0001592386-21-000005 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2020	Feb. 25, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37352
Entity Registrant Name	Virtu Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0420206
Entity Address, Address Line One	One Liberty Plaza
Entity Address, Address Line Two	165 Broadway
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10006
City Area Code	212
Local Phone Number	418-0100
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	VIRT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 2,371.4
Documents Incorporated by Reference	Portions of Part III of this Form 10-K are incorporated by reference from the Registrant’s definitive proxy statement (the “2021 Proxy Statement”) for its 2021 annual meeting of shareholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year.
Entity Central Index Key	0001592386
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		122,186,196
Class C common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,135,182
Class D common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		60,091,740

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 889,559	$ 732,164
Cash restricted or segregated under regulations and other	117,446	41,116
Securities borrowed	1,425,016	1,928,763
Securities purchased under agreements to resell	22,866	143,032
Receivables from broker-dealers and clearing organizations	1,684,006	1,318,584
Trading assets, at fair value:
Financial instruments owned	2,369,192	2,068,734
Financial instruments owned and pledged	746,539	696,956
Receivables from customers	214,478	103,531
Property, equipment and capitalized software (net of accumulated depreciation of $455,961 and $457,229 as of December 31, 2020 and December 31, 2019, respectively)	113,590	116,089
Operating lease right-of-use assets	268,864	314,526
Goodwill	1,148,926	1,148,926
Intangibles (net of accumulated amortization of $183,494 and $219,239 as of December 31, 2020 and December 31, 2019, respectively)	454,499	529,638
Deferred tax asset	193,070	214,671
Other assets ($68,316 and $48,966, at fair value, as of December 31, 2020 and December 31, 2019, respectively)	317,747	252,640
Total assets	9,965,798	9,609,370
Liabilities
Short-term borrowings	64,686	73,486
Securities loaned	948,256	1,600,099
Securities sold under agreements to repurchase	461,235	340,742
Interest rate swap	876,446	826,750
Payables to customers	118,826	89,719
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	2,923,708	2,497,958
Tax receivable agreement obligations	271,165	269,282
Accounts payable and accrued expenses and other liabilities	491,818	399,168
Operating lease liabilities	315,340	365,364
Long-term borrowings	1,639,280	1,917,866
Total liabilities	8,110,760	8,380,434
Commitments and Contingencies (Note 16)
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 3,615,097 and 2,178,771 shares at December 31, 2020 and December 31, 2019, respectively	(88,923)	(55,005)
Additional paid-in capital	1,160,567	1,077,398
Retained earnings (accumulated deficit)	422,381	(90,374)
Accumulated other comprehensive income (loss)	(25,487)	(647)
Total Virtu Financial Inc. stockholders' equity	1,468,540	931,374
Noncontrolling interest	386,498	297,562
Total equity	1,855,038	1,228,936
Total liabilities and stockholders' equity	9,965,798	9,609,370
Class A common stock
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	1	1
Class B common stock
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	0	0
Class C common stock
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	0	0
Class D common stock
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	$ 1	$ 1

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accumulated depreciation	$ 455,961	$ 457,229
Intangibles, accumulated amortization	183,494	219,239
Fair value of other assets	$ 68,316	$ 48,966
Treasury stock, shares (in shares)	3,615,097	2,178,771
Accounts payable and accrued expenses and other liabilities	$ 491,818	$ 399,168
Class A common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	125,627,277	120,435,912
Common stock, shares outstanding (in shares)	122,012,180	118,257,141
Class B common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Class C common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	10,226,939	12,887,178
Common stock, shares outstanding (in shares)	10,226,939	12,887,178
Class D common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	60,091,740	60,091,740
Common stock, shares outstanding (in shares)	60,091,740	60,091,740

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Trading income, net	$ 2,493,248	$ 912,316	$ 1,266,682
Interest and dividends income	62,119	108,778	87,508
Commissions, net and technology services	600,510	498,544	184,339
Other, net	83,454	(2,146)	340,189
Total revenue	3,239,331	1,517,492	1,878,718
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	758,843	386,888	376,424
Communication and data processing	213,750	209,393	176,120
Employee compensation and payroll taxes	393,536	383,713	215,556
Interest and dividends expense	125,649	158,039	141,814
Operations and administrative	94,558	103,642	66,769
Depreciation and amortization	66,741	65,644	61,154
Amortization of purchased intangibles and acquired capitalized software	74,254	70,595	26,123
Termination of office leases	9,608	66,452	23,357
Debt issue cost related to debt refinancing, prepayment and commitment fees	28,879	41,132	11,727
Transaction advisory fees and expenses	2,941	26,117	11,487
Charges related to share based compensation at IPO	0	0	24
Financing interest expense on long-term borrowings	87,735	121,859	71,800
Total operating expenses	1,856,494	1,633,474	1,182,355
Income (loss) before income taxes and noncontrolling interest	1,382,837	(115,982)	696,363
Provision for (benefit from) income taxes	261,924	(12,277)	76,171
Net income (loss)	1,120,913	(103,705)	620,192
Noncontrolling interest	(471,716)	45,110	(330,751)
Net income (loss) attributable to common stockholders	$ 649,197	$ (58,595)	$ 289,441
Earnings (loss) per share
Basic (in dollars per share)	$ 5.19	$ (0.53)	$ 2.82
Diluted (in dollars per share)	$ 5.16	$ (0.53)	$ 2.78
Weighted average common shares outstanding
Basic (in shares)	121,692,443	113,918,103	100,875,793
Diluted (in shares)	122,332,190	113,918,103	102,089,139
Net income (loss)	$ 1,120,913	$ (103,705)	$ 620,192
Other comprehensive income (loss)
Foreign currency translation adjustment, net of taxes	15,318	(1,475)	(5,127)
Net change in unrealized cash flow hedges gain (loss), net of taxes	(59,019)	0	0
Comprehensive income (loss)	1,077,212	(105,180)	615,065
Less: Comprehensive (income) loss attributable to noncontrolling interest	(452,855)	45,668	(328,697)
Comprehensive income (loss)	$ 624,357	$ (59,512)	$ 286,368

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class C Common Stock	Common Stock Class D Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Total Virtu Financial Inc. Stockholders' Equity	Non-Controlling Interest
Balance at beginning period (in shares) at Dec. 31, 2017		90,415,532	17,880,239	79,610,490	616,923
Balance at beginning of period at Dec. 31, 2017	$ 1,151,578	$ 1	$ 0	$ 1	$ (11,041)	$ 900,746	$ (62,129)	$ 2,991	$ 830,569	$ 321,009
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)				$ (43,964)		(22,254)		(66,218)
Stock options exercised (in shares)		4,080,673
Stock options exercised	76,754					76,754			76,754
Net income (loss)	620,192						289,441		289,441	330,751
Foreign exchange translation adjustment	(5,127)							(3,073)	(3,073)	(2,054)
Net change in unrealized cash flow hedges gains (losses), net of taxes	0
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 employee exchanges (in shares)		3,919,462
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)
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 (in shares) at Dec. 31, 2018		108,955,048	13,749,886	69,091,740	2,178,771
Balance at end of period at Dec. 31, 2018	1,494,699	$ 1	$ 0	$ 1	$ (55,005)	1,010,468	96,513	(82)	1,051,896	442,803
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)		2,226,676
Share based compensation	72,381					72,381			72,381
Repurchase of Class C common stock (in shares)			(9,541)
Repurchase of Class C common stock	(196)					(196)			(196)
Treasury stock purchases (in shares)		(720,323)			0
Treasury stock purchases	(15,878)				$ 0		(15,878)		(15,878)
Stock options exercised (in shares)		121,344
Stock options exercised	931					931			931
Net income (loss)	(103,705)						(58,595)		(58,595)	(45,110)
Foreign exchange translation adjustment	(1,475)							(565)	(565)	(910)
Net change in unrealized cash flow hedges gains (losses), net of taxes	0
Distribution from Virtu Financial to non-controlling interest	(99,221)									(99,221)
Dividends	(112,414)						(112,414)		(112,414)
Issuance of common stock in connection with employee exchanges (in shares)		853,167
Issuance of common stock in connection with secondary offering, net of offering costs (in shares)		9,000,000		(9,000,000)
Issuance of Common Stock in connection with secondary offering, net of offering costs	(375)					(375)			(375)
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)			(853,167)
Issuance of tax receivable agreements in connection with employee exchange	(5,811)					(5,811)			(5,811)
Balance at end of period (in shares) at Dec. 31, 2019		120,435,912	12,887,178	60,091,740	2,178,771
Balance at end of period at Dec. 31, 2019	1,228,936	$ 1	$ 0	$ 1	$ (55,005)	1,077,398	(90,374)	(647)	931,374	297,562
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)		2,489,483
Share based compensation	56,629					56,629			56,629
Repurchase of Class C common stock (in shares)			0
Repurchase of Class C common stock	0					0			0
Treasury stock purchases (in shares)		(867,984)			(1,436,326)
Treasury stock purchases	(49,864)				$ (33,918)		(15,946)		(49,864)
Stock options exercised (in shares)		909,627
Stock options exercised	16,440					16,440			16,440
Warrants issued	11,488					11,488			11,488
Net income (loss)	1,120,913						649,197		649,197	471,716
Foreign exchange translation adjustment	15,318							8,604	8,604	6,714
Net change in unrealized cash flow hedges gains (losses), net of taxes	(59,019)							(33,444)	(33,444)	(25,575)
Distribution from Virtu Financial to non-controlling interest	(363,919)									(363,919)
Dividends	(120,496)						(120,496)		(120,496)
Issuance of common stock in connection with employee exchanges (in shares)		2,660,239
Issuance of common stock in connection with secondary offering, net of offering costs (in shares)		0		0
Issuance of Common Stock in connection with secondary offering, net of offering costs	0					0			0
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)			(2,660,239)
Issuance of tax receivable agreements in connection with employee exchange	(1,388)					(1,388)			(1,388)
Balance at end of period (in shares) at Dec. 31, 2020		125,627,277	10,226,939	60,091,740	3,615,097
Balance at end of period at Dec. 31, 2020	$ 1,855,038	$ 1	$ 0	$ 1	$ (88,923)	$ 1,160,567	$ 422,381	$ (25,487)	$ 1,468,540	$ 386,498

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Cash flows from operating activities

Net income (loss)

$ 1,120,913

$ (103,705)

$ 620,192

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

66,741

65,644

61,154

Amortization of purchased intangibles and acquired capitalized software

74,254

70,595

26,123

Debt issue cost related to debt refinancing and prepayment

7,555

41,134

10,645

Amortization of debt issuance costs and deferred financing fees

26,148

11,720

10,419

Termination of office leases

9,608

66,452

23,357

Share-based compensation

59,838

71,728

31,934

Deferred taxes

21,601

(18,691)

4,131

Gain on sale of business as described in Notes 4 and 5

(58,652)

(335,211)

Other

(1,926)

(23,446)

7,677

Changes in operating assets and liabilities (1):

Securities borrowed

^[1]

503,747

(515,897)

71,488

Securities purchased under agreements to resell

^[1]

120,166

(127,557)

(15,475)

Receivables from broker-dealers and clearing organizations

^[1]

(365,422)

110,977

(111,344)

Trading assets, at fair value

^[1]

(350,041)

(125,246)

72,701

Receivables from customers

^[1]

(110,947)

29,733

(18,087)

Operating lease right-of-use assets

^[1]

39,659

(241,345)

Other assets

^[1]

(48,472)

25,133

125,272

Securities loaned

^[1]

(651,843)

452,397

375,352

Securities sold under agreements to repurchase

^[1]

120,493

58,881

(108,781)

Payables to broker-dealers and clearing organizations

^[1]

(9,323)

107,266

(148,764)

Payables to customers

^[1]

29,107

(37,560)

(28,875)

Trading liabilities, at fair value

^[1]

425,750

22,552

90,797

Operating lease liabilities

^[1]

(50,024)

265,671

Accounts payable, accrued expenses and other liabilities

^[1]

81,954

(37,665)

(50,110)

Net cash provided by operating activities

1,060,884

168,771

714,595

Cash flows from investing activities

Development of capitalized software

(31,471)

(48,492)

(21,482)

Acquisition of property and equipment

(28,888)

(9,320)

(26,467)

Proceeds from sale of telecommunication assets

600

Proceeds from sale of investments

7,620

Proceeds from sale of business as described in Notes 4 and 5

60,592

400,192

ITG Acquisition, net of cash acquired, described in Note 3

(835,581)

Investment in joint ventures

(10,412)

(6,250)

(23,669)

Net cash provided by (used in) investing activities

(2,559)

(899,643)

329,174

Cash flows from financing activities

Distribution from Virtu Financial to non-controlling interest

(363,919)

(99,221)

(206,903)

Dividends

(120,496)

(112,414)

(100,329)

Purchase of treasury stock

(49,864)

(15,878)

(66,218)

Stock options exercised

16,440

931

76,754

Short-term borrowings, net

(10,514)

39,935

(15,000)

Proceeds from long-term borrowings

1,492,500

Repayment of long term borrowings

(288,500)

(500,000)

Tax receivable agreement obligations

(13,286)

(12,359)

Debt issuance costs

(9,779)

(35,702)

(2,261)

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

(375)

(950)

Net cash provided by (used in) financing activities

(839,918)

769,580

(835,482)

Effect of exchange rate changes on cash and cash equivalents

15,318

(1,475)

(5,127)

Net increase (decrease) in Cash

233,725

37,233

203,160

Cash, beginning of period

773,280

736,047

532,887

Cash, end of period

1,007,005

773,280

736,047

Supplementary disclosure of cash flow information

Cash paid for interest

173,645

205,433

139,412

Cash paid for taxes

248,532

12,273

93,991

Non-cash investing activities

Share-based and accrued incentive compensation to developers relating to capitalized software

14,773

2,135

2,936

Non-cash financing activities

Tax receivable agreement described in Note 7

(1,388)

(5,811)

(991)

Class C common stock

Cash flows from financing activities

Repurchase of Class C common stock

$ 0

$ (196)

$ (8,216)

[1]	Net of ITG Acquisition for the three months ended March 31, 2019; see Note 3

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization The accompanying consolidated financial statements include the accounts and operations of Virtu Financial, Inc. (“VFI” or, collectively with its wholly owned or controlled subsidiaries, “Virtu” or the “Company”). VFI is a Delaware corporation whose primary asset is its ownership interest in Virtu Financial LLC (“Virtu Financial”). As of December 31, 2020, VFI owned approximately 64.1% of the membership interests of Virtu Financial. VFI is the sole managing member of Virtu Financial and operates and controls all of the businesses and affairs of Virtu Financial and its subsidiaries (the “Group”). The Company is a leading financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. The Company provides deep liquidity in over 25,000 financial instruments, on over 235 venues, in 36 countries worldwide to help create more efficient markets. Leveraging its global market structure expertise and scaled, multi-asset infrastructure, the Company provides its clients with a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The Company’s product offerings allow its clients to trade on hundreds of venues in over 50 countries and across multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and other commodities. The Company’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that its clients rely upon to invest, trade and manage risk across global markets. The Company has completed two significant acquisitions over the past four years that have expanded and complemented Virtu Financial's original electronic trading and marking making business. On July 20, 2017 (the “KCG Closing Date”), the Company completed the all-cash acquisition of KCG Holdings, Inc. (“KCG”) (the “Acquisition of KCG”). On March 1, 2019 (the “ITG Closing Date”), the Company completed the acquisition of Investment Technology Group, Inc. and its subsidiaries (“ITG”) in an all-cash transaction valued at $30.30 per ITG share, for a total of approximately $1.0 billion (the “ITG Acquisition”). ITG was a global financial technology company. ITG's business contributes to the Company's Execution Services segment. See Note 3 "ITG Acquisition" for further details. Virtu Financial’s principal U.S. subsidiary is Virtu Americas LLC (“VAL”), which is a U.S. broker-dealer. As part of the Company's integration efforts, the Company consolidated the operations of its other historical U.S. broker-dealer subsidiaries. Specifically, the broker-dealer activities of Virtu Financial BD LLC and Virtu Financial Capital Markets LLC were consolidated within VAL as of December 31, 2019 and the SEC registrations were withdrawn in March 2020. The Company consolidated the broker-dealer activities of Virtu ITG LLC ("VITG") and Virtu Alternet Securities within VAL as of June 1, 2020 and the SEC registrations were withdrawn in August 2020. Other principal U.S. subsidiaries include Virtu Financial Global Markets LLC, a U.S. trading entity focused on futures and currencies; Virtu ITG Analytics LLC, a provider of pre and post-trade analysis, fair value, and trade optimization services; and Virtu ITG Platforms LLC, a provider of workflow technology solutions and network connectivity services. Principal foreign subsidiaries include Virtu Financial Ireland Limited and Virtu ITG Europe Limited, each formed in Ireland; Virtu ITG UK Limited, formed in the United Kingdom; Virtu ITG Canada Corp. and Virtu Financial Canada ULC, each formed in Canada; Virtu Financial Asia Pty Ltd. and Virtu ITG Australia Limited, each formed in Australia; Virtu ITG Hong Kong Limited, formed in Hong Kong; and Virtu Financial Singapore Pte. Ltd. and Virtu ITG Singapore Pte. Ltd., each formed in Singapore, all of which are trading entities focused on asset classes in their respective geographic regions. The Company has two operating segments: (i) Market Making and (ii) Execution Services; and one non-operating segment: Corporate. See Note 23 "Geographic Information and Business Segments" for a further discussion of the Company’s segments. Basis of Consolidation and Form of Presentation These consolidated financial statements are presented in U.S. dollars, have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding financial reporting with respect to Form 10-K and accounting standards generally accepted in the United States of America (“U.S. GAAP”) promulgated by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC” or the “Codification”), and reflect all adjustments that, in the opinion of management, are normal and recurring, and that are necessary for a fair statement of the results for the periods presented. The consolidated financial statements of the Company include its equity interests in Virtu Financial and its subsidiaries. As sole managing member of Virtu Financial, the Company exerts control over the Group’s operations. The Company consolidates Virtu Financial and its subsidiaries’ financial statements and records the interests in Virtu Financial that the Company does not own as noncontrolling interests. All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior periods’ consolidated financial statements in order to conform to the current period presentation. Such reclassifications are immaterial, individually and in the aggregate, to both current and all previously issued financial statements taken as a whole and have no effect on previously reported consolidated net income available to common stockholders. Effective for the quarter ended June 30, 2020, the Company has changed the presentation of its Consolidated Statements of Comprehensive Income. As a result, the Company made the following reclassifications to prior period amounts to be consistent with current period presentation. For the years ended December 31, 2019 and 2018, the Company reclassified $102.1 million and $74.6 million, respectively, of Payments for order flow to Brokerage, exchange, clearance fees and payments for order flow, net, previously reported as Payments for order flow and Brokerage, exchange and clearance fees, net, respectively. Brokerage, exchange and clearance fees, net and Payments for order flow both represent costs associated with transacting trades. For the year ended December 31, 2019, the Company reclassified $12.6 million of sublease income from Other, net within Total revenues to net with other occupancy costs recorded in Operations and administrative within Operating expenses.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

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, allowance for doubtful accounts, goodwill and intangibles, compensation accruals, capitalized software, income tax, tax receivable agreements, leases, litigation accruals, and other matters that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ materially from those estimates.

Earnings Per Share

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

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

Cash and Cash Equivalents

Cash and cash equivalents include money market accounts, which are payable on demand, and short-term investments with an original maturity of less than 90 days. The Company maintains cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company manages this risk by selecting financial institutions deemed highly creditworthy to minimize the risk.

Cash restricted or segregated under regulations and other represents (i) special reserve bank accounts for the exclusive benefit of customers (“Special Reserve Bank Account”) maintained by VAL in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (“Customer Protection Rule”), or proprietary accounts of broker-dealers, (ii) funds on

deposit for Canadian and European trade clearing and settlement activity, (iii) segregated balances under a collateral account control agreement for the benefit of certain customers in Hong Kong, and (iv) funds relating to the securitization of bank guarantees supporting certain of the Company’s foreign leases.

Securities Borrowed and Securities Loaned

The Company conducts securities borrowing and lending activities with external counterparties. In connection with these transactions, the Company receives or posts collateral, which comprises cash and/or securities. In accordance with substantially all of its 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

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

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

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

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

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

Fair Value Measurements

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

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

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

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

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

Fair Value Option

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

Derivative Instruments - Trading

Derivative instruments are used for trading purposes, including economic hedges of trading instruments, are carried at fair value, and include futures, forward contracts, and options. Gains or losses on these derivative instruments are recognized currently within Trading income, net in the Consolidated Statements of Comprehensive Income. Fair values for exchange-traded derivatives, principally futures, are based on quoted market prices. Fair values for over-the-counter derivative instruments, principally forward contracts, are based on the values of the underlying financial instruments within the contract. The underlying instruments are currencies, which are actively traded.

The Company presents its trading derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Consolidated Statements of Cash Flows.

Derivative Instruments - Hedging

The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk. The Company has entered into floating-to-fixed interest rate swap agreements in order to manage interest rate risk associated with its long-term debt obligations. Additionally, 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 interest rate swap agreements and 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 interest rate swaps or forward contracts. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses, to the extent effective, are included in Accumulated other comprehensive income on the Consolidated Statements of Financial Condition and Other comprehensive income on the Consolidated Statements of Comprehensive Income. The ineffective portion, if any, is recorded in Other, net on the Consolidated Statements of Comprehensive Income.

The Company presents its hedging derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Balances associated with hedging derivatives are recorded within Receivables from/Payables to broker-dealers and clearing organizations on the Consolidated Statements of Financial Condition. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Consolidated Statements of Cash Flows.

Property and Equipment

Property and equipment are carried at cost, less accumulated depreciation, except for the assets acquired in connection with acquisitions using the purchase accounting method, which were recorded at fair value on 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.

Capitalized Software

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

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

Capitalized software development costs and related accumulated amortization are included in Property, equipment and capitalized software in the accompanying Consolidated Statements of Financial Condition and are amortized over a period of 1.5 to 3 years, which represents the estimated useful lives of the underlying software.

Leases

The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in Operating lease right-of-use ("ROU") assets and Operating lease liabilities on the Consolidated Statements of Financial Condition. Operating lease ROU assets are assets that represent the lessee’s right to use, or control the use of, a specified asset for the lease term. Finance leases consist primarily of leases for technology and equipment and are included in Property, equipment, and capitalized software and Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company uses its incremental borrowing rate, based on the information available at the commencement date of the lease, in determining the present value of future payments. The ROU assets are reduced by lease incentives and initial direct costs incurred. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases and amortization of the finance lease ROU asset is recognized on a straight-line basis over the lease term. Lease expense related to the leasing of corporate office space is recorded in Operations and Administrative expenses on the Consolidated Statements of Comprehensive Income. Lease expense related to the leasing of data centers and other technology is recorded in Communication and Data Processing on the Consolidated Statements of Comprehensive Income. Certain of the Company's lease agreements contain fixed lease payments that contain lease and non-lease components; for such leases, the Company accounts for the lease and non-lease components as a single lease component. The Company nets its sublease income against corresponding lease expenses within Operations and Administrative expenses on the Consolidated Statements of Comprehensive Income.

Goodwill

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

The Company assesses goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events occur or certain circumstances exist. In the impairment assessment as of July 1, 2020, the Company assessed qualitative factors as described in ASC 350-20 for each of its reporting units for any indicators that the fair values of the reporting units were less than their carrying values. No impairment was identified.

Intangible Assets

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

Exchange Memberships and Stock

Exchange memberships are recorded at cost or, if any other than temporary impairment in value has occurred, at a value that reflects management’s estimate of fair value. Exchange stock includes shares that entitle the Company to certain trading privileges.

Trading Income, net

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

Commissions, net and Technology Services

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

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

The Company also provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics products and services may be bundled with trade execution services, in which case commissions are allocated to the analytics performance obligations using an allocation methodology.

Interest and Dividends Income/Interest and Dividends Expense

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

Brokerage, Exchange, Clearance Fees and Payments for Order Flow, Net

Brokerage, exchange, clearance fees and payments for order flow, net, comprise the costs of executing and clearing trades and are accrued on a trade date basis in the Consolidated Statements of Comprehensive Income. These costs are net of rebates, which consist of volume discounts, credits or payments received from exchanges or other marketplaces related to the placement and/or removal of liquidity from the order flow in the marketplace. Rebates are recorded on an accrual basis. Payments for order flow represent payments to broker-dealer clients, in the normal course of business, for directing their order flow in U.S. equities to the Company.

Income Taxes

The Company is subject to U.S. federal, state and local income taxes on its taxable income. The Company's subsidiaries are subject to income taxes in the respective jurisdictions (including foreign jurisdictions) in which they operate.

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

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

Comprehensive Income

Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Company’s OCI comprises foreign currency translation adjustments and mark-to-market gains and losses on the Company's derivative instruments designated as hedging instruments under ASC 815.

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 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 and Pound Sterling as the functional currency, and subsidiaries domiciled in Canada, which utilize the Canadian dollar as the functional currency.

The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses are included in Accumulated other comprehensive income on the Consolidated Statements of Financial Condition and Other comprehensive income on the Consolidated Statements of Comprehensive Income, to the extent they are effective.

Share-Based Compensation

Share-based awards issued for compensation in connection with or subsequent to the Company's initial public offering in April 2015 (the “IPO”) and certain reorganization transactions consummated in connection with the IPO (the “Reorganization Transactions”) pursuant to the Virtu Financial, Inc. 2015 Management Incentive Plan (as amended, the “Amended and Restated 2015 Management Incentive Plan”) and pursuant to the Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, dated as of June 8, 2017 (the “Amended and Restated ITG 2007 Equity Plan”), are in the form of stock options, Class A common stock, par value $0.00001 per share (the “Class A Common Stock”), RSAs and RSUs, as applicable. The fair values of the Class A Common Stock and RSUs are determined based on the volume weighted average price for the three days preceding the grant. With respect to the RSUs, forfeitures are accounted for as they occur. The fair value of RSAs is determined based on the closing price as of the grant date. The fair value of share-based awards granted to employees is expensed based on the vesting conditions and is recognized on a straight-line basis over the vesting period, or, in the case of RSAs subject to performance conditions, from the date that achievement of the performance target becomes probable through the remainder of the vesting period. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the issuance of Class A Common Stock, the vesting of RSUs or the exercise of stock options.

Variable Interest Entities

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

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

The Company has interests in two joint ventures (“JV”) that build and maintain microwave communication networks in the U.S., Europe, and Asia. The Company and its JV partners each pay monthly fees for the use of the microwave communication networks in connection with their respective trading activities, and the JVs may sell excess bandwidth that is not utilized by the JV members to third parties. As of December 31, 2020, the Company held noncontrolling interests of 10% and 50%, respectively, in these JVs.

The Company has an interest in a JV that offers derivatives trading technology and execution services to broker-dealers, professional traders and select hedge funds. As of December 31, 2020, the Company held approximately a 10% noncontrolling interest in this JV.

The Company has an interest in a JV that is developing a member-owned equities exchange with the goal of increasing competition and transparency, while reducing fixed costs and simplifying execution of equity trading in the U.S. As of December 31, 2020, the Company held approximately a 14.1% noncontrolling interest in this JV.

The Company's four JVs meet the criteria to be considered VIEs, which it does not consolidate. The Company records its interest in each JV under the equity method of accounting and records its investment in the JVs within Other assets and its amounts payable for communication services provided by the JV within Accounts payable, 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, 2020:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	28,969	$	—	$	28,969	$	175,547

The following table presents the Company’s nonconsolidated VIEs at December 31, 2019:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	28,579	$	—	$	28,579	$	119,051

Accounting Pronouncements, Recently Adopted

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 Company adopted this ASU on January 1, 2020. The updated disclosures are included in Note 12 "Financial Assets and Liabilities".

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 Company adopted this ASU on January 1, 2020, and it did not have a material impact on its consolidated financial statements.

Measurement of Credit Losses on Financial Instruments - In June 2016, the FASB issued ASU 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 will be generally recognized earlier than under previous U.S. GAAP.

The Company adopted this ASU on January 1, 2020 using the modified retrospective method of adoption. The ASU impacts 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 customers, broker-dealers and clearing organizations. The adoption of this ASU did not have a material impact to the Company's financial condition, results of operations or cash flows.

The Company applied the collateral maintenance practical expedient to its collateralized financing arrangements, including Securities borrowed and Securities purchased under agreements to resell, which are subject to collateral maintenance provisions where the borrower is required to continually adjust the amount of collateral securing the financial asset as a result of changes in the fair value of the collateral. Interest accrued on Securities borrowed is recorded in Other assets on the Consolidated Statements of Financial Condition. When the fair value of the collateral is less than the amortized cost basis of the financial assets, the Company evaluates whether an allowance for credit losses is necessary for the unsecured amount of the amortized cost basis, limited to the difference between the fair value of the collateral at the reporting date and the amortized cost basis of the financial assets.

Financial assets measured at amortized cost that are not eligible for the collateral maintenance practical expedient consist of commissions and fees receivable due from customers, recorded in Receivables from customers on the Consolidated Statements of Financial Condition, commissions and fees receivable due from broker-dealers and clearing organizations, unsettled trades and securities failed to deliver, recorded in Receivables from broker-dealers and clearing organizations on the Consolidated Statements of Financial Condition, as well as any unsecured amounts for instruments applying the practical expedient. The Company continually monitors collections and payments from its clients and maintains an allowance for doubtful accounts. The allowance is based on an estimate of the amount of potential credit losses in existing receivables. The Company determines this allowance based on a review of aging schedules and past due balances, and considers the short-term nature of credit exposure, counterparty credit quality, historical experience and current customer and economic conditions. The provision is recorded as bad debt expense within Operations and administrative expenses on the Consolidated Statements of Comprehensive Income. The allowance was immaterial as of December 31, 2020.

Accounting Pronouncements, Not Yet Adopted as of December 31, 2020

Income Taxes - In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The ASU also amends other aspects of the guidance relating to the accounting for franchise taxes, enacted changes in tax laws or rates, the accounting for transactions that result in a step-up in the tax basis of goodwill, and other tax-related items. The ASU is effective for periods beginning after December 15, 2020, including interim periods within that fiscal year; early adoption is permitted. Most amendments within the ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company does not expect the new standard to have a material impact on its Consolidated Financial Statements and related disclosures.

Reference Rate Reform - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which is designed to ease the potential burden in accounting for the transition away from LIBOR. The ASU applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued and replaced with alternative reference rates as a result of reference rate reform. The ASU provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The ASU is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is evaluating the impact of the ASU, but does not expect it to have a material impact on its Consolidated Financial Statements and related disclosures.

Convertible Instruments - In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). The ASU simplifies accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity and updates selected EPS guidance. The ASU is effective for periods beginning after December 15, 2021. The Company is currently evaluating the impact of the new standard on its Consolidated Financial Statements and related disclosures.

ITG Acquisition

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

ITG Acquisition

Background

On the ITG Closing Date, the Company completed the ITG Acquisition. In connection with the ITG Acquisition, Virtu Financial, VFH Parent LLC, a Delaware limited liability company and a subsidiary of Virtu Financial (“VFH”) and Impala Borrower LLC (the “Acquisition Borrower”), a subsidiary of the Company, entered into a Credit Agreement dated as of March 1, 2019 (as amended from time to time, the “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 Credit Agreement provided (i) a senior secured first lien term loan in an aggregate principal amount of $1,500.0 million, drawn in its entirety on the ITG Closing Date, with approximately $404.5 million borrowed by VFH to repay all amounts outstanding under its existing term loan facility and the remaining approximately $1,095.0 million borrowed by the Acquisition Borrower to finance the consideration and fees and expenses paid in connection with the ITG Acquisition, and (ii) a $50.0 million senior secured first lien revolving facility to VFH, with a $5.0 million letter of credit subfacility and a $5.0 million swingline subfacility. After the closing of the ITG Acquisition, VFH assumed the obligations of the Acquisition Borrower in respect of the acquisition term loans. The Credit Agreement was subsequently amended as described further in Note 11 "Borrowings". Additionally, on the ITG Closing Date, the Company’s 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, was terminated.

Accounting treatment of the ITG Acquisition

The ITG Acquisition has been accounted for as a business combination pursuant to ASC 805, Business Combinations by the Company using the acquisition method of accounting. Under the acquisition method, the assets and liabilities of ITG, as of the ITG 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 and results of operations of the Company for the periods following the ITG Closing Date reflect ITG's and the Company's balances and reflect the impact of purchase accounting adjustments. As the Company is the accounting acquirer, the financial results for the year ended December 31, 2019 comprise the results of the Company for the entire applicable period and the results of ITG from the ITG Closing Date through December 31, 2019. All periods prior to the ITG Closing Date comprise solely the results of the Company.

Certain former ITG management employees were terminated upon the ITG Acquisition, and as a result were paid an aggregate of $17.6 million pursuant to their existing employment contracts and arrangements. This amount has been recognized as an expense by the Company and is included in Employee compensation and payroll taxes in the Consolidated Statements of Comprehensive Income for the year ended December 31, 2019.

Purchase price and goodwill

The aggregate cash purchase price of approximately $1.0 billion was determined as the sum of the fair value, at $30.30 per share, of ITG shares outstanding held by former ITG stockholders at closing and the fair value of certain ITG employee stock-based awards that were outstanding, and which vested at the ITG Closing Date.

The purchase price was allocated to the assets acquired and liabilities assumed using their fair values at the ITG Closing Date, as follows:


(in thousands)	Adjusted Purchase Price
Cash and equivalents	$	197,072
Cash and securities segregated under federal regulations	14,232
Securities borrowed	13,182

Receivables from broker dealers and clearing organizations	328,112
Financial instruments owned, at fair value	523
Receivables from customers	122,697
Property, equipment and capitalized software (net)	46,408
Intangibles	517,200
Deferred tax assets	17,605
Operating lease right-of-use assets	100,285
Other assets	31,652
Total Assets	1,388,968

Short-term borrowings	18,651
Securities loaned	17,663
Payables to broker dealers and clearing organizations	152,043
Payables to customers	116,419
Financial instruments sold, not yet purchased, at fair value	11
Accounts payable and accrued expenses and other liabilities	178,893
Operating lease liabilities	99,693
Deferred tax liabilities	71,053
Total Liabilities	654,426

Total identified assets acquired, net of assumed liabilities	734,542

Goodwill	312,343

Total Purchase Price	$	1,046,885

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


(in thousands)	Amount		Amortization Years
Technology	$	76,000	5
Customer relationships	437,600		10
Trade names	3,600		3
Intangible assets	517,200
Goodwill	312,343
Total	$	829,543

The Company estimated the fair value of the intangible assets, which involved the use of significant estimates and assumptions with respect to the timing and amounts of revenue growth rates, customer attrition rates, future tax rates, royalty rates, contributory asset charges, discount rate and the resulting cash flows. The total goodwill of $312.3 million was assigned to the Execution Services segment. Such goodwill is attributable to the expansion of product offerings and expected synergies of the combined workforce, products and technologies of the Company and ITG.

Assumption of Equity Compensation Plan

On the ITG Closing Date, the Company assumed the Amended and Restated ITG 2007 Equity Plan and certain stock option awards, restricted stock unit awards, deferred stock unit awards and performance stock unit awards granted under the Amended and Restated ITG 2007 Equity Plan (the “Assumed Awards”). The Assumed Awards are subject to the same terms and conditions that were applicable to them under the Amended and Restated ITG 2007 Equity Plan, except that (i) the Assumed Awards relate to shares of the Company’s Class A Common Stock, (ii) the number of shares of Class A Common Stock subject to the Assumed Awards was the result of an adjustment based upon an Exchange Ratio (as defined in the

Agreement and Plan of Merger by and between the Company, Impala Merger Sub, Inc., a Delaware corporation and an indirect wholly owned subsidiary of the Company, and ITG, dated as of November 6, 2018, the “ITG Merger Agreement”) and (iii) the performance share unit awards were converted into service-based vesting restricted stock unit awards that were no longer subject to any performance-based vesting conditions. As of the ITG Closing Date, the aggregate number of shares of Class A Common Stock subject to such Assumed Awards was 2,497,028 and the aggregate number of shares of Class A Common Stock that remained issuable pursuant to the Amended and Restated ITG 2007 Equity Plan was 1,230,406. The Company filed with the SEC a Registration Statement on Form S-8 on the ITG Closing Date to register such shares of Class A Common Stock.

Tax treatment of the ITG Acquisition

The ITG Acquisition is being treated as a tax-free transaction as described in Section 351 of the Internal Revenue Code. ITG’s tax basis in its assets and liabilities therefore generally carried over to the Company following the ITG Acquisition. None of the goodwill is expected to be deductible for tax purposes.

The Company recorded deferred tax assets of $17.6 million and deferred tax liabilities of $71.1 million with respect to recording ITG’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 ITG Acquisition, as described in Note 15 "Income Taxes".

Pro forma results

Included in the Company’s results for the year ended December 31, 2019 are results from the business acquired as a

result of the ITG Acquisition, from the ITG Closing Date through December 31, 2019 as follows:


(in thousands)
Revenues	$	347,859
Income (loss) before income taxes	$	(64,917)

The financial information in the table below summarizes the combined pro forma results of operations of the Company and ITG, based on adding the pre-tax historical results of ITG and the Company, and adjusting primarily for amortization of intangibles created in the ITG Acquisition, debt raised in conjunction with the ITG Acquisition and nonrecurring costs associated with the ITG Acquisition, which comprise advisory and other professional fees incurred by the Company and ITG of $15.1 million and $18.2 million, respectively. The pro forma data assumes all of ITG’s issued and outstanding shares of common stock, par value $0.01 per share, were cancelled and extinguished and converted into the right to receive $30.30 in cash, without interest, less any applicable withholding taxes on January 1, 2018 and does not include adjustments to reflect the Company's operating costs or expected differences in the way funds generated by the Company are invested.

This pro forma financial information is based on estimates and assumptions that have been made solely for purposes of developing such pro forma information, including, without limitation, preliminary purchase accounting adjustments. The pro forma financial information does not reflect any synergies or operating cost reductions that may be achieved from the combined operations. The pro forma financial information combines the historical results for the Company and ITG for the years ended December 31, 2019 and 2018:


	Years Ended December 31,
(in thousands)		2019		2018
Revenue		$	1,605,340	$	2,388,194

Net income (loss)		(94,233)		514,821

Net income (loss) available for common stockholders		(53,243)		240,265

Sale of BondPoint

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Sale of BondPoint

Sale of BondPointIn 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.

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 $8.6 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 Statements of Comprehensive Income. The Company recognized a gain on sale of $337.6 million, which is recorded in Other, net on the Consolidated Statements 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

Sale of MATCHNow

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Sale of MATCHNow

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

On August 4, 2020 (the "MATCHNow Closing Date"), the Company completed the sale of MATCHNow to CBOE for total gross proceeds of $60.6 million in cash, with additional contingent consideration of up to approximately $23.0 million. The Company incurred one-time transaction costs including professional fees related to the sale of $2.5 million, which were recorded in Transaction advisory fees and expenses on the Consolidated Statements of Comprehensive Income. The Company recognized a gain on sale of $58.7 million, which was recorded in Other, net on the Consolidated Statements of Comprehensive Income for the year ended December 31, 2020.

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


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

Contingent consideration will be earned based on the future performance of MATCHNow following the MATCHNow Closing Date. Deferred payments will be assessed quarterly until December 31, 2022 and recorded in Other, net on the Consolidated Statements of Comprehensive Income when the contingency is resolved and payments become payable by CBOE.

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

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

Earnings per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings per Share

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


	Years Ended December 31,
(in thousands)		2020		2019		2018
Income (loss) before income taxes and noncontrolling interest		$	1,382,837	$	(115,982)	$	696,363
Provision for (benefit from) income taxes		261,924		(12,277)		76,171
Net income (loss)		1,120,913		(103,705)		620,192



Noncontrolling interest		(471,716)		45,110		(330,751)

Net income (loss) available for common stockholders		$	649,197	$	(58,595)	$	289,441

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)		2020		2019		2018
Basic earnings (loss) per share:
Net income (loss) available for common stockholders		$	649,197	$	(58,595)	$	289,441

Less: Dividends and undistributed earnings allocated to participating securities		(17,383)		(1,926)		(5,418)
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		631,814		(60,521)		284,023

Weighted average shares of common stock outstanding:
Class A		121,692,443		113,918,103		100,875,793

Basic earnings (loss) per share		$	5.19	$	(0.53)	$	2.82


	Years Ended December 31,
(in thousands, except for share or per share data)		2020		2019		2018
Diluted earnings (loss) per share:
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		$	631,814	$	(60,521)	$	284,023

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		121,692,443		113,918,103		100,875,793
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan, Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and Warrants issued in connection with the Founder Member Loan (1)		639,747		—		1,213,346
		122,332,190		113,918,103		102,089,139

Diluted earnings (loss) per share		$	5.16	$	(0.53)	$	2.78

(1)The dilutive impact excludes from the computation of earnings (loss) per share 377,677 unexercised stock options and 440,335 restricted stock units issuable pursuant to the Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan for the year ended December 31, 2019, because the inclusion of these instruments would have been anti-dilutive.

Tax Receivable Agreements	12 Months Ended
Tax Receivable Agreements	Dec. 31, 2020
Tax Receivable Agreements [Abstract]
Tax Receivable Agreements	Tax Receivable AgreementsIn connection with the IPO and the Reorganization Transactions, the Company entered into tax receivable agreements to make payments to certain pre-IPO equity holders (“Virtu Members”) that are generally equal to 85% of the applicable cash tax savings, if any, that the Company actually realizes as a result of favorable tax attributes that were and will continue to be available to the Company as a result of the Reorganization Transactions, exchanges of membership interests for Class A Common Stock or Class B common stock, par value $0.00001 per share (the “Class B Common Stock”), (an “Exchange”), and payments made under the tax receivable agreements. An Exchange during the year will give rise to favorable tax attributes that may generate cash tax savings specific to the Exchange to be realized over a specific period of time (generally 15 years). At each Exchange, management estimates the Company’s cumulative TRA obligations to be reported on the Consolidated Statements of Financial Condition, which amounted to $271.2 million and $269.3 million as of December 31, 2020 and December 31, 2019, respectively. The tax attributes are computed as the difference between the Company's basis in the partnership interest (“outside basis”) as compared to the Company’s share of the adjusted tax basis of partnership property (“inside basis”) at the time of each Exchange. The computation of inside basis requires management to make judgments in estimating the components included in the inside basis as of the date of the Exchange (i.e., cash received by the Company on hypothetical sale of assets, allocation of gain/loss to the Company at the time of the Exchange taking into account complex partnership tax rules). In addition, management estimates the period of time that may generate cash tax savings of such tax attributes and the realizability of the tax attributes. Payments will occur only after the filing of the U.S. federal and state income tax returns and realization of the cash tax savings from the favorable tax attributes. The Company made its first payment of $7.0 million in February 2017, its second payment of $12.4 million in September 2018, and its third payment of $13.3 million in March 2020. As a result of (i) the purchase of equity interests in Virtu Financial from certain Virtu Members in connection with the Reorganization Transactions, (ii) the purchase of non-voting common interest units in Virtu Financial (the “Virtu Financial Units”) (along with the corresponding shares of Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) from certain of the Virtu Members in connection with the IPO, (iii) the purchase of Virtu Financial Units (along with the corresponding shares of Class C Common Stock) and the exchange of Virtu Financial Units (along with the corresponding shares of Class C Common Stock) for shares of Class A Common Stock in connection with the secondary offerings completed in November 2015 (the “November 2015 Secondary Offering”) and September 2016 (the “September 2016 Secondary Offering”), and (iv) the purchase of Virtu Financial Units (along with corresponding shares of the Company’s Class D common stock, par value $0.00001 per share (the “Class D Common Stock”) in connection with the May 2018 Secondary Offering (defined below) and the May 2019 Secondary Offering (defined below, and, together with the November 2015 Secondary Offering, the September 2016 Secondary Offering, and the May 2018 Secondary Offering, the “Secondary Offerings”), payments to certain Virtu Members in respect of the purchases are expected to range from approximately $0.9 million to $21.7 million per year over the next 15 years. In connection with the employee exchanges and May 2019 Secondary Offering between the Company and TJMT Holdings LLC and the other selling stockholders, both as described in Note 19 "Capital Structure", the Company recorded an additional deferred tax asset of $49.1 million and payment liability pursuant to the tax receivable agreements of $54.9 million, with the $5.8 million difference recorded as a decrease to additional paid-in capital during the year ended December 31, 2019. At December 31, 2020 and December 31, 2019, the Company’s remaining deferred tax assets that relate to the matters described above were approximately $199.1 million and $197.6 million, respectively, and the Company’s liabilities over the next 15 years pursuant to the tax receivable agreements were approximately $271.2 million and $269.3 million, respectively. The amounts recorded as of December 31, 2020 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. 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, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The Company has two operating segments: (i) Market Making; (ii) Execution Services; and one non-operating segment: Corporate. As of December 31, 2020 and December 31, 2019, the Company’s total amount of goodwill recorded was $1,148.9 million. No goodwill impairment was recognized during the years ended December 31, 2020, 2019 and 2018.

The following table presents the details of goodwill by segment as of December 31, 2020 and December 31, 2019:


(in thousands)	Market Making		Execution Services		Corporate		Total



Balance as of December 31	$	755,292	$	393,634	$	—	$	1,148,926

As of December 31, 2020 and December 31, 2019, the Company's total amount of intangible assets recorded was $454.5 million and $529.6 million, respectively. Acquired intangible assets consisted of the following as of December 31, 2020 and December 31, 2019:


	As of December 31, 2020
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(94,299)	$	392,301	10	to	12
Technology	136,000		(82,403)		53,597		1	to	6
Favorable occupancy leases	5,895		(2,839)		3,056		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(2,200)		1,400			3
ETF issuer relationships	950		(877)		73			9
ETF buyer relationships	950		(876)		74			9
	$	637,993	$	(183,494)	$	454,499


	As of December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(46,456)	$	440,144	10	to	12
Technology	136,000		(58,203)		77,797		1	to	6
Purchased technology	110,000		(110,000)		—		1.4	to	2.5
Favorable occupancy leases	5,895		(2,040)		3,855		3	to	15
Exchange memberships	4,882		—		4,882		Indefinite
Trade name	3,600		(1,000)		2,600			3
ETF issuer relationships	950		(770)		180			9
ETF buyer relationships	950		(770)		180			9
	$	748,877	$	(219,239)	$	529,638

Amortization expense relating to finite-lived intangible assets was approximately $74.3 million, $70.6 million and $26.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. This is included in Amortization of purchased intangibles and acquired capitalized software in the accompanying Consolidated Statements of Comprehensive Income.

The Company expects to record amortization expense as follows over the next five years ended December 31:


(in thousands)

2021	$	69,676
2022	64,852
2023	63,960
2024	50,845
2025	47,879

Receivables from/Payables to Broker-Dealers and Clearing Organizations

12 Months Ended

Dec. 31, 2020

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, 2020 and December 31, 2019:



(in thousands)	December 31, 2020		December 31, 2019
Assets
Due from prime brokers	$	697,293	$	418,059
Deposits with clearing organizations	216,962		231,977
Net equity with futures commission merchants	248,943		267,748
Unsettled trades with clearing organizations	118,777		214,618
Securities failed to deliver	372,965		178,324
Commissions and fees	29,066		7,858
Total receivables from broker-dealers and clearing organizations	$	1,684,006	$	1,318,584

Liabilities
Due to prime brokers	$	410,772	$	511,524
Net equity with futures commission merchants	77,257		50,950
Unsettled trades with clearing organizations	228,070		118,286
Securities failed to receive	156,804		144,494
Commissions and fees	3,543		1,496
Total payables to broker-dealers and clearing organizations	$	876,446	$	826,750

Included as a deduction from “Due from prime brokers” and “Net equity with futures commission merchants” is the outstanding principal balance on all of the Company’s prime brokerage credit facilities (described in Note 11 "Borrowings") of approximately $134.7 million and $134.3 million as of December 31, 2020 and December 31, 2019, 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, 2020

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, 2020 and December 31, 2019, substantially all of the securities received as collateral have been repledged.

The fair value of the collateralized transactions at December 31, 2020 and December 31, 2019 are summarized as follows:


(in thousands)	December 31, 2020		December 31, 2019
Securities received as collateral:
Securities borrowed	$	1,374,266	$	1,881,005
Securities purchased under agreements to resell	22,866		142,922
	$	1,397,132	$	2,023,927

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, 2020 and December 31, 2019 consisted of the following:


(in thousands)	December 31, 2020		December 31, 2019
Equities	$	734,024	$	654,366

Exchange traded notes	12,515		42,590
	$	746,539	$	696,956

Borrowings

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Borrowings

Short-term Borrowings, net

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


	December 31, 2020
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	36,400	$	(387)	$	36,013
Short-term bank loans	28,673		—		28,673

	$	65,073	$	(387)	$	64,686


	December 31, 2019
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	30,000	$	(2,100)	$	27,900
Short-term bank loans	45,586		—		45,586

	$	75,586	$	(2,100)	$	73,486

Broker-Dealer Credit Facilities

The Company is a party to two secured credit facilities with a financial institution to finance overnight securities positions purchased as part of its ordinary course broker-dealer market making activities. One of the facilities (the “Uncommitted Facility”) is provided on an uncommitted basis with an aggregate borrowing limit of $300 million, which was subsequently increased to $400 million in April 2020, and is collateralized by VAL's trading and deposit account maintained at the financial institution. The second credit facility (the “Committed Facility”) with the same financial institution was amended and restated on March 1, 2019 to increase the borrowing limit to $600 million and subsequently amended to adjust sublimits and certain other terms, including most recently on July 29, 2020. The Committed Facility consists of two borrowing bases: Borrowing Base A Loan is to be used to finance the purchase and settlement of securities; Borrowing Base B Loan is to be used to fund margin deposit with the National Securities Clearing Corporation. Borrowing Base A Loans are available up to $600 million and bears interest at the adjusted LIBOR or base rate plus 1.25% per annum. Following the July 29, 2020 amendment, Borrowing Base B Loans are subject to a sublimit of $200 million and bear 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.

On March 10, 2020, VAL entered into a short term loan arrangement with Jefferies Financial Group, Inc., as lender, for a $20 million demand loan (the "Demand Loan") repayable no later than ninety (90) days after the date of borrowing. The Demand Loan bore interest at a rate of 10% per annum, increased by 2.0% with respect to any principal amounts not paid when due and payable. The Demand Loan was repaid in full as of April 17, 2020.

On March 20, 2020, VAL entered into a Loan Agreement (the “Founder Member Loan Facility”) with TJMT Holdings LLC (the “Founder Member”), as lender and administrative agent, providing for unsecured term loans from time to time (the “Founder Member Loans”) in an aggregate original principal amount not to exceed $300 million. The Founder Member Loans were available to be borrowed in one or more borrowings on or after March 20, 2020 and prior to September 20, 2020 (the "Founder Member Loan Term"). The Founder Member Loan Facility Term expired as of September 20, 2020 without VAL having borrowed any Founder Member Loans at any time. The Founder Member is an affiliate of Mr. Vincent Viola, the Company’s founder and Chairman Emeritus. Upon the execution of and in consideration for the Lender’s commitments under the Loan Agreement, the Company delivered to the Founder Member a warrant to purchase shares of the Company’s Class A Common Stock. Terms of the warrant are set forth in further detail in Note 19 "Capital Structure".

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


	At December 31, 2020
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	1.25%	$	400,000	$	36,400	$	(387)	$	36,013
Committed facility	1.40%	600,000		—		—		—


		$	1,000,000	$	36,400	$	(387)	$	36,013


	At December 31, 2019
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	2.55%	$	200,000	$	30,000	$	(2,100)	$	27,900
Committed facility	3.01%	600,000		—		—		—
		$	800,000	$	30,000	$	(2,100)	$	27,900

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)		2020		2019		2018
Broker-dealer credit facilities:
Uncommitted facility		$	1,337	$	1,591	$	1,794

Committed facility		447		454		306
Demand Loan		211		—		—

		$	1,995	$	2,045	$	2,100

Short-Term Bank Loans

The Company’s international securities clearance and settlement activities are funded with operating cash or with short-term bank loans in the form of overdraft facilities. At December 31, 2020, there was $28.7 million associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 2.4%. At December 31, 2019, there was $45.6 million associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 4.5%. These short-term bank loan balances are included within Short-term borrowings on the Consolidated Statements of Financial Condition.

Prime Brokerage Credit Facilities

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


	At December 31, 2020
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	2.77%	$	616,000	$	134,664
		$	616,000	$	134,664


	At December 31, 2019
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	4.22%	$	586,000	$	134,331
		$	586,000	$	134,331

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

Interest expense in relation to the facilities was approximately $4.8 million, $6.6 million and $7.1 million for the years ended December 31, 2020, 2019 and 2018, 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, 2020
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	March 2026	3.15%	$	1,636,512	$	(4,723)	$	(26,367)	$	1,605,422

SBI bonds	January 2023	5.00%	33,898		—		(40)		33,858
			$	1,670,410	$	(4,723)	$	(26,407)	$	1,639,280


		At December 31, 2019
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	March 2026	5.20%	$	1,925,000	$	(6,795)	$	(32,513)	$	1,885,692

SBI bonds	January 2023	5.00%	32,225		—		(51)		32,174
			$	1,957,225	$	(6,795)	$	(32,564)	$	1,917,866

Credit Agreement

As described in Note 3 "ITG Acquisition", in connection with the ITG Acquisition, Virtu Financial, VFH and the Acquisition Borrower entered into the 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 Credit Agreement provided (i) a senior secured first lien term loan (together with the Incremental Term Loans, as defined below; the “First Lien Term Loan Facility”) in an aggregate principal amount of $1,500 million, drawn in its entirety on the ITG Closing Date, of which amount approximately $404.5 million was borrowed by VFH to repay all amounts outstanding under the Previous Term Loan Facility (as defined below) and the remaining approximately $1,095 million was borrowed by the Acquisition Borrower to finance the consideration and fees and expenses paid in connection with the ITG Acquisition, and (ii) a $50.0 million senior secured first lien revolving facility to VFH (the “First Lien Revolving Facility”), with a $5.0 million letter of credit subfacility and a $5.0 million swingline subfacility. After the ITG Closing Date, VFH assumed the obligations of the Acquisition Borrower in respect of the acquisition term loans.

On October 9, 2019 (the “Amendment No. 1 Closing Date”), VFH entered into an amendment No. 1 (“Amendment No. 1”), which amended the Credit Agreement dated as of March 1, 2019 by and among VFH, Virtu Financial, the lenders party thereto, and Jefferies Finance, LLC, as administrative agent and collateral agent, to, among other things, provide for $525.0 million in aggregate principal amount of incremental term loans (the “Incremental Term Loans”), and amend the related collateral agreement. On the Amendment No. 1 Closing Date, VFH borrowed the Incremental Term Loans and used the proceeds together with available cash to redeem all of the $500.0 million aggregate principal amount of the outstanding 6.750% Senior Secured Second Lien Notes (as defined below) due 2022 issued by VFH and Orchestra Co Issuer, Inc., a Delaware corporation and indirect subsidiary of the Company (together with VFH, the “Issuers”), and paid related fees and expenses. The terms, conditions and covenants applicable to the Incremental Term Loans are the same as the terms, conditions and covenants applicable to the existing term loans under the Credit Agreement, including a maturity date of March 1, 2026.

On March 2, 2020 (the “Amendment No. 2 Closing Date”), VFH entered into a second amendment No. 2 (“Amendment No. 2”), which further amended the Credit Agreement (as amended by Amendment No. 1 and Amendment No. 2, the “Amended Credit Agreement”) to, among other things, reduce the interest rate spread over adjusted LIBOR or the alternate base rate by 0.50% per annum and eliminated any stepdown in the spread based on VFH's first lien leverage ratio. The term loan borrowings and revolver borrowings under the Amended Credit Agreement bear interest at a per annum rate equal to, at the Company's election, either (i) the greatest of (a) the prime rate in effect, (b) the greater of (1) the federal funds effective

rate and (2) the overnight bank funding rate, in each case plus 0.50%, (c) an adjusted LIBOR rate for a Eurodollar borrowing with an interest period of one month plus 1.00% and (d) 1.00%, plus, in each case, 2.00%, or (ii) the greater of (x) an adjusted LIBOR rate for the interest period in effect and (y) 0%, plus, in each case, 3.00%. In addition, a commitment fee accrues at a rate of 0.50% per annum on the average daily unused amount of the First Lien Revolving Facility, with stepdowns to 0.375% and 0.25% per annum based on VFH’s first lien leverage ratio, and is payable quarterly in arrears.

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

Under the Amended Credit Agreement, the term loans will mature on March 1, 2026. The term loans amortize in annual installments equal to 1.0% of the original aggregate principal amount of the term loans. As of December 31, 2020, $1,637 million was outstanding under the First Lien Term Loan Facility. During the years ended December 31, 2020 and 2019, repayments of $288.5 million and $100 million, respectively, were made under this facility. The revolving commitments will terminate on March 1, 2022. There were no outstanding borrowings under the First Lien Revolving Facility as of December 31, 2020 or December 31, 2019. Interest expense in relation to this facility was $0.5 million for the year ended December 31, 2020.

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

In October 2019, the Company entered into a five-year $525 million floating-to-fixed interest rate swap agreement. The Company also entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement in January 2020. As these two interest rate swaps meet the criteria to be considered qualifying cash flow hedges under ASC 815 in 2020, they effectively fix interest payment obligations on $1,000 million and $525.0 million of principal under the First Lien Term Loan Facility at rates of 4.4% and 4.3% through January 2025 and September 2024, respectively, based on the interest rates set forth in the Amended Credit Agreement.

To finance the Acquisition of KCG, on June 30, 2017, Virtu Financial and VFH previously entered into the Fourth Amended and Restated Credit Agreement which, upon the closing of the Acquisition of KCG, provided for an aggregate $1,150.00 million of first lien secured term loans (the “Previous Term Loan Facility”). The Previous Term Loan Facility was fully terminated following its repayment in full with the proceeds of the First Lien Term Loan Facility described above.

Senior Secured Second Lien Notes

To finance the Acquisition of KCG, on June 16, 2017, Orchestra Borrower LLC (the “Escrow Issuer”), a wholly owned subsidiary of Virtu Financial, 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 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 KCG Closing Date and were used to finance, in part, the Acquisition of KCG, and to repay certain indebtedness of the Company and KCG.

As described above, the Credit Agreement was amended on October 9, 2019, on which date VFH borrowed an additional $525.0 million of incremental first lien term loans, the proceeds of which were used together with cash on hand to redeem the Notes in full. The Indenture was fully terminated following such redemption.

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 JNX (as described in Note 12 "Financial Assets and Liabilities"). The SBI Bonds are guaranteed by Virtu Financial. The SBI Bonds are subject to fluctuations on the Japanese Yen currency rates relative to the Company’s reporting currency (U.S. Dollar) with the changes reflected in Other, net in the Consolidated Statements of Comprehensive Income. In December 2019, the maturity date of the SBI Bonds was extended to January 2023. The principal balance was ¥3.5 billion ($33.9 million) as of December 31, 2020 and ¥3.5 billion ($32.2 million) as of December 31, 2019. The Company recorded losses of $1.7 million, $0.3 million, and $0.8 million during the years ended December 31, 2020, 2019 and 2018, respectively, due to changes in foreign currency rates.

As of December 31, 2020, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)	December 31, 2020
2021	$	—
2022	—
2023	33,898
2024	—
2025	1,636,512
Thereafter	—
Total principal of long-term borrowings	$	1,670,410

Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities

Financial Instruments Measured at Fair Value

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

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

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2020:


	December 31, 2020
(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	$	761,484	$	1,194,105	$	—	$	—	$	1,955,589
U.S. and Non-U.S. government obligations	151,723		48,059		—		—		199,782
Corporate Bonds	—		135,518		—		—		135,518
Exchange traded notes	106		19,721		—		—		19,827
Currency forwards	—		341,360		—		(291,964)		49,396
Options	9,080		—		—		—		9,080
	$	922,393	$	1,738,763	$	—	$	(291,964)	$	2,369,192

Financial instruments owned, pledged as collateral:
Equity securities	$	496,943	$	237,081	$	—	$	—	$	734,024

Exchange traded notes	2		12,513		—		—		12,515
	$	496,945	$	249,594	$	—	$	—	$	746,539

Other Assets
Equity investment	$	—	$	—	$	66,030	$	—	$	66,030
Exchange stock	2,286		—		—		—		2,286
	$	2,286	$	—	$	66,030	$	—	$	68,316

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,307,082	$	1,137,968	$	—	$	—	$	2,445,050
U.S. and Non-U.S. government obligations	83,173		19,984		—		—		103,157
Corporate Bonds	—		358,734		—		—		358,734
Exchange traded notes	—		7,431		—		—		7,431
Currency forwards	—		292,965		—		(292,870)		95
Options	9,241		—		—		—		9,241
	$	1,399,496	$	1,817,082	$	—	$	(292,870)	$	2,923,708

Payables to broker dealers and clearing organizations:
Interest rate swap	$	—	$	63,513	$	—	$	—	$	63,513

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2019:


	December 31, 2019
(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	$	600,259	$	1,080,518	$	—	$	—	$	1,680,777
U.S. and Non-U.S. government obligations	106,690		20,847		—		—		127,537
Corporate Bonds	—		171,591		—		—		171,591
Exchange traded notes	243		48,894		—		—		49,137
Currency forwards	—		242,552		—		(211,398)		31,154
Options	8,538		—		—		—		8,538
	$	715,730	$	1,564,402	$	—	$	(211,398)	$	2,068,734
Financial instruments owned, pledged as collateral:
Equity securities	$	362,439	$	291,927	$	—	$	—	$	654,366

Exchange traded notes	12		42,578		—		—		42,590
	$	362,451	$	334,505	$	—	$	—	$	696,956
Other Assets
Equity investment	$	—	$	—	$	46,245	$	—	$	46,245
Exchange stock	2,721		—		—		—		2,721

	$	2,721	$	—	$	46,245	$	—	$	48,966




Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,022,814	$	1,163,888	$	—	$	—	$	2,186,702
U.S. and Non-U.S. government obligations	39,091		2,713		—		—		41,804
Corporate Bonds	—		244,700		—		—		244,700
Exchange traded notes	15		21,631		—		—		21,646
Currency forwards	—		196,554		—		(196,535)		19
Options	3,087		—		—		—		3,087
	$	1,065,007	$	1,629,486	$	—	$	(196,535)	$	2,497,958

JNX Investment

The Company has a minority investment (the “JNX Investment”) in Japannext Co., Ltd. (“JNX”), formerly known as SBI Japannext Co., Ltd., a proprietary trading system based in Tokyo. In connection with the JNX Investment, the Company issued the SBI Bonds (as described in Note 11 "Borrowings") and used the proceeds to partially finance the transaction. The JNX Investment is included within Level 3 of the fair value hierarchy. As of December 31, 2019 and 2020, the fair value of the JNX Investment was determined using a weighted average of valuations using 1) the discounted cash flow method, an income approach; 2) a market approach based on average enterprise value/EBITDA ratios of comparable companies; and to a lesser extent 3) a transaction approach based on transaction values of comparable companies. The fair value measurement is highly sensitive to significant changes in the unobservable inputs, and significant increases (decreases) in discount rate or decreases (increases) in enterprise value/EBITDA multiples would result in a significantly lower (higher) fair value measurement.

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

December 31, 2020

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

66,030

Discounted cash flow

Estimated revenue growth

(9.0)% - 39.0%

9.6

Discount rate

14.4% - 14.4%

14.4

Market

Future enterprise value/ EBIDTA ratio

12.2x - 21.9x

13.8x

December 31, 2019

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

46,245

Discounted cash flow

Estimated revenue growth

5.0% - 33.0%

18.7

Discount rate

14.4% - 14.4%

14.4

Market

Future enterprise value/ EBIDTA ratio

5.4x - 24.6x

14.1x

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

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


	Year Ended December 31, 2020
(in thousands)	Balance at December 31, 2019		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2020		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2020
Assets
Other assets:
Equity investment	$	46,245	$	—	$	19,785	$	—	$	—	$	66,030	$	19,785

Total	$	46,245	$	—	$	19,785	$	—	$	—	$	66,030	$	19,785
(1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 11 "Borrowings" for more details) due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Year Ended December 31, 2019
(in thousands)	Balance at December 31, 2018		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2019		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2019
Assets
Other assets:
Equity investment	$	45,856	$	—	$	389	$	—	$	—	$	46,245	$	389

Total	$	45,856	$	—	$	389	$	—	$	—	$	46,245	$	389
(1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 11 "Borrowings" for more details) due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.

Financial Instruments Not Measured at Fair Value

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

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2020:


	December 31, 2020
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	889,559	$	889,559	$	889,559	$	—	$	—
Cash restricted or segregated under regulations and other	117,446		117,446		117,446		—		—
Securities borrowed	1,425,016		1,425,016		—		1,425,016		—
Securities purchased under agreements to resell	22,866		22,866		—		22,866		—
Receivables from broker-dealers and clearing organizations	1,684,006		1,684,006		173,578		1,510,428		—
Receivables from customers	214,478		214,478		—		214,478		—
Other assets (1)	21,735		21,735		—		21,735		—
Total Assets	$	4,375,106	$	4,375,106	$	1,180,583	$	3,194,523	$	—

Liabilities
Short-term borrowings	$	64,686	$	65,073	$	—	$	65,073	$	—
Long-term borrowings	1,639,280		1,672,456		—		1,672,456		—
Securities loaned	948,256		948,256		—		948,256		—
Securities sold under agreements to repurchase	461,235		461,235		—		461,235		—
Payables to broker-dealers and clearing organizations (2)	876,446		876,446		3,517		872,929		—
Payables to customers	118,826		118,826		—		118,826		—
Other liabilities (3)	9,208		9,208		—		9,208		—
Total Liabilities	$	4,117,937	$	4,151,500	$	3,517	$	4,147,983	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value.
(3) Includes deposits, interest and dividends payable.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2019:


	December 31, 2019
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	732,164	$	732,164	$	732,164	$	—	$	—
Cash restricted or segregated under regulations and other	41,116		41,116		41,116		—		—
Securities borrowed	1,928,763		1,928,763		—		1,928,763		—
Securities purchased under agreements to resell	143,032		143,032		—		143,032		—
Receivables from broker-dealers and clearing organizations (1)	1,318,584		1,318,584		40,842		1,277,742		—


Total Assets	4,163,659		4,163,659		814,122		3,349,537		—

Liabilities
Short-term borrowings	73,486		75,586		—		75,586		—
Long-term borrowings	1,917,866		1,966,850		—		1,966,850		—
Securities loaned	1,600,099		1,600,099		—		1,600,099		—
Securities sold under agreements to repurchase	340,742		340,742		—		340,742		—
Payables to broker dealer and clearing organizations	826,750		826,750		49,514		777,236		—


Total Liabilities	$	4,758,943	$	4,810,027	$	49,514	$	4,760,513	$	—
(1) Receivables from broker-dealers and clearing organizations include interest rate swap carried at fair value.

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, 2020 and December 31, 2019:


	December 31, 2020
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition
							Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,425,016	$	—	$	1,425,016	$	(1,374,266)	$	(9,686)	$	41,064
Securities purchased under agreements to resell	22,866		—		22,866		(22,866)		—		—
Trading assets, at fair value:
Currency forwards	341,360		(291,964)		49,396		—		—		49,396
Options	9,080		—		9,080		—		(9,080)		—
Total	$	1,798,322	$	(291,964)	$	1,506,358	$	(1,397,132)	$	(18,766)	$	90,460


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition
							Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)							Financial Instruments		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	948,256	$	—	$	948,256	$	(921,593)	$	(17,800)	$	8,863
Securities sold under agreements to repurchase	461,235		—		461,235		(461,235)		—		—
Payable to broker-dealers and clearing organizations
Interest rate swaps	63,513		—		63,513		—		(63,162)		351
Trading liabilities, at fair value:
Currency forwards	292,965		(292,870)		95		—		—		95
Options	9,241		—		9,241		—		(9,080)		161
Total	$	1,775,210	$	(292,870)	$	1,482,340	$	(1,382,828)	$	(90,042)	$	9,470


	December 31, 2019
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition
							Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,928,763	$	—	$	1,928,763	$	(1,881,005)	$	(15,280)	$	32,478
Securities purchased under agreements to resell	143,032		—		143,032		(142,922)		—		110
Trading assets, at fair value:
Currency forwards	242,552		(211,398)		31,154		—		—		31,154
Options	8,538		—		8,538		(8,537)		—		1
Total	$	2,322,885	$	(211,398)	$	2,111,487	$	(2,032,464)	$	(15,280)	$	63,743


	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition
							Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,600,099	$	—	$	1,600,099	$	(1,552,146)	$	(15,281)	$	32,672
Securities sold under agreements to repurchase	340,742		—		340,742		(340,718)		—		24
Trading liabilities, at fair value:
Currency forwards	196,554		(196,535)		19		—		—		19
Options	3,087		—		3,087		(3,087)		—		—
Total	$	2,140,482	$	(196,535)	$	1,943,947	$	(1,895,951)	$	(15,281)	$	32,715

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, 2020
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	125,000	$	50,000	$	200,000	$	—	$	375,000
U.S. and Non-U.S. government obligations	86,235										86,235
Total	86,235		125,000		50,000		200,000		—		461,235

Securities loaned:
Equity securities	948,256		—		—		—		—		948,256
Total	$	948,256	$	—	$	—	$	—	$	—	$	948,256


	December 31, 2019
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	75,000	$	50,000	$	150,000	$	—	$	275,000
U.S. and Non-U.S. government obligations	65,742		—		—		—		—		65,742
Total	65,742		75,000		50,000		150,000		—		340,742

Securities loaned:
Equity securities	1,600,099		—		—		—		—		1,600,099
Total	$	1,600,099	$	—	$	—	$	—	$	—	$	1,600,099

- 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, 2020

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, 2020 and December 31, 2019:


(in thousands)		December 31, 2020				December 31, 2019
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	$	4,669	$	2,208,899	$	(1,366)	$	4,502,017
Commodity futures	Receivables from broker-dealers and clearing organizations	173,889		6,237,389		40,656		7,758,974
Currency futures	Receivables from broker-dealers and clearing organizations	(11,736)		2,823,277		(2,860)		1,116,246
Fixed income futures	Receivables from broker-dealers and clearing organizations	42		102,476		47		155,697

Options	Financial instruments owned	9,080		746,723		8,538		442,808
Currency forwards	Financial instruments owned	341,360		30,596,681		242,552		24,369,818
Interest rate swap	Other assets	—		—		8,976		525,000

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	$	31	$	90,219	$	751	$	83,803


Commodity futures	Payables to broker-dealers and clearing organizations	(5,397)	27,287	(45,175)	3,604,979
Currency futures	Payables to broker-dealers and clearing organizations	3,598	2,269,898	(23,223)	6,594,991
Fixed income futures	Payables to broker-dealers and clearing organizations	—	1,566	94	190,938
Options	Financial instruments sold, not yet purchased	9,241	736,997	3,087	436,422
Currency forwards	Financial instruments sold, not yet purchased	292,965	30,572,490	196,554	24,346,818

Derivative instruments designated as hedging instruments:

Interest rate swaps	Payables to broker-dealers and clearing organizations	63,513	1,525,000	—	—

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

The following table summarizes the net gain (loss) from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in total revenues, and from those designated as hedging instruments under ASC 815, which are recorded in other comprehensive income in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018.


		Years Ended December 31,
(in thousands)	Financial Statements Location		2020		2019		2018
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	(6,217)	$	247,619	$	(309,598)
Currency forwards	Trading income, net		249,856		(44,293)		174,310
Options	Trading income, net		84,695		19,692		(6,161)
Interest rate swap on term loan	Other, net		(1,890)		8,976		—
			$	326,444	$	231,994	$	(141,449)

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	(69,462)	$	—	—
Foreign exchange - forward contract	Other comprehensive income		—		—		63
			$	(69,462)	$	—	$	63

(1) The Company entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement in the first quarter of 2020 and a five-year $525 million floating-to-fixed interest rate swap agreement in the fourth quarter of 2019. These two interest rate swaps met the criteria to be considered qualifying cash flow hedges under ASC 815 in 2020, and as such, the mark-to-market gains (losses) on the instruments were recorded within Other comprehensive income on the Consolidated Statements of Comprehensive Income for the year ended December 31, 2020.

Revenues from Contracts with Customers

12 Months Ended

Dec. 31, 2020

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.

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

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

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

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

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

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

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

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

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

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

Disaggregation of Revenues

The following tables present the Company’s revenue from contracts with customers disaggregated by the services described above, by timing of revenue recognition, reconciled to the Company’s segments, for the years ended December 31, 2020, 2019 and 2018:


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

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

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

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

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


	Year Ended December 31, 2019
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	23,526	$	357,401	$	—	$	380,927

Workflow technology	—		82,610		—		82,610
Analytics	—		35,007				35,007
Total revenue from contracts with customers	23,526		475,018		—		498,544

Other sources of revenue	1,004,568		16,718		(2,338)		1,018,948

Total revenues	$	1,028,094	$	491,736	$	(2,338)	$	1,517,492

Timing of revenue recognition:
Services transferred at a point in time	$	1,028,094	$	425,549	$	(2,338)	$	1,451,305
Services transferred over time	—		66,187		—		66,187
Total revenues	$	1,028,094	$	491,736	$	(2,338)	$	1,517,492


	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
Workflow technology	—		—		—		—
Analytics	—		—				—
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

Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations

As of December 31, 2020 and 2019, the aggregate amount of the transaction price allocated to the performance obligations relating to workflow technology and analytics revenues that are unsatisfied (or partially unsatisfied) was not material.

Contract Assets and Contract Liabilities

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

Receivables related to revenues from contracts with customers amounted to $57.3 million and $53.6 million as of December 31, 2020 and December 31, 2019, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of December 31, 2020.

Deferred revenue primarily relates to deferred commissions allocated to analytics products and subscription fees billed in advance of satisfying the performance obligations. Deferred revenue related to contracts with customers was $9.3 million and $8.6 million as of December 31, 2020 and December 31, 2019, respectively. The Company recognized revenue of $33.1 million and $32.6 million during the years ended December 31, 2020 and 2019, respectively that had been initially recorded as deferred revenue.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income before income taxes and noncontrolling interest is as follows for the years ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
	2020		2019		2018
(in thousands)
U.S. operations	$	1,214,282	$	(103,080)	$	659,937
Non-U.S. operations	168,555		(12,902)		36,426
	$	1,382,837	$	(115,982)	$	696,363

The provision for income taxes consists of the following for the years ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
(in thousands)	2020		2019		2018
Current provision (benefit)
Federal	$	148,034	$	(1,861)	$	49,047
State and Local	52,040		4,362		18,697
Foreign	37,474		3,675		4,276
Deferred provision (benefit)
Federal	26,255		(13,422)		4,986
State and Local	(2,580)		(1,455)		(1,599)
Foreign	701		(3,576)		764
Provision for income taxes	$	261,924	$	(12,277)	$	76,171

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, 2020, 2019 and 2018 is as follows:


	Years Ended December 31,
	2020		2019		2018
(in thousands, except percentages)
Tax provision at the U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
Less: rate attributable to noncontrolling interest	(7.5)	%	(8.1)	%	(10.2)	%
State and local taxes, net of federal benefit	3.4	%	2.4	%	1.9	%


Non-deductible expenses, net	0.1	%	(3.7)	%	(0.3)	%
Other, net	1.9	%	(1.0)	%	(1.5)	%
Effective tax rate	18.9	%	10.6	%	10.9	%

The components of the deferred tax assets and liabilities as of December 31, 2020, and 2019 are as follows:


	December 31,
(in thousands)	2020		2019
Deferred income tax assets
Tax Receivable Agreement	$	199,107	$	197,598
Share-based compensation	17,140		15,572
Intangibles	2,563		2,467
Fixed assets and other	37,100		44,908
Tax credits and net operating loss carryforwards	60,597		86,420
Less: Valuation allowance on net operating loss carryforwards and tax credits	(60,385)		(60,594)
Total deferred income tax assets	$	256,122	$	286,371

Deferred income tax liabilities
Intangibles	$	63,052	$	71,700

Total deferred income tax liabilities	$	63,052	$	71,700

The Company is subject to U.S. federal, state and local income tax at the rate applicable to corporations less the rate attributable to the noncontrolling interest in Virtu Financial. These noncontrolling interests are subject to U.S. taxation as partnerships. Accordingly, for the years ended December 31, 2020, 2019 and 2018, 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, 2020 and December 31, 2019 are current income tax receivables of $83.1 million and $39.3 million, respectively. These balances primarily comprise income tax benefits due to the Company from federal, state and local, and foreign tax jurisdictions based on income before taxes. Included in Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition at December 31, 2020 and December 31, 2019 are current tax liabilities of $37.9 million and $11.5 million, respectively. These balances primarily comprise income taxes owed to federal, state and local, and foreign tax jurisdictions based on income before taxes.

Deferred income taxes arise primarily due to the amortization of the deferred tax assets recognized in connection with the IPO (see Note 7 "Tax Receivable Agreements"), the Acquisition of KCG and the ITG Acquisition (see Note 3 "ITG Acquisition"), differences in the valuation of financial assets and liabilities, and other temporary differences arising from the deductibility of compensation, depreciation, and other expenses in different time periods for book and income tax return purposes.

There are no expiration dates on the deferred tax assets. The provisions of ASC 740 require that carrying amounts of deferred tax assets be reduced by a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically with appropriate consideration given to all positive and negative evidence related to the realization of the deferred tax assets. At December 31, 2020, the Company did not have any U.S. federal net operating loss carryforwards and therefore the Company did not record a deferred tax asset related to any federal net operating loss carryforwards. At December 31, 2020, the Company recorded deferred income taxes related to state and local net operating losses of $0.4 million. These net operating losses will begin to expire in 2039. The Company did not record a valuation allowance against this deferred tax asset.

As a result of the ITG Acquisition, the Company has non-U.S. net operating losses at December 31, 2020 and December 31, 2019 of $75.1 million and $86.3 million, respectively, and has recorded a related deferred tax asset of $15.2 million and $17.9 million, respectively. A valuation allowance of $15.1 million and $15.6 million was recorded against this deferred tax asset at December 31, 2020 and December 31, 2019, respectively, as it is more likely than not that a portion of this deferred tax asset will not be realized. As a result of the Acquisition of KCG, the Company has non-U.S. net operating losses at December 31, 2020 and December 31, 2019 of $239.0 million and $239.0 million, respectively, and has recorded a related deferred tax asset of $44.9 million and $44.9 million, respectively. A full valuation allowance was also recorded against this deferred tax asset at December 31, 2020 and December 31, 2019 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, 2020 and December 31, 2019 because it is more likely than not that these deferred tax assets will be fully realized.

The Company is subject to taxation in U.S. federal, state, local and foreign jurisdictions. As a result of the ITG Acquisition and the Acquisition of KCG, the Company has assumed any ITG and KCG tax exposures. As of December 31, 2020, the Company’s tax years for 2015 through 2019 and 2017 through 2019 are subject to examination by U.S. and non-U.S. tax authorities, respectively. In addition, the Company is subject to state and local income tax examinations in various jurisdictions for the tax years 2013 through 2019. The outcome of these examinations is not yet determinable. However, the Company anticipates that adjustments to the unrecognized tax benefits, if any, will not result in a material change to the financial condition, results of operations and cash flows.

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

The Company had $8.6 million of unrecognized tax benefits as of December 31, 2020, 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, 2020.

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


(in thousands)
Balance at December 31, 2017	$	7,300
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	7,328
Increase from ITG Acquisition	2,713
Decreases based on tax positions related to prior period	(1,263)
Increase based on tax positions related to current period	—
Balance at December 31, 2019	8,778

Decreases based on tax positions related to prior period	(311)
Increase based on tax positions related to current period	110
Balance at December 31, 2020	$	8,577

- Definition

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

+ References + Details

Commitments, Contingencies and Guarantees	12 Months Ended
Commitments, Contingencies and Guarantees	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees 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 judgments, settlements, disgorgements, restitution, penalties, injunctions, damages or fines are sought, or where such matters are in the early stages, the Company cannot estimate losses or ranges of losses for such matters where there is only a reasonable possibility that a loss may be incurred. 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 and other insurance coverage for potential claims, including securities actions, against the Company and its respective directors and officers. 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 a ProShares inverse-volatility ETF. Additionally, on February 27, 2019, and March 1, 2019, the Company was named as a defendant in Bittner v. ProShares Trust II, et al., No. 19-cv-1840, and Mareno v. ProShares Trust II, et al., No. 19-cv-1955, respectively. The complaints were filed in federal district court in New York on behalf of putative classes, and asserted substantially similar claims against the Company and other financial institutions. On April 29, 2019, these three actions were consolidated in federal district court in New York as In re ProShares Trust II Securities Litigation, No. 19-cv-886-DLC. A consolidated amended complaint, which did not specify the amount of alleged damages, was filed in the consolidated action on June 21, 2019. Defendants moved to dismiss the consolidated amended complaint on August 2, 2019. In response, plaintiffs filed a consolidated second amended complaint on September 6, 2019, which also did not specify the amount of alleged damages. Defendants moved to dismiss the consolidated second amended complaint on September 27, 2019. The defendants’ motion to dismiss was granted on January 3, 2020, and plaintiffs subsequently filed a Notice of Appeal of the district court's ruling on the motion to dismiss on January 31, 2020 and an opening brief on May 14, 2020. The defendants' response brief was filed August 13, 2020 and the plaintiffs' reply was filed September 17, 2020. The Company believes that the claims are without merit and is defending itself vigorously. On November 30, 2020, the Company was named as a defendant in In re United States Oil Fund, LP Securities Litigation, No. 20-cv-4740. The consolidated amended complaint was filed in federal district court in New York on behalf of a putative class, and asserts claims against the Company and numerous other financial institutions under Section 11 of the Securities Act of 1933 in connection with trading in United States Oil Fund, LP, a crude oil ETF. The complaint also names the ETF, its sponsor, and related individuals as defendants. The complaint did not specify the amount of alleged damages. Defendants moved to dismiss the consolidated amended complaint on January 29, 2021. The Company believes that the claims are without merit and is defending itself vigorously. Other Legal and Regulatory Matters The Company owns subsidiaries including regulated entities that are subject to extensive oversight under federal, state and applicable international laws as well as self-regulatory organization (“SRO”) rules. Changes in market structure and the need to remain competitive require constant changes to the Company's systems, order routing and order handling procedures. The Company makes these changes while continuously endeavoring to comply with many complex laws and rules. Compliance, surveillance and trading issues common in the securities industry are monitored by, reported to, and/or reviewed in the ordinary course of business by the Company's regulators in the U.S. and abroad. As a major order flow execution destination, the Company is named from time to time in, or is asked to respond to a number of regulatory matters brought by U.S. regulators, foreign regulators, SROs, as well as actions brought by private plaintiffs, which arise from its business activities. There has recently been an increased focus by regulators on Anti-Money Laundering and sanctions compliance by broker-dealers and similar entities, as well as an enhanced interest on suspicious activity reporting and transactions involving microcap and low-priced securities. In addition, there has been an increased focus by Congress, federal and state regulators, SROs and the media on market structure issues, and in particular, the retail trading environment in the U.S. and relationships between retail broker-dealers and market making firms, high frequency trading, best execution, internalization, alternative trading system (“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 other payment and rebate structures and arrangements. From time to time, the Company is the subject of requests for information and documents from the SEC, the Financial Industry Regulatory Authority, states attorney generals, and other regulators and governmental authorities. 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 state, federal and foreign regulators and SROs, including the SEC and the Financial Industry Regulatory Authority. In some instances, these matters may result in a disciplinary action and/or a civil or administrative action. For example, in December 2015, 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 in 2018 was further reduced to €3.0 million (approximately $3.4 million). The Company has fully reserved for the monetary penalty as of December 31, 2020. Representations and Warranties; Indemnification Arrangements In the normal course of its operations, the Company enters into contracts that contain a variety of representations and warranties in addition to indemnification obligations, including indemnification obligations in connection with the Acquisition of KCG and the ITG Acquisition. The Company's maximum exposure under these arrangements is currently unknown, as any such exposure could relate to claims not yet brought or events which have not yet occurred. For example, in November 2013, KCG sold Urban Financial of America, LLC (“Urban”), the reverse mortgage origination and securitization business previously owned by Knight Capital Group, Inc., to an investor group now known as Finance of America Reverse, LLC (“FAR”). Pursuant to the terms of the Stock Purchase Agreement between KCG and FAR, Virtu has certain continuing obligations related to KCG's prior ownership of Urban 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 enters into contracts that contain a variety of representations and warranties and general indemnifications. The Company has also provided general indemnifications to its managers, officers, directors, employees, and agents against expenses, legal fees, judgments, fines, settlements, and other amounts actually and reasonably incurred by such persons under certain circumstances as more fully disclosed in its operating agreement. The overall maximum amount of the obligations (if any) cannot reasonably be estimated as it will depend on the facts and circumstances that give rise to any future claims.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

LeasesThe Company adopted ASU 2016-02 on January 1, 2019, and elected the modified retrospective method of implementation. The standard requires the recognition of ROU assets and lease liabilities for leases, which are defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company has elected the practical expedient which allows for leases with an initial term of 12 months or less to be excluded from recognition on the Consolidated Statements of Financial Condition and for which lease expense is recognized on a straight-line basis over the lease term.

Topic 842 primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee. These leases are primarily for corporate office space, datacenters, and technology equipment. The leases have remaining terms of 1 year to 15 years, some of which include options to extend the initial term at the Company's discretion. The lease terms used in calculating ROU assets and lease liabilities include the options to extend the initial term when the Company is reasonably certain of exercising the options. The Company's lease agreements do not contain any material residual value guarantees, restrictions or covenants. In addition to the base rental costs, the Company’s lease agreements for corporate office space generally provide for rent escalations resulting from increased assessments for operating expenses, real estate taxes and other charges. Payments for such reimbursable expenses are considered variable and are recognized as variable lease costs in the period in which the obligation for those payments was incurred.

The Company also subleases certain office space and facilities to third parties. The subleases have remaining terms of 1 to 11 years. The Company recognizes amounts received from subleases on a straight-line basis over the term of the sublease within Operations and administrative expense on the Consolidated Statements of Comprehensive Income.

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

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	December 31, 2020		December 31, 2019
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	268,864	$	314,526
Operating lease liabilities	Operating lease liabilities	315,340		365,364

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	36,093		37,589
Accumulated depreciation	Property, equipment, and capitalized software, net	(24,585)		(24,579)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	11,687		13,371

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


	December 31, 2020		December 31, 2019
Weighted average remaining lease term
Operating leases	6.9 years		7.5 years
Finance leases	2.0 years		1.5 years
Weighted average discount rate
Operating leases	5.67	%	5.70	%
Finance leases	3.13	%	3.52	%

The components of lease expense are as follows:


	Years Ended December 31,
(in thousands)		2020		2019
Operating lease cost:
Fixed		$	73,624	$	72,714
Variable		8,532		8,333
Impairment of ROU Asset		6,003		27,104
Total Operating lease cost		88,159		108,151

Sublease income		16,437		12,590

Finance lease cost:
Amortization of right-of-use assets		11,536		12,565
Interest on lease liabilities		432		661
Total Finance lease cost		11,968		13,226

The Company recognized $9.6 million and $66.5 million during the years ended December 31, 2020 and 2019, respectively, in Termination of office leases on the Consolidated Statements of Comprehensive Income related to the abandonment and termination of certain lease premises as part of its ongoing effort to consolidate office space. Termination of office leases consisted of $6.0 million of impairments of ROU assets and lease terminations, $3.0 million of write-offs of leasehold improvements and fixed assets and $0.6 million of dilapidation charges for the year ended December 31, 2020 and $27.1 million of impairments of ROU assets, $37.9 million of write-offs of leasehold improvements and fixed assets, and $1.4 million of dilapidation charges for the year ended December 31, 2019.

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2020, are as follows:



(in thousands)	Operating Leases		Finance Leases
2021	$	74,590	$	6,774
2022	67,979		4,035
2023	64,621		1,438
2024	35,393		—
2025	27,495		—
2026 and thereafter	114,873		—
Total lease payments	$	384,951	$	12,247
Less imputed interest	(69,611)		(560)
Total lease liability	$	315,340	$	11,687

Leases

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	December 31, 2020		December 31, 2019
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	268,864	$	314,526
Operating lease liabilities	Operating lease liabilities	315,340		365,364

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	36,093		37,589
Accumulated depreciation	Property, equipment, and capitalized software, net	(24,585)		(24,579)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	11,687		13,371

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


	December 31, 2020		December 31, 2019
Weighted average remaining lease term
Operating leases	6.9 years		7.5 years
Finance leases	2.0 years		1.5 years
Weighted average discount rate
Operating leases	5.67	%	5.70	%
Finance leases	3.13	%	3.52	%

The components of lease expense are as follows:


	Years Ended December 31,
(in thousands)		2020		2019
Operating lease cost:
Fixed		$	73,624	$	72,714
Variable		8,532		8,333
Impairment of ROU Asset		6,003		27,104
Total Operating lease cost		88,159		108,151

Sublease income		16,437		12,590

Finance lease cost:
Amortization of right-of-use assets		11,536		12,565
Interest on lease liabilities		432		661
Total Finance lease cost		11,968		13,226

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2020, are as follows:



(in thousands)	Operating Leases		Finance Leases
2021	$	74,590	$	6,774
2022	67,979		4,035
2023	64,621		1,438
2024	35,393		—
2025	27,495		—
2026 and thereafter	114,873		—
Total lease payments	$	384,951	$	12,247
Less imputed interest	(69,611)		(560)
Total lease liability	$	315,340	$	11,687

Cash

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash

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

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


(in thousands)	December 31, 2020		December 31, 2019
Cash and cash equivalents	$	889,559	$	732,164
Cash restricted or segregated under regulations and other	117,446		41,116
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,007,005	$	773,280

Capital Structure

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Capital Structure

The Company has four classes of authorized common stock. The Class A Common Stock and the Class C Common Stock have one vote per share. The Class B Common Stock and the Class D Common Stock have 10 votes per share. Shares of the Company’s common stock generally vote together as a single class on all matters submitted to a vote of the Company’s stockholders. The Founder Member controls approximately 81.9% of the combined voting power of our common stock as a result of its ownership of our Class C and Class D Common Stock

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 Virtu Financial Units. As of December 31, 2020 and December 31, 2019, there were 5,259,713 and 7,919,952 Virtu Financial Units outstanding held by Employee Holdco (as defined below), respectively, and 2,660,239, 840,803 and 3,540,312 of such Virtu Financial Units and corresponding Class C Common Stock were exchanged into Class A Common Stock, forfeited or repurchased during the years ended December 31, 2020, 2019 and 2018, 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.

On April 23, 2020, the Company’s Board of Directors adopted an amendment to the Company’s Amended and Restated 2015 Management Incentive Plan in order to increase the number of shares of the Company’s Class A Common Stock reserved for issuance, and in respect of which awards may be granted under the Amended and Restated 2015 Plan from 16,000,000 shares of Class A Common Stock to an aggregate of 21,000,000 shares of Class A Common Stock, and the amendment was approved by the Company’s shareholders at the Company's annual meeting of stockholders on June 5, 2020.

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

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

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

Share Repurchase Program

In February 2018, the Company's Board of Directors authorized a share repurchase program of up to $50.0 million in Class A Common Stock and Virtu Financial Units by March 31, 2019. 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. The share repurchase program entitled the Company to repurchase shares from time to time in open market transactions, privately negotiated transactions or by other means. Repurchases were also permitted to be made under Rule 10b5-1 plans. The timing and amount of repurchase transactions were determined by the Company's management based on its evaluation of market conditions, share price, legal requirements and other factors. The program expired on September 30, 2019. From the inception of the program in February 2018, the Company repurchased approximately 2.6 million shares of Class A Common Stock and Virtu Financial Units for approximately $65.9 million.

On November 6, 2020, the Company's Board of Directors authorized a new share repurchase program of up to $100.0 million in Class A common stock and Virtu Financial Units by December 31, 2021. From the inception of the program through December 31, 2020, the Company repurchased approximately 1.4 million shares of Class A Common Stock and Virtu Financial Units for approximately $33.9 million. As of December 31, 2020, the Company has approximately of $66.1 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, directors of the Company, and to confirm that certain other persons (including the Company’s CEO) remain parties to the Amended and Restated Registration Rights Agreement.

In May 2019, the Company completed a public offering (the “May 2019 Secondary Offering”) of 9,000,000 shares of Class A Common Stock at a purchase price per share paid by the underwriters of $22.00, the 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 14, 2019 by and between the Company and TJMT Holdings LLC.

Employee Exchanges

During the years ended December 31, 2020, 2019 and 2018, 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 2,660,239, 840,839 and 3,919,462 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.

The Company holds approximately a 64.1% interest in Virtu Financial at December 31, 2020.

Warrant Issuance

On March 20, 2020, in connection with and in consideration of the Founder Member’s commitments under the Founder Member Loan Facility (as described in Note 11 "Borrowings"), the Company delivered to the Founder Member a warrant (the “Warrant”) to purchase shares of the Company’s Class A Common Stock. Pursuant to the Warrant, the Founder Member may purchase up to 3,000,000 shares of Class A Common Stock. If at any time during the term of the Founder Member Facility, the Founder Member Loans equal to or greater than $100 million had remained outstanding for a certain period of time specified in the Warrant, the number of shares would have increased to 10,000,000. The Founder Member Loan Facility Term expired on September 20, 2020 without the Company having borrowed any Founder Member Loans thereunder (as described in Note 11 "Borrowings"), and as a result no such increase in the number of shares which may be purchased has occurred or will occur pursuant to the terms of the Warrant. The exercise price per share of the Class A Common Stock issuable pursuant to the Warrant is $22.98, which in accordance with the terms of the Warrant, is equal to the average of the volume weighted average prices of the Class A Common Stock for the ten (10) trading days following May 7, 2020, the date on which the Company publicly announced its earnings results for the first quarter of 2020. The Warrant may be exercised to purchase up to 3,000,000 shares of the Company's Class A Common Stock on any date after May 22, 2020 up to and including January 15, 2022. The Warrant and Class A Common Stock issuable pursuant to the Warrant were offered, and will be issued and sold, in reliance on the exemption from the registration requirements of the Securities Act, set forth under Section 4(a)(2) of the Securities Act relating to sales by an issuer not involving any public offering.

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

Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in Other Comprehensive Income (Loss) for the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31, 2020
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	—	$	(42,636)	$	9,192	$	(33,444)
Foreign exchange translation adjustment	(647)		8,604		—		7,957
Total	$	(647)	$	(34,032)	$	9,192	$	(25,487)
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. As of December 31, 2020, the Company expects approximately $13.4 million to be reclassified from AOCI into earnings over the next 12 months. The timing of the reclassification is based on the interest payment schedule of the long-term borrowings.

	Year Ended December 31, 2019
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance

Foreign exchange translation adjustment	$	(82)	$	(565)	$	—	$	(647)
Total	$	(82)	$	(565)	$	—	$	(647)

	Year Ended December 31, 2018
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance

Foreign exchange translation adjustment	$	2,991	$	(3,073)	$	—	$	(82)
Total	$	2,991	$	(3,073)	$	—	$	(82)

Share-based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-based Compensation

Pursuant to the Amended and Restated 2015 Management Incentive Plan as described in Note 19 "Capital Structure", and in connection with the IPO, non-qualified stock options to purchase shares of Class A Common Stock were granted, each of which vests in equal annual installments over a period of four years from grant date and expires not later than 10 years from the date of grant.

The following table summarizes activity related to stock options for the years ended December 31, 2020, 2019 and 2018:


	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, 2017	7,738,000	$	19.00	7.29	3,869,000	$	19.00
Granted	—	—		—	—	—
Exercised	(4,168,100)	19.00		—	—	19.00
Forfeited or expired	(83,750)	—		—	—	—
At December 31, 2018	3,486,150	$	19.00	6.30	1,660,400	$	19.00
Granted	156,129	13.60		4.37	156,129	13.60
Exercised	(353,500)	19.00		—	(353,500)	19.00
Forfeited or expired	(55,000)	—		—	—	—
At December 31, 2019	3,233,779	$	18.74	5.24	3,248,779	$	18.74


Granted	—	—		—	—	—
Exercised	(909,627)	18.07		—	(909,627)	18.07
Forfeited or expired	—	—		—	—	—
At December 31, 2020	2,324,152	$	19.00	4.24	2,324,152	$	19.00

The expected life was determined based on an average of vesting and contractual period. The risk-free interest rate was determined based on the yields available on U.S. Treasury zero-coupon issues. The expected stock price volatility was determined based on historical volatilities of comparable companies. The expected dividend yield was determined based on estimated future dividend payments divided by the IPO stock price.

The Company recognized $1.4 million and $5.8 million for the years ended December 31, 2019 and 2018, respectively, of compensation expense in relation to the stock options issued and outstanding. The stock options to purchase shares of Class A Common Stock were fully vested in 2019, and as such there was no compensation expense recognized in relation to stock options for the year ended December 31, 2020.

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

On the ITG Closing Date, the Company assumed the Amended and Restated ITG 2007 Equity Plan and the Assumed Awards. The Assumed Awards are subject to the same terms and conditions that were applicable to them under the Amended and Restated ITG 2007 Equity Plan, except that (i) the Assumed Awards relate to shares of the Company’s Class A Common Stock, (ii) the number of shares of Class A Common Stock subject to the Assumed Awards was the result of an adjustment based upon an Exchange Ratio (as defined in the ITG Merger Agreement) and (iii) the performance share unit awards were converted into service-based vesting restricted stock unit awards that were no longer subject to any performance based vesting conditions. As of the ITG Closing Date, the aggregate number of shares of Class A Common Stock subject to such Assumed Awards was 2,497,028 and the aggregate number of shares of Class A Common Stock that remained issuable pursuant to the Amended and Restated ITG 2007 Equity Plan was 1,230,406. The Company filed a Registration Statement on Form S-8 on the ITG Closing Date to register such shares of Class A Common Stock.

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

Pursuant to the Amended and Restated 2015 Management Incentive Plan as described in Note 19 "Capital Structure", subsequent to the IPO, shares of immediately vested Class A Common Stock, RSUs and RSAs were granted, with RSUs and RSAs vesting over a period of up to 4 years. The fair value of the Class A Common Stock and RSUs was determined based on a volume weighted average price and the expense is recognized on a straight-line basis over the vesting period. The fair value of the RSAs was determined based on the closing price as of the date of grant and the expense is recognized from the date that achievement of the performance target becomes probable through the remainder of the vesting period. Performance targets are based on the Company's adjusted EBITDA for certain future periods. For the years ended December 31, 2020, 2019 and 2018, respectively, there were 967,526, 441,920 and 594,536 shares of immediately vested Class A Common Stock granted as part of year-end compensation. In addition, the Company accrued compensation expense of $25.2 million, of which $2.1 million was related to accelerated vesting of awards for retirement eligible employees, $12.6 million and $11.2 million for the years ended December 31, 2020, 2019 and 2018, respectively, related to immediately vested Class A Common Stock expected to be awarded as part of year-end incentive compensation, which was included in Employee compensation and payroll taxes on the Consolidated Statements of Comprehensive Income and Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

The following table summarizes activity related to the RSUs (including the Assumed Awards) and RSAs:


	Number of RSUs and RSAs	Weighted Average Fair Value
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
Granted	4,063,541	25.07
Forfeited	(643,709)	21.58
Vested	(1,805,265)	24.08


At December 31, 2019	2,993,489	$	24.10
Granted (1)	3,318,169	17.49
Forfeited	(430,961)	17.45
Vested	(2,487,613)	20.17
At December 31, 2020	3,393,084	$	21.35
(1) Excluded in the number of RSUs and RSAs are 400,000 participating RSAs where the grant date has not been achieved because the performance conditions have not been met.

The Company recognized $37.4 million, of which $3.7 million was related to accelerated vesting of awards for retirement eligible employees, $66.1 million and $17.9 million for the years ended December 31, 2020, 2019 and 2018, respectively, of compensation expense in relation to the RSUs. As of December 31, 2020 and December 31, 2019, total unrecognized share-based compensation expense related to unvested RSUs was $37.1 million and $43.4 million, respectively, and this amount is to be recognized over a weighted average period of 1.03 and 2.0 years, respectively. Awards in which the specific performance conditions have not been met are not included in unrecognized share-based compensation expense.

On November 13, 2020, the Company adopted the Virtu Financial, Inc. Deferred Compensation Plan (the "DCP"). The DCP permits eligible executive officers and other employees to defer cash or equity based compensation beginning in the calendar year ending December 31, 2021, subject to certain limitations and restrictions. Deferrals may also be directed to notional investments in certain of the employee investment opportunities. No amounts have been recognized as compensation cost under the DCP as of December 31, 2020.

Property, Equipment and Capitalized Software

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Equipment and Capitalized Software

Property, equipment and capitalized software consisted of the following at December 31, 2020 and December 31, 2019:


(in thousands)	December 31, 2020		December 31, 2019
Capitalized software costs	$	183,208	$	143,748
Leasehold improvements	54,094		71,981
Furniture and equipment	332,249		357,589

Total	569,551		573,318
Less: Accumulated depreciation and amortization	(455,961)		(457,229)
Total property, equipment and capitalized software, net	$	113,590	$	116,089

Depreciation expense for property and equipment for the years ended December 31, 2020, 2019, and 2018 was approximately $37.4 million, $44.7 million, and $48.4 million, respectively, and is included within depreciation and amortization expense in the Consolidated Statements of Comprehensive Income.

The Company’s capitalized software development costs were approximately $37.0 million, $32.5 million, and $24.4 million for the years ended December 31, 2020, 2019, and 2018, respectively. The related amortization expense was approximately $29.3 million, $21.0 million, and $20.4 million for the years ended December 31, 2020, 2019, and 2018, respectively, and is included within Depreciation and amortization in the Consolidated Statements of Comprehensive Income.

Regulatory Requirement

12 Months Ended

Dec. 31, 2020

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

Regulatory Requirement

U.S. Subsidiaries

The Company's U.S. broker-dealer subsidiary, VAL, is subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital as detailed in the table below. Pursuant to 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, 2020. The required amount is determined under the exchange rules as the greater of (i) $1 million or (ii) $75,000 for every 0.1% of NYSE transaction dollar volume in each of the securities for which the Company is registered as the DMM.

VAL's regulatory capital and regulatory capital requirements as of December 31, 2020 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	621,253	$	2,917	$	618,336

As of December 31, 2020, VAL had $96.2 million of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $20.4 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers. Balances in special reserve bank accounts previously maintained by VITG were transferred to VAL upon consolidation of the broker dealers. The balances are included within Cash restricted or segregated under regulations and other on the Consolidated Statements of Financial Condition.

The regulatory capital and regulatory capital requirements of the U.S. broker-dealer subsidiaries as of December 31, 2019 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	257,452	$	2,571	$	254,881
Virtu Financial BD LLC	30,317		1,000		29,317
Virtu Financial Capital Markets LLC	3,710		1,000		2,710
Virtu ITG LLC	66,069		1,000		65,069
Virtu Alternet Securities LLC	1,931		100		1,831

As of December 31, 2019, VAL and VITG had $22.3 million and $7.4 million, respectively, of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $4.5 million and $5.0 million, respectively, of cash in reserve bank accounts for the benefit of proprietary accounts of brokers.

Foreign Subsidiaries

The Company’s foreign subsidiaries are subject to regulatory capital requirements set by local regulatory bodies, including the Investment Industry Regulatory Organization of Canada (“IIROC”), the Central Bank of Ireland, the Financial Conduct Authority in the United Kingdom, the Australian Securities Exchange, the Securities and Futures Commission in Hong Kong, and the Monetary Authority of Singapore. Virtu Financial Canada ULC was admitted to membership in IIROC in March 2019.

The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2020 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	12,944	$	196	$	12,748

Virtu Financial Canada ULC	2,486		196		2,290
Ireland
Virtu ITG Europe Limited	57,459		32,106		25,353
Virtu Financial Ireland Limited	94,528		41,038		53,490
United Kingdom
Virtu ITG UK Limited	1,290		910		380
Asia Pacific
Virtu ITG Australia Limited	30,606		12,729		17,877
Virtu ITG Hong Kong Limited	4,290		625		3,665
Virtu ITG Singapore Pte Limited	796		76		720

As of December 31, 2020, Virtu ITG Europe Limited and Virtu ITG Canada Corp had $0.2 million and $0.4 million, respectively, of segregated funds on deposit for trade clearing and settlement activity, and Virtu ITG Hong Kong Ltd. had $30 thousand of segregated balances under a collateral account control agreement for the benefit of certain customers.

The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2019 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	13,029	$	193	$	12,836
TriAct Canada Marketplace LP	2,538		193		2,345
Virtu Financial Canada ULC	2,459		193		2,266
Ireland
Virtu ITG Europe Limited	54,129		32,484		21,645
Virtu Financial Ireland Limited	78,385		43,233		35,152
United Kingdom
Virtu ITG UK Limited	1,378		991		387
Asia Pacific
Virtu ITG Australia Limited	24,574		8,451		16,123
Virtu ITG Hong Kong Limited	3,805		539		3,266
Virtu ITG Singapore Pte Limited	1,179		72		1,107

As of December 31, 2019, Virtu ITG Europe Limited and Virtu ITG Canada Corp had $1.2 million and $0.4 million, respectively, of funds on deposit for trade clearing and settlement activity, and Virtu ITG Hong Kong Ltd had $30 thousand of segregated balances under a collateral account control agreement for the benefit of certain customers.

Geographic Information and Business Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Geographic Information and Business Segments

The Company operates its business in the U.S. and internationally, primarily in Europe, Asia and Canada. Significant transactions and balances between geographic regions occur primarily as a result of certain of the Company’s subsidiaries incurring operating expenses such as employee compensation, communications and data processing and other overhead costs, for the purpose of providing execution, clearing and other support services to affiliates. Charges for transactions between regions are designed to approximate full costs. Intra-region income and expenses and related balances have been eliminated in the geographic information presented below to accurately reflect the external business conducted in each geographical region. The revenues are attributed to countries based on the locations of the subsidiaries. The following table presents total revenues by geographic area for the years ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
(in thousands)		2020		2019		2018
Revenues:
United States		$	2,569,147	$	1,133,514	$	1,644,641
Ireland		323,519		188,154		81,531
Singapore		176,665		109,761		136,161
Canada		116,521		49,666		—
Australia		44,552		34,933		—
United Kingdom		4,218		(1,735)		15,681
Others		4,709		3,199		704
Total revenues		$	3,239,331	$	1,517,492	$	1,878,718

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 ATSs. The Company is an active participant on all major global equity and futures exchanges and also trades on substantially all domestic electronic options exchanges. As a complement to electronic market making, the cash trading business handles specialized orders and also transacts on the OTC Link ATS operated by OTC Markets Group Inc.

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

The 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, 2020, 2019 and 2018 and are summarized in the following table:


(in thousands)	Market Making		Execution Services		Corporate		Consolidated Total
2020
Total revenue	$	2,593,342	$	650,143	$	(4,154)	$	3,239,331
Income (loss) before income taxes and noncontrolling interest	1,241,313		174,617		(33,093)		1,382,837

2019
Total revenue	1,028,094		491,736		(2,338)		1,517,492
Income (loss) before income taxes and noncontrolling interest	109,190		(126,931)		(98,241)		(115,982)

2018
Total revenue	1,384,475		496,333		(2,090)		1,878,718
Income (loss) before income taxes and noncontrolling interest	422,648		325,043		(51,328)		696,363

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
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, 2020, and December 31, 2019, the Company had a net receivable from its affiliates of $2.3 million and a net receivable from its affiliates of $1.3 million, respectively. The Company has held a minority interest in JNX since 2016 (see Note 12 "Financial Assets and Liabilities"). The Company pays exchange fees to JNX for the trading activities conducted on its proprietary trading system. The Company paid $16.7 million, $12.9 million and $9.5 million for the years ended December 31, 2020, 2019 and 2018, respectively, to JNX for these trading activities. The Company makes payments to two JVs (see Note 2 "Summary of Significant Accounting Policies") to fund the construction of the microwave communication networks, and to purchase microwave communication networks, which are recorded within Communications and data processing on the Consolidated Statements of Comprehensive Income. The Company made payments of $18.7 million, $19.9 million and $20.0 million to the JVs for the years ended December 31, 2020, 2019 and 2018, respectively. Additionally, in 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. The Company purchases network connections services from affiliates of Level 3 Communications (“Level 3”). Temasek and its affiliates have a significant ownership interest in Level 3. The Company paid $1.5 million, $1.5 million and $1.5 million for the years ended December 31, 2020, 2019 and 2018, respectively, to Level 3 for these services. Subsequent to the ITG Acquisition, the Company makes commission-sharing arrangement payments to affiliates of DBS Group Holdings (“DBS”). Temasek and its affiliates have a significant ownership interest in DBS. The Company paid $0.2 million and $0.1 million to DBS for the years ended December 31, 2020 and 2019, respectively. The Company did not make payments to DBS for the year ended December 31, 2018. In May 2019, the Company completed the May 2019 Secondary Offering of 9,000,000 shares of Class A Common Stock at a purchase price per share paid by the underwriters of $22.00, the 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, the Company’s founding equity holder, pursuant to that certain Member Purchase Agreement, entered into on May 14, 2019 by and between the Company and TJMT Holdings LLC. As described in Note 11 "Borrowings" and Note 19 "Capital Structure", on March 20, 2020 a subsidiary of the Company entered into an agreement with the Founder Member to establish the Founder Member Facility and, upon the execution of the Founder Member Facility and in consideration of the Founder Member’s commitments thereunder, the Company delivered to the Founder Member the Warrant. The transactions were unanimously approved by the Company’s disinterested Directors. The Founder Member Loan Term expired as of September 20, 2020.

Parent Company

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Parent Company

Parent Company VFI is the sole managing member of Virtu Financial, which guarantees the indebtedness of its direct subsidiary under the First Lien Term Loan Facility (see Note 11 "Borrowings"). VFI is limited to its ability to receive distributions (including for purposes of paying corporate and other overhead expenses and dividends) from Virtu Financial under the Credit

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

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Financial Condition


(In thousands except interest data)	December 31, 2020		December 31, 2019
Assets
Cash	$	71,481	$	4,650
Deferred tax asset	183,549		197,792
Investment in subsidiary	3,126,502		2,689,026
Other assets	82,917		33,653
Total assets	$	3,464,449	$	2,925,121

Liabilities, redeemable membership interest and equity
Liabilities
Payable to affiliate	$	1,724,046	$	1,724,465
Accounts payable and accrued expenses and other liabilities	698		—
Tax receivable agreement obligations	271,165		269,282
Total liabilities	1,995,909		1,993,747

Virtu Financial Inc. Stockholders' equity


Class A common stock (par value $0.00001), Authorized — 1,000,000,000 and 1,000,000,000 shares, Issued — 125,627,277 and 120,435,912 shares, Outstanding — 122,012,180 and 118,257,141 shares at December 31, 2020 and December 31, 2019, 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, 2020 and December 31, 2019, respectively	—		—
Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 10,226,939 and 12,887,178 shares at December 31, 2020 and December 31, 2019, respectively	—		—
Class D common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 60,091,740 and 60,091,740 shares at December 31, 2020 and December 31, 2019, respectively	1		1
Treasury stock, at cost, 3,615,097 and 2,178,771 shares at December 31, 2020 and December 31, 2019, respectively	(88,923)		(55,005)
Additional paid-in capital	1,160,567		1,075,779
Retained earnings (accumulated deficit)	422,381		(88,755)
Accumulated other comprehensive income (loss)	(25,487)		(647)
Total Virtu Financial Inc. stockholders' equity	1,468,540		931,374

Total liabilities and stockholders' equity	$	3,464,449	$	2,925,121

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Comprehensive Income


	Years Ended December 31,
(in thousands)	2020		2019		2018
Revenues:

Other Income	$	—	$	—	$	—
	—		—		—

Operating Expenses:
Operations and administrative	171		3		1

Income (loss) before equity in income of subsidiary	(171)		(3)		(1)
Equity in income (loss) of subsidiary, net of tax	1,121,084		(29,416)		620,193
Net income (loss)	$	1,120,913	$	(29,419)	$	620,192

Net income (loss) attributable to common stockholders	$	1,120,913	$	(29,419)	$	620,192
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes	8,604		(565)		(3,073)
Net change in unrealized cash flow hedges gains (losses), net of taxes	(33,444)		—		—
Comprehensive income (loss)	$	1,096,073	$	(29,984)	$	617,119

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Cash Flows


	Years Ended December 31,
(in thousands)	2020		2019		2018
Cash flows from operating activities
Net income	$	1,120,913	$	(29,419)	$	620,192

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax	(543,992)		136,878		(305,936)
Tax receivable agreement obligation reduction	15,169		54,879		79,722
Deferred taxes	14,243		(8,165)		(64,996)

Changes in operating assets and liabilities:	(48,566)		2,339		(25,268)
Net cash provided by operating activities	557,767		156,512		303,714

Cash flows from investing activities

Investments in subsidiaries, equity basis	56,629		70,762		34,909
Net cash provided by investing activities	56,629		70,762		34,909

Cash flows from financing activities

Distribution from Virtu Financial to non-controlling interest	(363,919)		(99,221)		(206,903)
Dividends	(120,496)		(112,414)		(100,329)

Repurchase of Class C common stock	—		(196)		(8,216)
Purchase of treasury stock	(49,864)		(14,259)		(66,218)
Tax receivable agreement obligations	(13,286)		—		(12,359)


Issuance of common stock in connection with secondary offering, net of offering costs	—		(375)		(950)

Net cash used in financing activities	(547,565)		(226,465)		(394,975)

Net increase (decrease) in Cash	66,831		809		(56,352)
Cash, beginning of period	4,650		3,841		60,193
Cash, end of period	$	71,481	$	4,650	$	3,841

Supplemental disclosure of cash flow information:
Taxes paid	$	203,031	$	1,332	$	73,991

Non-cash financing activities
Tax receivable agreement described in Note 7	(1,388)		(5,811)		(911)

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
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 11, 2021, the Company’s Board of Directors declared a dividend of $0.24 per share of Class A Common Stock and Class B Common Stock and per participating Restricted Stock Unit and Restricted Stock Award that will be paid on March 15, 2021 to holders of record as of March 1, 2021. On February 11, 2021, the Company's Board of Directors authorized the expansion of the Company's current share repurchase program, increasing the total authorized amount by $70.0 million to $170.0 million. Since inception of the program through February 11, 2021, the Company repurchased approximately 2.1 million shares of Class A Common Stock and Virtu Financial Units for approximately $49.9 million. As of February 11, 2021, the Company has approximately $120 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The Company's consolidated financial statements are prepared in conformity with U.S. GAAP, which require management to make estimates and assumptions regarding measurements including the fair value of trading assets and liabilities, allowance for doubtful accounts, goodwill and intangibles, compensation accruals, capitalized software, income tax, tax receivable agreements, leases, litigation accruals, and other matters that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ materially from those estimates.
Earnings Per Share	Earnings Per Share Earnings per share (“EPS”) is calculated on both a basic and diluted basis. Basic EPS excludes dilution and is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is calculated by dividing the net income available for common stockholders by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of the basic EPS and, in addition, reflects the dilutive effect of shares of common stock estimated to be distributed in the future. The Company grants restricted stock awards ("RSAs") and restricted stock units (“RSUs”), certain of which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. As a result, the unvested RSAs and participating unvested RSUs meet the definition of a participating security requiring the application of the two-class method. Under the two-class method, earnings available to common shareholders, including both distributed and undistributed earnings, are allocated to each class of common stock and participating securities according to dividends declared and participating rights in undistributed earnings, which may cause diluted EPS to be more dilutive than the calculation using the treasury stock method.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include money market accounts, which are payable on demand, and short-term investments with an original maturity of less than 90 days. The Company maintains cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company manages this risk by selecting financial institutions deemed highly creditworthy to minimize the risk. Cash restricted or segregated under regulations and other represents (i) special reserve bank accounts for the exclusive benefit of customers (“Special Reserve Bank Account”) maintained by VAL in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (“Customer Protection Rule”), or proprietary accounts of broker-dealers, (ii) funds on deposit for Canadian and European trade clearing and settlement activity, (iii) segregated balances under a collateral account control agreement for the benefit of certain customers in Hong Kong, and (iv) funds relating to the securitization of bank guarantees supporting certain of the Company’s foreign leases.
Securities Borrowed and Securities Loaned	Securities Borrowed and Securities Loaned The Company conducts securities borrowing and lending activities with external counterparties. In connection with these transactions, the Company receives or posts collateral, which comprises cash and/or securities. In accordance with substantially all of its 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	Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase In a repurchase agreement, securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at contract value, plus accrued interest, which approximates fair value. It is the Company's policy that its custodian take possession of the underlying collateral securities with a fair value approximately equal to the principal amount of the repurchase transaction, including accrued interest. For reverse repurchase agreements, the Company typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the Consolidated Statements of Financial Condition. To ensure that the fair value of the underlying collateral remains sufficient, the collateral is valued daily with additional collateral obtained or excess collateral returned, as permitted under contractual provisions. The Company does not net securities purchased under agreements to resell transactions with securities sold under agreements to repurchase transactions entered into with the same counterparty. The Company has entered into bilateral and tri-party term and overnight repurchase and other collateralized financing agreements which bear interest at negotiated rates. The Company receives cash and makes delivery of financial instruments to a custodian who monitors the market value of these instruments on a daily basis. The market value of the instruments delivered must be equal to or in excess of the principal amount loaned under the repurchase agreements plus the agreed upon margin requirement. The custodian may request additional collateral, if appropriate. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under Interest and dividends income or Interest and dividends expense in the Consolidated Statements of Comprehensive Income.
Receivables from/Payables to Broker-dealers and Clearing Organizations	Receivables from/Payables to Broker-dealers and Clearing Organizations Receivables from and payables to broker-dealers and clearing organizations primarily represent amounts due for unsettled trades, open equity in futures transactions, securities failed to deliver or failed to receive, deposits with clearing organizations or exchanges, and balances due from or due to prime brokers in relation to the Company’s trading. Amounts receivable from broker-dealers and clearing organizations may be restricted to the extent that they serve as deposits for securities sold, not yet purchased. The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met. In the normal course of business, a significant portion of the Company’s securities transactions, money balances, and security positions are transacted with several third-party brokers. The Company is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of such brokers to minimize the risk of any losses from these counterparties.
Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased	Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased Financial instruments owned and Financial instruments sold, not yet purchased relate to market making and trading activities, and include listed and other equity securities, listed equity options and fixed income securities. The Company records Financial instruments owned, Financial instruments owned and pledged, and Financial instruments sold, not yet purchased at fair value. Gains and losses arising from financial instrument transactions are recorded net on a trade-date basis in Trading income, net, in the Consolidated statements of comprehensive income.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The recognition of “block discounts” for large holdings of unrestricted financial instruments where quoted prices are readily and regularly available in an active market is prohibited. The Company categorizes its financial instruments into a three level hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy level assigned to each financial instrument is based on the assessment of the transparency and reliability of the inputs used in the valuation of such financial instruments at the measurement date based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories based on inputs: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly; or Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Fair Value Option	Fair Value Option The fair value option election allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are recorded in other, net in the Consolidated Statements of Comprehensive Income. The decision to elect the fair value option is determined on an instrument by instrument basis, which must be applied to an entire instrument and is irrevocable once elected.
Derivative Instruments	Derivative Instruments - Trading Derivative instruments are used for trading purposes, including economic hedges of trading instruments, are carried at fair value, and include futures, forward contracts, and options. Gains or losses on these derivative instruments are recognized currently within Trading income, net in the Consolidated Statements of Comprehensive Income. Fair values for exchange-traded derivatives, principally futures, are based on quoted market prices. Fair values for over-the-counter derivative instruments, principally forward contracts, are based on the values of the underlying financial instruments within the contract. The underlying instruments are currencies, which are actively traded. The Company presents its trading derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Derivative Instruments - Hedging The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk. The Company has entered into floating-to-fixed interest rate swap agreements in order to manage interest rate risk associated with its long-term debt obligations. Additionally, 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 interest rate swap agreements and 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 interest rate swaps or forward contracts. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses, to the extent effective, are included in Accumulated other comprehensive income on the Consolidated Statements of Financial Condition and Other comprehensive income on the Consolidated Statements of Comprehensive Income. The ineffective portion, if any, is recorded in Other, net on the Consolidated Statements of Comprehensive Income. The Company presents its hedging derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Balances associated with hedging derivatives are recorded within Receivables from/Payables to broker-dealers and clearing organizations on the Consolidated Statements of Financial Condition. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Consolidated Statements of Cash Flows.
Property and Equipment	Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, except for the assets acquired in connection with acquisitions using the purchase accounting method, which were recorded at fair value on 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.
Capitalized Software	Capitalized Software The Company capitalizes costs of materials, consultants, and payroll and payroll related costs for employees incurred in developing internal-use software. Costs incurred during the preliminary project and post-implementation stages are charged to expense. Management’s judgment is required in determining the point at which various projects enter the stages at which costs may be capitalized, in assessing the ongoing value of the capitalized costs, and in determining the estimated useful lives over which the costs are amortized. Capitalized software development costs and related accumulated amortization are included in Property, equipment and capitalized software in the accompanying Consolidated Statements of Financial Condition and are amortized over a period of 1.5 to 3 years, which represents the estimated useful lives of the underlying software.
Leases	Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in Operating lease right-of-use ("ROU") assets and Operating lease liabilities on the Consolidated Statements of Financial Condition. Operating lease ROU assets are assets that represent the lessee’s right to use, or control the use of, a specified asset for the lease term. Finance leases consist primarily of leases for technology and equipment and are included in Property, equipment, and capitalized software and Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company uses its incremental borrowing rate, based on the information available at the commencement date of the lease, in determining the present value of future payments. The ROU assets are reduced by lease incentives and initial direct costs incurred. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases and amortization of the finance lease ROU asset is recognized on a straight-line basis over the lease term. Lease expense related to the leasing of corporate office space is recorded in Operations and Administrative expenses on the Consolidated Statements of Comprehensive Income. Lease expense related to the leasing of data centers and other technology is recorded in Communication and Data Processing on the Consolidated Statements of Comprehensive Income. Certain of the Company's lease agreements contain fixed lease payments that contain lease and non-lease components; for such leases, the Company accounts for the lease and non-lease components as a single lease component. The Company nets its sublease income against corresponding lease expenses within Operations and Administrative expenses on the Consolidated Statements of Comprehensive Income.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the underlying net tangible and intangible assets of the Company’s acquisitions. Goodwill is not amortized but is assessed for impairment on an annual basis and between annual assessments whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company assesses goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events occur or certain circumstances exist. In the impairment assessment as of July 1, 2020, 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	Intangible Assets The Company amortizes finite-lived intangible assets over their estimated useful lives. Finite-lived intangible assets are tested for impairment when impairment indicators are present, and if impaired, they are written down to fair value.
Exchange Memberships and Stock	Exchange Memberships and Stock Exchange memberships are recorded at cost or, if any other than temporary impairment in value has occurred, at a value that reflects management’s estimate of fair value. Exchange stock includes shares that entitle the Company to certain trading privileges.
Trading Income, net	Trading Income, netTrading income, net is composed of changes in the fair value of trading assets and liabilities (i.e., unrealized gains and losses) and realized gains and losses on trading assets and liabilities. Trading gains and losses on financial instruments owned and financial instruments sold, not yet purchased are recorded on the trade date and reported on a net basis in the Consolidated Statements of Comprehensive Income.
Commissions, net and Technology Services	Commissions, net and Technology Services Commissions, net, which primarily comprise commissions and commission equivalents earned on institutional client orders, are recorded on a trade date basis. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Consolidated Statements of Comprehensive Income. The Company provides order management software (“OMS”) and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, is fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. The Company also provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics products and services may be bundled with trade execution services, in which case commissions are allocated to the analytics performance obligations using an allocation methodology.
Interest and Dividends Income/Interest and Dividends Expense	Interest and Dividends Income/Interest and Dividends ExpenseInterest income and interest expense are accrued in accordance with contractual rates. Interest income consists of interest earned on collateralized financing arrangements and on cash held by brokers. Interest expense includes interest expense from collateralized transactions, margin and related lines of credit. Dividends on financial instruments owned including those pledged as collateral and financial instruments sold, not yet purchased are recorded on the ex-dividend date and interest is recognized on an accrual basis.
Brokerage, Exchange and Clearance Fees, Net	Brokerage, Exchange, Clearance Fees and Payments for Order Flow, NetBrokerage, exchange, clearance fees and payments for order flow, net, comprise the costs of executing and clearing trades and are accrued on a trade date basis in the Consolidated Statements of Comprehensive Income. These costs are net of rebates, which consist of volume discounts, credits or payments received from exchanges or other marketplaces related to the placement and/or removal of liquidity from the order flow in the marketplace. Rebates are recorded on an accrual basis.
Payments for Order Flow	Payments for order flow represent payments to broker-dealer clients, in the normal course of business, for directing their order flow in U.S. equities to the Company.
Income Taxes	Income Taxes The Company is subject to U.S. federal, state and local income taxes on its taxable income. The Company's subsidiaries are subject to income taxes in the respective jurisdictions (including foreign jurisdictions) in which they operate. The provision for income tax comprises current tax and deferred tax. Current tax represents the tax on current year tax returns, using tax rates enacted at the balance sheet date. Deferred tax assets are recognized in full and then reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be recognized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the applicable taxing authority, including resolution of the appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit for each such position that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Many factors are considered when evaluating and estimating the tax positions and tax benefits. Such estimates involve interpretations of regulations, rulings, case law, etc. and are inherently complex. The Company’s estimates may require periodic adjustments and may not accurately anticipate actual outcomes as resolution of income tax treatments in individual jurisdictions typically would not be known for several years after completion of any fiscal year.
Comprehensive Income	Comprehensive Income Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Company’s OCI comprises foreign currency translation adjustments and mark-to-market gains and losses on the Company's derivative instruments designated as hedging instruments under ASC 815. 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 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 and Pound Sterling as the functional currency, and subsidiaries domiciled in Canada, which utilize the Canadian dollar as the functional currency. The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses are included in Accumulated other comprehensive income on the Consolidated Statements of Financial Condition and Other comprehensive income on the Consolidated Statements of Comprehensive Income, to the extent they are effective.
Share-Based Compensation	Share-Based Compensation Share-based awards issued for compensation in connection with or subsequent to the Company's initial public offering in April 2015 (the “IPO”) and certain reorganization transactions consummated in connection with the IPO (the “Reorganization Transactions”) pursuant to the Virtu Financial, Inc. 2015 Management Incentive Plan (as amended, the “Amended and Restated 2015 Management Incentive Plan”) and pursuant to the Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, dated as of June 8, 2017 (the “Amended and Restated ITG 2007 Equity Plan”), are in the form of stock options, Class A common stock, par value $0.00001 per share (the “Class A Common Stock”), RSAs and RSUs, as applicable. The fair values of the Class A Common Stock and RSUs are determined based on the volume weighted average price for the three days preceding the grant. With respect to the RSUs, forfeitures are accounted for as they occur. The fair value of RSAs is determined based on the closing price as of the grant date. The fair value of share-based awards granted to employees is expensed based on the vesting conditions and is recognized on a straight-line basis over the vesting period, or, in the case of RSAs subject to performance conditions, from the date that achievement of the performance target becomes probable through the remainder of the vesting period. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the issuance of Class A Common Stock, the vesting of RSUs or the exercise of stock options.
Variable Interest Entities	Variable Interest Entities A variable interest entity (“VIE”) is an entity that lacks one or more of the following characteristics: (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The Company will be considered to have a controlling financial interest and will consolidate a VIE if it has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company has interests in two joint ventures (“JV”) that build and maintain microwave communication networks in the U.S., Europe, and Asia. The Company and its JV partners each pay monthly fees for the use of the microwave communication networks in connection with their respective trading activities, and the JVs may sell excess bandwidth that is not utilized by the JV members to third parties. As of December 31, 2020, the Company held noncontrolling interests of 10% and 50%, respectively, in these JVs. The Company has an interest in a JV that offers derivatives trading technology and execution services to broker-dealers, professional traders and select hedge funds. As of December 31, 2020, the Company held approximately a 10% noncontrolling interest in this JV. The Company has an interest in a JV that is developing a member-owned equities exchange with the goal of increasing competition and transparency, while reducing fixed costs and simplifying execution of equity trading in the U.S. As of December 31, 2020, the Company held approximately a 14.1% noncontrolling interest in this JV. The Company's four JVs meet the criteria to be considered VIEs, which it does not consolidate. The Company records its interest in each JV under the equity method of accounting and records its investment in the JVs within Other assets and its amounts payable for communication services provided by the JV within Accounts payable, 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.
Accounting Pronouncements, Recently Adopted and Accounting Pronouncements, Not Yet Adopted	Accounting Pronouncements, Recently Adopted 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 Company adopted this ASU on January 1, 2020. The updated disclosures are included in Note 12 "Financial Assets and Liabilities". 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 Company adopted this ASU on January 1, 2020, and it did not have a material impact on its consolidated financial statements. Measurement of Credit Losses on Financial Instruments - In June 2016, the FASB issued ASU 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 will be generally recognized earlier than under previous U.S. GAAP. The Company adopted this ASU on January 1, 2020 using the modified retrospective method of adoption. The ASU impacts 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 customers, broker-dealers and clearing organizations. The adoption of this ASU did not have a material impact to the Company's financial condition, results of operations or cash flows. The Company applied the collateral maintenance practical expedient to its collateralized financing arrangements, including Securities borrowed and Securities purchased under agreements to resell, which are subject to collateral maintenance provisions where the borrower is required to continually adjust the amount of collateral securing the financial asset as a result of changes in the fair value of the collateral. Interest accrued on Securities borrowed is recorded in Other assets on the Consolidated Statements of Financial Condition. When the fair value of the collateral is less than the amortized cost basis of the financial assets, the Company evaluates whether an allowance for credit losses is necessary for the unsecured amount of the amortized cost basis, limited to the difference between the fair value of the collateral at the reporting date and the amortized cost basis of the financial assets. Financial assets measured at amortized cost that are not eligible for the collateral maintenance practical expedient consist of commissions and fees receivable due from customers, recorded in Receivables from customers on the Consolidated Statements of Financial Condition, commissions and fees receivable due from broker-dealers and clearing organizations, unsettled trades and securities failed to deliver, recorded in Receivables from broker-dealers and clearing organizations on the Consolidated Statements of Financial Condition, as well as any unsecured amounts for instruments applying the practical expedient. The Company continually monitors collections and payments from its clients and maintains an allowance for doubtful accounts. The allowance is based on an estimate of the amount of potential credit losses in existing receivables. The Company determines this allowance based on a review of aging schedules and past due balances, and considers the short-term nature of credit exposure, counterparty credit quality, historical experience and current customer and economic conditions. The provision is recorded as bad debt expense within Operations and administrative expenses on the Consolidated Statements of Comprehensive Income. The allowance was immaterial as of December 31, 2020. Accounting Pronouncements, Not Yet Adopted as of December 31, 2020 Income Taxes - In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The ASU also amends other aspects of the guidance relating to the accounting for franchise taxes, enacted changes in tax laws or rates, the accounting for transactions that result in a step-up in the tax basis of goodwill, and other tax-related items. The ASU is effective for periods beginning after December 15, 2020, including interim periods within that fiscal year; early adoption is permitted. Most amendments within the ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company does not expect the new standard to have a material impact on its Consolidated Financial Statements and related disclosures. Reference Rate Reform - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which is designed to ease the potential burden in accounting for the transition away from LIBOR. The ASU applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued and replaced with alternative reference rates as a result of reference rate reform. The ASU provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The ASU is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is evaluating the impact of the ASU, but does not expect it to have a material impact on its Consolidated Financial Statements and related disclosures. Convertible Instruments - In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). The ASU simplifies accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity and updates selected EPS guidance. The ASU is effective for periods beginning after December 15, 2021. The Company is currently evaluating the impact of the new standard on its Consolidated Financial Statements and related disclosures.
Revenue Recognition	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. Commissions, net. The Company earns commission revenue by acting as an agent on behalf of customers. The Company’s performance obligations consist of trade execution and clearing services and are satisfied on the trade date; accordingly, commission revenues are recorded on the trade date. Commission revenues are received on settlement date; therefore, a receivable is recognized as of the trade date. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Consolidated Statements of Comprehensive Income. Workflow technology. Through its front-end workflow solutions and network capabilities, the Company provides order and trade execution management and order routing services. The Company provides trade order routing from its execution management system (“EMS”) to its execution services offerings, with each trade order routed through the EMS representing a separate performance obligation that is satisfied at a point in time. Commissions earned are fixed and revenue is recognized on the trade date. A portion of the commissions earned on the trade is then allocated to workflow technology based on the stand-alone selling price paid by third-party brokers for order routing. The remaining commission is allocated to commissions, net using a residual allocation approach. The Company participates in commission share arrangements, where trade orders are routed to third-party brokers from its EMS and its order management system (“OMS”). Commission share revenues from third-party brokers are generally fixed and revenue is recognized at a point in time on the trade date. The Company provides OMS and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, is fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. Analytics. The Company provides customers with analytics products and services, including trading and portfolio analytics tools. The Company provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics services can be delivered either over time (when customers are provided with distinct ongoing access to analytics data) or at a point in time (when reports are only delivered to the customer on a periodic basis). Over time performance obligations are recognized using a time-based measure of progress on a monthly basis, since the analytics products and services are continually provided to the client. Point in time performance obligations are recognized when the analytics reports are delivered to the client. Analytics products and services can also be paid for through variable bundled arrangements with trade execution services. Customers agree to pay for analytics products and services with commissions generated from trade execution services, and commissions are allocated to the analytics performance obligation(s) using: (i)the commission value for each customer for the products and services it receives, which is priced using the value for similar stand-alone subscription arrangements; and (ii)a calculated ratio of the commission value for the products and services relative to the total amount of commissions generated from the customer. For these bundled commission arrangements, the allocated commissions to each analytics performance obligation are then recognized as revenue when the analytics product is delivered, either over time or at a point in time. These allocated commissions may be deferred if the allocated amount exceeds the amount recognizable based on delivery.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of nonconsolidated VIE

The following table presents the Company’s nonconsolidated VIEs at December 31, 2020:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	28,969	$	—	$	28,969	$	175,547

The following table presents the Company’s nonconsolidated VIEs at December 31, 2019:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	28,579	$	—	$	28,579	$	119,051

ITG Acquisition (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The purchase price was allocated to the assets acquired and liabilities assumed using their fair values at the ITG Closing Date, as follows:


(in thousands)	Adjusted Purchase Price
Cash and equivalents	$	197,072
Cash and securities segregated under federal regulations	14,232
Securities borrowed	13,182

Receivables from broker dealers and clearing organizations	328,112
Financial instruments owned, at fair value	523
Receivables from customers	122,697
Property, equipment and capitalized software (net)	46,408
Intangibles	517,200
Deferred tax assets	17,605
Operating lease right-of-use assets	100,285
Other assets	31,652
Total Assets	1,388,968

Short-term borrowings	18,651
Securities loaned	17,663
Payables to broker dealers and clearing organizations	152,043
Payables to customers	116,419
Financial instruments sold, not yet purchased, at fair value	11
Accounts payable and accrued expenses and other liabilities	178,893
Operating lease liabilities	99,693
Deferred tax liabilities	71,053
Total Liabilities	654,426

Total identified assets acquired, net of assumed liabilities	734,542

Goodwill	312,343

Total Purchase Price	$	1,046,885

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	$	76,000	5
Customer relationships	437,600		10
Trade names	3,600		3
Intangible assets	517,200
Goodwill	312,343
Total	$	829,543

Business Acquisition, Pro Forma Information

Included in the Company’s results for the year ended December 31, 2019 are results from the business acquired as a

result of the ITG Acquisition, from the ITG Closing Date through December 31, 2019 as follows:


(in thousands)
Revenues	$	347,859
Income (loss) before income taxes	$	(64,917)

Schedule Of Pro Forma Financial Information

The pro forma financial information combines the historical results for the Company and ITG for the years ended December 31, 2019 and 2018:


	Years Ended December 31,
(in thousands)		2019		2018
Revenue		$	1,605,340	$	2,388,194

Net income (loss)		(94,233)		514,821

Net income (loss) available for common stockholders		(53,243)		240,265

Sale of BondPoint (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Summary of carrying value and gain on sale of BondPoint

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.

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+ Details

Sale of MATCHNow (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Summary of Carrying Value and Gain on Sale of MATCHNow

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


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

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2020

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 (loss) before noncontrolling interest to net income (loss) available for common stockholders:


	Years Ended December 31,
(in thousands)		2020		2019		2018
Income (loss) before income taxes and noncontrolling interest		$	1,382,837	$	(115,982)	$	696,363
Provision for (benefit from) income taxes		261,924		(12,277)		76,171
Net income (loss)		1,120,913		(103,705)		620,192



Noncontrolling interest		(471,716)		45,110		(330,751)

Net income (loss) available for common stockholders		$	649,197	$	(58,595)	$	289,441

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)		2020		2019		2018
Basic earnings (loss) per share:
Net income (loss) available for common stockholders		$	649,197	$	(58,595)	$	289,441

Less: Dividends and undistributed earnings allocated to participating securities		(17,383)		(1,926)		(5,418)
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		631,814		(60,521)		284,023

Weighted average shares of common stock outstanding:
Class A		121,692,443		113,918,103		100,875,793

Basic earnings (loss) per share		$	5.19	$	(0.53)	$	2.82

Schedule of diluted earnings per share


	Years Ended December 31,
(in thousands, except for share or per share data)		2020		2019		2018
Diluted earnings (loss) per share:
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		$	631,814	$	(60,521)	$	284,023

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		121,692,443		113,918,103		100,875,793
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan, Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and Warrants issued in connection with the Founder Member Loan (1)		639,747		—		1,213,346
		122,332,190		113,918,103		102,089,139

Diluted earnings (loss) per share		$	5.16	$	(0.53)	$	2.78

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill by segment

The following table presents the details of goodwill by segment as of December 31, 2020 and December 31, 2019:


(in thousands)	Market Making		Execution Services		Corporate		Total



Balance as of December 31	$	755,292	$	393,634	$	—	$	1,148,926

Schedule of acquired intangible assets

Acquired intangible assets consisted of the following as of December 31, 2020 and December 31, 2019:


	As of December 31, 2020
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(94,299)	$	392,301	10	to	12
Technology	136,000		(82,403)		53,597		1	to	6
Favorable occupancy leases	5,895		(2,839)		3,056		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(2,200)		1,400			3
ETF issuer relationships	950		(877)		73			9
ETF buyer relationships	950		(876)		74			9
	$	637,993	$	(183,494)	$	454,499


	As of December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(46,456)	$	440,144	10	to	12
Technology	136,000		(58,203)		77,797		1	to	6
Purchased technology	110,000		(110,000)		—		1.4	to	2.5
Favorable occupancy leases	5,895		(2,040)		3,855		3	to	15
Exchange memberships	4,882		—		4,882		Indefinite
Trade name	3,600		(1,000)		2,600			3
ETF issuer relationships	950		(770)		180			9
ETF buyer relationships	950		(770)		180			9
	$	748,877	$	(219,239)	$	529,638

Schedule of finite-lived intangible assets, future amortization expense

The Company expects to record amortization expense as follows over the next five years ended December 31:


(in thousands)

2021	$	69,676
2022	64,852
2023	63,960
2024	50,845
2025	47,879

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

12 Months Ended

Dec. 31, 2020

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, 2020 and December 31, 2019:



(in thousands)	December 31, 2020		December 31, 2019
Assets
Due from prime brokers	$	697,293	$	418,059
Deposits with clearing organizations	216,962		231,977
Net equity with futures commission merchants	248,943		267,748
Unsettled trades with clearing organizations	118,777		214,618
Securities failed to deliver	372,965		178,324
Commissions and fees	29,066		7,858
Total receivables from broker-dealers and clearing organizations	$	1,684,006	$	1,318,584

Liabilities
Due to prime brokers	$	410,772	$	511,524
Net equity with futures commission merchants	77,257		50,950
Unsettled trades with clearing organizations	228,070		118,286
Securities failed to receive	156,804		144,494
Commissions and fees	3,543		1,496
Total payables to broker-dealers and clearing organizations	$	876,446	$	826,750

Collateralized Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Collateralized Agreements [Abstract]

Summary of the fair value of collateralized transactions

The fair value of the collateralized transactions at December 31, 2020 and December 31, 2019 are summarized as follows:


(in thousands)	December 31, 2020		December 31, 2019
Securities received as collateral:
Securities borrowed	$	1,374,266	$	1,881,005
Securities purchased under agreements to resell	22,866		142,922
	$	1,397,132	$	2,023,927

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, 2020 and December 31, 2019 consisted of the following:


(in thousands)	December 31, 2020		December 31, 2019
Equities	$	734,024	$	654,366

Exchange traded notes	12,515		42,590
	$	746,539	$	696,956

Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Debt Instrument [Line Items]

Schedule of Short-term Debt

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


	December 31, 2020
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	36,400	$	(387)	$	36,013
Short-term bank loans	28,673		—		28,673

	$	65,073	$	(387)	$	64,686


	December 31, 2019
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	30,000	$	(2,100)	$	27,900
Short-term bank loans	45,586		—		45,586

	$	75,586	$	(2,100)	$	73,486

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


	At December 31, 2020
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	1.25%	$	400,000	$	36,400	$	(387)	$	36,013
Committed facility	1.40%	600,000		—		—		—


		$	1,000,000	$	36,400	$	(387)	$	36,013


	At December 31, 2019
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	2.55%	$	200,000	$	30,000	$	(2,100)	$	27,900
Committed facility	3.01%	600,000		—		—		—
		$	800,000	$	30,000	$	(2,100)	$	27,900

Schedule of interest expense on debt


	Years Ended December 31,
(in thousands)		2020		2019		2018
Broker-dealer credit facilities:
Uncommitted facility		$	1,337	$	1,591	$	1,794

Committed facility		447		454		306
Demand Loan		211		—		—

		$	1,995	$	2,045	$	2,100

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

As of December 31, 2020, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)	December 31, 2020
2021	$	—
2022	—
2023	33,898
2024	—
2025	1,636,512
Thereafter	—
Total principal of long-term borrowings	$	1,670,410

Short-Term Credit Facilities

Debt Instrument [Line Items]

Schedule of reconciliation of the senior secured credit facility

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


	At December 31, 2020
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	2.77%	$	616,000	$	134,664
		$	616,000	$	134,664


	At December 31, 2019
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	4.22%	$	586,000	$	134,331
		$	586,000	$	134,331

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

Senior Secured Credit Facility

Debt Instrument [Line Items]

Schedule of reconciliation of the senior secured credit facility

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


		At December 31, 2020
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	March 2026	3.15%	$	1,636,512	$	(4,723)	$	(26,367)	$	1,605,422

SBI bonds	January 2023	5.00%	33,898		—		(40)		33,858
			$	1,670,410	$	(4,723)	$	(26,407)	$	1,639,280


		At December 31, 2019
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	March 2026	5.20%	$	1,925,000	$	(6,795)	$	(32,513)	$	1,885,692

SBI bonds	January 2023	5.00%	32,225		—		(51)		32,174
			$	1,957,225	$	(6,795)	$	(32,564)	$	1,917,866

- 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.

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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, 2020

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, 2020:


	December 31, 2020
(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	$	761,484	$	1,194,105	$	—	$	—	$	1,955,589
U.S. and Non-U.S. government obligations	151,723		48,059		—		—		199,782
Corporate Bonds	—		135,518		—		—		135,518
Exchange traded notes	106		19,721		—		—		19,827
Currency forwards	—		341,360		—		(291,964)		49,396
Options	9,080		—		—		—		9,080
	$	922,393	$	1,738,763	$	—	$	(291,964)	$	2,369,192

Financial instruments owned, pledged as collateral:
Equity securities	$	496,943	$	237,081	$	—	$	—	$	734,024

Exchange traded notes	2		12,513		—		—		12,515
	$	496,945	$	249,594	$	—	$	—	$	746,539

Other Assets
Equity investment	$	—	$	—	$	66,030	$	—	$	66,030
Exchange stock	2,286		—		—		—		2,286
	$	2,286	$	—	$	66,030	$	—	$	68,316

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,307,082	$	1,137,968	$	—	$	—	$	2,445,050
U.S. and Non-U.S. government obligations	83,173		19,984		—		—		103,157
Corporate Bonds	—		358,734		—		—		358,734
Exchange traded notes	—		7,431		—		—		7,431
Currency forwards	—		292,965		—		(292,870)		95
Options	9,241		—		—		—		9,241
	$	1,399,496	$	1,817,082	$	—	$	(292,870)	$	2,923,708

Payables to broker dealers and clearing organizations:
Interest rate swap	$	—	$	63,513	$	—	$	—	$	63,513

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2019:


	December 31, 2019
(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	$	600,259	$	1,080,518	$	—	$	—	$	1,680,777
U.S. and Non-U.S. government obligations	106,690		20,847		—		—		127,537
Corporate Bonds	—		171,591		—		—		171,591
Exchange traded notes	243		48,894		—		—		49,137
Currency forwards	—		242,552		—		(211,398)		31,154
Options	8,538		—		—		—		8,538
	$	715,730	$	1,564,402	$	—	$	(211,398)	$	2,068,734
Financial instruments owned, pledged as collateral:
Equity securities	$	362,439	$	291,927	$	—	$	—	$	654,366

Exchange traded notes	12		42,578		—		—		42,590
	$	362,451	$	334,505	$	—	$	—	$	696,956
Other Assets
Equity investment	$	—	$	—	$	46,245	$	—	$	46,245
Exchange stock	2,721		—		—		—		2,721

	$	2,721	$	—	$	46,245	$	—	$	48,966




Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,022,814	$	1,163,888	$	—	$	—	$	2,186,702
U.S. and Non-U.S. government obligations	39,091		2,713		—		—		41,804
Corporate Bonds	—		244,700		—		—		244,700
Exchange traded notes	15		21,631		—		—		21,646
Currency forwards	—		196,554		—		(196,535)		19
Options	3,087		—		—		—		3,087
	$	1,065,007	$	1,629,486	$	—	$	(196,535)	$	2,497,958

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2020:


	December 31, 2020
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	889,559	$	889,559	$	889,559	$	—	$	—
Cash restricted or segregated under regulations and other	117,446		117,446		117,446		—		—
Securities borrowed	1,425,016		1,425,016		—		1,425,016		—
Securities purchased under agreements to resell	22,866		22,866		—		22,866		—
Receivables from broker-dealers and clearing organizations	1,684,006		1,684,006		173,578		1,510,428		—
Receivables from customers	214,478		214,478		—		214,478		—
Other assets (1)	21,735		21,735		—		21,735		—
Total Assets	$	4,375,106	$	4,375,106	$	1,180,583	$	3,194,523	$	—

Liabilities
Short-term borrowings	$	64,686	$	65,073	$	—	$	65,073	$	—
Long-term borrowings	1,639,280		1,672,456		—		1,672,456		—
Securities loaned	948,256		948,256		—		948,256		—
Securities sold under agreements to repurchase	461,235		461,235		—		461,235		—
Payables to broker-dealers and clearing organizations (2)	876,446		876,446		3,517		872,929		—
Payables to customers	118,826		118,826		—		118,826		—
Other liabilities (3)	9,208		9,208		—		9,208		—
Total Liabilities	$	4,117,937	$	4,151,500	$	3,517	$	4,147,983	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value.
(3) Includes deposits, interest and dividends payable.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2019:


	December 31, 2019
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	732,164	$	732,164	$	732,164	$	—	$	—
Cash restricted or segregated under regulations and other	41,116		41,116		41,116		—		—
Securities borrowed	1,928,763		1,928,763		—		1,928,763		—
Securities purchased under agreements to resell	143,032		143,032		—		143,032		—
Receivables from broker-dealers and clearing organizations (1)	1,318,584		1,318,584		40,842		1,277,742		—


Total Assets	4,163,659		4,163,659		814,122		3,349,537		—

Liabilities
Short-term borrowings	73,486		75,586		—		75,586		—
Long-term borrowings	1,917,866		1,966,850		—		1,966,850		—
Securities loaned	1,600,099		1,600,099		—		1,600,099		—
Securities sold under agreements to repurchase	340,742		340,742		—		340,742		—
Payables to broker dealer and clearing organizations	826,750		826,750		49,514		777,236		—


Total Liabilities	$	4,758,943	$	4,810,027	$	49,514	$	4,760,513	$	—
(1) Receivables from broker-dealers and clearing organizations include interest rate swap carried at fair value.

Fair Value Measurement Inputs and Valuation Techniques

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

December 31, 2020

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

66,030

Discounted cash flow

Estimated revenue growth

(9.0)% - 39.0%

9.6

Discount rate

14.4% - 14.4%

14.4

Market

Future enterprise value/ EBIDTA ratio

12.2x - 21.9x

13.8x

December 31, 2019

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

46,245

Discounted cash flow

Estimated revenue growth

5.0% - 33.0%

18.7

Discount rate

14.4% - 14.4%

14.4

Market

Future enterprise value/ EBIDTA ratio

5.4x - 24.6x

14.1x

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

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


	Year Ended December 31, 2020
(in thousands)	Balance at December 31, 2019		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2020		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2020
Assets
Other assets:
Equity investment	$	46,245	$	—	$	19,785	$	—	$	—	$	66,030	$	19,785

Total	$	46,245	$	—	$	19,785	$	—	$	—	$	66,030	$	19,785
(1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 11 "Borrowings" for more details) due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Year Ended December 31, 2019
(in thousands)	Balance at December 31, 2018		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2019		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2019
Assets
Other assets:
Equity investment	$	45,856	$	—	$	389	$	—	$	—	$	46,245	$	389

Total	$	45,856	$	—	$	389	$	—	$	—	$	46,245	$	389
(1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 11 "Borrowings" for more details) due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.

Summary of netting of certain financial assets

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of December 31, 2020 and December 31, 2019:


	December 31, 2020
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition
							Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,425,016	$	—	$	1,425,016	$	(1,374,266)	$	(9,686)	$	41,064
Securities purchased under agreements to resell	22,866		—		22,866		(22,866)		—		—
Trading assets, at fair value:
Currency forwards	341,360		(291,964)		49,396		—		—		49,396
Options	9,080		—		9,080		—		(9,080)		—
Total	$	1,798,322	$	(291,964)	$	1,506,358	$	(1,397,132)	$	(18,766)	$	90,460


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition
							Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)							Financial Instruments		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	948,256	$	—	$	948,256	$	(921,593)	$	(17,800)	$	8,863
Securities sold under agreements to repurchase	461,235		—		461,235		(461,235)		—		—
Payable to broker-dealers and clearing organizations
Interest rate swaps	63,513		—		63,513		—		(63,162)		351
Trading liabilities, at fair value:
Currency forwards	292,965		(292,870)		95		—		—		95
Options	9,241		—		9,241		—		(9,080)		161
Total	$	1,775,210	$	(292,870)	$	1,482,340	$	(1,382,828)	$	(90,042)	$	9,470


	December 31, 2019
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition
							Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,928,763	$	—	$	1,928,763	$	(1,881,005)	$	(15,280)	$	32,478
Securities purchased under agreements to resell	143,032		—		143,032		(142,922)		—		110
Trading assets, at fair value:
Currency forwards	242,552		(211,398)		31,154		—		—		31,154
Options	8,538		—		8,538		(8,537)		—		1
Total	$	2,322,885	$	(211,398)	$	2,111,487	$	(2,032,464)	$	(15,280)	$	63,743


	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition
							Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,600,099	$	—	$	1,600,099	$	(1,552,146)	$	(15,281)	$	32,672
Securities sold under agreements to repurchase	340,742		—		340,742		(340,718)		—		24
Trading liabilities, at fair value:
Currency forwards	196,554		(196,535)		19		—		—		19
Options	3,087		—		3,087		(3,087)		—		—
Total	$	2,140,482	$	(196,535)	$	1,943,947	$	(1,895,951)	$	(15,281)	$	32,715

Summary of netting of certain financial liabilities

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of December 31, 2020 and December 31, 2019:


	December 31, 2020
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition
							Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,425,016	$	—	$	1,425,016	$	(1,374,266)	$	(9,686)	$	41,064
Securities purchased under agreements to resell	22,866		—		22,866		(22,866)		—		—
Trading assets, at fair value:
Currency forwards	341,360		(291,964)		49,396		—		—		49,396
Options	9,080		—		9,080		—		(9,080)		—
Total	$	1,798,322	$	(291,964)	$	1,506,358	$	(1,397,132)	$	(18,766)	$	90,460


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition
							Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)							Financial Instruments		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	948,256	$	—	$	948,256	$	(921,593)	$	(17,800)	$	8,863
Securities sold under agreements to repurchase	461,235		—		461,235		(461,235)		—		—
Payable to broker-dealers and clearing organizations
Interest rate swaps	63,513		—		63,513		—		(63,162)		351
Trading liabilities, at fair value:
Currency forwards	292,965		(292,870)		95		—		—		95
Options	9,241		—		9,241		—		(9,080)		161
Total	$	1,775,210	$	(292,870)	$	1,482,340	$	(1,382,828)	$	(90,042)	$	9,470


	December 31, 2019
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition
							Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,928,763	$	—	$	1,928,763	$	(1,881,005)	$	(15,280)	$	32,478
Securities purchased under agreements to resell	143,032		—		143,032		(142,922)		—		110
Trading assets, at fair value:
Currency forwards	242,552		(211,398)		31,154		—		—		31,154
Options	8,538		—		8,538		(8,537)		—		1
Total	$	2,322,885	$	(211,398)	$	2,111,487	$	(2,032,464)	$	(15,280)	$	63,743


	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition
							Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,600,099	$	—	$	1,600,099	$	(1,552,146)	$	(15,281)	$	32,672
Securities sold under agreements to repurchase	340,742		—		340,742		(340,718)		—		24
Trading liabilities, at fair value:
Currency forwards	196,554		(196,535)		19		—		—		19
Options	3,087		—		3,087		(3,087)		—		—
Total	$	2,140,482	$	(196,535)	$	1,943,947	$	(1,895,951)	$	(15,281)	$	32,715

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


	December 31, 2020
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	125,000	$	50,000	$	200,000	$	—	$	375,000
U.S. and Non-U.S. government obligations	86,235										86,235
Total	86,235		125,000		50,000		200,000		—		461,235

Securities loaned:
Equity securities	948,256		—		—		—		—		948,256
Total	$	948,256	$	—	$	—	$	—	$	—	$	948,256


	December 31, 2019
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	75,000	$	50,000	$	150,000	$	—	$	275,000
U.S. and Non-U.S. government obligations	65,742		—		—		—		—		65,742
Total	65,742		75,000		50,000		150,000		—		340,742

Securities loaned:
Equity securities	1,600,099		—		—		—		—		1,600,099
Total	$	1,600,099	$	—	$	—	$	—	$	—	$	1,600,099

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and December 31, 2019:


(in thousands)		December 31, 2020				December 31, 2019
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	$	4,669	$	2,208,899	$	(1,366)	$	4,502,017
Commodity futures	Receivables from broker-dealers and clearing organizations	173,889		6,237,389		40,656		7,758,974
Currency futures	Receivables from broker-dealers and clearing organizations	(11,736)		2,823,277		(2,860)		1,116,246
Fixed income futures	Receivables from broker-dealers and clearing organizations	42		102,476		47		155,697

Options	Financial instruments owned	9,080		746,723		8,538		442,808
Currency forwards	Financial instruments owned	341,360		30,596,681		242,552		24,369,818
Interest rate swap	Other assets	—		—		8,976		525,000

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	$	31	$	90,219	$	751	$	83,803


Commodity futures	Payables to broker-dealers and clearing organizations	(5,397)	27,287	(45,175)	3,604,979
Currency futures	Payables to broker-dealers and clearing organizations	3,598	2,269,898	(23,223)	6,594,991
Fixed income futures	Payables to broker-dealers and clearing organizations	—	1,566	94	190,938
Options	Financial instruments sold, not yet purchased	9,241	736,997	3,087	436,422
Currency forwards	Financial instruments sold, not yet purchased	292,965	30,572,490	196,554	24,346,818

Derivative instruments designated as hedging instruments:

Interest rate swaps	Payables to broker-dealers and clearing organizations	63,513	1,525,000	—	—

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


		Years Ended December 31,
(in thousands)	Financial Statements Location		2020		2019		2018
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	(6,217)	$	247,619	$	(309,598)
Currency forwards	Trading income, net		249,856		(44,293)		174,310
Options	Trading income, net		84,695		19,692		(6,161)
Interest rate swap on term loan	Other, net		(1,890)		8,976		—
			$	326,444	$	231,994	$	(141,449)

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	(69,462)	$	—	—
Foreign exchange - forward contract	Other comprehensive income		—		—		63
			$	(69,462)	$	—	$	63

Revenues from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue


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

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

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

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

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


	Year Ended December 31, 2019
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	23,526	$	357,401	$	—	$	380,927

Workflow technology	—		82,610		—		82,610
Analytics	—		35,007				35,007
Total revenue from contracts with customers	23,526		475,018		—		498,544

Other sources of revenue	1,004,568		16,718		(2,338)		1,018,948

Total revenues	$	1,028,094	$	491,736	$	(2,338)	$	1,517,492

Timing of revenue recognition:
Services transferred at a point in time	$	1,028,094	$	425,549	$	(2,338)	$	1,451,305
Services transferred over time	—		66,187		—		66,187
Total revenues	$	1,028,094	$	491,736	$	(2,338)	$	1,517,492


	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
Workflow technology	—		—		—		—
Analytics	—		—				—
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, 2020

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, 2020, 2019 and 2018:


	Years Ended December 31,
	2020		2019		2018
(in thousands)
U.S. operations	$	1,214,282	$	(103,080)	$	659,937
Non-U.S. operations	168,555		(12,902)		36,426
	$	1,382,837	$	(115,982)	$	696,363

Summary of provision for income taxes

The provision for income taxes consists of the following for the years ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
(in thousands)	2020		2019		2018
Current provision (benefit)
Federal	$	148,034	$	(1,861)	$	49,047
State and Local	52,040		4,362		18,697
Foreign	37,474		3,675		4,276
Deferred provision (benefit)
Federal	26,255		(13,422)		4,986
State and Local	(2,580)		(1,455)		(1,599)
Foreign	701		(3,576)		764
Provision for income taxes	$	261,924	$	(12,277)	$	76,171

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, 2020, 2019 and 2018 is as follows:


	Years Ended December 31,
	2020		2019		2018
(in thousands, except percentages)
Tax provision at the U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
Less: rate attributable to noncontrolling interest	(7.5)	%	(8.1)	%	(10.2)	%
State and local taxes, net of federal benefit	3.4	%	2.4	%	1.9	%


Non-deductible expenses, net	0.1	%	(3.7)	%	(0.3)	%
Other, net	1.9	%	(1.0)	%	(1.5)	%
Effective tax rate	18.9	%	10.6	%	10.9	%

Schedule of components of deferred tax assets and liabilities

The components of the deferred tax assets and liabilities as of December 31, 2020, and 2019 are as follows:


	December 31,
(in thousands)	2020		2019
Deferred income tax assets
Tax Receivable Agreement	$	199,107	$	197,598
Share-based compensation	17,140		15,572
Intangibles	2,563		2,467
Fixed assets and other	37,100		44,908
Tax credits and net operating loss carryforwards	60,597		86,420
Less: Valuation allowance on net operating loss carryforwards and tax credits	(60,385)		(60,594)
Total deferred income tax assets	$	256,122	$	286,371

Deferred income tax liabilities
Intangibles	$	63,052	$	71,700

Total deferred income tax liabilities	$	63,052	$	71,700

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


(in thousands)
Balance at December 31, 2017	$	7,300
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	7,328
Increase from ITG Acquisition	2,713
Decreases based on tax positions related to prior period	(1,263)
Increase based on tax positions related to current period	—
Balance at December 31, 2019	8,778

Decreases based on tax positions related to prior period	(311)
Increase based on tax positions related to current period	110
Balance at December 31, 2020	$	8,577

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease assets and liabilities

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	December 31, 2020		December 31, 2019
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	268,864	$	314,526
Operating lease liabilities	Operating lease liabilities	315,340		365,364

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	36,093		37,589
Accumulated depreciation	Property, equipment, and capitalized software, net	(24,585)		(24,579)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	11,687		13,371

Lease term, discount rate and components of lease expense

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


	December 31, 2020		December 31, 2019
Weighted average remaining lease term
Operating leases	6.9 years		7.5 years
Finance leases	2.0 years		1.5 years
Weighted average discount rate
Operating leases	5.67	%	5.70	%
Finance leases	3.13	%	3.52	%

The components of lease expense are as follows:


	Years Ended December 31,
(in thousands)		2020		2019
Operating lease cost:
Fixed		$	73,624	$	72,714
Variable		8,532		8,333
Impairment of ROU Asset		6,003		27,104
Total Operating lease cost		88,159		108,151

Sublease income		16,437		12,590

Finance lease cost:
Amortization of right-of-use assets		11,536		12,565
Interest on lease liabilities		432		661
Total Finance lease cost		11,968		13,226

Future minimum lease payments under operating leases

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2020, are as follows:



(in thousands)	Operating Leases		Finance Leases
2021	$	74,590	$	6,774
2022	67,979		4,035
2023	64,621		1,438
2024	35,393		—
2025	27,495		—
2026 and thereafter	114,873		—
Total lease payments	$	384,951	$	12,247
Less imputed interest	(69,611)		(560)
Total lease liability	$	315,340	$	11,687

Future minimum lease payments under finance leases

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2020, are as follows:



(in thousands)	Operating Leases		Finance Leases
2021	$	74,590	$	6,774
2022	67,979		4,035
2023	64,621		1,438
2024	35,393		—
2025	27,495		—
2026 and thereafter	114,873		—
Total lease payments	$	384,951	$	12,247
Less imputed interest	(69,611)		(560)
Total lease liability	$	315,340	$	11,687

Cash (Tables)

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

Reconciliation of cash and cash equivalents

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

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


(in thousands)	December 31, 2020		December 31, 2019
Cash and cash equivalents	$	889,559	$	732,164
Cash restricted or segregated under regulations and other	117,446		41,116
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,007,005	$	773,280

Restrictions on segregated cash

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

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


(in thousands)	December 31, 2020		December 31, 2019
Cash and cash equivalents	$	889,559	$	732,164
Cash restricted or segregated under regulations and other	117,446		41,116
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,007,005	$	773,280

Capital Structure (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

The following table presents the changes in Other Comprehensive Income (Loss) for the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31, 2020
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	—	$	(42,636)	$	9,192	$	(33,444)
Foreign exchange translation adjustment	(647)		8,604		—		7,957
Total	$	(647)	$	(34,032)	$	9,192	$	(25,487)
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. As of December 31, 2020, the Company expects approximately $13.4 million to be reclassified from AOCI into earnings over the next 12 months. The timing of the reclassification is based on the interest payment schedule of the long-term borrowings.

	Year Ended December 31, 2019
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance

Foreign exchange translation adjustment	$	(82)	$	(565)	$	—	$	(647)
Total	$	(82)	$	(565)	$	—	$	(647)

	Year Ended December 31, 2018
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance

Foreign exchange translation adjustment	$	2,991	$	(3,073)	$	—	$	(82)
Total	$	2,991	$	(3,073)	$	—	$	(82)

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of stock options activity

The following table summarizes activity related to stock options for the years ended December 31, 2020, 2019 and 2018:


	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, 2017	7,738,000	$	19.00	7.29	3,869,000	$	19.00
Granted	—	—		—	—	—
Exercised	(4,168,100)	19.00		—	—	19.00
Forfeited or expired	(83,750)	—		—	—	—
At December 31, 2018	3,486,150	$	19.00	6.30	1,660,400	$	19.00
Granted	156,129	13.60		4.37	156,129	13.60
Exercised	(353,500)	19.00		—	(353,500)	19.00
Forfeited or expired	(55,000)	—		—	—	—
At December 31, 2019	3,233,779	$	18.74	5.24	3,248,779	$	18.74


Granted	—	—		—	—	—
Exercised	(909,627)	18.07		—	(909,627)	18.07
Forfeited or expired	—	—		—	—	—
At December 31, 2020	2,324,152	$	19.00	4.24	2,324,152	$	19.00

Schedule of activity related to restricted stock units

The following table summarizes activity related to the RSUs (including the Assumed Awards) and RSAs:


	Number of RSUs and RSAs	Weighted Average Fair Value
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
Granted	4,063,541	25.07
Forfeited	(643,709)	21.58
Vested	(1,805,265)	24.08


At December 31, 2019	2,993,489	$	24.10
Granted (1)	3,318,169	17.49
Forfeited	(430,961)	17.45
Vested	(2,487,613)	20.17
At December 31, 2020	3,393,084	$	21.35
(1) Excluded in the number of RSUs and RSAs are 400,000 participating RSAs where the grant date has not been achieved because the performance conditions have not been met.

Property, Equipment and Capitalized Software (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of property, equipment and capitalized software

Property, equipment and capitalized software consisted of the following at December 31, 2020 and December 31, 2019:


(in thousands)	December 31, 2020		December 31, 2019
Capitalized software costs	$	183,208	$	143,748
Leasehold improvements	54,094		71,981
Furniture and equipment	332,249		357,589

Total	569,551		573,318
Less: Accumulated depreciation and amortization	(455,961)		(457,229)
Total property, equipment and capitalized software, net	$	113,590	$	116,089

Regulatory Requirement (Tables)

12 Months Ended

Dec. 31, 2020

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

Schedule of regulatory capital and regulatory capital requirements

VAL's regulatory capital and regulatory capital requirements as of December 31, 2020 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	621,253	$	2,917	$	618,336

The regulatory capital and regulatory capital requirements of the U.S. broker-dealer subsidiaries as of December 31, 2019 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	257,452	$	2,571	$	254,881
Virtu Financial BD LLC	30,317		1,000		29,317
Virtu Financial Capital Markets LLC	3,710		1,000		2,710
Virtu ITG LLC	66,069		1,000		65,069
Virtu Alternet Securities LLC	1,931		100		1,831

The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2020 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	12,944	$	196	$	12,748

Virtu Financial Canada ULC	2,486		196		2,290
Ireland
Virtu ITG Europe Limited	57,459		32,106		25,353
Virtu Financial Ireland Limited	94,528		41,038		53,490
United Kingdom
Virtu ITG UK Limited	1,290		910		380
Asia Pacific
Virtu ITG Australia Limited	30,606		12,729		17,877
Virtu ITG Hong Kong Limited	4,290		625		3,665
Virtu ITG Singapore Pte Limited	796		76		720

The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2019 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	13,029	$	193	$	12,836
TriAct Canada Marketplace LP	2,538		193		2,345
Virtu Financial Canada ULC	2,459		193		2,266
Ireland
Virtu ITG Europe Limited	54,129		32,484		21,645
Virtu Financial Ireland Limited	78,385		43,233		35,152
United Kingdom
Virtu ITG UK Limited	1,378		991		387
Asia Pacific
Virtu ITG Australia Limited	24,574		8,451		16,123
Virtu ITG Hong Kong Limited	3,805		539		3,266
Virtu ITG Singapore Pte Limited	1,179		72		1,107

Geographic Information and Business Segments (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020, 2019 and 2018:


	Years Ended December 31,
(in thousands)		2020		2019		2018
Revenues:
United States		$	2,569,147	$	1,133,514	$	1,644,641
Ireland		323,519		188,154		81,531
Singapore		176,665		109,761		136,161
Canada		116,521		49,666		—
Australia		44,552		34,933		—
United Kingdom		4,218		(1,735)		15,681
Others		4,709		3,199		704
Total revenues		$	3,239,331	$	1,517,492	$	1,878,718

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, 2020, 2019 and 2018 and are summarized in the following table:


(in thousands)	Market Making		Execution Services		Corporate		Consolidated Total
2020
Total revenue	$	2,593,342	$	650,143	$	(4,154)	$	3,239,331
Income (loss) before income taxes and noncontrolling interest	1,241,313		174,617		(33,093)		1,382,837

2019
Total revenue	1,028,094		491,736		(2,338)		1,517,492
Income (loss) before income taxes and noncontrolling interest	109,190		(126,931)		(98,241)		(115,982)

2018
Total revenue	1,384,475		496,333		(2,090)		1,878,718
Income (loss) before income taxes and noncontrolling interest	422,648		325,043		(51,328)		696,363

Parent Company (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Financial Condition

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Financial Condition


(In thousands except interest data)	December 31, 2020		December 31, 2019
Assets
Cash	$	71,481	$	4,650
Deferred tax asset	183,549		197,792
Investment in subsidiary	3,126,502		2,689,026
Other assets	82,917		33,653
Total assets	$	3,464,449	$	2,925,121

Liabilities, redeemable membership interest and equity
Liabilities
Payable to affiliate	$	1,724,046	$	1,724,465
Accounts payable and accrued expenses and other liabilities	698		—
Tax receivable agreement obligations	271,165		269,282
Total liabilities	1,995,909		1,993,747

Virtu Financial Inc. Stockholders' equity


Class A common stock (par value $0.00001), Authorized — 1,000,000,000 and 1,000,000,000 shares, Issued — 125,627,277 and 120,435,912 shares, Outstanding — 122,012,180 and 118,257,141 shares at December 31, 2020 and December 31, 2019, 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, 2020 and December 31, 2019, respectively	—		—
Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 10,226,939 and 12,887,178 shares at December 31, 2020 and December 31, 2019, respectively	—		—
Class D common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 60,091,740 and 60,091,740 shares at December 31, 2020 and December 31, 2019, respectively	1		1
Treasury stock, at cost, 3,615,097 and 2,178,771 shares at December 31, 2020 and December 31, 2019, respectively	(88,923)		(55,005)
Additional paid-in capital	1,160,567		1,075,779
Retained earnings (accumulated deficit)	422,381		(88,755)
Accumulated other comprehensive income (loss)	(25,487)		(647)
Total Virtu Financial Inc. stockholders' equity	1,468,540		931,374

Total liabilities and stockholders' equity	$	3,464,449	$	2,925,121

Condensed Statements of Comprehensive Income

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Comprehensive Income


	Years Ended December 31,
(in thousands)	2020		2019		2018
Revenues:

Other Income	$	—	$	—	$	—
	—		—		—

Operating Expenses:
Operations and administrative	171		3		1

Income (loss) before equity in income of subsidiary	(171)		(3)		(1)
Equity in income (loss) of subsidiary, net of tax	1,121,084		(29,416)		620,193
Net income (loss)	$	1,120,913	$	(29,419)	$	620,192

Net income (loss) attributable to common stockholders	$	1,120,913	$	(29,419)	$	620,192
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes	8,604		(565)		(3,073)
Net change in unrealized cash flow hedges gains (losses), net of taxes	(33,444)		—		—
Comprehensive income (loss)	$	1,096,073	$	(29,984)	$	617,119

Condensed Statements of Cash Flows

Virtu Financial, Inc.

(Parent Company Only)

Condensed Statements of Cash Flows


	Years Ended December 31,
(in thousands)	2020		2019		2018
Cash flows from operating activities
Net income	$	1,120,913	$	(29,419)	$	620,192

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax	(543,992)		136,878		(305,936)
Tax receivable agreement obligation reduction	15,169		54,879		79,722
Deferred taxes	14,243		(8,165)		(64,996)

Changes in operating assets and liabilities:	(48,566)		2,339		(25,268)
Net cash provided by operating activities	557,767		156,512		303,714

Cash flows from investing activities

Investments in subsidiaries, equity basis	56,629		70,762		34,909
Net cash provided by investing activities	56,629		70,762		34,909

Cash flows from financing activities

Distribution from Virtu Financial to non-controlling interest	(363,919)		(99,221)		(206,903)
Dividends	(120,496)		(112,414)		(100,329)

Repurchase of Class C common stock	—		(196)		(8,216)
Purchase of treasury stock	(49,864)		(14,259)		(66,218)
Tax receivable agreement obligations	(13,286)		—		(12,359)


Issuance of common stock in connection with secondary offering, net of offering costs	—		(375)		(950)

Net cash used in financing activities	(547,565)		(226,465)		(394,975)

Net increase (decrease) in Cash	66,831		809		(56,352)
Cash, beginning of period	4,650		3,841		60,193
Cash, end of period	$	71,481	$	4,650	$	3,841

Supplemental disclosure of cash flow information:
Taxes paid	$	203,031	$	1,332	$	73,991

Non-cash financing activities
Tax receivable agreement described in Note 7	(1,388)		(5,811)		(911)

Organization and Basis of Presentation (Details) $ / shares in Units, instrument in Thousands, $ in Thousands		12 Months Ended
	Mar. 01, 2019 USD ($) $ / shares	Dec. 31, 2020 USD ($) instrument venue country segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of financial instruments \| instrument		25
Number of venues \| venue		235
Number of countries in which entity operates \| country		36
Company’s product offering in number of counties (over) \| country		50
Number of operating segments \| segment		2
Number of non-operating segments \| segment		1
Brokerage, exchange, clearance fees and payments for order flow, net		$ 758,843	$ 386,888	$ 376,424
Operations and administrative		$ 94,558	103,642	66,769
Revision of Prior Period, Adjustment
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Brokerage, exchange, clearance fees and payments for order flow, net			102,100	$ 74,600
Operations and administrative			$ 12,600
ITG
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Acquisition value (in dollars per share) \| $ / shares	$ 30.30
Total cash consideration	$ 1,000,000
Virtu Financial
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Ownership interest		64.10%

Summary of Significant Accounting Policies - Securities Borrowed and Securities Loaned (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Minimum initial collateral advanced or received expressed as a percentage of fair value of the underlying securities borrowed or loaned	102.00%

Summary of Significant Accounting Policies - Property and Equipment (Details) - Furniture and equipment	12 Months Ended
	Dec. 31, 2020
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, 2020
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	1 year 6 months
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($)		12 Months Ended
	Jul. 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies - Share-Based Compensation (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Number of days prior to the grant that common stock and restricted stock units fair value is determined based on	3 days
Class A common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001

Summary of Significant Accounting Policies - Variable Interest Entities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) joint_venture	Dec. 31, 2019 USD ($)
Variable Interest Entity [Line Items]
Number of joint ventures considered as VIEs \| joint_venture	4
Asset	$ 9,965,798	$ 9,609,370
Liability	8,110,760	8,380,434
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Asset	28,969	28,579
Liability	0	0
Maximum Exposure to Loss	28,969	28,579
VIEs' assets	$ 175,547	$ 119,051
JV building microwave communication networks in US, Europe and Asia
Variable Interest Entity [Line Items]
Number of joint ventures \| joint_venture	2
JV building microwave communication networks in US and Asia
Variable Interest Entity [Line Items]
Ownership of equity of JV held be each investor (as a percent)	10.00%
JV building microwave communication networks in US and Europe
Variable Interest Entity [Line Items]
Ownership interest	50.00%
JV offering derivatives trading technology and execution services
Variable Interest Entity [Line Items]
Ownership interest	10.00%
JV developing a member-owned equities exchange with the goal of increasing competition
Variable Interest Entity [Line Items]
Ownership interest	14.10%

ITG Acquisition - Background (Details)	Mar. 01, 2019 USD ($)
Committed facility
Business Acquisition [Line Items]
Maximum borrowing capacity	$ 50,000,000.0
Letter of credit
Business Acquisition [Line Items]
Maximum borrowing capacity	5,000,000.0
Swingline subfacility
Business Acquisition [Line Items]
Maximum borrowing capacity	5,000,000.0
First lien term loan
Business Acquisition [Line Items]
Face amount	1,500,000,000.0
Proceeds from borrowings	404,500,000
First lien term loan \| ITG
Business Acquisition [Line Items]
Proceeds from borrowings	$ 1,095,000,000.0

ITG Acquisition - Accounting Treatment of the ITG Acquisition (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
ITG
Business Acquisition [Line Items]
Employee compensation expense	$ 17.6

ITG Acquisition - Purchase Price and Goodwill (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 01, 2019	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 1,148,926	$ 1,148,926
ITG
Business Acquisition [Line Items]
Total cash consideration	$ 1,000,000
Acquisition value (in dollars per share)	$ 30.30
Goodwill	$ 312,343

ITG Acquisition - Estimated Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Mar. 01, 2019
Business Acquisition [Line Items]
Goodwill	$ 1,148,926	$ 1,148,926
ITG
Business Acquisition [Line Items]
Cash and equivalents			$ 197,072
Cash and securities segregated under federal regulations			14,232
Securities borrowed			13,182
Receivables from broker dealers and clearing organizations			328,112
Financial instruments owned, at fair value			523
Receivables from customers			122,697
Property, equipment and capitalized software (net)			46,408
Intangibles			517,200
Deferred tax assets			17,605
Operating lease right-of-use assets			100,285
Other assets			31,652
Total Assets			1,388,968
Short-term borrowings			18,651
Securities loaned			17,663
Payables to broker dealers and clearing organizations			152,043
Payables to customers			116,419
Financial instruments sold, not yet purchased, at fair value			11
Accounts payable and accrued expenses and other liabilities			178,893
Operating lease liabilities			99,693
Deferred tax liabilities			71,053
Total Liabilities			654,426
Total identified assets acquired, net of assumed liabilities			734,542
Goodwill			312,343
Total Purchase Price			$ 1,046,885

ITG Acquisition - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 01, 2019	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 1,148,926	$ 1,148,926
Customer relationships
Business Acquisition [Line Items]
Intangible assets		392,301	440,144
Trade names
Business Acquisition [Line Items]
Intangible assets		$ 1,400	$ 2,600
ITG
Business Acquisition [Line Items]
Intangible assets	$ 517,200
Goodwill	312,343
Total	829,543
ITG \| Technology
Business Acquisition [Line Items]
Intangible assets	$ 76,000
Amortization Years	5 years
ITG \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 437,600
Amortization Years	10 years
ITG \| Trade names
Business Acquisition [Line Items]
Intangible assets	$ 3,600
Amortization Years	3 years

ITG Acquisition - Assumption of Equity Compensation Plan (Details) - Class A common stock	Mar. 01, 2019 shares
Assumed Plan
Business Acquisition [Line Items]
Shares available for issuance (in shares)	2,497,028
Invetment Technology Group
Business Acquisition [Line Items]
Shares available for issuance (in shares)	1,230,406

ITG Acquisition - Tax Treatment of the ITG Acquisition (Details) - ITG	Mar. 01, 2019 USD ($)
Business Acquisition [Line Items]
Goodwill expected to be deductible for tax purposes	$ 0
Deferred tax assets	17,605,000
Deferred tax liabilities	$ 71,053,000

ITG Acquisition - Pro Forma Results (Details) - ITG $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Revenues	$ 347,859
Income (loss) before income taxes	$ (64,917)

ITG Acquisition - Pro Forma Results, Narrative (Details) $ / shares in Units, $ in Millions	Mar. 01, 2019 USD ($) $ / shares
Business Acquisition [Line Items]
Advisory and other professional fees \| $	$ 15.1
ITG
Business Acquisition [Line Items]
Advisory and other professional fees \| $	$ 18.2
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Right to receive cash (in dollars per share) \| $ / shares	$ 30.30

ITG Acquisition - Pro Forma Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Revenue	$ 3,239,331	$ 1,517,492	$ 1,878,718
Net income (loss)	1,120,913	(103,705)	620,192
Net income (loss) available for common stockholders	$ 649,197	(58,595)	289,441
Pro Forma
Business Acquisition [Line Items]
Revenue		1,605,340	2,388,194
Net income (loss)		(94,233)	514,821
Net income (loss) available for common stockholders		$ (53,243)	$ 240,265

- Definition

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

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

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-SubTopic 10
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-Paragraph 2
-Subparagraph (SX 210.5-03(1))
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+ Details

Sale of BondPoint - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 02, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received		$ 60,592	$ 0	$ 400,192
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			$ 400,192
Transaction costs	8,568
Professional fees	7,100
Gain on sale of MATCHNow	337,550
Compensation expense	$ 1,400

Sale of BondPoint- Summary of Carrying Value and Gain on Sale (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 02, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received		$ 60,592	$ 0	$ 400,192
Liabilities					$ (728)
Gain on sale, net of transaction costs		$ 58,652	$ 0	335,211
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			$ 400,192
Receivables from broker dealers and clearing organizations					3,383
Intangibles and other assets					51,687
Total carrying value of BondPoint as of December 31, 2017:					$ 54,342
Goodwill adjustment allocated to BondPoint	8,300
Gain on sale of MATCHNow	337,550
Transaction costs	8,568
Gain on sale, net of transaction costs	$ 328,982

Sale of MATCHNow- Narrative (Details) - USD ($)		1 Months Ended	12 Months Ended
Sale of MATCHNow- Narrative (Details) - USD ($)	Aug. 04, 2020	May 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received			$ 60,592,000	$ 0	$ 400,192,000
Recognized gain on sale			58,652,000	$ 0	$ 335,211,000
MATCHNow
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment			$ 0
MATCHNow \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of interests disposed		100.00%
Total sale proceeds received	$ 60,592,000
Contingent consideration (up to)	23,000,000.0
Transaction costs	2,453,000
Recognized gain on sale	$ 56,199,000

Sale of MATCHNow -Summary of the Carrying Value of MATCHNow and Gain on Sale (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 04, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received		$ 60,592	$ 0	$ 400,192
Gain on sale, net of transaction costs		$ 58,652	$ 0	$ 335,211
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| MATCHNow
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received	$ 60,592
Total carrying value of MATCHNow as of MATCHNow Closing Date	(1,940)
Gain on sale of MATCHNow	58,652
Transaction costs	(2,453)
Gain on sale, net of transaction costs	$ 56,199

Earnings per Share - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Income (loss) before income taxes and noncontrolling interest	$ 1,382,837	$ (115,982)	$ 696,363
Provision for (benefit from) income taxes	261,924	(12,277)	76,171
Net income (loss)	1,120,913	(103,705)	620,192
Noncontrolling interest	(471,716)	45,110	(330,751)
Net income (loss) attributable to common stockholders	$ 649,197	$ (58,595)	$ 289,441

- Definition

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

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- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Earnings per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic earnings (loss) per share:
Net income (loss) attributable to common stockholders	$ 649,197	$ (58,595)	$ 289,441
Less: Dividends and undistributed earnings allocated to participating securities	(17,383)	(1,926)	(5,418)
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 631,814	$ (60,521)	$ 284,023
Weighted average shares of common stock outstanding:
Class A (in shares)	121,692,443	113,918,103	100,875,793
Basic earnings (loss) per share (in dollars per share)	$ 5.19	$ (0.53)	$ 2.82
Class A common stock
Weighted average shares of common stock outstanding:
Class A (in shares)	121,692,443	113,918,103	100,875,793

- 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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- Definition

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

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- Definition

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

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+ Details

Earnings per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Diluted earnings (loss) per share:
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 631,814	$ (60,521)	$ 284,023
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	121,692,443	113,918,103	100,875,793
Weighted average shares of common stock outstanding (in shares)	122,332,190	113,918,103	102,089,139
Diluted earnings (loss) per share (in dollars per share)	$ 5.16	$ (0.53)	$ 2.78
Stock options
Weighted average shares of common stock outstanding:
Dilutive impact excluded from computation of earnings per share (in shares)		377,677
RSUs
Weighted average shares of common stock outstanding:
Dilutive impact excluded from computation of earnings per share (in shares)		440,335
Class A common stock
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	121,692,443	113,918,103	100,875,793
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan, Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and Warrants issued in connection with the Founder Member Loan (in shares)	639,747	0	1,213,346
Weighted average shares of common stock outstanding (in shares)	122,332,190	113,918,103	102,089,139

Tax Receivable Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Mar. 31, 2020	Sep. 30, 2018	Feb. 28, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Payment on applicable cash tax savings (as a percent)				85.00%
Period over which the obligations are to be settled				15 years
Tax receivable agreement obligations				$ 271,165	$ 269,282
First payment made	$ 13,300	$ 12,400	$ 7,000
Additional deferred tax asset					49,100
Minimum tax receivable agreement obligation over the agreed period				900
Maximum tax receivable agreement obligation over the agreed period				21,700
Deferred tax asset from tax receivable agreement					54,900
Issuance of tax receivable agreements in connection with employee exchange				1,388	5,811	$ 991
Deferred tax assets				$ 199,100	$ 197,600
Class B common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.00001	$ 0.00001
Class C common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				0.00001	0.00001
Class D common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.00001	$ 0.00001

Goodwill and Intangible Assets - Narrative (Details)		12 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Jul. 01, 2020 USD ($)	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of operating segments \| segment		2
Number of non-operating segments \| segment		1
Goodwill		$ 1,148,926,000	$ 1,148,926,000
Goodwill impairment	$ 0	0	0	$ 0
Intangible assets		454,499,000	529,638,000
Amortization expense relating to finite-lived intangible assets		$ 74,254,000	$ 70,595,000	$ 26,123,000

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Changes in goodwill
Balance as of December 31	$ 1,148,926	$ 1,148,926
Operating Segments \| Market Making
Changes in goodwill
Balance as of December 31	755,292	755,292
Operating Segments \| Execution Services
Changes in goodwill
Balance as of December 31	393,634	393,634
Corporate
Changes in goodwill
Balance as of December 31	$ 0	$ 0

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Acquired Intangible Assets [Line Items]
Accumulated Amortization	$ (183,494)	$ (219,239)
Gross Carrying Amount	637,993	748,877
Net Carrying Amount	454,499	529,638
Exchange memberships
Acquired Indefinite-lived Intangible Assets [Line Items]
Exchange memberships	3,998	4,882
Customer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	486,600	486,600
Accumulated Amortization	(94,299)	(46,456)
Net Carrying Amount	$ 392,301	$ 440,144
Customer relationships \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	10 years	10 years
Customer relationships \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	12 years	12 years
Technology
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 136,000	$ 136,000
Accumulated Amortization	(82,403)	(58,203)
Net Carrying Amount	$ 53,597	$ 77,797
Technology \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	1 year	1 year
Technology \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	6 years	6 years
Favorable occupancy leases
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,895	$ 5,895
Accumulated Amortization	(2,839)	(2,040)
Net Carrying Amount	$ 3,056	$ 3,855
Favorable occupancy leases \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	3 years	3 years
Favorable occupancy leases \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	15 years	15 years
Purchased technology
Acquired Intangible Assets [Line Items]
Gross Carrying Amount		$ 110,000
Accumulated Amortization		(110,000)
Net Carrying Amount		$ 0
Purchased technology \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)		1 year 4 months 24 days
Purchased technology \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)		2 years 6 months
Trade name
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,600	$ 3,600
Accumulated Amortization	(2,200)	(1,000)
Net Carrying Amount	$ 1,400	$ 2,600
Useful Lives (Years)	3 years	3 years
ETF issuer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(877)	(770)
Net Carrying Amount	$ 73	$ 180
Useful Lives (Years)	9 years	9 years
ETF buyer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(876)	(770)
Net Carrying Amount	$ 74	$ 180
Useful Lives (Years)	9 years	9 years

Goodwill and Intangible Assets - Expects Amortization Expense (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 69,676
2022	64,852
2023	63,960
2024	50,845
2025	$ 47,879

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Due from prime brokers	$ 697,293	$ 418,059
Deposits with clearing organizations	216,962	231,977
Net equity with futures commission merchants	248,943	267,748
Unsettled trades with clearing organizations	118,777	214,618
Securities failed to deliver	372,965	178,324
Commissions and fees	29,066	7,858
Total receivables from broker-dealers and clearing organizations	1,684,006	1,318,584
Liabilities
Due to prime brokers	410,772	511,524
Net equity with futures commission merchants	77,257	50,950
Unsettled trades with clearing organizations	228,070	118,286
Securities failed to receive	156,804	144,494
Commissions and fees	3,543	1,496
Total payables to broker-dealers and clearing organizations	876,446	826,750
Outstanding principal balance	$ 134,700	$ 134,300

Collateralized Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Securities received as collateral:
Securities borrowed	$ 1,374,266	$ 1,881,005
Securities purchased under agreements to resell	22,866	142,922
Securities received as collateral	1,397,132	2,023,927
Financial instruments owned and pledged	746,539	696,956
Equities
Securities received as collateral:
Financial instruments owned and pledged	734,024	654,366
Exchange traded notes
Securities received as collateral:
Financial instruments owned and pledged	$ 12,515	$ 42,590

Borrowings - Short-term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Short-term Debt [Line Items]
Borrowing Outstanding	$ 65,073	$ 75,586
Deferred Debt Issuance Cost	(387)	(2,100)
Short-term Borrowings, net	64,686	73,486
Short-term bank loans
Short-term Debt [Line Items]
Borrowing Outstanding	28,673	45,586
Deferred Debt Issuance Cost	0	0
Short-term Borrowings, net	28,673	45,586
Broker-dealer credit facilities
Short-term Debt [Line Items]
Borrowing Outstanding	36,400	30,000
Deferred Debt Issuance Cost	(387)	(2,100)
Short-term Borrowings, net	$ 36,013	$ 27,900

Borrowings - Broker-Dealer Credit Facilities, Narrative (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) debt_instrument borrowing_base	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 20, 2020 USD ($)	Mar. 10, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 01, 2019 USD ($)
Line of Credit Facility [Line Items]
Number of borrowing bases \| borrowing_base	2
Commitment fee (as a percent)	0.50%
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Number of secured credit facilities \| debt_instrument	2
Maximum borrowing capacity							$ 600,000,000
Commitment fee (as a percent)	0.50%
Financing Available	$ 1,000,000,000					$ 800,000,000
Broker-dealer credit facilities \| Borrowing Base A Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 600,000,000
Broker-dealer credit facilities \| Borrowing Base A Loan \| LIBOR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	1.25%
Broker-dealer credit facilities \| Borrowing Base B Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 200,000,000
Broker-dealer credit facilities \| Borrowing Base B Loan \| 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 \| debt_instrument	1
Maximum borrowing capacity		$ 400,000,000	$ 300,000,000
Financing Available	$ 400,000,000					$ 200,000,000
Interest rate	1.25%					2.55%
Demand Loan
Line of Credit Facility [Line Items]
Financing Available					$ 20,000,000
Repayment term	90 days
Interest rate	10.00%
Stated interest rate increase	2.00%
Founder Member Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 300,000,000

Borrowings - Broker-Dealer Credit Facilities Carrying Values, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Borrowing Outstanding	$ 1,670,410
Deferred Debt Issuance Cost	387	$ 2,100
Outstanding Borrowings, net	$ 1,639,280	$ 1,917,866
Uncommitted facility
Line of Credit Facility [Line Items]
Interest Rate	1.25%	2.55%
Financing Available	$ 400,000	$ 200,000
Borrowing Outstanding	36,400	30,000
Deferred Debt Issuance Cost	387	2,100
Outstanding Borrowings, net	$ 36,013	$ 27,900
Committed facility
Line of Credit Facility [Line Items]
Interest Rate	1.40%	3.01%
Financing Available	$ 600,000	$ 600,000
Borrowing Outstanding	0	0
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	0	0
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Financing Available	1,000,000	800,000
Borrowing Outstanding	36,400	30,000
Deferred Debt Issuance Cost	387	2,100
Outstanding Borrowings, net	$ 36,013	$ 27,900

Borrowings - Interest Expense on Broker-Dealer Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Interest expense	$ 87,735	$ 121,859	$ 71,800
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Interest expense	1,995	2,045	2,100
Uncommitted facility
Line of Credit Facility [Line Items]
Interest expense	1,337	1,591	1,794
Committed facility
Line of Credit Facility [Line Items]
Interest expense	447	454	306
Demand Loan
Line of Credit Facility [Line Items]
Interest expense	$ 211	$ 0	$ 0

Borrowings - Short-Term Bank Loans (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Short-term bank loans	$ 28.7	$ 45.6
Weighted average interest rate	2.40%	4.50%

Borrowings - Short-Term Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Short-term Debt [Line Items]
Weighted Average Interest Rate	2.40%	4.50%
Borrowing Outstanding	$ 1,670,410
Interest expense	$ 87,735	$ 121,859	$ 71,800
Short-Term Credit Facilities
Short-term Debt [Line Items]
Weighted Average Interest Rate	2.77%	4.22%
Financing Available	$ 616,000	$ 586,000
Borrowing Outstanding	134,664	134,331
Interest expense	$ 4,800	$ 6,600	$ 7,100

Borrowings - Long-Term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Oct. 09, 2019	Jun. 16, 2017
Line of Credit Facility [Line Items]
Outstanding Principal	$ 1,670,410
Deferred Debt Issuance Cost	(387)	$ (2,100)
Outstanding Borrowings, net	$ 1,639,280	$ 1,917,866
SBI Bonds
Line of Credit Facility [Line Items]
Interest Rate	5.00%	5.00%
Outstanding Principal	$ 33,898	$ 32,225
Discount	0	0
Deferred Debt Issuance Cost	(40)	(51)
Outstanding Borrowings, net	33,858	32,174
Total Long-term borrowings
Line of Credit Facility [Line Items]
Outstanding Principal	1,670,410	1,957,225
Discount	(4,723)	(6,795)
Deferred Debt Issuance Cost	(26,407)	(32,564)
Outstanding Borrowings, net	$ 1,639,280	$ 1,917,866
Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest Rate			6.75%	6.75%
Senior Secured Credit Facility \| Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest Rate	3.15%	5.20%
Outstanding Principal	$ 1,636,512	$ 1,925,000
Discount	(4,723)	(6,795)
Deferred Debt Issuance Cost	(26,367)	(32,513)
Outstanding Borrowings, net	$ 1,605,422	$ 1,885,692

Borrowings - Credit Agreement (Details) - USD ($)				1 Months Ended		3 Months Ended		12 Months Ended
Borrowings - Credit Agreement (Details) - USD ($)	Mar. 02, 2020	Oct. 09, 2019	Mar. 01, 2019	Jan. 31, 2020	Oct. 31, 2019	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2017	Jun. 16, 2017
Debt Instrument [Line Items]
Commitment fee (as a percent)								0.50%
Outstanding principal amount								$ 1,670,410,000
Financing interest expense on long-term borrowings								87,735,000	$ 121,859,000	$ 71,800,000
Fixed interest rate percentage					4.30%
Senior Secured Credit Facility Fourth Amendment
Debt Instrument [Line Items]
Outstanding principal amount											$ 1,150,000,000.00
Committed facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 50,000,000.0
Outstanding principal amount							$ 0	0	0
Financing interest expense on long-term borrowings								447,000	454,000	$ 306,000
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			5,000,000.0
Swingline Subfacility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 5,000,000.0
Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Debt amortization, percentage of original aggregate principal amount			1.00%
Senior Secured Second Lien Notes
Debt Instrument [Line Items]
Aggregate principal amount												$ 500,000,000.0
Aggregate principal amount of debt redeemed		$ 500,000,000.0
Interest rate		6.75%										6.75%
Senior Secured Second Lien Notes \| Scenario 1
Debt Instrument [Line Items]
Commitment fee stepdown (as a percent)	0.375%
Senior Secured Second Lien Notes \| Scenario 2
Debt Instrument [Line Items]
Commitment fee stepdown (as a percent)	0.25%
Amended Credit Agreement \| Overnight Bank Funding Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Amended Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Amended Credit Agreement \| LIBOR, Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%
Amended Credit Agreement \| Scenario 1
Debt Instrument [Line Items]
Interest rate floor	1.00%
Amended Credit Agreement \| Scenario 1 \| Interest Rate Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%
Amended Credit Agreement \| Scenario 2
Debt Instrument [Line Items]
Interest rate floor	0.00%
Amended Credit Agreement \| Scenario 2 \| Interest Rate Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.00%
VFH
Debt Instrument [Line Items]
Proceeds from borrowings			$ 404,500,000
VFH \| Committed facility
Debt Instrument [Line Items]
Maximum borrowing capacity			50,000,000.0
Financing interest expense on long-term borrowings								500,000
VFH \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			5,000,000.0
VFH \| Swingline Subfacility
Debt Instrument [Line Items]
Maximum borrowing capacity			5,000,000.0
Acquisition Borrower
Debt Instrument [Line Items]
Proceeds from borrowings			1,095,000,000
Term Loan \| First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,500,000,000
Outstanding principal amount								1,637,000,000
Repayments of debt								$ 288,500,000	$ 100,000,000
Term Loan \| VFH \| First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount		$ 525,000,000.0			$ 525,000,000.0
January 2020 Interest Rate Swap
Debt Instrument [Line Items]
Derivative contract term				5 years
Derivative, notional amount				$ 1,000,000,000
Fixed interest rate percentage				4.40%
January 2020 Interest Rate Swap \| Term Loan \| VFH \| First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount				$ 1,000,000,000
Interest rate swap
Debt Instrument [Line Items]
Derivative contract term					5 years	5 years	5 years
Derivative, notional amount					$ 525,000,000	$ 1,000,000,000

Borrowings - Senior Secured Second Lien Notes (Details) - USD ($)	Oct. 31, 2019	Oct. 09, 2019	Mar. 01, 2019	Jun. 16, 2017
Term Loan \| First Lien Term Loan Facility
Debt Instrument [Line Items]
Face amount			$ 1,500,000,000
Term Loan \| First Lien Term Loan Facility \| VFH
Debt Instrument [Line Items]
Face amount	$ 525,000,000.0	$ 525,000,000.0
Senior Secured Second Lien Notes
Debt Instrument [Line Items]
Face amount				$ 500,000,000.0
Interest rate		6.75%		6.75%

Borrowings - SBI Bonds (Details)	12 Months Ended
Borrowings - SBI Bonds (Details)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 JPY (¥)	Dec. 31, 2019 JPY (¥)	Jul. 25, 2016 USD ($)	Jul. 25, 2016 JPY (¥)
Debt Instrument [Line Items]
Outstanding principal amount	$ 1,670,410,000
SBI Bonds
Debt Instrument [Line Items]
Outstanding principal amount	33,898,000	$ 32,225,000
VFH \| SBI Bonds
Debt Instrument [Line Items]
Face amount						$ 33,100,000	¥ 3,500,000,000
Outstanding principal amount	33,900,000	32,200,000		¥ 3,500,000,000	¥ 3,500,000,000
Gain (loss) due to change in currency rates	$ (1,700,000)	$ (300,000)	$ (800,000)

Borrowings - Future Minimum Principal Payments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Debt Disclosure [Abstract]
2021	$ 0
2022	0
2023	33,898
2024	0
2025	1,636,512
Thereafter	0
Total principal of long-term borrowings	$ 1,670,410

Financial Assets and Liabilities - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Assets
Financial instruments owned, at fair value	$ 2,369,192	$ 2,068,734
Financial instruments owned, at fair value, Counterparty and Cash Collateral Netting	(291,964)	(211,398)
Financial instruments owned, pledged as collateral	746,539	696,956
Other Assets	68,316	48,966
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,923,708	2,497,958
Financial instruments sold, not yet purchased, at fair value, Counterparty and Cash Collateral Netting	(292,870)	(196,535)
Interest rate swap	876,446	826,750
Interest rate swap
Liabilities
Interest rate swap	63,513
Equity securities
Assets
Financial instruments owned, at fair value	1,955,589	1,680,777
Financial instruments owned, pledged as collateral	734,024	654,366
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,445,050	2,186,702
U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	199,782	127,537
Liabilities
Financial instruments sold, not yet purchased, at fair value	103,157	41,804
Corporate Bonds
Assets
Financial instruments owned, at fair value	135,518	171,591
Liabilities
Financial instruments sold, not yet purchased, at fair value	358,734	244,700
Exchange traded notes
Assets
Financial instruments owned, at fair value	19,827	49,137
Financial instruments owned, pledged as collateral	12,515	42,590
Liabilities
Financial instruments sold, not yet purchased, at fair value	7,431	21,646
Equity investment
Assets
Other Assets	66,030	46,245
Exchange stock
Assets
Other Assets	2,286	2,721
Currency forwards
Assets
Financial instruments owned, at fair value	49,396	31,154
Financial instruments owned, at fair value, Counterparty and Cash Collateral Netting	(291,964)	(211,398)
Liabilities
Financial instruments sold, not yet purchased, at fair value	95	19
Financial instruments sold, not yet purchased, at fair value, Counterparty and Cash Collateral Netting	(292,870)	(196,535)
Options
Assets
Financial instruments owned, at fair value	9,080	8,538
Liabilities
Financial instruments sold, not yet purchased, at fair value	9,241	3,087
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Financial instruments owned, at fair value	922,393	715,730
Financial instruments owned, pledged as collateral	496,945	362,451
Other Assets	2,286	2,721
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,399,496	1,065,007
Interest rate swap	3,517	49,514
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Interest rate swap
Liabilities
Interest rate swap	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities
Assets
Financial instruments owned, at fair value	761,484	600,259
Financial instruments owned, pledged as collateral	496,943	362,439
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,307,082	1,022,814
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	151,723	106,690
Liabilities
Financial instruments sold, not yet purchased, at fair value	83,173	39,091
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, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange traded notes
Assets
Financial instruments owned, at fair value	106	243
Financial instruments owned, pledged as collateral	2	12
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	15
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	2,286	2,721
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, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Options
Assets
Financial instruments owned, at fair value	9,080	8,538
Liabilities
Financial instruments sold, not yet purchased, at fair value	9,241	3,087
Significant Other Observable Inputs (Level 2)
Assets
Financial instruments owned, at fair value	1,738,763	1,564,402
Financial instruments owned, pledged as collateral	249,594	334,505
Other Assets	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,817,082	1,629,486
Interest rate swap	872,929	777,236
Significant Other Observable Inputs (Level 2) \| Interest rate swap
Liabilities
Interest rate swap	63,513
Significant Other Observable Inputs (Level 2) \| Equity securities
Assets
Financial instruments owned, at fair value	1,194,105	1,080,518
Financial instruments owned, pledged as collateral	237,081	291,927
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,137,968	1,163,888
Significant Other Observable Inputs (Level 2) \| U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	48,059	20,847
Liabilities
Financial instruments sold, not yet purchased, at fair value	19,984	2,713
Significant Other Observable Inputs (Level 2) \| Corporate Bonds
Assets
Financial instruments owned, at fair value	135,518	171,591
Liabilities
Financial instruments sold, not yet purchased, at fair value	358,734	244,700
Significant Other Observable Inputs (Level 2) \| Exchange traded notes
Assets
Financial instruments owned, at fair value	19,721	48,894
Financial instruments owned, pledged as collateral	12,513	42,578
Liabilities
Financial instruments sold, not yet purchased, at fair value	7,431	21,631
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) \| Currency forwards
Assets
Financial instruments owned, at fair value	341,360	242,552
Liabilities
Financial instruments sold, not yet purchased, at fair value	292,965	196,554
Significant Other Observable Inputs (Level 2) \| Options
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3)
Assets
Financial instruments owned, at fair value	0	0
Financial instruments owned, pledged as collateral	0	0
Other Assets	66,030	46,245
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Interest rate swap	0	0
Significant Unobservable Inputs (Level 3) \| Interest rate swap
Liabilities
Interest rate swap	0
Significant Unobservable Inputs (Level 3) \| Equity securities
Assets
Financial instruments owned, at fair value	0	0
Financial instruments owned, pledged as collateral	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Corporate Bonds
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Exchange traded notes
Assets
Financial instruments owned, at fair value	0	0
Financial instruments owned, pledged as collateral	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Equity investment
Assets
Other Assets	66,030	46,245
Significant Unobservable Inputs (Level 3) \| Exchange stock
Assets
Other Assets	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, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Options
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	$ 0	$ 0

Financial Assets and Liabilities - Fair Value Inputs (Details) $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 66,030	$ 46,245
Weighted Average \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.096	0.187
Weighted Average \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.144	0.144
Weighted Average \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.00138	0.00141
Minimum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	(0.090)	0.050
Minimum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.144	0.144
Minimum \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.00122	0.00054
Maximum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.390	0.330
Maximum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.144	0.144
Maximum \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.00219	0.00246

Financial Assets and Liabilities - Level 3 financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 46,245	$ 45,856
Purchases	0	0
Total realized and unrealized gains / (losses)	19,785	389
Net transfers into (out of) level 3	0	0
Settlement	0	0
Ending balance	66,030	46,245
Change in net unrealized gains / (losses) on Investments still held at end of period	19,785	389
Equity investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	46,245	45,856
Purchases	0	0
Total realized and unrealized gains / (losses)	19,785	389
Net transfers into (out of) level 3	0	0
Settlement	0	0
Ending balance	66,030	46,245
Change in net unrealized gains / (losses) on Investments still held at end of period	$ 19,785	$ 389

Financial Assets and Liabilities - Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash restricted or segregated under regulations and other	$ 117,446	$ 41,116
Receivables from broker-dealers and clearing organizations	1,684,006	1,318,584
Receivables from customers	214,478	103,531
Other assets	317,747	252,640
Liabilities
Interest rate swap	876,446	826,750
Payables to customers	118,826	89,719
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and cash equivalents	889,559	732,164
Cash restricted or segregated under regulations and other	117,446	41,116
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	173,578	40,842
Receivables from customers	0
Other assets	0
Total Assets	1,180,583	814,122
Liabilities
Short-term borrowings	0	0
Long-term borrowings	0	0
Securities loaned	0	0
Securities sold under agreements to repurchase	0	0
Interest rate swap	3,517	49,514
Payables to customers	0
Other Liabilities	0
Total Liabilities	3,517	49,514
Significant Other Observable Inputs (Level 2)
Assets
Cash and cash equivalents	0	0
Cash restricted or segregated under regulations and other	0	0
Securities borrowed	1,425,016	1,928,763
Securities purchased under agreements to resell	22,866	143,032
Receivables from broker-dealers and clearing organizations	1,510,428	1,277,742
Receivables from customers	214,478
Other assets	21,735
Total Assets	3,194,523	3,349,537
Liabilities
Short-term borrowings	65,073	75,586
Long-term borrowings	1,672,456	1,966,850
Securities loaned	948,256	1,600,099
Securities sold under agreements to repurchase	461,235	340,742
Interest rate swap	872,929	777,236
Payables to customers	118,826
Other Liabilities	9,208
Total Liabilities	4,147,983	4,760,513
Significant Unobservable Inputs (Level 3)
Assets
Cash and cash equivalents	0	0
Cash restricted or segregated under regulations and other	0	0
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	0	0
Receivables from customers	0
Other assets	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
Interest rate swap	0	0
Payables to customers	0
Other Liabilities	0
Total Liabilities	0	0
Reported Value Measurement
Assets
Cash and cash equivalents	889,559	732,164
Cash restricted or segregated under regulations and other	117,446	41,116
Securities borrowed	1,425,016	1,928,763
Securities purchased under agreements to resell	22,866	143,032
Receivables from broker-dealers and clearing organizations	1,684,006	1,318,584
Receivables from customers	214,478
Other assets	21,735
Total Assets	4,375,106	4,163,659
Liabilities
Short-term borrowings	64,686	73,486
Long-term borrowings	1,639,280	1,917,866
Securities loaned	948,256	1,600,099
Securities sold under agreements to repurchase	461,235	340,742
Interest rate swap	876,446	826,750
Payables to customers	118,826
Other Liabilities	9,208
Total Liabilities	4,117,937	4,758,943
Estimate of Fair Value Measurement
Assets
Cash and cash equivalents	889,559	732,164
Cash restricted or segregated under regulations and other	117,446	41,116
Securities borrowed	1,425,016	1,928,763
Securities purchased under agreements to resell	22,866	143,032
Receivables from broker-dealers and clearing organizations	1,684,006	1,318,584
Receivables from customers	214,478
Other assets	21,735
Total Assets	4,375,106	4,163,659
Liabilities
Short-term borrowings	65,073	75,586
Long-term borrowings	1,672,456	1,966,850
Securities loaned	948,256	1,600,099
Securities sold under agreements to repurchase	461,235	340,742
Interest rate swap	876,446	826,750
Payables to customers	118,826
Other Liabilities	9,208
Total Liabilities	$ 4,151,500	$ 4,810,027

Financial Assets and Liabilities - Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Securities borrowed
Gross Amounts of Recognized Assets	$ 1,425,016	$ 1,928,763
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	1,425,016	1,928,763
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,374,266)	(1,881,005)
Counterparty Netting/ Cash Collateral	(9,686)	(15,280)
Net Amount	41,064	32,478
Securities purchased under agreements to resell
Gross Amounts of Recognized Assets	22,866	143,032
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	22,866	143,032
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	(22,866)	(142,922)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	110
Total
Gross Amounts of Recognized Assets	1,798,322	2,322,885
Amounts Offset in the Consolidated Statements of Financial Condition	(291,964)	(211,398)
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	1,506,358	2,111,487
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,397,132)	(2,032,464)
Counterparty Netting/ Cash Collateral	(18,766)	(15,280)
Net Amount	90,460	63,743
Currency forwards
Trading assets, at fair value:
Gross Amounts of Recognized Assets	341,360	242,552
Amounts Offset in the Consolidated Statements of Financial Condition	(291,964)	(211,398)
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	49,396	31,154
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	49,396	31,154
Options
Trading assets, at fair value:
Gross Amounts of Recognized Assets	9,080	8,538
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	9,080	8,538
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	(8,537)
Counterparty Netting/ Cash Collateral	(9,080)	0
Net Amount	$ 0	$ 1

Financial Assets and Liabilities - Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Securities loaned
Gross Amounts of Recognized Liabilities	$ 948,256	$ 1,600,099
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	948,256	1,600,099
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instruments	(921,593)	(1,552,146)
Counterparty Netting/ Cash Collateral	(17,800)	(15,281)
Net Amount	8,863	32,672
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities	461,235	340,742
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	461,235	340,742
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instruments	(461,235)	(340,718)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	24
Total
Gross Amounts of Recognized Liabilities	1,775,210	2,140,482
Amounts Offset in the Consolidated Statements of Financial Condition	(292,870)	(196,535)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,482,340	1,943,947
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instruments	(1,382,828)	(1,895,951)
Counterparty Netting/ Cash Collateral	(90,042)	(15,281)
Net Amount	9,470	32,715
Interest rate swap
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	63,513
Amounts Offset in the Consolidated Statements of Financial Condition	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	63,513
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instruments	0
Counterparty Netting/ Cash Collateral	(63,162)
Net Amount	351
Currency forwards
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	292,965	196,554
Amounts Offset in the Consolidated Statements of Financial Condition	(292,870)	(196,535)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	95	19
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	95	19
Options
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	9,241	3,087
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	9,241	3,087
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instruments	0	(3,087)
Counterparty Netting/ Cash Collateral	(9,080)	0
Net Amount	$ 161	$ 0

Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Equities futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	$ 4,669	$ (1,366)
Notional	2,208,899	4,502,017
Equities futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	31	751
Notional	90,219	83,803
Commodity futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	173,889	40,656
Notional	6,237,389	7,758,974
Commodity futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(5,397)	(45,175)
Notional	27,287	3,604,979
Currency futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(11,736)	(2,860)
Notional	2,823,277	1,116,246
Currency futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	3,598	(23,223)
Notional	2,269,898	6,594,991
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	42	47
Notional	102,476	155,697
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	0	94
Notional	1,566	190,938
Options
Derivatives Assets
Fair Value	9,080	8,538
Derivatives Liabilities
Fair Value	9,241	3,087
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives Assets
Fair Value	9,080	8,538
Notional	746,723	442,808
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	9,241	3,087
Notional	736,997	436,422
Currency forwards
Derivatives Assets
Fair Value	341,360	242,552
Derivatives Liabilities
Fair Value	292,965	196,554
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives Assets
Fair Value	341,360	242,552
Notional	30,596,681	24,369,818
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	292,965	196,554
Notional	30,572,490	24,346,818
Interest rate swap
Derivatives Liabilities
Fair Value	63,513
Interest rate swap \| Derivative instruments not designated as hedging instruments \| Other assets
Derivatives Assets
Fair Value	0	8,976
Notional	0	525,000
Interest rate swap \| Derivative instruments designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	63,513	0
Notional	$ 1,525,000	$ 0

Derivative Instruments - Gain (Loss) From Derivative Instruments (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 31, 2019 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019	Dec. 31, 2020 USD ($) instrument	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net				$ 326,444,000	$ 231,994,000	$ (141,449,000)
Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income				(69,462,000)	0	63,000
Futures \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net				(6,217,000)	247,619,000	(309,598,000)
Currency forwards \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net				249,856,000	(44,293,000)	174,310,000
Options \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net				$ 84,695,000	19,692,000	(6,161,000)
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract term	5 years	5 years	5 years
Derivative, notional amount	$ 525,000,000	$ 1,000,000,000
Number of interest rate swaps \| instrument				2
Interest rate swap \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net				$ (1,890,000)	8,976,000	0
Interest rate swap \| Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income				(69,462,000)	0	0
Foreign exchange - forward contract \| Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income				$ 0	$ 0	$ 63,000

Revenues from Contracts with Customers (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 600,510,000	$ 498,544,000	$ 184,339,000
Total revenue	3,239,331,000	1,517,492,000	1,878,718,000
Receivables related to revenue from contracts with customers	57,300,000	53,600,000
Impairment losses on receivables	0
Deferred revenue related to contracts with customers	9,300,000	8,600,000
Revenue recognized	33,100,000
Revenue recognized		32,600,000
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	3,165,034,000	1,451,305,000	1,873,398,000
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	74,297,000	66,187,000	5,320,000
Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	458,151,000	380,927,000	179,019,000
Technology services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			5,320,000
Workflow technology
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	101,211,000	82,610,000	0
Analytics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	41,148,000	35,007,000	0
Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	2,638,821,000	1,018,948,000	1,694,379,000
Operating Segments \| Market Making
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	52,453,000	23,526,000	28,813,000
Total revenue	2,593,342,000	1,028,094,000	1,384,475,000
Operating Segments \| Market Making \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	2,593,342,000	1,028,094,000	1,384,475,000
Operating Segments \| Market Making \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0
Operating Segments \| Market Making \| Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	52,453,000	23,526,000	28,813,000
Operating Segments \| Market Making \| Technology services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			0
Operating Segments \| Market Making \| Workflow technology
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| Market Making \| Analytics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| Market Making \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	2,540,889,000	1,004,568,000	1,355,662,000
Operating Segments \| Execution Services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	548,057,000	475,018,000	155,526,000
Total revenue	650,143,000	491,736,000	496,333,000
Operating Segments \| Execution Services \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	575,846,000	425,549,000	491,013,000
Operating Segments \| Execution Services \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	74,297,000	66,187,000	5,320,000
Operating Segments \| Execution Services \| Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	405,698,000	357,401,000	150,206,000
Operating Segments \| Execution Services \| Technology services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			5,320,000
Operating Segments \| Execution Services \| Workflow technology
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	101,211,000	82,610,000	0
Operating Segments \| Execution Services \| Analytics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	41,148,000	35,007,000	0
Operating Segments \| Execution Services \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	102,086,000	16,718,000	340,807,000
Corporate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Total revenue	(4,154,000)	(2,338,000)	(2,090,000)
Corporate \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	(4,154,000)	(2,338,000)	(2,090,000)
Corporate \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0
Corporate \| Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Corporate \| Technology services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			0
Corporate \| Workflow technology
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Corporate \| Analytics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0
Corporate \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	$ (4,154,000)	$ (2,338,000)	$ (2,090,000)

Income Taxes - Income Before Tax and Provision for Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
U.S. operations	$ 1,214,282	$ (103,080)	$ 659,937
Non-U.S. operations	168,555	(12,902)	36,426
Income (loss) before income taxes and noncontrolling interest	1,382,837	(115,982)	696,363
Current provision (benefit)
Federal	148,034	(1,861)	49,047
State and Local	52,040	4,362	18,697
Foreign	37,474	3,675	4,276
Deferred provision (benefit)
Federal	26,255	(13,422)	4,986
State and Local	(2,580)	(1,455)	(1,599)
Foreign	701	(3,576)	764
Provision for income taxes	$ 261,924	$ (12,277)	$ 76,171

Income Taxes - Reconciliation of Tax Rate (Details)	12 Months Ended
Income Taxes - Reconciliation of Tax Rate (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Tax provision at the U.S. federal statutory rate	21.00%	21.00%	21.00%
Less: rate attributable to noncontrolling interest	(7.50%)	(8.10%)	(10.20%)
State and local taxes, net of federal benefit	3.40%	2.40%	1.90%
Non-deductible expenses, net	0.10%	(3.70%)	(0.30%)
Other, net	1.90%	(1.00%)	(1.50%)
Effective tax rate	18.90%	10.60%	10.90%

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax assets
Tax Receivable Agreement	$ 199,107	$ 197,598
Share-based compensation	17,140	15,572
Intangibles	2,563	2,467
Fixed assets and other	37,100	44,908
Tax credits and net operating loss carryforwards	60,597	86,420
Less: Valuation allowance on net operating loss carryforwards and tax credits	(60,385)	(60,594)
Total deferred income tax assets	256,122	286,371
Deferred income tax liabilities
Intangibles	63,052	71,700
Total deferred income tax liabilities	$ 63,052	$ 71,700

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Tax Credit Carryforward [Line Items]
Current income taxes receivable	$ 83.1	$ 39.3
Current taxes payable	37.9	11.5
Deferred tax asset, state and local operating loss carryforward	0.4
Unrecognized tax benefits that would impact effective tax rate	8.6
ITG
Tax Credit Carryforward [Line Items]
Deferred tax asset, non-U.S. operating loss carryforward	15.2	17.9
Valuation allowance on deferred taxes	15.1	15.6
Operating loss carryforwards	75.1	86.3
KCG
Tax Credit Carryforward [Line Items]
Deferred tax asset, non-U.S. operating loss carryforward	44.9	44.9
Operating loss carryforwards	$ 239.0	$ 239.0

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 8,778	$ 7,328	$ 7,300
Increase from ITG Acquisition		2,713
Decreases based on tax positions related to prior period	(311)	(1,263)	(840)
Increase based on tax positions related to current period	110	0	868
Ending balance	$ 8,577	$ 8,778	$ 7,328

Commitments, Contingencies and Guarantees (Details) € in Millions, $ in Millions	Apr. 29, 2019 lawsuit	Dec. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 EUR (€)
Loss Contingencies [Line Items]
Amount of fine		$ 3.4	€ 3.0	$ 3.9	€ 3.3	$ 5.4	€ 5.0
ProShares Trust II Securities Litigation, No. 19-cv-886-DLC
Loss Contingencies [Line Items]
Number of lawsuits consolidated	3

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Termination of office leases	$ 9,600	$ 66,500
Impairments of ROU assets	6,003	27,104
Write off of leasehold and fixed assets	3,000	37,900
Dilapidation charges	$ 600	$ 1,400
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Sublease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	15 years
Sublease, term of contract	11 years

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating leases
Operating lease right-of-use assets	$ 268,864	$ 314,526
Operating lease liabilities	315,340	365,364
Finance leases
Property and equipment, at cost	36,093	37,589
Accumulated depreciation	(24,585)	(24,579)
Finance lease liabilities	$ 11,687	$ 13,371
Finance lease, liability, noncurrent, statement of financial position [extensible list]	virt:AccountsPayableAndAccruedExpensesAndOtherLiabilities	virt:AccountsPayableAndAccruedExpensesAndOtherLiabilities

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted average remaining lease term
Operating leases	6 years 10 months 24 days	7 years 6 months
Finance leases	2 years	1 year 6 months
Weighted average discount rate
Operating leases	5.67%	5.70%
Finance leases	3.13%	3.52%

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating lease cost:
Fixed	$ 73,624	$ 72,714
Variable	8,532	8,333
Impairment of ROU Asset	6,003	27,104
Total Operating lease cost	88,159	108,151
Sublease income	16,437	12,590
Finance lease cost:
Amortization of right-of-use assets	11,536	12,565
Interest on lease liabilities	432	661
Total Finance lease cost	$ 11,968	$ 13,226

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
2021	$ 74,590
2022	67,979
2023	64,621
2024	35,393
2025	27,495
2026 and thereafter	114,873
Total lease payments	384,951
Less imputed interest	(69,611)
Total lease liability	315,340	$ 365,364
Finance Leases
2021	6,774
2022	4,035
2023	1,438
2024	0
2025	0
2026 and thereafter	0
Total lease payments	12,247
Less imputed interest	(560)
Total lease liability	$ 11,687

Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 889,559	$ 732,164
Cash restricted or segregated under regulations and other	117,446	41,116
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 1,007,005	$ 773,280	$ 736,047	$ 532,887

Capital Structure - Additional Information (Details)	12 Months Ended
Capital Structure - Additional Information (Details)	Dec. 31, 2020 class vote shares	Dec. 31, 2019 shares	Dec. 31, 2018 shares
Class of Stock [Line Items]
Number of classes of common stock \| class	4
Non-voting common interest units outstanding (in shares) \| shares	5,259,713	7,919,952
Number of non-voting common interest units forfeited or repurchased (in shares) \| shares	2,660,239	840,803	3,540,312
Class A common stock and Class C common stock
Class of Stock [Line Items]
Number of votes \| vote	1
Class B common stock and Class D common stock
Class of Stock [Line Items]
Number of votes \| vote	10
Class C common stock and class D common stock \| Founder [Member]
Class of Stock [Line Items]
Ownership interest	81.90%

Capital Structure - Amended and Restated 2015 Management Incentive Plan (Details) - shares	Jun. 05, 2020	Jun. 30, 2017
2015 Management Incentive Plan \| Class A common stock
Class of Stock [Line Items]
Number of shares of stock authorized (in shares)	21,000,000	16,000,000

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

Capital Structure - Share Repurchase Program (Details) - USD ($) $ in Thousands, shares in Millions		2 Months Ended	12 Months Ended			20 Months Ended
	Jul. 27, 2018	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019	Nov. 06, 2020	Feb. 28, 2018
Class of Stock [Line Items]
Share repurchase authorized amount	$ 100,000
Increase in authorized repurchase amount	$ 50,000
Value of shares repurchased			$ 49,864	$ 15,878	$ 66,218
Class A common stock
Class of Stock [Line Items]
Share repurchase authorized amount							$ 100,000	$ 50,000
Number of shares repurchased (in shares)						2.6
Value of shares repurchased		$ 33,900				$ 65,900
Capital Expenditures Incurred but Not yet Paid			$ 66,100
Class A common stock and Class C common stock
Class of Stock [Line Items]
Number of shares repurchased (in shares)		1.4

Capital Structure - Secondary Offerings (Details) - Class A common stock - $ / shares	1 Months Ended
	May 31, 2018	May 31, 2019
Class of Stock [Line Items]
Number of shares issued (in shares)	17,250,000	9,000,000
Purchase price per share (in dollars per share)	$ 27.16	$ 22.00
Shares issued, offering price per share (in dollars per share)	$ 28.00
Number of shares of stock issued (in shares)	10,518,750
Selling Stockholders
Class of Stock [Line Items]
Number of shares of stock issued (in shares)	6,731,250
Stock options exercised (in shares)	2,081,250

Capital Structure - Employee Exchanges (Details)	12 Months Ended
Capital Structure - Employee Exchanges (Details)	Dec. 31, 2020 shares	Dec. 31, 2019 shares	Dec. 31, 2018 shares
Virtu Financial
Class of Stock [Line Items]
Ownership interest	64.10%
VFH
Class of Stock [Line Items]
Common stock exchange ratio	1
VFH \| Class A common stock
Class of Stock [Line Items]
Issuance of common stock in connection with employee exchanges (in shares)	2,660,239	840,839	3,919,462

Capital Structure - Warrants (Details) $ / shares in Units, $ in Millions	Mar. 20, 2020 USD ($) $ / shares shares
Class A Common Stock Warrants
Class of Warrant or Right [Line Items]
Number of shares available for purchase (in shares)	3,000,000
Exercise price of warrants (in dollars per share) \| $ / shares	$ 22.98
Warrant, number of trading days	10 days
Class A Common Stock Warrants, Founder Member Facility
Class of Warrant or Right [Line Items]
Number of shares available for purchase (in shares)	10,000,000
Warrant, loan outstanding requirement \| $	$ 100

Capital Structure - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,228,936	$ 1,494,699	$ 1,151,578
Balance at end of period	1,855,038	1,228,936	1,494,699
AOCI reclassified into earnings over next 12 months	13,400
Net change in unrealized cash flow hedges gains (losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	0
Amounts reclassified from AOCI to income	(42,636)
Amounts recorded in AOCI	9,192
Balance at end of period	(33,444)	0
Foreign exchange translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(647)	(82)	2,991
Amounts reclassified from AOCI to income	8,604	(565)	(3,073)
Amounts recorded in AOCI	0	0	0
Balance at end of period	7,957	(647)	(82)
AOCI attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(647)	(82)	2,991
Amounts reclassified from AOCI to income	(34,032)	(565)	(3,073)
Amounts recorded in AOCI	9,192	0	0
Balance at end of period	$ (25,487)	$ (647)	$ (82)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21914-107793

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568740-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21711-107793

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568447-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 8
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)

+ Details

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in accrued employee compensation expense	$ 25.2
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	967,526	441,920	594,536
Increase (decrease) in accrued employee compensation expense	$ 2.1	$ 12.6	$ 11.2
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee compensation expense	37.4
Unrecognized share-based compensation expense	$ 37.1	$ 43.4
Weighted average period for compensation expense expected to be recognized	1 year 10 days	2 years
RSUs \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee compensation expense	$ 3.7	$ 66.1	$ 17.9
2015 Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	156,129	0
2015 Management Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Expiration period	10 years
Employee compensation expense		$ 1.4	$ 5.8
2015 Management Incentive Plan \| RSUs and RSAs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Assumed Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)				2,497,028
Invetment Technology Group \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)				1,230,406

Share-based Compensation - Summary of Activity in Options (Details) - 2015 Management Incentive Plan - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Options
Outstanding at beginning of period (in shares)	7,738,000	3,233,779	3,486,150	7,738,000
Granted (in shares)		0	156,129	0
Exercised (in shares)		(909,627)	(353,500)	(4,168,100)
Forfeited or expired (in shares)		0	(55,000)	(83,750)
Outstanding at end of period (in shares)		2,324,152	3,233,779	3,486,150	7,738,000
Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 19.00	$ 18.74	$ 19.00	$ 19.00
Granted (in dollars per share)		0	13.60	0
Exercised (in dollars per share)		18.07	19.00	19.00
Forfeited or expired (in dollars per share)	$ 0	0	0	0
Outstanding at end of period (in dollars per share)		$ 19.00	$ 18.74	$ 19.00	$ 19.00
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life		4 years 2 months 26 days	5 years 2 months 26 days	6 years 3 months 18 days	7 years 3 months 14 days
Weighted Average Remaining Contractual Life, Granted			4 years 4 months 13 days
Options Exercisable, Number of Options (in shares)		2,324,152	3,248,779	1,660,400	3,869,000
Options Granted, Number of Options (in shares)		0	156,129	0
Options Exercised, Number of Options Exercised (in shares)		(909,627)	(353,500)	0
Options Exercisable, Number of Options Forfeited or Expired (in shares)		0	0	0
Options Exercisable, Weighted Average Exercise Price (in dollars per share)		$ 19.00	$ 18.74	$ 19.00	$ 19.00

Share-based Compensation - Summary of Activity in RSUs and RSAs (Details) - 2015 Management Incentive Plan - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RSUs and RSAs
Number of RSUs and RSAs
Outstanding at beginning of period (in shares)	2,993,489	1,378,922	853,047
Granted (in shares)	3,318,169	4,063,541	1,265,899
Forfeited (in shares)	(430,961)	(643,709)	(127,493)
Vested (in shares)	(2,487,613)	(1,805,265)	(612,531)
Outstanding at end of period (in shares)	3,393,084	2,993,489	1,378,922
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)	$ 24.10	$ 20.03	$ 17.94
Granted (in dollars per share)	17.49	25.07	20.89
Forfeited (in dollars per share)	17.45	21.58	18.30
Vested (in dollars per share)	20.17	24.08	18.76
Outstanding at end of period (in dollars per share)	$ 21.35	$ 24.10	$ 20.03
RSUs and RSAs, performance-based
Number of RSUs and RSAs
Granted (in shares)	400,000

Property, Equipment and Capitalized Software - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	$ 569,551	$ 573,318
Less: Accumulated depreciation and amortization	(455,961)	(457,229)
Total property, equipment and capitalized software, net	113,590	116,089
Capitalized software costs
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	183,208	143,748
Leasehold improvements
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	54,094	71,981
Furniture and equipment
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	$ 332,249	$ 357,589

Property, Equipment and Capitalized Software - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 37.4	$ 44.7	$ 48.4
Capitalized software development costs	37.0	32.5	24.4
Amortization expense on capitalized software development costs	$ 29.3	$ 21.0	$ 20.4

Regulatory Requirement - Narrative (Details) - USD ($)	12 Months Ended
Regulatory Requirement - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Virtu Financial Capital Markets LLC
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Minimum capital required to be maintained in connection with the operation of the company's DMM business	$ 1,000,000.0
Required amount under exchange rules	1,000,000
Required amount under exchange rules for every 0.1% NYSE transaction dollar volume	$ 75,000
Percentage of NYSE transaction dollar volume	0.10%
VAL
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Cash in special reserve bank accounts for the benefit of customers	$ 96,200,000	$ 22,300,000
Cash in reserve bank accounts for the benefit of proprietary accounts of brokers	$ 20,400,000	4,500,000
VITG
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Cash in special reserve bank accounts for the benefit of customers		7,400,000
Cash in reserve bank accounts for the benefit of proprietary accounts of brokers		$ 5,000,000.0

Regulatory Requirement - Regulatory Capital and Capital Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Virtu Americas LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	$ 621,253	$ 257,452
Regulatory Capital Requirement	2,917	2,571
Excess Regulatory Capital	618,336	254,881
Virtu Financial BD LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		30,317
Regulatory Capital Requirement		1,000
Excess Regulatory Capital		29,317
Virtu Financial Capital Markets LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		3,710
Regulatory Capital Requirement		1,000
Excess Regulatory Capital		2,710
Virtu ITG LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		66,069
Regulatory Capital Requirement		1,000
Excess Regulatory Capital		65,069
Virtu Alternet Securities LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		1,931
Regulatory Capital Requirement		100
Excess Regulatory Capital		1,831
Virtu ITG Canada Corp
Public Utilities, General Disclosures [Line Items]
Deposit funds for trade	400	400
Virtu ITG Canada Corp \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	12,944	13,029
Regulatory Capital Requirement	196	193
Excess Regulatory Capital	12,748	12,836
Virtu Financial Canada ULC \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	2,486	2,459
Regulatory Capital Requirement	196	193
Excess Regulatory Capital	2,290	2,266
Virtu ITG Europe Limited
Public Utilities, General Disclosures [Line Items]
Deposit funds for trade	200	1,200
Virtu ITG Europe Limited \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	57,459	54,129
Regulatory Capital Requirement	32,106	32,484
Excess Regulatory Capital	25,353	21,645
Virtu Financial Ireland Limited \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	94,528	78,385
Regulatory Capital Requirement	41,038	43,233
Excess Regulatory Capital	53,490	35,152
Virtu ITG UK Limited \| United Kingdom
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,290	1,378
Regulatory Capital Requirement	910	991
Excess Regulatory Capital	380	387
Virtu ITG Australia Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	30,606	24,574
Regulatory Capital Requirement	12,729	8,451
Excess Regulatory Capital	17,877	16,123
Virtu ITG Hong Kong Limited
Public Utilities, General Disclosures [Line Items]
Capital settlement	30	30
Virtu ITG Hong Kong Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	4,290	3,805
Regulatory Capital Requirement	625	539
Excess Regulatory Capital	3,665	3,266
Virtu ITG Singapore Pte Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	796	1,179
Regulatory Capital Requirement	76	72
Excess Regulatory Capital	$ 720	1,107
TriAct Canada Marketplace LP \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		2,538
Regulatory Capital Requirement		193
Excess Regulatory Capital		$ 2,345

Geographic Information and Business Segments - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers [Line Items]
Total revenue	$ 3,239,331	$ 1,517,492	$ 1,878,718
United States
Revenues from External Customers [Line Items]
Total revenue	2,569,147	1,133,514	1,644,641
Ireland
Revenues from External Customers [Line Items]
Total revenue	323,519	188,154	81,531
Singapore
Revenues from External Customers [Line Items]
Total revenue	176,665	109,761	136,161
Canada
Revenues from External Customers [Line Items]
Total revenue	116,521	49,666	0
Australia
Revenues from External Customers [Line Items]
Total revenue	44,552	34,933	0
United Kingdom
Revenues from External Customers [Line Items]
Total revenue	4,218	(1,735)	15,681
Others
Revenues from External Customers [Line Items]
Total revenue	$ 4,709	$ 3,199	$ 704

- Definition

+ References

+ Details

Geographic Information and Business Segments - Narrative (Details)	12 Months Ended
	Dec. 31, 2020 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of non-operating segments	1

Geographic Information and Business Segments - Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total revenue	$ 3,239,331	$ 1,517,492	$ 1,878,718
Income (loss) before income taxes and noncontrolling interest	1,382,837	(115,982)	696,363
Operating Segments \| Market Making
Segment Reporting Information [Line Items]
Total revenue	2,593,342	1,028,094	1,384,475
Income (loss) before income taxes and noncontrolling interest	1,241,313	109,190	422,648
Operating Segments \| Execution Services
Segment Reporting Information [Line Items]
Total revenue	650,143	491,736	496,333
Income (loss) before income taxes and noncontrolling interest	174,617	(126,931)	325,043
Segment Reconciling Items \| Corporate
Segment Reporting Information [Line Items]
Total revenue	(4,154)	(2,338)	(2,090)
Income (loss) before income taxes and noncontrolling interest	$ (33,093)	$ (98,241)	$ (51,328)

Related Party Transactions (Details) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2019 $ / shares shares	Dec. 31, 2020 USD ($) joint_venture	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Related Party Transaction [Line Items]
Due from related parties		$ 2.3	$ 1.3
Class A common stock \| Public Stock Offering
Related Party Transaction [Line Items]
Number of shares issued in transaction ( in shares) \| shares	9,000
Stock purchase price (in dollars per share) \| $ / shares	$ 22.00
Microwave communication network JVs
Related Party Transaction [Line Items]
Payments to related party		$ 18.7	19.9	$ 20.0
Number of microwave communication network JVs the Company makes payments to \| joint_venture		2
One Joint Venture \| Certain Assets Including Intangible Assets With Leases
Related Party Transaction [Line Items]
Net carrying value				1.1
Time of sale				0.6
Level 3
Related Party Transaction [Line Items]
Payments for purchases		$ 1.5	1.5	1.5
CSA \| Temasek Investment
Related Party Transaction [Line Items]
Related party costs		0.2	0.1
SBI
Related Party Transaction [Line Items]
Payments to related party		$ 16.7	$ 12.9	$ 9.5

Parent Company - Condensed Statements of Financial Condition (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash	$ 889,559	$ 732,164
Deferred tax asset	193,070	214,671
Other assets	317,747	252,640
Total assets	9,965,798	9,609,370
Liabilities
Accounts payable and accrued expenses and other liabilities	491,818	399,168
Tax receivable agreement obligations	271,165	269,282
Total liabilities	8,110,760	8,380,434
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 3,615,097 and 2,178,771 shares at December 31, 2020 and December 31, 2019, respectively	(88,923)	(55,005)
Additional paid-in capital	1,160,567	1,077,398
Retained earnings (accumulated deficit)	422,381	(90,374)
Accumulated other comprehensive income (loss)	(25,487)	(647)
Total Virtu Financial Inc. stockholders' equity	1,468,540	931,374
Total liabilities and stockholders' equity	$ 9,965,798	$ 9,609,370
Treasury stock, shares (in shares)	3,615,097	2,178,771
Class A common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1	$ 1
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	125,627,277	120,435,912
Common Stock, Shares, Outstanding	122,012,180	118,257,141
Class B common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	175,000,000	175,000,000
Common stock, shares issued (in shares)	0	0
Common Stock, Shares, Outstanding	0	0
Class C common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	90,000,000	90,000,000
Common stock, shares issued (in shares)	10,226,939	12,887,178
Common Stock, Shares, Outstanding	10,226,939	12,887,178
Class D common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1	$ 1
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	175,000,000	175,000,000
Common stock, shares issued (in shares)	60,091,740	60,091,740
Common Stock, Shares, Outstanding	60,091,740	60,091,740
VFH
Assets
Cash	$ 71,481	$ 4,650
Deferred tax asset	183,549	197,792
Investment in subsidiary	3,126,502	2,689,026
Other assets	82,917	33,653
Total assets	3,464,449	2,925,121
Liabilities
Payable to affiliate	1,724,046	1,724,465
Accounts payable and accrued expenses and other liabilities	698	0
Tax receivable agreement obligations	271,165	269,282
Total liabilities	1,995,909	1,993,747
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 3,615,097 and 2,178,771 shares at December 31, 2020 and December 31, 2019, respectively	88,923	55,005
Additional paid-in capital	1,160,567	1,075,779
Retained earnings (accumulated deficit)	422,381	(88,755)
Accumulated other comprehensive income (loss)	(25,487)	(647)
Total Virtu Financial Inc. stockholders' equity	1,468,540	931,374
Total liabilities and stockholders' equity	$ 3,464,449	$ 2,925,121
Treasury stock, shares (in shares)	3,615,097	2,178,771
VFH \| Class A common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1	$ 1
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	125,627,277	120,435,912
Common Stock, Shares, Outstanding	122,012,180	118,257,141
VFH \| Class B common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	175,000,000	175,000,000
Common stock, shares issued (in shares)	0	0
Common Stock, Shares, Outstanding	0	0
VFH \| Class C common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	90,000,000	90,000,000
Common stock, shares issued (in shares)	10,226,939	12,887,178
Common Stock, Shares, Outstanding	10,226,939	12,887,178
VFH \| Class D common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1	$ 1
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	175,000,000	175,000,000
Common stock, shares issued (in shares)	60,091,740	69,091,740
Common Stock, Shares, Outstanding	60,091,740	69,091,740

Parent Company - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Total revenue	$ 3,239,331	$ 1,517,492	$ 1,878,718
Operating Expenses:
Operations and administrative	94,558	103,642	66,769
Net income (loss)	1,120,913	(103,705)	620,192
Net income (loss) attributable to common stockholders	649,197	(58,595)	289,441
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes	15,318	(1,475)	(5,127)
Net change in unrealized cash flow hedges gains (losses), net of taxes	(59,019)	0	0
Comprehensive income (loss)	624,357	(59,512)	286,368
VFH
Revenues:
Total revenue	0	0	0
Operating Expenses:
Operations and administrative	171	3	1
Income (loss) before equity in income of subsidiary	(171)	(3)	(1)
Equity in income (loss) of subsidiary, net of tax	1,121,084	(29,416)	620,193
Net income (loss)	1,120,913	(29,419)	620,192
Net income (loss) attributable to common stockholders	1,120,913	(29,419)	620,192
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes	8,604	(565)	(3,073)
Net change in unrealized cash flow hedges gains (losses), net of taxes	(33,444)	0	0
Comprehensive income (loss)	1,096,073	(29,984)	617,119
VFH \| Other Income
Revenues:
Total revenue	$ 0	$ 0	$ 0

Parent Company - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income	$ 1,120,913	$ (103,705)	$ 620,192
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	21,601	(18,691)	4,131
Net cash provided by operating activities	1,060,884	168,771	714,595
Cash flows from investing activities
Net cash provided by (used in) investing activities	(2,559)	(899,643)	329,174
Cash flows from financing activities
Distribution from Virtu Financial to non-controlling interest	(363,919)	(99,221)	(206,903)
Dividends	(120,496)	(112,414)	(100,329)
Tax receivable agreement obligations	(13,286)	0	(12,359)
Net cash provided by (used in) financing activities	(839,918)	769,580	(835,482)
Net increase (decrease) in Cash	233,725	37,233	203,160
Cash, beginning of period	773,280	736,047	532,887
Cash, end of period	1,007,005	773,280	736,047
Supplementary disclosure of cash flow information
Cash paid for taxes	248,532	12,273	93,991
Non-cash financing activities
Tax receivable agreement described in Note 7	1,388	5,811	991
Class C Common Stock
Cash flows from financing activities
Purchase of treasury stock	0	(196)	(8,216)
VFH
Cash flows from operating activities
Net income	1,120,913	(29,419)	620,192
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax	(543,992)	136,878	(305,936)
Tax receivable agreement obligation reduction	15,169	54,879	79,722
Deferred taxes	14,243	(8,165)	(64,996)
Changes in operating assets and liabilities:	(48,566)	2,339	(25,268)
Net cash provided by operating activities	557,767	156,512	303,714
Cash flows from investing activities
Investments in subsidiaries, equity basis	56,629	70,762	34,909
Net cash provided by (used in) investing activities	56,629	70,762	34,909
Cash flows from financing activities
Distribution from Virtu Financial to non-controlling interest	(363,919)	(99,221)	(206,903)
Dividends	(120,496)	(112,414)	(100,329)
Purchase of treasury stock	(49,864)	(14,259)	(66,218)
Tax receivable agreement obligations	(13,286)	0	(12,359)
Issuance of common stock in connection with secondary offering, net of offering costs	0	(375)	(950)
Net cash provided by (used in) financing activities	(547,565)	(226,465)	(394,975)
Net increase (decrease) in Cash	66,831	809	(56,352)
Cash, beginning of period	4,650	3,841	60,193
Cash, end of period	71,481	4,650	3,841
Supplementary disclosure of cash flow information
Cash paid for taxes	203,031	1,332	73,991
Non-cash financing activities
Tax receivable agreement described in Note 7	(1,388)	(5,811)	(911)
VFH \| Class C Common Stock
Cash flows from financing activities
Repurchase of Class C common stock	$ 0	$ (196)	$ (8,216)

Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Feb. 11, 2021	Nov. 06, 2020	Jul. 27, 2018	Feb. 28, 2018
Subsequent Event [Line Items]
Share repurchase authorized amount			$ 100.0
Class A common stock
Subsequent Event [Line Items]
Share repurchase authorized amount		$ 100.0		$ 50.0
Class A common stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24
Company repurchased ( in shares)	2.1
Value of stock repurchased	$ 49.9
Remaining capacity for future purchases of shares	120.0
Class A common stock \| Subsequent Event \| Minimum
Subsequent Event [Line Items]
Share repurchase authorized amount	70.0
Class A common stock \| Subsequent Event \| Maximum
Subsequent Event [Line Items]
Share repurchase authorized amount	$ 170.0
Class B common stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24

Financial Assets and Liabilities - Gross Obligations For Securities Lending Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 461,235	$ 340,742
Remaining contractual maturity for securities loaned	948,256	1,600,099
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	86,235	65,742
Remaining contractual maturity for securities loaned	948,256	1,600,099
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	125,000	75,000
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	50,000	50,000
Remaining contractual maturity for securities loaned	0	0
61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	200,000	150,000
Remaining contractual maturity for securities loaned	0	0
Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
Remaining contractual maturity for securities loaned	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	375,000	275,000
Remaining contractual maturity for securities loaned	948,256	1,600,099
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	948,256	1,600,099
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	125,000	75,000
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	50,000	50,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| 61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	200,000	150,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
Remaining contractual maturity for securities loaned	0	0
U.S. and Non-U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	86,235	65,742
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	86,235	65,742
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
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
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
U.S. and Non-U.S. government obligations \| Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase		$ 0