31, 2017 as the non-voting interest units were fully vested. The Company capitalized approximately $0.04 million and $0.09 million for the years ended December 31, 2017 and 2016, respectively. The amortization costs related to these capitalized compensation charges and previously capitalized compensation charges related to the Class B Interests of Virtu East MIP LLC and the Company's Class B interests were approximately $0.02 million, $0.07 million, and $0.7 million for the years ended December 31, 2018, 2017, and 2016, respectively.

Regulatory Requirement

12 Months Ended

Dec. 31, 2018

Regulatory Capital Requirements [Abstract]

Regulatory Requirement

As of December 31, 2018 and December 31, 2017, 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-dealers. Pursuant to NYSE rules, VAL was also required to maintain $1.0 million of capital in connection with the operation of its designated market maker (“DMM”) business as of December 31, 2018. The required amount is determined under the exchange rules as the greater of (i) $1 million or (ii) $75,000 for every 0.1% of NYSE transaction dollar volume in each of the securities for which the Company is registered as the DMM. The DMM business was transferred from VFCM to VAL during the second quarter of 2018. VFCM was required to maintain $4.1 million in connection with the operation of its DMM business as of December 31, 2017.

The regulatory capital and regulatory capital requirements of these subsidiaries as of December 31, 2018 were as follows:



(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	381,211	$	2,035	$	379,176
Virtu Financial BD LLC	133,850		1,000		132,850
Virtu Financial Capital Markets LLC	9,457		1,000		8,457

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



(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory 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

Geographic Information and Business Segments

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

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, 2018, 2017, and 2016:



	Years Ended December 31,
(in thousands)	2018		2017		2016
Revenues:
United States	$	1,644,641	$	791,044	$	455,418
Ireland	81,531		97,637		139,642
United Kingdom	15,681		21,143		—
Singapore	136,161		113,891		106,813
Others	704		4,267		399
Total revenues	$	1,878,718	$	1,027,982	$	702,272

Prior to the Acquisition of KCG, 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 two operating segments: (i) Market Making and (ii) Execution Services; and one non-operating segment: Corporate.

The Market Making segment principally consists of market making in the cash, futures and options markets across global equities, 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 Link ATS operated by 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; and (iii) 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 for the years ended December 31, 2018, 2017, and 2016 are summarized in the following table:



(in thousands)	Market Making		Execution Services			Corporate (1)			Consolidated Total
2018
Total revenue	$	1,384,475	$	496,333		$	(2,090	)	$	1,878,718
Income before income taxes and noncontrolling interest	422,648		325,043			(51,328		)	696,363

2017
Total revenue	836,707		99,135			92,140			1,027,982
Income (loss) 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
(1) Amounts shown in the Corporate segment include eliminations of income statement and balance sheet items included in the Company's other segments.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company incurs expenses and maintains balances with its affiliates in the ordinary course of business. As of December 31, 2018, and December 31, 2017 the Company had a payable of $3.0 million to and a receivable of $0.1 million from its affiliates, respectively. The Company purchases network connections services from affiliates of Level 3 Communications (“Level 3”). An affiliate has a significant ownership interest in Level 3. The Company paid $1.5 million, $2.5 million, and $2.4 million for the years ended December 31, 2018, 2017, and 2016, respectively, to Level 3 for these services. The Company purchases and leases computer equipment and maintenance and support from affiliates of Dell Inc. (“Dell”). An affiliate has a significant ownership interest in Dell. The Company paid $0.8 million, $2.5 million, and $2.7 million for the years ended December 31, 2018, 2017, and 2016, respectively, to Dell for these purchases and leases. The Company purchases market data and software licenses from affiliates of Markit Group Holdings Limited (“MarkIt”). An affiliate has a significant ownership interest in MarkIt. For the year ended December 31, 2018, the amount paid to MarkIt for these services was $0.4 million. The amounts paid to MarkIt were immaterial for the years ended December 31, 2017 and 2016. 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 $9.5 million, $6.0 million, and $2.2 million for the years ended December 31, 2018, 2017, and 2016, respectively, to SBI for these trading activities. The Company makes payments to two JVs (See Note 2, “Summary of Significant Accounting Policies”) to fund the construction of the microwave communication networks, and to purchase microwave communication networks, which are recorded within communications and data processing on the consolidated statements of comprehensive income. The Company made payments of $20.0 million, $8.3 million, and $0.6 million for the years ended December 31, 2018, 2017, and 2016, respectively. Additionally, in the third quarter of 2018, the Company sold certain assets to one of its joint ventures, including the intangible assets associated with leases with a net carrying value of $1.1 million at the time of sale, for $0.6 million.

Parent Company

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

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 the Notes (see 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 the 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.

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Financial Condition



	As of December 31,
(In thousands except interest data)	2018			2017
Assets
Cash	$	3,841		$	60,193
Deferred tax asset	189,627			124,631
Investment in subsidiary	1,730,867			1,549,162
Other assets	35,998			10,731
Total assets	$	1,960,333		$	1,744,717

Liabilities, redeemable membership interest and equity
Liabilities
Payable to affiliate	$	694,028		$	767,101
Accounts payable and accrued expenses and other liabilities	6			7
Tax receivable agreement obligations	214,403			147,040
Total liabilities	$	908,437		$	914,148

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			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	(55,005		)	(11,041		)
Additional paid-in capital	1,010,468			900,746
Accumulated deficit	96,513			(62,129		)
Accumulated other comprehensive income (loss)	(82		)	2,991
Total Virtu Financial Inc. stockholders' equity	$	1,051,896		$	830,569

Total liabilities and stockholders' equity	$	1,960,333		$	1,744,717

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Comprehensive Income



	For the Years Ended December 31,
(in thousands)	2018			2017			2016
Revenues:
Other Income	—			86,599			—
	—			86,599			—

Operating Expenses:
Operations and administrative	1			181			198

Income (loss) before equity in income of subsidiary	(1		)	86,418			(198		)
Equity in income of subsidiary, net of tax	620,193			(83,479		)	33,178
Net income	$	620,192		$	2,939		$	32,980
Net income attributable to common stockholders	620,192			2,939			32,980
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes	(3,073		)	3,243			(351		)
Comprehensive income	$	617,119		$	6,182		$	32,629

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Cash Flows



	For the Years Ended December 31,
(in thousands)	2018			2017			2016
Cash flows from operating activities
Net income	$	620,192		$	2,939		$	32,980

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax	(305,936		)	(513,601		)	157,975
Tax receivable agreement obligation reduction	79,722			(86,599		)	—
Deferred taxes	(64,996		)	102,973			13,197
Other	—			(8,500		)	—
Changes in operating assets and liabilities:	(25,268		)	(8,832		)	(4,012		)
Net cash provided by (used in) operating activities	303,714			(511,620		)	200,140

Cash flows from investing activities
Acquisition of KCG, net of cash acquired, described in Note 3	—			(23,908		)	—
Investments in subsidiaries, equity basis	34,909			16,846			24,893
Net cash provided by (used in) investing activities	34,909			(7,062		)	24,893

Cash flows from financing activities
Distribution from Virtu Financial to non-controlling interest	(206,903		)	(89,563		)	(162,969		)
Dividends	(100,329		)	(63,814		)	(37,759		)
Payments on repurchase of non-voting common interest	—			(11,143		)	(2,000		)
Repurchase of Class C common stock	(8,216		)	—			(98		)
Purchase of treasury stock	(66,218		)	(2,683		)	(4,539		)
Tax receivable agreement obligations	(12,359		)	(7,045		)	—
Issuance of common stock, net of offering costs	—			735,974			—
Issuance of common stock in connection with secondary offering, net of offering costs	(950		)	—			16,677
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with secondary offering	—			—			(17,383		)
Net cash provided by (used in) financing activities	$	(394,975	)	$	561,726		$	(208,071	)

Net increase (decrease) in Cash	$	(56,352	)	$	43,044		$	16,962
Cash, beginning of period	60,193			17,149			187
Cash, end of period	$	3,841		$	60,193		$	17,149

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

Non-cash financing activities
Tax receivable agreement described in Note 6	—			1,534			—
Secondary offerings described in Note 16	—			—			1,350

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events for adjustment to or disclosure in its consolidated financial statements through the date of this report, and has not identified any recordable or disclosable events, not otherwise reported in these consolidated financial statements or the notes thereto, except for the following: On February 7, 2019, 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 14, 2019 to holders of record as of February 28, 2019. On March 1, 2019 (the “ITG Closing Date”), the Company announced the completion of its previously announced acquisition of Investment Technology Group, Inc. (“ITG”) in a cash transaction valued at $30.30 per ITG share, or a total of approximately $1.0 billion (the “ITG Acquisition”). In connection with the ITG Acquisition, Virtu Financial, VFH and Impala Borrower LLC (the “Acquisition Borrower”), a subsidiary of the Company, entered into a Credit Agreement (the “New Credit Agreement”), with the lenders party thereto, Jefferies Finance LLC, as administrative agent and Jefferies Finance LLC and RBC Capital Markets, as joint lead arrangers and joint bookrunners. The New Credit Agreement provides (i) a senior secured first lien term loan in an aggregate principal amount of $1.5 billion, drawn in its entirety on the ITG Closing Date, with approximately $404.5 million being borrowed by VFH to repay all amounts outstanding under its existing term loan facility and the remaining approximately $1,095 million being borrowed by the Acquisition Borrower to finance the consideration and fees and expenses to be paid in connection with the ITG Acquisition, and (ii) a $50.0 million senior secured first lien revolving facility to VFH, with a $5.0 million letter of credit subfacility and a $5.0 million swingline subfacility. After the closing of ITG Acquisition, VFH will assume the obligations of the Acquisition Borrower in respect of the acquisition term loans. Additionally, on the ITG Closing Date, the Fourth Amended and Restated Credit Agreement was terminated.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

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 and Foreign Currency Translation

Share-Based Compensation

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.

Accounting Pronouncements, Recently Adopted and Accounting Pronouncements, Not Yet Adopted

Accounting Pronouncements, Recently Adopted

Accounting Pronouncements, Not Yet Adopted as of December 31, 2018

Revenue Recognition

•

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of nonconsolidated VIE

The following table presents the Company’s nonconsolidated VIEs at December 31, 2018:



	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability		Maximum Exposure to Loss		VIEs' assets
Equity investment	$	18,254	$	—	$	18,254	$	49,450

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



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

Acquisition of KCG (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

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

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



(in thousands)	Amount		Amortization 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

Sale of BondPoint (Tables)

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Summary of assets and liabilities of businesses held for sale

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



(in thousands)
Total sale proceeds received	$	400,192
Business assets and liabilities held for sale as of December 31, 2017:
Receivables from broker dealers and clearing organizations	3,383
Intangibles and other assets	51,687
Liabilities	(728		)
Total carrying value of BondPoint as of December 31, 2017:	54,342
Goodwill adjustment allocated to BondPoint	8,300
Gain on sale of BondPoint	337,550
Transaction costs	8,568
Gain on sale of BondPoint, net of transaction costs	$	328,982

- 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

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+ Details

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

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

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



	Years Ended December 31,
(in thousands)	2018			2017			2016
Income (loss) before income taxes and noncontrolling interest	$	696,363		$	113,164		179,591
Provision for (benefit from) income taxes	76,171			94,266			21,251
Net income	620,192			18,898			158,340

Noncontrolling interest	(330,751		)	(15,959		)	(125,360		)

Net income (loss) available for common stockholders	$	289,441		$	2,939		$	32,980

Schedule of basic earnings per share

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



	Years Ended December 31,
(in thousands, except for share or per share data)	2018			2017			2016
Basic earnings per share:
Net income (loss) available for common stockholders	$	289,441		$	2,939		$	32,980

Less: Dividends and undistributed earnings allocated to participating securities	(5,418		)	(1,326		)	(809		)
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	284,023			1,613			32,171

Weighted average shares of common stock outstanding:
Class A	100,875,793			62,579,147			38,539,091

Basic earnings per share	$	2.82		$	0.03		0.83

Schedule of diluted earnings per share



	Years Ended December 31,
(in thousands, except for share or per share data)	2018		2017		2016
Diluted earnings per share:
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$	284,023	$	1,613	$	32,171

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding	100,875,793		62,579,147		38,539,091
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan (1)	1,213,346		—		—
	102,089,139		62,579,147		38,539,091

Diluted earnings per share	$	2.78	$	0.03	$	0.83


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

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill by segment

The following table presents the details of goodwill by segment:



(in thousands)	Market Making		Execution Services			Corporate		Total
Balance as of December 31, 2017	$	755,292	$	89,591		$	—	$	844,883
Goodwill adjustment allocated to BondPoint	—		(8,300		)	—		(8,300		)
Balance as of December 31, 2018	$	755,292	$	81,291		$	—	$	836,583

Schedule of acquired intangible assets

Acquired intangible assets consisted of the following as of December 31, 2018 and 2017:



	As of December 31, 2018
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Purchased technology	$	110,000	$	110,000	$	—	1.4	to	2.5
ETF issuer relationships	950		665		285			9
ETF buyer relationships	950		665		285			9
Technology	60,000		30,185		29,815		1	to	6
Customer relationships	49,000		5,905		43,095			12
Favorable occupancy leases	5,895		1,224		4,671		3	to	15
Exchange memberships	5,838		—		5,838		Indefinite
	$	232,633	$	148,644	$	83,989



	As of December 31, 2017
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (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

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

12 Months Ended

Dec. 31, 2018

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

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

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at December 31, 2018 and December 31, 2017:




(in thousands)	December 31, 2018		December 31, 2017
Assets
Due from prime brokers	$	302,152	$	219,573
Deposits with clearing organizations	84,509		112,847
Net equity with futures commission merchants	294,884		203,711
Unsettled trades with clearing organization	193,544		173,778
Securities failed to deliver	218,663		248,088
Commissions and fees	7,697		14,021
Total receivables from broker-dealers and clearing organizations	$	1,101,449	$	972,018
Liabilities
Due to prime brokers	$	354,300	$	197,439
Net equity with futures commission merchants	47,998		44,526
Unsettled trades with clearing organization	90,021		420,029
Securities failed to receive	73,547		51,143
Commissions and fees	1,575		3,068
Total payables to broker-dealers and clearing organizations	$	567,441	$	716,205

Collateralized Transactions (Tables)

12 Months Ended

Dec. 31, 2018

Collateralized Agreements [Abstract]

Summary of the fair value of collateralized transactions

The fair value of the collateralized transactions at December 31, 2018 and December 31, 2017 are summarized as follows:



(in thousands)	December 31, 2018		December 31, 2017
Securities received as collateral:
Securities borrowed	$	1,361,635	$	1,415,793
Securities purchased under agreements to resell	15,475		—
	$	1,377,110	$	1,415,793

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

Financial instruments owned and pledged, where the counterparty has the right to repledge, at December 31, 2018 and December 31, 2017 consisted of the following:



(in thousands)	December 31, 2018		December 31, 2017
Equities	$	748,846	$	586,251
U.S. and Non-U.S. government obligations	—		99
Exchange traded notes	42,269		8,693
	$	791,115	$	595,043

Borrowings (Tables)

12 Months Ended

Dec. 31, 2018

Debt Instrument [Line Items]

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

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



	At December 31, 2018
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost			Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	3.40%	$	200,000	$	10,000	$	(832	)	$	9,168
Revolving credit facility	3.75%	500,000		7,000		(1,040		)	5,960
		$	700,000	$	17,000	$	(1,872	)	$	15,128



	At December 31, 2017
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost			Outstanding 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

Schedule of interest expense on debt



	Years Ended December 31,
(in thousands)	2018		2017		2016
Broker-dealer credit facilities:
Uncommitted facility	$	1,794	$	1,667	$	1,191
Committed facility (1)	—		33		41
Revolving credit facility	306		19		—
	$	2,100	$	1,719	$	1,232

(1) Facility was terminated in July 2017.

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

Aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:



(in thousands)	December 31, 2018
2019	$	—
2020	31,908
2021	400,000
2022 and thereafter	500,000
Total principal of long-term borrowings	$	931,908

Short-Term Credit Facilities

Debt Instrument [Line Items]

Schedule of reconciliation of the senior secured credit facility



	At December 31, 2018
	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Short-Term Credit Facilities:
Short-term credit facilities (2)	5.03%	$	566,000	$	184,608
		$	566,000	$	184,608



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

(2) Outstanding borrowings are included with Receivables from/ Payables to broker-dealers and clearing organizations within the consolidated statements of financial condition.

Senior Secured Credit Facility

Debt Instrument [Line Items]

Schedule of reconciliation of the senior secured credit facility

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



		At December 31, 2018
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount			Deferred Debt Issuance Cost			Outstanding Borrowings, net
Long-term borrowings:
Fourth Amended and Restated Credit Agreement	December 2021	5.55%	$	400,000	$	(332	)	$	(6,704	)	$	392,964
Senior Secured Second Lien Notes	June 2022	6.75%	500,000		—			(17,811		)	482,189
SBI bonds	January 2020	5.00%	31,908		—			(24		)	31,884
			$	931,908	$	(332	)	$	(24,539	)	$	907,037



		At December 31, 2017
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount			Deferred Debt Issuance Cost			Outstanding Borrowings, net
Long-term borrowings:
Fourth Amended and Restated 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

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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-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://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Summary of fair value measurements measured on a recurring basis

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2018:



	December 31, 2018
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting			Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	587,680	$	1,022,221	$	—	$	—		$	1,609,901
U.S. and Non-U.S. government obligations	91,466		14,547		—		—			106,013
Corporate Bonds	—		87,500		—		—			87,500
Exchange traded notes	3,396		27,966		—		—			31,362
Currency forwards	—		2,792,373		—		(2,790,242		)	2,131
Options	11,899		—		—		—			11,899
	694,441		3,944,607		—		(2,790,242		)	1,848,806

Financial instruments owned, pledged as collateral:
Equity securities	$	389,810	$	359,036	$	—	$	—		$	748,846
Exchange traded notes	6,968		35,301		—		—			42,269
	396,778		394,337		—		—			791,115

Other Assets
Equity investment	$	—	$	—	$	45,856	$	—		$	45,856
Exchange stock	2,417		—		—		—			2,417
	2,417		—		45,856		—			48,273

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	931,992	$	1,336,338	$	—	$	—		$	2,268,330
U.S. and Non-U.S. government obligations	112,058		3,054		—		—			115,112
Corporate Bonds	—		40,123		—		—			40,123
Exchange traded notes	371		39,613		—		—			39,984
Currency forwards	—		2,720,749		—		(2,719,954		)	795
Options	11,051		—		—		—			11,051
	$	1,055,472	$	4,139,877	$	—	$	(2,719,954	)	$	2,475,395

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



	December 31, 2017
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting			Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	758,596	$	1,167,995	$	—	$	—		$	1,926,591
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 (see Receivable from Bats Global Markets, Inc. ("BATS") below).

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2018:



	December 31, 2018
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Carrying Value		Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	736,047	$	736,047	$	736,047	$	—	$	—
Securities borrowed	1,399,684		1,399,684		—		1,399,684		—
Securities purchased under agreements to resell	15,475		15,475		—		15,475		—
Receivables from broker dealers and clearing organizations	1,101,449		1,101,449		71,288		1,030,161		—
Total Assets	$	3,252,655	$	3,252,655	$	807,335	$	2,445,320	$	—

Liabilities
Short-term borrowings	$	15,128	$	15,128	$	—	$	15,128	$	—
Long-term borrowings	907,037		916,465		—		916,465		—
Securities loaned	1,130,039		1,130,039		—		1,130,039		—
Securities sold under agreements to repurchase	281,861		281,861		—		281,861		—
Payables to broker dealer and clearing organizations	567,441		567,441		1,031		566,410		—
Total Liabilities	$	2,901,506	$	2,910,934	$	1,031	$	2,909,903	$	—

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2017:



	December 31, 2017
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	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	$	—

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

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



	Year Ended December 31, 2018
(in thousands)	Balance at December 31, 2017		Purchases		Total Realized and Unrealized Gains / (Losses)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2018		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2018
Assets
Other assets:
Equity investment	$	40,588	$	—	$	5,268	$	—	$	—	$	45,856	$	5,268
Total	$	40,588	$	—	$	5,268	$	—	$	—	$	45,856	$	5,268



	Year Ended December 31, 2017
(in thousands)	Balance at December 31, 2016		Purchases		Total Realized and Unrealized Gains / (Losses)		Net Transfers into (out of) Level 3		Settlement			Balance at December 31, 2017		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 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

Summary of netting of certain financial assets and financial liabilities

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of December 31, 2018 and December 31, 2017:



	December 31, 2018
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Statement of Financial Condition			Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition
								Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
(in thousands)								Financial Instruments			Cash Collateral Received			Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,399,684	$	—		$	1,399,684	$	(1,361,635	)	$	(8,822	)	$	29,227
Securities purchased under agreements to resell	15,475		—			15,475		(15,475		)	—			—
Trading assets, at fair value:
Currency forwards	2,792,373		(2,790,242		)	2,131		—			—			2,131
Options	11,899		—			11,899		(11,899		)	—			—
Total	$	4,219,431	$	(2,790,242	)	$	1,429,189	$	(1,389,009	)	$	(8,822	)	$	31,358



	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Statement of Financial Condition			Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition
								Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
(in thousands)								Financial Instruments			Cash Collateral Pledged			Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,130,039	$	—		$	1,130,039	$	(1,108,461	)	$	(8,822	)	$	12,756
Securities sold under agreements to repurchase	281,861		—			$	281,861	(281,861		)	—			—
Trading liabilities, at fair value:
Currency forwards	2,720,749		(2,719,954		)	795		—			(792		)	3
Options	11,051		—			11,051		(11,051		)	—			—
Total	$	4,143,700	$	(2,719,954	)	$	1,423,746	$	(1,401,373	)	$	(9,614	)	$	12,759



	December 31, 2017
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Statement of Financial Condition			Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition
								Gross Amounts Not Offset In the Statement of Financial Condition
(in thousands)								Financial Instruments			Cash Collateral 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



	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Statement of Financial Condition			Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition
								Gross Amounts Not Offset In the Statement of Financial Condition
(in thousands)								Financial Instruments			Cash Collateral 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

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



	December 31, 2018
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	45,000	$	65,000	$	160,000	$	270,000
U.S. and Non-U.S. government obligations	11,861		—		—		—		11,861
Total	11,861		45,000		65,000		160,000		281,861

Securities loaned:
Equity securities	1,130,039		—		—		—		1,130,039
Total	$	1,130,039	$	—	$	—	$	—	$	1,130,039



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

Securities sold under agreements to repurchase:
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 loaned:
Equity securities	754,687		—		—		—		754,687
Total	$	754,687	$	—	$	—	$	—	$	754,687

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of derivative instruments on a gross basis

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at December 31, 2018 and December 31, 2017:



(in thousands)		December 31, 2018					December 31, 2017
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	$	(15,382	)	$	2,891,606	$	(505	)	$	1,985,770
Commodity futures	Receivables from broker dealers and clearing organizations	69,235			11,595,215		971			21,231,001
Currency futures	Receivables from broker dealers and clearing organizations	(9,432		)	3,756,914		26,548			3,994,412
Fixed income futures	Receivables from broker dealers and clearing organizations	(28		)	18,694		73			44,395
Options	Financial instruments owned	11,899			659,101		7,045			682,369
Currency forwards	Financial instruments owned	2,792,373			171,288,432		2,045,487			124,000,221

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	$	468		$	106,487	$	(575	)	$	142,658
Commodity futures	Payables to broker dealers and clearing organizations	(375		)	54,782		(1,602		)	130,042
Currency futures	Payables to broker dealers and clearing organizations	(30,643		)	6,239,725		(13,947		)	7,756,958



Fixed income futures	Payables to broker dealers and clearing organizations	93		8,591	(1	)	2,584
Options	Financial instruments sold, not yet purchased	11,051		608,756	5,839		681,147
Currency forwards	Financial instruments sold, not yet purchased	2,720,749		171,252,224	2,032,017		123,993,234

Derivative instruments designated as hedging instruments:
Currency forwards	Financial instruments sold, not yet purchased	(792	)	13,501	(514	)	16,115

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



		Years Ended December 31,
(in thousands)	Financial Statements Location	2018			2017			2016
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net	$	(309,598	)	$	290,609		$	559,626
Currency forwards	Trading income, net	174,310			2,603			1,915
Options	Trading income, net	(6,161		)	(7,166		)	(410		)
Others	Trading income, net	—			—			(6		)
		$	(141,449	)	$	286,046		$	561,125

Derivative instruments designated as hedging instruments:
Foreign exchange - forward contract	Accumulated other comprehensive income	$	63		$	(642	)	—

Revenues from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue



	Year Ended December 31, 2018
(in thousands)	Market Making		Execution Services		Corporate			Total
Revenues from Contracts with Customers:
Commissions, net	$	28,813	$	150,206	$	—		$	179,019
Technology services	—		5,320		—			5,320
Total revenue from contracts with customers	28,813		155,526		—			184,339

Other sources of revenue	1,355,662		340,807		(2,090		)	1,694,379

Total revenues	1,384,475		496,333		(2,090		)	1,878,718

Timing of revenue recognition:
Services transferred at a point in time	1,384,475		491,013		(2,090		)	1,873,398
Services transferred over time	—		5,320		—			5,320
Total revenues	$	1,384,475	$	496,333	$	(2,090	)	$	1,878,718

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Summary of income before income taxes

Income before income taxes and noncontrolling interest is as follows for the years ended December 31, 2018, 2017, and 2016:



	For the Year Ended December 31,
	2018		2017		2016
(in thousands)
U.S. operations	$	659,937	$	70,484	$	138,950
Non-U.S. operations	36,426		42,680		40,641
	$	696,363	$	113,164	$	179,591

Summary of provision for income taxes

The provision for income taxes consists of the following for the years ended December 31, 2018, 2017, and 2016:



	For the Year Ended December 31,
(in thousands)	2018			2017			2016
Current provision (benefit)
Federal	$	49,047		$	(9,991	)	$	2,690
State and Local	18,697			65			38
Foreign	4,276			1,219			5,210
Deferred provision (benefit)
Federal	4,986			106,415			13,547
State and Local	(1,599		)	(3,380		)	194
Foreign	764			(62		)	(428		)
Provision for income taxes	$	76,171		$	94,266		$	21,251

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

The reconciliation of the tax provision at the U.S. Federal Statutory Rate to the provision for income taxes for the years ended December 31, 2018, 2017, and 2016:



	For the Year Ended December 31,
	2018		2017		2016
(in thousands, except percentages)
Tax provision at the U.S. federal statutory rate	21.0	%	35.0	%	35.0	%
Less: rate attributable to noncontrolling interest	(10.2	)	(19.1	)	(24.4	)
State and local taxes, net of federal benefit	1.9		(1.9	)	1.3
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	(0.3	)	1.9		—
Other, net	(1.5	)	0.2		—
Effective tax rate	10.9	%	83.3	%	11.9	%

Schedule of components of deferred tax assets and liabilities

The components of the deferred tax assets and liabilities as of December 31, 2018, and 2017 are as follows



	December 31,
(in thousands)	2018			2017
Deferred income tax assets
Tax Receivable Agreement	$	167,117		$	101,594
Share-based compensation	9,419			5,213
Intangibles	12,738			14,547
Fixed assets and other	21,088			13,425
Tax credits and net operating loss carryforwards	44,972			50,867
Less: Valuation allowance on net operating loss carryforwards and tax credits	(44,947		)	(43,544		)
Total deferred income tax assets	$	210,387		$	142,102
Deferred income tax liabilities
Intangibles	10,028			16,342
Total deferred income tax liabilities	$	10,028		$	16,342

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



	December 31,
(in thousands)	2018
Balance at December 31, 2017	$	7,300
Increase from Acquisition of KCG	—
Decreases based on tax positions related to prior period	(840		)
Increase based on tax positions related to current period	868
Balance at December 31, 2018	$	7,333

Commitments, Contingencies and Guarantees (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of minimum rental commitments under non-cancellable leases

At December 31, 2018, minimum rental commitments under non-cancellable leases are approximately as follows:



	Minimum Rental Commitments
Year Ending December 31	Capital		Operating		Subleases			Net Rental Commitments
2019	$	21,983	$	32,755	(8,979		)	45,759
2020	11,283		30,473		(9,324		)	32,432
2021	1,651		25,564		(8,844		)	18,371
2022	—		22,710		(8,552		)	14,158
2023	—		21,456		(8,695		)	12,761
Thereafter	—		113,779		(36,312		)	77,467
Total minimum lease payments	$	34,917	$	246,737	$	(80,706	)	$	200,948

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of stock options activity

The following table summarizes activity related to stock options for the year ended December 31, 2018 and 2017:



	Options Outstanding					Options Exercisable
	Number of Options		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Number of Options	Weighted Average Exercise Price Per Share
At December 31, 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
Granted	—		—		—	—	—
Exercised	(4,168,100	)	19.00		—	—	—
Forfeited or expired	(83,750	)	—		—	—	—
At December 31, 2018	3,486,150		$	19.00	6.30	1,660,400	$	19.00

Schedule of activity related to restricted stock units

The following table summarizes activity related to the RSUs:



	Number of Shares		Weighted Average Fair Value
At December 31, 2016	1,573,441		18.28
Granted	64,402		18.09
Forfeited	(258,250	)	18.4
Vested	(526,546	)	18.75
At December 31, 2017	853,047		17.94
Granted	1,265,899		20.89
Forfeited	(127,493	)	18.30
Vested	(612,531	)	18.76
At December 31, 2018	1,378,922		$	20.03

Property, Equipment and Capitalized Software (Tables)

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Schedule of property, equipment and capitalized software

Property, equipment and capitalized software consisted of the following at December 31, 2018 and 2017:



(in thousands)	2018			2017
Capitalized software costs	$	108,220		$	94,915
Leasehold improvements	67,995			93,624
Furniture and equipment	260,825			324,135
Total	437,040			512,674
Less: Accumulated depreciation and amortization	(323,718		)	(375,656		)
Total property, equipment and capitalized software, net	$	113,322		$	137,018

Regulatory Requirement (Tables)

12 Months Ended

Dec. 31, 2018

Regulatory Capital Requirements [Abstract]

Schedule of regulatory capital and regulatory capital requirements

The regulatory capital and regulatory capital requirements of these subsidiaries as of December 31, 2018 were as follows:



(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	381,211	$	2,035	$	379,176
Virtu Financial BD LLC	133,850		1,000		132,850
Virtu Financial Capital Markets LLC	9,457		1,000		8,457

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



(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory 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

Geographic Information and Business Segments (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Schedule of total revenues by geographic area

The following table presents total revenues by geographic area for the years ended December 31, 2018, 2017, and 2016:



	Years Ended December 31,
(in thousands)	2018		2017		2016
Revenues:
United States	$	1,644,641	$	791,044	$	455,418
Ireland	81,531		97,637		139,642
United Kingdom	15,681		21,143		—
Singapore	136,161		113,891		106,813
Others	704		4,267		399
Total revenues	$	1,878,718	$	1,027,982	$	702,272

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

The Company’s total revenues and income before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the years ended December 31, 2018, 2017, and 2016 are summarized in the following table:



(in thousands)	Market Making		Execution Services			Corporate (1)			Consolidated Total
2018
Total revenue	$	1,384,475	$	496,333		$	(2,090	)	$	1,878,718
Income before income taxes and noncontrolling interest	422,648		325,043			(51,328		)	696,363

2017
Total revenue	836,707		99,135			92,140			1,027,982
Income (loss) 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
(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)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Financial Condition

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Financial Condition



	As of December 31,
(In thousands except interest data)	2018			2017
Assets
Cash	$	3,841		$	60,193
Deferred tax asset	189,627			124,631
Investment in subsidiary	1,730,867			1,549,162
Other assets	35,998			10,731
Total assets	$	1,960,333		$	1,744,717

Liabilities, redeemable membership interest and equity
Liabilities
Payable to affiliate	$	694,028		$	767,101
Accounts payable and accrued expenses and other liabilities	6			7
Tax receivable agreement obligations	214,403			147,040
Total liabilities	$	908,437		$	914,148

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			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	(55,005		)	(11,041		)
Additional paid-in capital	1,010,468			900,746
Accumulated deficit	96,513			(62,129		)
Accumulated other comprehensive income (loss)	(82		)	2,991
Total Virtu Financial Inc. stockholders' equity	$	1,051,896		$	830,569

Total liabilities and stockholders' equity	$	1,960,333		$	1,744,717

Condensed Statements of Comprehensive Income

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Comprehensive Income



	For the Years Ended December 31,
(in thousands)	2018			2017			2016
Revenues:
Other Income	—			86,599			—
	—			86,599			—

Operating Expenses:
Operations and administrative	1			181			198

Income (loss) before equity in income of subsidiary	(1		)	86,418			(198		)
Equity in income of subsidiary, net of tax	620,193			(83,479		)	33,178
Net income	$	620,192		$	2,939		$	32,980
Net income attributable to common stockholders	620,192			2,939			32,980
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes	(3,073		)	3,243			(351		)
Comprehensive income	$	617,119		$	6,182		$	32,629

Condensed Statements of Cash Flows

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Cash Flows



	For the Years Ended December 31,
(in thousands)	2018			2017			2016
Cash flows from operating activities
Net income	$	620,192		$	2,939		$	32,980

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax	(305,936		)	(513,601		)	157,975
Tax receivable agreement obligation reduction	79,722			(86,599		)	—
Deferred taxes	(64,996		)	102,973			13,197
Other	—			(8,500		)	—
Changes in operating assets and liabilities:	(25,268		)	(8,832		)	(4,012		)
Net cash provided by (used in) operating activities	303,714			(511,620		)	200,140

Cash flows from investing activities
Acquisition of KCG, net of cash acquired, described in Note 3	—			(23,908		)	—
Investments in subsidiaries, equity basis	34,909			16,846			24,893
Net cash provided by (used in) investing activities	34,909			(7,062		)	24,893

Cash flows from financing activities
Distribution from Virtu Financial to non-controlling interest	(206,903		)	(89,563		)	(162,969		)
Dividends	(100,329		)	(63,814		)	(37,759		)
Payments on repurchase of non-voting common interest	—			(11,143		)	(2,000		)
Repurchase of Class C common stock	(8,216		)	—			(98		)
Purchase of treasury stock	(66,218		)	(2,683		)	(4,539		)
Tax receivable agreement obligations	(12,359		)	(7,045		)	—
Issuance of common stock, net of offering costs	—			735,974			—
Issuance of common stock in connection with secondary offering, net of offering costs	(950		)	—			16,677
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with secondary offering	—			—			(17,383		)
Net cash provided by (used in) financing activities	$	(394,975	)	$	561,726		$	(208,071	)

Net increase (decrease) in Cash	$	(56,352	)	$	43,044		$	16,962
Cash, beginning of period	60,193			17,149			187
Cash, end of period	$	3,841		$	60,193		$	17,149

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

Non-cash financing activities
Tax receivable agreement described in Note 6	—			1,534			—
Secondary offerings described in Note 16	—			—			1,350

Organization and Basis of Presentation (Details) $ in Millions			3 Months Ended
	Jan. 02, 2018 USD ($)	Jul. 19, 2017 business segment	Sep. 30, 2017 segment	Dec. 31, 2018
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of businesses managed and operated \| business		1
Number of operating segments		1	2
Number of non-operating segments			1
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| BondPoint
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from sale of business \| $	$ 400.2
Virtu Financial
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Ownership interest (as a percent)				56.70%

Summary of Significant Accounting Policies - Securities Borrowed and Securities Loaned (Details)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Minimum initial collateral advanced or received expressed as a percentage of fair value of the underlying securities borrowed or loaned	102.00%

Summary of Significant Accounting Policies - Property, Equipment and Occupancy (Details) - Furniture and equipment	12 Months Ended
	Dec. 31, 2018
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Summary of Significant Accounting Policies - Capitalized Software (Details) - Capitalized software	12 Months Ended
	Dec. 31, 2018
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	1 year 6 months
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years 6 months

Summary of Significant Accounting Policies - Share-Based Compensation (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Number of days prior to the grant that common stock and restricted stock units fair value is determined based on	3 days
Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001

Summary of Significant Accounting Policies - Variable Interest Entities (Details) $ in Thousands	1 Months Ended
	Oct. 31, 2016 party	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Variable Interest Entity [Line Items]
Equity investment, Carrying Amount, Asset		$ 18,254	$ 18,799
Equity investment, Carrying Amount, Liability		0	0
Equity investment, Maximum Exposure to Loss		18,254	18,799
Equity investment, VIEs' assets		$ 49,450	$ 41,936
JV building microwave communication networks in US and Asia
Variable Interest Entity [Line Items]
Number of other investors in JV \| party	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 [Line Items]
Ownership of voting shares (as a percent)		50.00%
Ownership interest (as a percent)		50.00%

Summary of Significant Accounting Policies - Accounting Pronouncements, Not Yet Adopted (Details) - Forecast - ASU 2016-02 $ in Millions	Jan. 01, 2019 USD ($)
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability	$ 334.0
Right-of-use asset	303.8
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability	369.2
Right-of-use asset	$ 335.7

Acquisition of KCG - Narrative (Details) - USD ($)				1 Months Ended	12 Months Ended
Acquisition of KCG - Narrative (Details) - USD ($)	Aug. 10, 2017	Jul. 21, 2017	Jul. 20, 2017	May 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Aggregate purchase price						$ 735,974,000
Employee compensation expense						6,400,000
Annual incentive compensation payments						35,300,000
Goodwill					$ 836,583,000	844,883,000
Deferred tax assets					200,359,000	125,760,000
Market Making
Business Acquisition [Line Items]
Goodwill			$ 96,200,000		755,292,000	755,292,000
Execution Services
Business Acquisition [Line Items]
Goodwill			$ 32,100,000		$ 81,291,000	$ 89,591,000
Senior Secured Notes Due 2020
Business Acquisition [Line Items]
Interest rate		6.875%
Redemption price as a percentage of the principal amount		103.438%
Face amount		$ 465,000,000.0
Temasek Investment
Business Acquisition [Line Items]
Other offering costs	$ 7,800,000
Class A
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)					$ 0.00001	$ 0.00001
Number of shares of stock issued				10,518,750
Employee compensation expense					$ 11,200,000	$ 11,000,000
Class A \| NIH Investment Agreement
Business Acquisition [Line Items]
Number of shares of stock issued	338,124
Aggregate purchase price	$ 5,200,000
KCG
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)			$ 0.01
Right to receive cash (in dollars per share)			$ 20.00
Cash purchase price			$ 1,400,000,000
Fair value (in dollars per share)			$ 20.00
Goodwill			$ 128,286,000
Deferred tax assets			$ 23,900,000
KCG \| NIH Investment Agreement
Business Acquisition [Line Items]
Number of shares of stock issued			39,725,979
Aggregate purchase price			$ 613,500,000
KCG \| Class A \| Aranda
Business Acquisition [Line Items]
Number of shares of stock issued			6,346,155
Aggregate purchase price			$ 99,000,000
KCG \| Class A \| Temasek Investment
Business Acquisition [Line Items]
Number of shares of stock issued	1,666,666
Aggregate purchase price	$ 26,000,000
KCG \| Class A \| NIH Investment Agreement
Business Acquisition [Line Items]
Number of shares of stock issued	338,124
Aggregate purchase price	$ 5,200,000

Acquisition of KCG - Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 20, 2017	Dec. 31, 2018	Dec. 31, 2017
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets		$ 83,989	$ 111,224
Goodwill		836,583	844,883
Customer relationships
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets		43,095	47,178
Favorable leases
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets		$ 4,671	$ 5,487
KCG
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Intangible assets	$ 174,995
Goodwill	128,286
Total	303,281
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
KCG \| Minimum \| Technology
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Amortization Years	1 year
KCG \| Minimum \| Customer relationships
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Amortization Years	13 years
KCG \| Minimum \| Favorable leases
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Amortization Years	2 years
KCG \| Maximum \| Technology
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Amortization Years	6 years
KCG \| Maximum \| Customer relationships
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Amortization Years	17 years
KCG \| Maximum \| Favorable leases
Amounts preliminarily allocated to intangible assets, the amortization period and goodwill
Amortization Years	15 years

Sale of BondPoint - Narrative (Details) - BondPoint - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands		12 Months Ended
	Jan. 02, 2018	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of BondPoint	$ 400,200
Transaction costs	8,568
Professional fees	7,100
Compensation expense	1,400
Gain on sale of BondPoint, net of transaction costs	$ 337,550	$ 337,600

Sale of BondPoint - Summary of Carrying Value and Gain on Sale (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 02, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business assets and liabilities held for sale:
Goodwill adjustment allocated to BondPoint		$ 8,300
Gain on sale of BondPoint, net of transaction costs		335,211	$ 0	$ 0
BondPoint \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received	$ 400,200
Business assets and liabilities held for sale:
Goodwill adjustment allocated to BondPoint	8,300
Gain on sale of BondPoint	337,550	$ 337,600
Transaction costs	8,568
Gain on sale of BondPoint, net of transaction costs	$ 328,982
BondPoint \| Held for Sale
Business assets and liabilities held for sale:
Receivables from broker dealers and clearing organizations			3,383
Intangibles and other assets			51,687
Liabilities			(728)
Total carrying value of BondPoint			$ 54,342

Earnings per Share - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of net income before minority interest to net income available for common stockholders
Income (loss) before income taxes and noncontrolling interest	$ 696,363	$ 113,164	$ 179,591
Provision for income taxes	76,171	94,266	21,251
Net income	620,192	18,898	158,340
Noncontrolling interest	(330,751)	(15,959)	(125,360)
Net income available for common stockholders	$ 289,441	$ 2,939	$ 32,980

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
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+ Details

Earnings per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Basic earnings per share:
Net income (loss) available for common stockholders	$ 289,441	$ 2,939	$ 32,980
Less: Dividends and undistributed earnings allocated to participating securities	(5,418)	(1,326)	(809)
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 284,023	$ 1,613	$ 32,171
Weighted average shares of common stock outstanding:
Outstanding (in shares)	100,875,793	62,579,147	38,539,091
Basic earnings per share (in dollars per share)	$ 2.82	$ 0.03	$ 0.83
Class A
Weighted average shares of common stock outstanding:
Outstanding (in shares)	100,875,793	62,579,147	38,539,091

- Definition

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

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+ Details

- Definition

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

+ References + Details

Earnings per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Diluted earnings per share:
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 284,023	$ 1,613	$ 32,171
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	100,875,793	62,579,147	38,539,091
Weighted average shares of common stock outstanding (in shares)	102,089,139	62,579,147	38,539,091
Diluted earnings per share (in dollars per share)	$ 2.78	$ 0.03	$ 0.83
Anti-dilutive shares excluded from computation of EPS		1,740,630	743,096
Class A
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	100,875,793	62,579,147	38,539,091
Issuable pursuant to 2015 Management Incentive Plan (in shares)	1,213,346	0	0
Weighted average shares of common stock outstanding (in shares)	102,089,139	62,579,147	38,539,091

- Definition

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

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+ Details

Tax Receivable Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			12 Months Ended
	Apr. 15, 2015	Sep. 30, 2018	May 31, 2018	Feb. 28, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Tax Receivable Agreements [Abstract]
Payment on applicable cash tax savings (as a percent)	85.00%
First payment made		$ 12,400		$ 7,000
Minimum tax receivable agreement obligation over the agreed period	$ 4,700
Maximum tax receivable agreement obligation over the agreed period	$ 17,000
Period over which the obligations are to be settled	15 years
Deferred tax asset from tax receivable agreement			$ 78,700
Tax receivable agreement obligations			79,700		$ 214,403	$ 147,040
Issuance of tax receivable agreements in connection with employee exchange			$ 1,000		$ 991	$ (1,534)
U.S. federal statutory rate (as a percent)					21.00%	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					$ 167,100	$ 101,600
Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)					$ 0.00001	$ 0.00001

Goodwill and Intangible Assets - Narrative (Details)			3 Months Ended	12 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Jan. 02, 2018 USD ($)	Jul. 19, 2017 business segment	Sep. 30, 2017 segment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2018 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of businesses managed and operated \| business		1
Number of operating segments \| segment		1	2
Finite-Lived Intangible Assets [Line Items]
Amortization expense relating to finite-lived intangible assets				$ 26,123,000	$ 15,447,000	$ 211,000
Intangible assets				83,989,000	111,224,000
Goodwill [Line Items]
Goodwill				836,583,000	844,883,000
Goodwill adjustment allocated to BondPoint				8,300,000
Goodwill impairment				$ 0	0
Number of reportable segments \| segment		1
Leases
Finite-Lived Intangible Assets [Line Items]
Intangible assets					$ 1,403,000
Joint Venture \| Leases
Finite-Lived Intangible Assets [Line Items]
Intangible assets							$ 1,100,000
BondPoint \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Goodwill [Line Items]
Goodwill adjustment allocated to BondPoint	$ 8,300,000

Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Changes in goodwill
Balance at the beginning of the period	$ 844,883
Goodwill adjustment allocated to BondPoint	(8,300)
Balance at the end of the period	836,583
Market Making
Changes in goodwill
Balance at the beginning of the period	755,292
Goodwill adjustment allocated to BondPoint	0
Balance at the end of the period	755,292
Execution Services
Changes in goodwill
Balance at the beginning of the period	89,591
Goodwill adjustment allocated to BondPoint	(8,300)
Balance at the end of the period	81,291
Corporate
Changes in goodwill
Balance at the beginning of the period	0
Goodwill adjustment allocated to BondPoint	0
Balance at the end of the period	$ 0

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Acquired Intangible Assets [Line Items]
Accumulated Amortization	$ 148,644	$ 123,408
Net Carrying Amount	83,989	111,224
Gross Carrying Amount	232,633	234,633
Net Carrying Amount	83,989	111,224
Exchange memberships
Acquired Intangible Assets [Line Items]
Indefinite-lived intangibles	5,838	5,838
Purchased technology
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	110,000	110,000
Accumulated Amortization	110,000	110,000
Net Carrying Amount	$ 0	$ 0
Purchased technology \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	1 year 4 months 24 days	1 year 4 months 24 days
Purchased technology \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	2 years 6 months	2 years 6 months
ETF issuer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	665	559
Net Carrying Amount	$ 285	$ 391
Useful Lives (Years)	9 years	9 years
ETF buyer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	665	559
Net Carrying Amount	$ 285	$ 390
Useful Lives (Years)	9 years	9 years
Leases
Acquired Intangible Assets [Line Items]
Gross Carrying Amount		$ 1,800
Accumulated Amortization		397
Net Carrying Amount		$ 1,403
Useful Lives (Years)		3 years
FCC licenses
Acquired Intangible Assets [Line Items]
Gross Carrying Amount		$ 200
Accumulated Amortization		19
Net Carrying Amount		$ 181
Useful Lives (Years)		7 years
Technology
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 60,000	$ 60,000
Accumulated Amortization	30,185	9,644
Net Carrying Amount	$ 29,815	$ 50,356
Technology \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	1 year	1 year
Technology \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	6 years	6 years
Customer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 49,000	$ 49,000
Accumulated Amortization	5,905	1,822
Net Carrying Amount	$ 43,095	$ 47,178
Useful Lives (Years)	12 years
Customer relationships \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)		12 years
Customer relationships \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)		17 years
Favorable occupancy leases
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,895	$ 5,895
Accumulated Amortization	1,224	408
Net Carrying Amount	$ 4,671	$ 5,487
Useful Lives (Years)		7 years
Favorable occupancy leases \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	3 years
Favorable occupancy leases \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	15 years

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Due from prime brokers	$ 302,152	$ 219,573
Deposits with clearing organizations	84,509	112,847
Net equity with futures commission merchants	294,884	203,711
Unsettled trades with clearing organization	193,544	173,778
Securities failed to deliver	218,663	248,088
Commissions and fees	7,697	14,021
Total receivables from broker-dealers and clearing organizations	1,101,449	972,018
Liabilities
Due to prime brokers	354,300	197,439
Net equity with futures commission merchants	47,998	44,526
Unsettled trades with clearing organization	90,021	420,029
Securities failed to receive	73,547	51,143
Commissions and fees	1,575	3,068
Total payables to broker-dealers and clearing organizations	567,441	716,205
Outstanding principal balance	$ 184,600	$ 205,700

Collateralized Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Securities received as collateral:
Securities borrowed	$ 1,361,635	$ 1,415,793
Securities purchased under agreements to resell	15,475	0
Securities received as collateral	1,377,110	1,415,793
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial instruments owned and pledged	791,115	595,043
Equities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial instruments owned and pledged	748,846	586,251
U.S. and Non-U.S. government obligations
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial instruments owned and pledged	0	99
Exchange traded notes
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial instruments owned and pledged	$ 42,269	$ 8,693

Borrowings - Broker-Dealer Credit Facilities, Narrative (Details)	Nov. 03, 2017 USD ($) borrowing_base broker_dealer	Dec. 31, 2018 USD ($) broker_dealer	Dec. 31, 2017 USD ($)	Nov. 02, 2017 USD ($)
Line of Credit Facility [Line Items]
Number of borrowing bases \| borrowing_base	2
Number of broker-dealer subsidiaries	3	3
LIBOR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	1.25%
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Number of secured credit facilities		2
Aggregate borrowing \| $	$ 500,000,000	$ 700,000,000	$ 650,000,000	$ 25,000,000
Number of broker-dealer subsidiaries the committed facility is available to	2
Maximum borrowing capacity \| $	$ 100,000,000			$ 40,000,000
Commitment fee (as a percent)	0.50%
Broker-dealer credit facilities \| LIBOR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	2.50%
Broker-dealer credit facility on an uncommitted basis
Line of Credit Facility [Line Items]
Number of secured credit facilities		1
Aggregate borrowing \| $		$ 200,000,000	$ 150,000,000

Borrowings - Broker-Dealer Credit Facilities Carrying Values, Net (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Nov. 03, 2017	Nov. 02, 2017
Line of Credit Facility [Line Items]
Borrowing Outstanding	$ 931,908,000
Outstanding Borrowings, net	$ 907,037,000	$ 1,388,548,000
Uncommitted facility
Line of Credit Facility [Line Items]
Interest Rate	3.40%	2.42%
Financing Available	$ 200,000,000	$ 150,000,000
Borrowing Outstanding	10,000,000	25,000,000
Deferred Debt Issuance Cost	(832,000)	0
Outstanding Borrowings, net	$ 9,168,000	$ 25,000,000
Revolving credit facility
Line of Credit Facility [Line Items]
Interest Rate	3.75%	2.81%
Financing Available	$ 500,000,000	$ 500,000,000
Borrowing Outstanding	7,000,000	7,000,000
Deferred Debt Issuance Cost	(1,040,000)	(4,117,000)
Outstanding Borrowings, net	5,960,000	2,883,000
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Financing Available	700,000,000	650,000,000	$ 500,000,000	$ 25,000,000
Borrowing Outstanding	17,000,000	32,000,000
Deferred Debt Issuance Cost	(1,872,000)	(4,117,000)
Outstanding Borrowings, net	$ 15,128,000	$ 27,883,000

Borrowings - Interest Expense on Broker-Dealer Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Interest expense	$ 71,800	$ 64,107	$ 28,327
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Interest expense	2,100	1,719	1,232
Uncommitted facility
Line of Credit Facility [Line Items]
Interest expense	1,794	1,667	1,191
Committed facility
Line of Credit Facility [Line Items]
Interest expense	0	33	41
Revolving credit facility
Line of Credit Facility [Line Items]
Interest expense	$ 306	$ 19	$ 0

Borrowings - Short-Term Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Short-term Debt [Line Items]
Borrowing Outstanding	$ 931,908
Interest expense	$ 71,800	$ 64,107	$ 28,327
Short-Term Credit Facilities
Short-term Debt [Line Items]
Weighted Average Interest Rate	5.03%	3.86%
Financing Available	$ 566,000	$ 543,000
Borrowing Outstanding	184,608	205,677
Interest expense	$ 7,100	$ 6,600	$ 6,300

Borrowings - Long-Term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Jun. 16, 2017
Line of Credit Facility [Line Items]
Outstanding Principal	$ 931,908
Outstanding Borrowings, net	$ 907,037	$ 1,388,548
Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest rate			6.75%
Senior Secured Credit Facility
Line of Credit Facility [Line Items]
Interest rate	5.55%	5.13%
Outstanding Principal	$ 400,000	$ 900,000
Discount	(332)	(999)
Deferred Debt Issuance Cost	(6,704)	(18,504)
Outstanding Borrowings, net	$ 392,964	$ 880,497
Senior Secured Credit Facility \| Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest rate	6.75%	6.75%
Outstanding Principal	$ 500,000	$ 500,000
Discount	0	0
Deferred Debt Issuance Cost	(17,811)	(22,961)
Outstanding Borrowings, net	$ 482,189	$ 477,039
SBI Bonds
Line of Credit Facility [Line Items]
Interest rate	5.00%	5.00%
Outstanding Principal	$ 31,908	$ 31,059
Discount	0	0
Deferred Debt Issuance Cost	(24)	(47)
Outstanding Borrowings, net	31,884	31,012
Total Long-term borrowings
Line of Credit Facility [Line Items]
Outstanding Principal	931,908	1,431,059
Discount	(332)	(999)
Deferred Debt Issuance Cost	(24,539)	(41,512)
Outstanding Borrowings, net	$ 907,037	$ 1,388,548

Borrowings - Fourth Amended and Restated Credit Agreement (Details) - USD ($) $ in Thousands				12 Months Ended			18 Months Ended
	Sep. 19, 2018	Jan. 02, 2018	Nov. 03, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Jun. 30, 2017
Debt Instrument [Line Items]
Outstanding principal amount				$ 931,908			$ 931,908
Repayments of long-term debt				500,000	$ 256,473	$ 3,825
LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)			1.25%
Senior Secured Credit Facility Fourth Amendment
Debt Instrument [Line Items]
Outstanding principal amount				400,000			400,000	$ 1,150,000
Repayments of long-term debt				500,000			$ 750,000
Accelerated unamortized financing costs				$ 10,600
Senior Secured Credit Facility Fourth Amendment \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	2.75%	3.25%

Borrowings - Senior Secured Second Lien Notes (Details) - Senior Secured Second Lien Notes	Jun. 16, 2017 USD ($)
Debt Instrument [Line Items]
Face amount	$ 500,000,000
Interest rate	6.75%

Borrowings - SBI Bonds (Details) $ in Thousands	12 Months Ended
Borrowings - SBI Bonds (Details) $ in Thousands	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 JPY (¥)	Dec. 31, 2017 JPY (¥)	Jul. 25, 2016 USD ($)	Jul. 25, 2016 JPY (¥)
Debt Instrument [Line Items]
Outstanding principal amount	$ 931,908
SBI Bonds
Debt Instrument [Line Items]
Outstanding principal amount	31,908	$ 31,059
VFH \| SBI Bonds
Debt Instrument [Line Items]
Face amount						$ 33,100	¥ 3,500,000,000.0
Outstanding principal amount	31,900	31,100		¥ 3,500,000,000	¥ 3,500,000,000
Gain (loss) due to change in currency rates	$ 800	$ 1,100	$ (3,200)

Borrowings - Future Minimum Principal Payments (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Debt Disclosure [Abstract]
2019	$ 0
2020	31,908
2021	400,000
2022 and thereafter	500,000
Total principal of long-term borrowings	$ 931,908

Financial Assets and Liabilities - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Assets
Financial instruments owned, at fair value	$ 1,848,806	$ 2,117,579
Financial instruments owned, at fair value, counterparty and cash collateral netting	(2,790,242)	(2,027,697)
Financial instruments owned and pledged	791,115	595,043
Other assets	48,273	98,364
Liabilities
Financial instruments sold, not yet purchased	2,475,395	2,384,598
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting	(2,719,954)	(2,024,991)
Currency forwards
Assets
Financial instruments owned, at fair value	2,131	17,790
Financial instruments owned, at fair value, counterparty and cash collateral netting	(2,790,242)	(2,027,697)
Liabilities
Financial instruments sold, not yet purchased	795	7,026
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting	(2,719,954)	(2,024,991)
Options
Assets
Financial instruments owned, at fair value	11,899	7,045
Liabilities
Financial instruments sold, not yet purchased	11,051	5,839
Equity securities
Assets
Financial instruments owned, at fair value	1,609,901	1,926,591
Financial instruments owned and pledged	748,846	586,251
Liabilities
Financial instruments sold, not yet purchased	2,268,330	2,203,432
U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	106,013
Financial instruments owned and pledged	0	99
Liabilities
Financial instruments sold, not yet purchased	115,112	31,421
Non-U.S. government obligations
Assets
Financial instruments owned, at fair value		22,783
Corporate Bonds
Assets
Financial instruments owned, at fair value	87,500	60,975
Liabilities
Financial instruments sold, not yet purchased	40,123	81,118
Exchange traded notes
Assets
Financial instruments owned, at fair value	31,362	82,395
Financial instruments owned and pledged	42,269	8,693
Liabilities
Financial instruments sold, not yet purchased	39,984	55,762
Equity investment
Assets
Other assets	45,856	40,588
Exchange stock
Assets
Other assets	2,417	1,952
Other
Assets
Other assets		55,824
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Financial instruments owned, at fair value	694,441	785,185
Financial instruments owned and pledged	396,778	410,851
Other assets	2,417	1,952
Liabilities
Financial instruments sold, not yet purchased	1,055,472	874,109
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Currency forwards
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Options
Assets
Financial instruments owned, at fair value	11,899	7,045
Liabilities
Financial instruments sold, not yet purchased	11,051	5,839
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities
Assets
Financial instruments owned, at fair value	587,680	758,596
Financial instruments owned and pledged	389,810	410,670
Liabilities
Financial instruments sold, not yet purchased	931,992	847,816
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	91,466
Financial instruments owned and pledged		99
Liabilities
Financial instruments sold, not yet purchased	112,058	18,940
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-U.S. government obligations
Assets
Financial instruments owned, at fair value		5,968
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate Bonds
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange traded notes
Assets
Financial instruments owned, at fair value	3,396	13,576
Financial instruments owned and pledged	6,968	82
Liabilities
Financial instruments sold, not yet purchased	371	1,514
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity investment
Assets
Other assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange stock
Assets
Other assets	2,417	1,952
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other
Assets
Other assets		0
Significant Other Observable Inputs (Level 2)
Assets
Financial instruments owned, at fair value	3,944,607	3,360,091
Financial instruments owned and pledged	394,337	184,192
Other assets	0	55,824
Liabilities
Financial instruments sold, not yet purchased	4,139,877	3,535,480
Significant Other Observable Inputs (Level 2) \| Currency forwards
Assets
Financial instruments owned, at fair value	2,792,373	2,045,487
Liabilities
Financial instruments sold, not yet purchased	2,720,749	2,032,017
Significant Other Observable Inputs (Level 2) \| Options
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased	0	0
Significant Other Observable Inputs (Level 2) \| Equity securities
Assets
Financial instruments owned, at fair value	1,022,221	1,167,995
Financial instruments owned and pledged	359,036	175,581
Liabilities
Financial instruments sold, not yet purchased	1,336,338	1,355,616
Significant Other Observable Inputs (Level 2) \| U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	14,547
Financial instruments owned and pledged		0
Liabilities
Financial instruments sold, not yet purchased	3,054	12,481
Significant Other Observable Inputs (Level 2) \| Non-U.S. government obligations
Assets
Financial instruments owned, at fair value		16,815
Significant Other Observable Inputs (Level 2) \| Corporate Bonds
Assets
Financial instruments owned, at fair value	87,500	60,975
Liabilities
Financial instruments sold, not yet purchased	40,123	81,118
Significant Other Observable Inputs (Level 2) \| Exchange traded notes
Assets
Financial instruments owned, at fair value	27,966	68,819
Financial instruments owned and pledged	35,301	8,611
Liabilities
Financial instruments sold, not yet purchased	39,613	54,248
Significant Other Observable Inputs (Level 2) \| Equity investment
Assets
Other assets	0	0
Significant Other Observable Inputs (Level 2) \| Exchange stock
Assets
Other assets	0	0
Significant Other Observable Inputs (Level 2) \| Other
Assets
Other assets		55,824
Significant Unobservable Inputs (Level 3)
Assets
Financial instruments owned, at fair value	0	0
Financial instruments owned and pledged	0	0
Other assets	45,856	40,588
Liabilities
Financial instruments sold, not yet purchased	0	0
Significant Unobservable Inputs (Level 3) \| Currency forwards
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased	0	0
Significant Unobservable Inputs (Level 3) \| Options
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased	0	0
Significant Unobservable Inputs (Level 3) \| Equity securities
Assets
Financial instruments owned, at fair value	0	0
Financial instruments owned and pledged	0	0
Liabilities
Financial instruments sold, not yet purchased	0	0
Significant Unobservable Inputs (Level 3) \| U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	0
Financial instruments owned and pledged		0
Liabilities
Financial instruments sold, not yet purchased	0	0
Significant Unobservable Inputs (Level 3) \| Non-U.S. government obligations
Assets
Financial instruments owned, at fair value		0
Significant Unobservable Inputs (Level 3) \| Corporate Bonds
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased	0	0
Significant Unobservable Inputs (Level 3) \| Exchange traded notes
Assets
Financial instruments owned, at fair value	0	0
Financial instruments owned and pledged	0	0
Liabilities
Financial instruments sold, not yet purchased	0	0
Significant Unobservable Inputs (Level 3) \| Equity investment
Assets
Other assets	45,856	40,588
Significant Unobservable Inputs (Level 3) \| Exchange stock
Assets
Other assets	$ 0	0
Significant Unobservable Inputs (Level 3) \| Other
Assets
Other assets		$ 0

Financial Assets and Liabilities - SBI Investment (Details)	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers of financial instruments between levels	$ 0	$ 0
SBI
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
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	12.6
Time period of projected income to determine fair value of equity method investment	5 years

Financial Assets and Liabilities - Receivable from Bats (Details) $ in Millions	Mar. 31, 2015 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Payment receivable	$ 50.0
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annual payment receivable	$ 6.6

Financial Assets and Liabilities - Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 736,047	$ 532,887	$ 181,415	$ 163,235
Securities borrowed	1,399,684	1,471,172
Securities purchased under agreements to resell	15,475	0
Receivables from broker dealers and clearing organizations	1,101,449	972,018
Total assets	7,380,978	7,320,006
Liabilities
Short-term borrowings	15,128	27,883
Long-term borrowings	907,037	1,388,548
Securities loaned	1,130,039	754,687
Securities sold under agreements to repurchase	281,861	390,642
Payables to broker dealers and clearing organizations	567,441	716,205
Total liabilities	5,886,279	6,168,428
Carrying Value
Assets
Cash and cash equivalents	736,047	532,887
Securities borrowed	1,399,684	1,471,172
Securities purchased under agreements to resell	15,475
Receivables from broker dealers and clearing organizations	1,101,449	972,018
Total assets	3,252,655	2,976,077
Liabilities
Short-term borrowings	15,128	27,883
Long-term borrowings	907,037	1,388,548
Securities loaned	1,130,039	754,687
Securities sold under agreements to repurchase	281,861	390,642
Payables to broker dealers and clearing organizations	567,441	716,205
Total liabilities	2,901,506	3,277,965
Fair Value
Assets
Cash and cash equivalents	736,047	532,887
Securities borrowed	1,399,684	1,471,172
Securities purchased under agreements to resell	15,475
Receivables from broker dealers and clearing organizations	1,101,449	972,018
Total assets	3,252,655	2,976,077
Liabilities
Short-term borrowings	15,128	27,883
Long-term borrowings	916,465	1,465,489
Securities loaned	1,130,039	754,687
Securities sold under agreements to repurchase	281,861	390,642
Payables to broker dealers and clearing organizations	567,441	716,205
Total liabilities	2,910,934	3,354,906
Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and cash equivalents	736,047	532,887
Securities borrowed	0	0
Securities purchased under agreements to resell	0
Receivables from broker dealers and clearing organizations	71,288	36,513
Total assets	807,335	569,400
Liabilities
Short-term borrowings	0	0
Long-term borrowings	0	0
Securities loaned	0	0
Securities sold under agreements to repurchase	0	0
Payables to broker dealers and clearing organizations	1,031	2,925
Total liabilities	1,031	2,925
Fair Value \| Significant Other Observable Inputs (Level 2)
Assets
Cash and cash equivalents	0	0
Securities borrowed	1,399,684	1,471,172
Securities purchased under agreements to resell	15,475
Receivables from broker dealers and clearing organizations	1,030,161	935,505
Total assets	2,445,320	2,406,677
Liabilities
Short-term borrowings	15,128	27,883
Long-term borrowings	916,465	1,465,489
Securities loaned	1,130,039	754,687
Securities sold under agreements to repurchase	281,861	390,642
Payables to broker dealers and clearing organizations	566,410	713,280
Total liabilities	2,909,903	3,351,981
Fair Value \| Significant Unobservable Inputs (Level 3)
Assets
Cash and cash equivalents	0	0
Securities borrowed	0	0
Securities purchased under agreements to resell	0
Receivables from broker dealers and clearing organizations	0	0
Total assets	0	0
Liabilities
Short-term borrowings	0	0
Long-term borrowings	0	0
Securities loaned	0	0
Securities sold under agreements to repurchase	0	0
Payables to broker dealers and clearing organizations	0	0
Total liabilities	$ 0	$ 0

Financial Assets and Liabilities - Level 3 financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 40,588	$ 36,031
Purchases	0	3,000
Total Realized and Unrealized Gains / (Losses)	5,268	4,557
Net Transfers into (out of) Level 3	0	0
Settlement	0	(3,000)
Ending Balance	45,856	40,588
Change in Net Unrealized Gains / (Losses) on Investments still held at end of period	5,268	4,557
Equity investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	40,588	36,031
Purchases	0	0
Total Realized and Unrealized Gains / (Losses)	5,268	4,557
Net Transfers into (out of) Level 3	0	0
Settlement	0	0
Ending Balance	45,856	40,588
Change in Net Unrealized Gains / (Losses) on Investments still held at end of period	5,268	4,557
Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 0	0
Purchases		3,000
Total Realized and Unrealized Gains / (Losses)		0
Net Transfers into (out of) Level 3		0
Settlement		(3,000)
Ending Balance		0
Change in Net Unrealized Gains / (Losses) on Investments still held at end of period		$ 0

Financial Assets and Liabilities - Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Securities borrowed
Gross Amounts of Recognized Assets	$ 1,399,684	$ 1,471,172
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	1,399,684	1,471,172
Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
Financial Instruments	(1,361,635)	(1,418,672)
Cash Collateral Received	(8,822)	(13,318)
Net Amount	29,227	39,182
Securities purchased under agreements to resell
Gross Amounts of Recognized Assets	15,475
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	15,475	0
Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
Financial Instruments	(15,475)
Cash Collateral Received	0
Net Amount	0
Total
Gross Amounts of Recognized Assets	4,219,431	3,523,704
Gross Amounts Offset in the Consolidated Statement of Financial Condition	(2,790,242)	(2,027,697)
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	1,429,189	1,496,007
Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
Financial Instruments	(1,389,009)	(1,418,717)
Cash Collateral Received	(8,822)	(13,318)
Net Amount	31,358	63,972
Currency forwards
Trading assets, at fair value:
Gross Amounts of Recognized Assets	2,792,373	2,045,487
Gross Amounts Offset in the Consolidated Statement of Financial Condition	(2,790,242)	(2,027,697)
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	2,131	17,790
Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	2,131	17,790
Options
Trading assets, at fair value:
Gross Amounts of Recognized Assets	11,899	7,045
Gross Amounts Offset in the Consolidated Statement of Financial Condition	0	0
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	11,899	7,045
Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
Financial Instruments	(11,899)	(45)
Cash Collateral Received	0	0
Net Amount	$ 0	$ 7,000

Financial Assets and Liabilities - Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Securities loaned
Gross Amounts of Recognized Liabilities	$ 1,130,039	$ 754,687
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	1,130,039	754,687
Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
Financial Instruments	(1,108,461)	(737,731)
Cash Collateral Pledged	(8,822)	(10,776)
Net Amount	12,756	6,180
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities	281,861	390,642
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	281,861	390,642
Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
Financial Instruments	(281,861)	(390,642)
Cash Collateral Pledged	0	0
Net Amount	0	0
Total
Gross Amounts of Recognized Liabilities	4,143,700	3,183,185
Gross Amounts Offset in the Consolidated Statement of Financial Condition	(2,719,954)	(2,024,991)
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	1,423,746	1,158,194
Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
Financial Instruments	(1,401,373)	(1,128,429)
Cash Collateral Pledged	(9,614)	(10,776)
Net Amount	12,759	18,989
Currency forwards
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	2,720,749	2,032,017
Gross Amounts Offset in the Consolidated Statement of Financial Condition	(2,719,954)	(2,024,991)
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	795	7,026
Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
Financial Instruments	0	0
Cash Collateral Pledged	(792)
Net Amount	3	7,026
Options
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	11,051	5,839
Gross Amounts Offset in the Consolidated Statement of Financial Condition	0	0
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	11,051	5,839
Gross Amounts Not Offset In the Consolidated Statement of Financial Condition
Financial Instruments	(11,051)	(56)
Cash Collateral Pledged	0	0
Net Amount	$ 0	$ 5,783

Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Equities futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker dealers and clearing organizations
Derivatives, Fair Value [Line Items]
Derivatives Assets, Fair Value	$ (15,382)	$ (505)
Derivatives Assets, Notional	2,891,606	1,985,770
Equities futures \| Derivative instruments not designated as hedging instruments \| Payables to broker dealers and clearing organizations
Derivatives, Fair Value [Line Items]
Derivatives Liabilities, Fair Value	468	(575)
Derivatives Liabilities, Notional	106,487	142,658
Commodity futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker dealers and clearing organizations
Derivatives, Fair Value [Line Items]
Derivatives Assets, Fair Value	69,235	971
Derivatives Assets, Notional	11,595,215	21,231,001
Commodity futures \| Derivative instruments not designated as hedging instruments \| Payables to broker dealers and clearing organizations
Derivatives, Fair Value [Line Items]
Derivatives Liabilities, Fair Value	(375)	(1,602)
Derivatives Liabilities, Notional	54,782	130,042
Currency futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker dealers and clearing organizations
Derivatives, Fair Value [Line Items]
Derivatives Assets, Fair Value	(9,432)	26,548
Derivatives Assets, Notional	3,756,914	3,994,412
Currency futures \| Derivative instruments not designated as hedging instruments \| Payables to broker dealers and clearing organizations
Derivatives, Fair Value [Line Items]
Derivatives Liabilities, Fair Value	(30,643)	(13,947)
Derivatives Liabilities, Notional	6,239,725	7,756,958
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker dealers and clearing organizations
Derivatives, Fair Value [Line Items]
Derivatives Assets, Fair Value	(28)	73
Derivatives Assets, Notional	18,694	44,395
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Payables to broker dealers and clearing organizations
Derivatives, Fair Value [Line Items]
Derivatives Liabilities, Fair Value	93	(1)
Derivatives Liabilities, Notional	8,591	2,584
Options
Derivatives, Fair Value [Line Items]
Derivatives Assets, Fair Value	11,899	7,045
Derivatives Liabilities, Fair Value	11,051	5,839
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives, Fair Value [Line Items]
Derivatives Assets, Fair Value	11,899	7,045
Derivatives Assets, Notional	659,101	682,369
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives, Fair Value [Line Items]
Derivatives Liabilities, Fair Value	11,051	5,839
Derivatives Liabilities, Notional	608,756	681,147
Currency forwards
Derivatives, Fair Value [Line Items]
Derivatives Assets, Fair Value	2,792,373	2,045,487
Derivatives Liabilities, Fair Value	2,720,749	2,032,017
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives, Fair Value [Line Items]
Derivatives Assets, Fair Value	2,792,373	2,045,487
Derivatives Assets, Notional	171,288,432	124,000,221
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives, Fair Value [Line Items]
Derivatives Liabilities, Fair Value	2,720,749	2,032,017
Derivatives Liabilities, Notional	171,252,224	123,993,234
Currency forwards \| Derivative instruments designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives, Fair Value [Line Items]
Derivatives Liabilities, Fair Value	(792)	(514)
Derivatives Liabilities, Notional	$ 13,501	$ 16,115

Derivative Instruments - Gain From Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	$ (141,449)	$ 286,046	$ 561,125
Futures \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	(309,598)	290,609	559,626
Currency forwards \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	174,310	2,603	1,915
Options \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	(6,161)	(7,166)	(410)
Others \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	0	0	(6)
Foreign exchange - forward contract \| Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net gain from derivative instruments, which are recorded in accumulated other comprehensive income	$ 63	$ (642)	$ 0

Revenues from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	$ 184,339	$ 116,503	$ 10,352
Total revenue	1,878,718	1,027,982	702,272
Receivables related to revenue from contracts with customers	1,700	7,100
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	1,873,398
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	5,320
Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	179,019
Technology services
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	5,320
Other sources of revenue
Disaggregation of Revenue [Line Items]
Total revenue	1,694,379
Market Making
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	28,813
Total revenue	1,384,475	836,707	691,884
Market Making \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	1,384,475
Market Making \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0
Market Making \| Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	28,813
Market Making \| Technology services
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	0
Market Making \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Total revenue	1,355,662
Execution Services
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	155,526
Total revenue	496,333	99,135	10,352
Execution Services \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	491,013
Execution Services \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	5,320
Execution Services \| Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	150,206
Execution Services \| Technology services
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	5,320
Execution Services \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Total revenue	340,807
Corporate
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	0
Total revenue	(2,090)	$ 92,140	$ 36
Corporate \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	(2,090)
Corporate \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0
Corporate \| Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	0
Corporate \| Technology services
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	0
Corporate \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ (2,090)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Current income taxes receivable	$ 115.2	$ 41.1
Current taxes payable	7.6	10.3
Deferred tax asset, alternative minimum tax	0.6
Operating loss carryforwards	231.8	239.3
Deferred tax asset, non-U.S. operating loss carryforward	43.5	44.9
Unrecognized tax benefits that would impact effective tax rate		$ 7.3
Tax Cuts and Jobs Act, incomplete accounting change in rate, provisional income tax expense	$ 90.6

Income Taxes - Income Before Tax and Provision for Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income (loss) before income taxes
U.S. operations	$ 659,937	$ 70,484	$ 138,950
Non-U.S. operations	36,426	42,680	40,641
Income before income taxes and noncontrolling interest	696,363	113,164	179,591
Current provision (benefit)
Federal	49,047	(9,991)	2,690
State and Local	18,697	65	38
Foreign	4,276	1,219	5,210
Deferred provision (benefit)
Federal	4,986	106,415	13,547
State and Local	(1,599)	(3,380)	194
Foreign	764	(62)	(428)
Provision for income taxes	$ 76,171	$ 94,266	$ 21,251

Income Taxes - Reconciliation of Tax Rate (Details)	12 Months Ended
Income Taxes - Reconciliation of Tax Rate (Details)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of tax provision
Tax provision at the U.S. federal statutory rate	21.00%	35.00%	35.00%
Less: rate attributable to noncontrolling interest	(10.20%)	(19.10%)	(24.40%)
State and local taxes, net of federal benefit	1.90%	(1.90%)	1.30%
Impact of 2017 Tax Act on deferred tax assets	0.00%	80.10%	0.00%
Impact of 2017 Tax Act on tax receivable agreement obligation	0.00%	(12.90%)	0.00%
Non-deductible expenses, net	(0.30%)	1.90%	0.00%
Other, net	(1.50%)	0.20%	0.00%
Effective tax rate	10.90%	83.30%	11.90%

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred income tax assets
Tax Receivable Agreement	$ 167,117	$ 101,594
Share-based compensation	9,419	5,213
Intangibles	12,738	14,547
Fixed assets and other	21,088	13,425
Tax credits and net operating loss carryforwards	44,972	50,867
Less: Valuation allowance on net operating loss carryforwards and tax credits	(44,947)	(43,544)
Total deferred income tax assets	210,387	142,102
Deferred income tax liabilities
Intangibles	10,028	16,342
Total deferred income tax liabilities	$ 10,028	$ 16,342

Income Taxes - Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at December 31, 2016	$ 7,300
Increase from Acquisition of KCG	0
Decreases based on tax positions related to prior period	(835)
Increase based on tax positions related to current period	868
Balance at December 31, 2017	$ 7,333

Commitments, Contingencies and Guarantees - Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Minimum Rental Commitments, Capital
2019	$ 21,983
2020	11,283
2021	1,651
Total minimum lease payments	34,917
Minimum Rental Commitments, Operating
2019	32,755
2020	30,473
2021	25,564
2022	22,710
2023	21,456
Thereafter	113,779
Total minimum lease payments	246,737
Minimum Rental Commitments, Subleases
2019	(8,979)
2020	(9,324)
2021	(8,844)
2022	(8,552)
2023	(8,695)
Thereafter	(36,312)
Total minimum lease payments	(80,706)
Minimum Rental Commitments, Net Rental Commitments
2019	45,759
2020	32,432
2021	18,371
2022	14,158
2023	12,761
Thereafter	77,467
Total minimum lease payments	200,948
Operating lease expense, net of amortization expense related to landlord incentives	12,700	$ 13,100	$ 2,400
Occupancy lease expense	12,500	12,900	1,300
Communication equipment lease expense	$ 200	$ 200	$ 1,100

Commitments, Contingencies and Guarantees - Other Legal and Regulatory Matters (Details) € in Millions, $ in Millions	Dec. 31, 2018 EUR (€)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 EUR (€)
Commitments and Contingencies Disclosure [Abstract]
Amount of fine	€ 3.0	$ 3.9	€ 3.3	$ 5.4	€ 5.0

Capital Structure - Additional Information (Details)	12 Months Ended
Capital Structure - Additional Information (Details)	Dec. 31, 2018 class vote $ / shares shares	Dec. 31, 2017 $ / shares shares	Dec. 31, 2016 shares
Class of Stock [Line Items]
Number of classes of common stock \| class	4
Non-voting common interest units outstanding (in shares) \| shares	8,760,755	12,301,067
Number of non-voting common interest units forfeited or repurchased (in shares) \| shares	3,540,312	1,930,468	1,162,891
Class A common stock and Class C common stock
Class of Stock [Line Items]
Number of votes \| vote	1
Class D common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Class B common stock and Class D common stock
Class of Stock [Line Items]
Number of votes \| vote	10

Capital Structure - Amended and Restated 2015 Management Incentive Plan (Details)	Apr. 21, 2015 shares
2015 Management Incentive Plan \| Class A
Class of Stock [Line Items]
Number of shares of stock authorized	16,000,000

Capital Structure - Acquisition of KCG (Details) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
	Aug. 10, 2017	Jul. 20, 2017	May 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Aggregate purchase price				$ 735,974
Class A
Class of Stock [Line Items]
Number of shares of stock issued			10,518,750
Class A \| NIH Investment Agreement
Class of Stock [Line Items]
Number of shares of stock issued	338,124
Aggregate purchase price	$ 5,200
KCG \| NIH Investment Agreement
Class of Stock [Line Items]
Number of shares of stock issued		39,725,979
Aggregate purchase price		$ 613,500
KCG \| Class A \| Aranda
Class of Stock [Line Items]
Number of shares of stock issued		6,346,155
Aggregate purchase price		$ 99,000
KCG \| Class A \| NIH Investment Agreement
Class of Stock [Line Items]
Number of shares of stock issued	338,124
Aggregate purchase price	$ 5,200
KCG \| Class A \| Temasek Investment
Class of Stock [Line Items]
Number of shares of stock issued	1,666,666
Aggregate purchase price	$ 26,000

Capital Structure - Share Repurchase Program (Details) - USD ($) shares in Millions		11 Months Ended	12 Months Ended
	Jul. 27, 2018	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Feb. 28, 2018
Class of Stock [Line Items]
Authorized repurchase amount	$ 100,000,000
Increase in authorized repurchase amount	$ 50,000,000
Value of shares repurchased			$ 66,218,000	$ 2,683,000	$ 4,539,000
Class A
Class of Stock [Line Items]
Authorized repurchase amount						$ 50,000,000.0
Number of shares repurchased		2.6
Value of shares repurchased		$ 65,900,000
Remaining capacity for future purchases		$ 34,100,000	$ 34,100,000

Capital Structure - Secondary Offerings (Details) - Class A	1 Months Ended
	May 31, 2018 $ / shares shares
Class of Stock [Line Items]
Number of shares issued	17,250,000
Purchase price per share (in dollars per share) \| $ / shares	$ 27.16
Offering price per share (in dollars per share) \| $ / shares	$ 28.00
Number of shares of stock issued	10,518,750
Selling Stockholders
Class of Stock [Line Items]
Number of shares of stock issued	6,731,250
Number of shares issued upon exercise of stock options	2,081,250

Capital Structure - Employee Exchanges (Details)	12 Months Ended
Capital Structure - Employee Exchanges (Details)	Dec. 31, 2018 shares	Dec. 31, 2017 shares
Virtu Financial
Class of Stock [Line Items]
Ownership interest (as a percent)	56.70%
VFH
Class of Stock [Line Items]
Common stock exchange ratio	1
VFH \| Class A
Class of Stock [Line Items]
Issuance of common stock in connection with employee exchanges (in shares)	4,089,598	1,355,763

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 21, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized			$ 6.4
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized		$ 11.2	$ 11.0
Granted (in shares)		594,536	19,719	656,019
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense		$ 21.3	$ 14.3
Weighted average period for compensation expense expected to be recognized		1 year 8 months 12 days	1 year 6 months
RSUs \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized		$ 17.9	$ 9.9	$ 6.3
2015 Management Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Expiration period	10 years
Expense recognized		5.8	5.2	$ 5.6
Unrecognized share-based compensation expense		$ 1.6	$ 7.5
Weighted average period for compensation expense expected to be recognized		3 months 19 days	1 year 3 months 18 days
2015 Management Incentive Plan \| RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years

Share-based Compensation - Summary of Activity in Options (Details) - 2015 Management Incentive Plan - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Options
Outstanding at beginning of period (in shares)	7,738,000	8,234,000
Exercised (in shares)	(4,168,100)
Forfeited or expired (in shares)	(83,750)	(496,000)
Outstanding at end of period (in shares)	3,486,150	7,738,000	8,234,000
Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 19.00	$ 19.00
Exercised (in dollars per share)	19.00
Outstanding at end of period (in dollars per share)	$ 19.00	$ 19.00	$ 19.00
Weighted Average Remaining Contractual Life
Weighted Average Remaining Life	6 years 3 months 19 days	7 years 3 months 15 days	8 years 3 months 15 days
Options Exercisable, Number of Options (in shares)	1,660,400	3,869,000	2,058,500
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 19.00	$ 19.00	$ 19.00

Share-based Compensation - Summary of Activity in RSUs (Details) - 2015 Management Incentive Plan - RSUs - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Number of Shares
Outstanding at beginning of period (in shares)	853,047	1,573,441
Granted (in shares)	1,265,899	64,402
Forfeited (in shares)	(127,493)	(258,250)
Vested (in shares)	(612,531)	(526,546)
Outstanding at end of period (in shares)	1,378,922	853,047
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)	$ 17.94	$ 18.28
Granted (in dollars per share)	20.89	18.09
Forfeited (in dollars per share)	18.30	18.40
Vested (in dollars per share)	18.76	18.75
Outstanding at end of period (in dollars per share)	$ 20.03	$ 17.94

Property, Equipment and Capitalized Software - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	$ 437,040	$ 512,674
Less: Accumulated depreciation and amortization	(323,718)	(375,656)
Total property, equipment and capitalized software, net	113,322	137,018
Capitalized software costs
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	108,220	94,915
Leasehold improvements
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	67,995	93,624
Furniture and equipment
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	$ 260,825	$ 324,135

Property, Equipment and Capitalized Software - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 48,400	$ 36,800	$ 19,600
Capitalized software development costs	24,400	15,700	11,100
Amortization expense on capitalized software development costs	20,400	10,100	10,100
Capitalized compensation charges		40	90
Compensation costs, amortization	$ 20	$ 70	$ 700

Regulatory Requirement - Narrative (Details)	12 Months Ended
Regulatory Requirement - Narrative (Details)	Dec. 31, 2018 USD ($) broker_dealer	Dec. 31, 2017 USD ($)	Nov. 03, 2017 broker_dealer
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory capital	$ 1,000,000.0
Number of broker-dealer subsidiaries \| broker_dealer	3		3
Virtu Financial Capital Markets LLC
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory capital	$ 9,457,000	$ 8,308,000
Minimum capital required to be maintained in connection with the operation of the Company's DMM business	1,000,000	$ 4,100,000
Required amount under exchange rules	1,000,000
Required amount under exchange rules for every 0.1% NYSE transaction dollar volume	$ 75,000
Percentage of NYSE transaction dollar volume	0.10%

Regulatory Requirement - Regulatory Capital and Capital Requirements (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Entity Information [Line Items]
Regulatory Capital	$ 1,000,000.0
Virtu Americas LLC
Entity Information [Line Items]
Regulatory Capital	381,211,000	$ 379,875,000
Regulatory Capital Requirement	2,035,000	1,000,000
Excess Regulatory Capital	379,176,000	378,875,000
Virtu Financial BD LLC
Entity Information [Line Items]
Regulatory Capital	133,850,000	40,683,000
Regulatory Capital Requirement	1,000,000	1,000,000
Excess Regulatory Capital	132,850,000	39,683,000
Virtu Financial Capital Markets LLC
Entity Information [Line Items]
Regulatory Capital	9,457,000	8,308,000
Regulatory Capital Requirement	1,000,000	5,114,000
Excess Regulatory Capital	$ 8,457,000	$ 3,194,000

Geographic Information and Business Segments - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues from External Customers [Line Items]
Total revenue	$ 1,878,718	$ 1,027,982	$ 702,272
United States
Revenues from External Customers [Line Items]
Total revenue	1,644,641	791,044	455,418
Ireland
Revenues from External Customers [Line Items]
Total revenue	81,531	97,637	139,642
United Kingdom
Revenues from External Customers [Line Items]
Total revenue	15,681	21,143	0
Singapore
Revenues from External Customers [Line Items]
Total revenue	136,161	113,891	106,813
Others
Revenues from External Customers [Line Items]
Total revenue	$ 704	$ 4,267	$ 399

Geographic Information and Business Segments - Segments (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Jul. 19, 2017 business segment	Sep. 30, 2017 segment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of businesses managed and operated \| business	1
Number of reportable segments \| segment	1
Number of operating segments \| segment	1	2
Number of non-operating segments \| segment		1
Total revenue			$ 1,878,718	$ 1,027,982	$ 702,272
Income (loss) before income taxes and noncontrolling interest			696,363	113,164	179,591
Market Making
Segment Reporting Information [Line Items]
Total revenue			1,384,475	836,707	691,884
Income (loss) before income taxes and noncontrolling interest			422,648	74,633	176,145
Execution Services
Segment Reporting Information [Line Items]
Total revenue			496,333	99,135	10,352
Income (loss) before income taxes and noncontrolling interest			325,043	(12,519)	4,403
Corporate
Segment Reporting Information [Line Items]
Total revenue			(2,090)	92,140	36
Income (loss) before income taxes and noncontrolling interest			$ (51,328)	$ 51,050	$ (957)

Related Party Transactions (Details) $ in Thousands	3 Months Ended	12 Months Ended
Related Party Transactions (Details) $ in Thousands	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) joint_venture	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Related Party Transaction [Line Items]
Payable to affiliates		$ 3,000	$ 100
Intangible assets		83,989	111,224
Leases
Related Party Transaction [Line Items]
Intangible assets			1,403
SBI
Related Party Transaction [Line Items]
Payments to related party		9,500	6,000	$ 2,200
Level 3
Related Party Transaction [Line Items]
Payments for purchases		1,500	2,500	2,400
Dell
Related Party Transaction [Line Items]
Payments for purchases		800	2,500	2,700
MarkIt
Related Party Transaction [Line Items]
Payments for purchases		400
Two microwave communication network JVs
Related Party Transaction [Line Items]
Payments to related party		$ 20,000	$ 8,300	$ 600
Number of microwave communication network JVs the Company makes payments to \| joint_venture		2
Joint Venture \| Leases
Related Party Transaction [Line Items]
Intangible assets	$ 1,100
Proceeds from sale of assets to joint venture	$ 600

Parent Company - Condensed Statements of Financial Condition (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2018	May 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Deferred tax assets	$ 200,359		$ 125,760
Other assets	254,149		357,352
Total assets	7,380,978		7,320,006
Liabilities
Accounts payable and accrued expenses and other liabilities	294,975		358,825
Tax receivable agreement obligations	214,403	$ 79,700	147,040
Total liabilities	5,886,279		6,168,428
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 616,923 and 453,066 shares at December 31, 2017 and 2016, respectively	(55,005)		(11,041)
Additional paid-in capital	1,010,468		900,746
Accumulated deficit	96,513		(62,129)
Accumulated other comprehensive income (loss)	(82)		2,991
Total Virtu Financial Inc. stockholders' equity	1,051,896		830,569
Total liabilities and equity	$ 7,380,978		$ 7,320,006
Treasury stock, shares (in shares)	2,178,771		616,923
Class A
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1		$ 1
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000		1,000,000,000
Common stock, shares issued (in shares)	108,955,048		90,415,532
Common stock, shares outstanding (in shares)	106,776,277		89,798,609
Class B
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0		$ 0
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	175,000,000		175,000,000
Common stock, shares issued (in shares)	0		0
Common stock, shares outstanding (in shares)	0		0
Class C
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0		$ 0
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	90,000,000		90,000,000
Common stock, shares issued (in shares)	13,749,886		17,880,239
Common stock, shares outstanding (in shares)	13,749,886		17,880,239
Class D
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1		$ 1
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	175,000,000		175,000,000
Common stock, shares issued (in shares)	69,091,740		79,610,490
Common stock, shares outstanding (in shares)	69,091,740		79,610,490
VFH
Assets
Cash	$ 3,841		$ 60,193	$ 17,149	$ 187
Deferred tax assets	189,627		124,631
Investment in subsidiary	1,730,867		1,549,162
Other assets	35,998		10,731
Total assets	1,960,333		1,744,717
Liabilities
Payable to affiliate	694,028		767,101
Accounts payable and accrued expenses and other liabilities	6		7
Tax receivable agreement obligations	214,403		147,040
Total liabilities	908,437		914,148
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 616,923 and 453,066 shares at December 31, 2017 and 2016, respectively	(55,005)		(11,041)
Additional paid-in capital	1,010,468		900,746
Accumulated deficit	96,513		(62,129)
Accumulated other comprehensive income (loss)	(82)		2,991
Total Virtu Financial Inc. stockholders' equity	1,051,896		830,569
Total liabilities and equity	$ 1,960,333		$ 1,744,717
Treasury stock, shares (in shares)	616,923		453,066
VFH \| Class A-1
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0		$ 0
Common stock, shares authorized (in shares)	0		0
Common stock, shares issued (in shares)	0		0
Common stock, shares outstanding (in shares)	0		0
VFH \| Class A-2
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0		$ 0
Common stock, shares authorized (in shares)	0		0
Common stock, shares issued (in shares)	0		0
Common stock, shares outstanding (in shares)	0		0
VFH \| Class A
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1		$ 1
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000		1,000,000,000
Common stock, shares issued (in shares)	90,415,532		40,436,580
Common stock, shares outstanding (in shares)	89,798,609		39,983,514
VFH \| Class B
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0		$ 0
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	175,000,000		175,000,000
Common stock, shares issued (in shares)	0		0
Common stock, shares outstanding (in shares)	0		0
VFH \| Class C
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0		$ 0
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	90,000,000		90,000,000
Common stock, shares issued (in shares)	17,880,239		19,810,707
Common stock, shares outstanding (in shares)	17,880,239		19,810,707
VFH \| Class D
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1		$ 1
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	175,000,000		175,000,000
Common stock, shares issued (in shares)	79,610,490		79,610,490
Common stock, shares outstanding (in shares)	79,610,490		79,610,490

Parent Company - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Total revenue	$ 1,878,718	$ 1,027,982	$ 702,272
Expenses
Operations and administrative	64,749	61,466	23,358
Net income	620,192	18,898	158,340
Net income attributable to common stockholders	289,441	2,939	32,980
Other comprehensive income (loss):
Foreign exchange translation adjustment, net of taxes	(5,127)	9,117	(1,165)
Comprehensive income attributable to common stockholders	286,368	6,182	32,629
VFH
Revenues:
Total revenue	0	86,599	0
Expenses
Operations and administrative	1	181	198
Income (loss) before equity in income of subsidiary	(1)	86,418	(198)
Equity in income of subsidiary, net of tax	620,193	(83,479)	33,178
Net income	620,192	2,939	32,980
Net income attributable to common stockholders	620,192	2,939	32,980
Other comprehensive income (loss):
Foreign exchange translation adjustment, net of taxes	(3,073)	3,243	(351)
Comprehensive income attributable to common stockholders	617,119	6,182	32,629
Other
Revenues:
Total revenue	340,189	95,045	36
Other \| VFH
Revenues:
Total revenue	$ 0	$ 86,599	$ 0

Parent Company - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net income	$ 620,192	$ 18,898	$ 158,340
Tax receivable agreement obligation reduction	0	(86,599)	0
Deferred taxes	4,131	102,973	13,313
Other	418	(4,577)	(1,070)
Net cash provided by operating activities	714,595	290,574	239,599
Cash flows from investing activities
Acquisition of KCG, net of cash acquired, described in Note 3	0	(799,632)	0
Net cash provided by (used in) investing activities	329,174	(838,016)	(59,017)
Cash flows from financing activities
Distribution from Virtu Financial to non-controlling interest	(206,903)	(89,563)	(162,969)
Dividends	(100,329)	(63,814)	(37,759)
Purchase of treasury stock	(66,218)	(2,683)	(4,539)
Tax receivable agreement obligations	(12,359)	(7,045)	0
Issuance of common stock, net of offering costs	0	735,974	0
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with secondary offering	0	0	(17,383)
Net cash provided by (used in) financing activities	(835,482)	889,797	(161,237)
Supplementary disclosure of cash flow information
Taxes paid	93,991	5,976	16,175
Class C
Cash flows from financing activities
Purchase of treasury stock	(8,216)	0	(98)
VFH
Cash flows from operating activities
Net income	620,192	2,939	32,980
Equity in income of subsidiary, net of tax	(305,936)	(513,601)	157,975
Tax receivable agreement obligation reduction	79,722	(86,599)	0
Deferred taxes	(64,996)	102,973	13,197
Other	0	(8,500)	0
Changes in operating assets and liabilities:	(25,268)	(8,832)	(4,012)
Net cash provided by operating activities	303,714	(511,620)	200,140
Cash flows from investing activities
Acquisition of KCG, net of cash acquired, described in Note 3	0	(23,908)	0
Investments in subsidiaries, equity basis	34,909	16,846	24,893
Net cash provided by (used in) investing activities	34,909	(7,062)	24,893
Cash flows from financing activities
Distribution from Virtu Financial to non-controlling interest	(206,903)	(89,563)	(162,969)
Dividends	(100,329)	(63,814)	(37,759)
Payments on repurchase of non-voting common interest	0	(11,143)	(2,000)
Purchase of treasury stock	(66,218)	(2,683)	(4,539)
Tax receivable agreement obligations	(12,359)	(7,045)	0
Issuance of common stock, net of offering costs	0	735,974	0
Issuance of common stock in connection with secondary offering, net of offering costs	(950)	0	16,677
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with secondary offering	0	0	(17,383)
Net cash provided by (used in) financing activities	(394,975)	561,726	(208,071)
Net increase (decrease) in Cash	(56,352)	43,044	16,962
Cash, beginning of period	60,193	17,149	187
Cash, end of period	3,841	60,193	17,149
Supplementary disclosure of cash flow information
Taxes paid	0	133	8,813
Non-cash financing activities
Tax receivable agreement described in Note 6	0	1,534	0
Secondary offerings described in Note 16	0	0	1,350
VFH \| Class C
Cash flows from financing activities
Repurchase of stock	$ (8,216)	$ 0	$ (98)

Subsequent Events (Details) - Subsequent Event - USD ($)			2 Months Ended
	Mar. 01, 2019	Feb. 07, 2019	Mar. 01, 2019
Revolving credit facility
Subsequent Events [Line Items]
Maximum borrowing capacity	$ 50,000,000.0		$ 50,000,000.0
Letter of credit
Subsequent Events [Line Items]
Maximum borrowing capacity	5,000,000.0		5,000,000.0
Swingline subfacility
Subsequent Events [Line Items]
Maximum borrowing capacity	5,000,000.0		5,000,000.0
First lien term loan
Subsequent Events [Line Items]
Face amount	1,500,000,000.0		$ 1,500,000,000.0
Proceeds from borrowings	$ 404,500,000
ITG
Subsequent Events [Line Items]
Purchase price (in dollars per share)	$ 30.30		$ 30.30
Purchase price	$ 1,000,000,000		$ 1,000,000,000
ITG \| First lien term loan
Subsequent Events [Line Items]
Proceeds from borrowings	$ 1,095,000,000
Class A
Subsequent Events [Line Items]
Dividends declared (in dollars per share)		$ 0.24

Financial Assets and Liabilities - Gross Obligations For Securities Lending Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 281,861	$ 390,642
Remaining contractual maturity for securities loaned	1,130,039	754,687
Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	11,861	642
Remaining contractual maturity for securities loaned	1,130,039	754,687
Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	45,000	100,000
Remaining contractual maturity for securities loaned	0	0
30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	65,000	90,000
Remaining contractual maturity for securities loaned	0	0
61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	160,000	200,000
Remaining contractual maturity for securities loaned	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	270,000	390,000
Remaining contractual maturity for securities loaned	1,130,039	754,687
Equity securities \| Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
Remaining contractual maturity for securities loaned	1,130,039	754,687
Equity securities \| Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	45,000	100,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| 30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	65,000	90,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| 61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	160,000	200,000
Remaining contractual maturity for securities loaned	0	0
U.S. and Non-U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	11,861	642
U.S. and Non-U.S. government obligations \| Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	11,861	642
U.S. and Non-U.S. government obligations \| Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
U.S. and Non-U.S. government obligations \| 30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
U.S. and Non-U.S. government obligations \| 61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 0	$ 0