Virtu Financial

2019 
Annual Report

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19

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6

We are Virtu 

A message from our CEO

Our evolution

Our numbers

2019: A year of transformation

Knowing who we are

Leadership

Our people

Investment case

Corporate social responsibility

Corporate information

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Transparent trading solutions 
meet advanced technology

 
 
6 // 44

7 // 44

We are Virtu

One 
for all.

Virtu is a global financial technology 
company delivering innovative, 
transparent trading solutions that are 
designed to reduce investors’ end-to-
end cost and provide reliable liquidity 
to global markets.

Virtu was founded on the belief that 
transparency enables market participants to 
make better, more informed decisions and 
that all investors benefit from markets that 
are more efficient.

We use technology to solve problems and 
reduce risk. Virtu’s application of technology 
to create solutions, automate processes 
and enhance risk controls has enabled us 
to provide customized, reliable liquidity and 
raise the bar of transparency into client order 
handling and trade analysis.

Our
DNA.

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual Report8 // 44
Virtu Financial  2019 Annual Report

A message from our CEO

Change is
constant. 

I have always believed that the cornerstone of 
Virtu’s success lies in our ability to scale and adapt 
our technology and services to meet the market’s 
demands. Our willingness and flexibility to redefine 
and expand what Virtu means to our clients, 
shareholders and the global capital markets is what 
keeps us at the forefront of such a rapidly evolving 
industry.

Over the course of 2018 and 2019, we observed 
an accelerated pace of change, largely driven 
by technology and continued fragmentation of 
capital markets, leading to the increased adoption 
of electronic trading solutions across more asset 
classes. In response, we invested in adapting our 
complementary strengths to meet the growing 
demands of our institutional clients.

In March of 2019, we completed our acquisition of 
ITG which added significant scale to our growing 
business. ITG was a pioneer in the global execution 
services business and our combination leverages 
Virtu’s financial technology—the same technology 
that drives our market making performance—
to optimize all aspects of the business, from order 
routing and algo performance to middle- and 
back-office efficiencies.

In the first year following the ITG transaction, we 
made significant integration progress, realizing 
meaningful synergies within both revenues and 
expenses. We have enhanced our operating leverage 
and scale, improving our competitive positioning and 
allowing us to launch new organic growth initiatives 
that leverage our existing capabilities. Central to 
Virtu’s mission, we have also amplified our ability 
to help clients source liquidity and improve their 
workflow.

Some of our 2019 initiatives included: the launch 
of Execution Concierge Service (ECS), our global 

and broker-neutral outsourced trading service; the 
expansion of our Analytics Portal; the release of Triton 
Valor, our next generation and multi-asset class global 
execution management system (EMS); technology 
and logic upgrades to POSIT Alert, our anonymous 
block indications network, which improved latency 
in the US by 73%; the introduction of Virtu Capital 
Markets, which assists public companies raising 
equity capital through our At-the-Market (ATM) 
offering; and the extension of our asset class coverage 
through the addition of fixed income and FX products 
to our Trade Analytics and Data suite.

We also took important steps to further strengthen 
our balance sheet by refinancing our long-term debt 
and locking in lower rates. We remain committed 
to paying our dividend, which has totaled 85% of 
earnings since our IPO in 2015.

Thus far, 2020 has posed a completely different 
challenge. Although we are still in the early days of 
seeing the full impact of COVID-19, I am struck by how 
acutely the pandemic has touched so many facets 
of daily life—upending communities, businesses 
and economies the world over. Historic levels of 
trading activity and volatility have spread across all 
markets and asset classes, testing people, networks, 
connectivity and systems.

We remain focused on the health and safety of our 
employees and we are operating with over 95% of 
our global staff working from home. Our people 
have been amazing at adapting to this challenging 
environment and we have continued to innovate and 
deliver client-driven solutions in these difficult times.

I am honored, in better times and especially 
during this period of uncertainty, to lead a team so 
passionately devoted to delivering excellence in all 
aspects of our business and client-service efforts. Our 
people are the best of Virtu.

“There is power 
in continually 
refocusing on the 
idea of change—it 
has helped define 
Virtu’s legacy and it 
will be instrumental 
to our future.”

As a trusted trading partner and liquidity provider 
to the global markets, we play a critical role in 
the electronic trading ecosystem by supporting 
the orderly transfer of risk and ensuring a 
well-functioning market.

Today, our market making operations leverage 
technology to provide liquidity for investors and other 
market participants on hundreds of venues in over 
35 countries around the world and our two-sided 
liquidity facilitates price discovery in over 25,000 
financial instruments. In 2019, we improved price on 
over 75% of retail orders, delivering over $300 million 
of price improvement to retail investors.

As a financial technology company, we have 
no omniscient view on the direction of markets 
or market sentiment; what we do is adhere to 
our founding principles: integrity, transparency, 
innovation and reliability, and this has served us well. 
From the earliest days in the commodities trading 
pits—where price discovery and transferring risk 
from buyers to sellers was confined to the floors 
of exchanges and transactions took place by hand 
signals, open outcry and paper trading tickets—we 
have charted Virtu’s growth trajectory guided by 
these standards.

Our capacity to quickly adapt to changing 
environments is not only a competitive advantage, 
it fuels our objective to deliver, for the buy-side, a 
transparent and efficient one-stop shop to service 
their needs throughout the entire trade lifecycle.

2019 was a busy year, and if the first quarter of 2020 
is any indication, we should expect more of the same 
this year. Today, more than ever, our clients rely on 
us both for the liquidity access we provide them and 
the high quality, independent, useful technology 
and measurement of their performance. They put 
their trust in us every day—a trust we have earned 
over many decades. Despite changes brought on 
by COVID-19, we are improving our platforms and 
refining other tools so that we, our clients and our 
investors can all emerge stronger.

There is power in continually refocusing on the idea of 
change—it has helped define Virtu’s legacy and it will 
be instrumental to our future.

Douglas Cifu 
Chief Executive Officer

Virtu Financial  2019 Annual Report10 // 44

Our evolution

Our journey
to success.

11 // 44

2008

2011

Virtu Financial founded 
by Vincent Viola, former 
Chairman of the New York 
Mercantile Exchange, and 
Doug Cifu, Virtu’s CEO

Virtu Financial merges with 
Madison Tyler Holdings, a 
financial technology firm 
founded by Vincent Viola

2015

Virtu Financial 
completes IPO

2017

Virtu Financial merges with 
KCG Holdings, forming 
one of the world’s leading 
financial technology firms

2019

Virtu Financial merges with 
ITG, a pioneer in technology-
enabled trading solutions 
since 1987

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual Report12 // 44

Our numbers

$1.5b

revenues 1

13 // 44

$975m

adjusted net trading income 1

$300M+ >30% 

price improvement provided to retail investors 1

market share in retail order flow 2

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual ReportSource: Virtu Financial; 1 Fiscal 2019;  2 Based on latest available statistics at 12/31/1914 // 44

2019 Milestones

15 // 44

2019: A year of transformation

How we 
build an even 
stronger Virtu.

As financial technology accelerates we know that 
complacency can lead to extinction. We stress 
agility and constant improvement as the qualities 
that fuel our success. This requires excellence 
in client service, a thorough understanding of 
market structure and disciplined measurement 
of our response which governs the strategic 
deployment of our people and capital for the 
most beneficial outcome.

Our ongoing investment in innovation enables 
us to build and refine scalable products which 
allows us to tap into new markets and provide 
liquidity and client solutions in a variety of market 
conditions across the globe. Our applications 
are developed and used in-house which reduces 
testing and implementation lag. This approach 
helps us to seize growth opportunities in a 
targeted, cost effective way that benefit our 
strategic goals, our clients and shareholders.

Continuing integration of ITG following 
March 2019 transaction

• 

Expanded Virtu’s institutional client business with 
complete suite of broker neutral products that 
cover the entire trade lifecycle

• 

Provides steady stream of reoccurring revenues 

Multi-asset Triton and Analytics

•  Roll-out of multi-asset Triton EMS next- 

generation: Valor release 
55 Triton Valor clients live as of March 2020, up 
from 14 at the end of 3Q19

•  Roll-out of multi-asset Analytics Portal 

43 new Analytics subscriptions in 2019, and an 
additional 11 in 1Q20 

Virtu Capital Markets (VCM)

• 

Launched in November 2019 to leverage our 
core competency of best in class technology and 
deliver liquidity to corporate issues

•  We support At the Market (ATM) offerings for 

companies looking to raise capital and corporate 
stock buybacks

•  Our VCM team has already filed five ATM 

offerings; marking the first time corporate issuers 
have access to Virtu’s technology and liquidity

Execution Concierge Service (ECS) for 
outsourced trading

• 

• 

• 

Launched in October 2019 to combine full scope 
of Virtu’s execution services, trading expertise and 
global, multi asset class offering into one client 
solution

Fully operational in the U.S.; expanding globally

Leveraging our strong broker relationships to 

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual Report 
 
 
16 // 44

Virtu solutions spans the entire trade lifecycle:

17 // 44

Client Solutions

Knowing who we are

Powerful 
end-to-end
trading 
technology 
and personal 
client service.

Virtu provides market making, execution services 
and analytics to a diverse client base of retail and 
institutional capital market participants

• Workflow Technology 
• Trade Analytics & Data 
• Liquidity Sourcing 
• Execution Services

Profit drivers: market volumes 
and recurring fee-based services

Market Making

Provides deep liquidity in 25,000 
instruments globally by connecting 
natural buyers and sellers

Profit drivers: 
market volumes and volatility

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual Report18 // 44

19 // 44

Transparency

Virtu is relentlessly committed to operational excellence 
and fosters an environment where openness and raising 
issues is encouraged to deliver the greatest results for our 
clients, shareholders and ourselves.

 Integrity

Working with integrity is a professional virtue expected of 
all employees and is embedded in all of our interactions 
a. As a trusted partner to our clients, the global capital 
markets, the investing public and investors. In doing 
so, we uphold the principles of transparency and open, 
meaningful dialogue with our clients, strategic partners, 
shareholders and each other.

Innovation & 
Reliability

We invest time, talent and resources in activities that 
deliver optimal results for our clients. Our advanced 
analytics enable us to act on insights and refine 
opportunities across the entire product and service 
execution lifecycle. This approach enables us to navigate 
around challenges and deliver quality results.

Knowing who we are

Our values 
and client 
focus.

Delivering meaningful 
products and support to 
our clients is at the core of 
what we do.

As innovators and thought leaders we actively 
collaborate with our clients and partners to lead 
change. Our talented workforce is never satisfied 
by good enough—every day, they mobilize Virtu’s 
powerful connectivity, technology and willingness 
to consider new ideas, approaches and solutions to 
move our business and clients forward.

Virtu is expanding its collaboration, combining 
its own strengths and unique tools from strategic 
partnerships, to evaluate our solutions to a new level.

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual Report20 // 44

21 // 44

Knowing who we are

Expansive
scale and 
reach

Our global footprint helps clients 
extend their reach and links them with 
liquidity, trading access and support 
across geographies and asset classes.

North America Austin • Boston • Chicago • Los Angeles • 
New York • San Francisco • Toronto

EMEA Dublin • London • Madrid • Paris

APAC Hong Kong • Singapore • Sydney

25,000+

securities

60+

accessible global markets

235

venues

50+

countries

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual ReportSource: Virtu Financial, 2019 
 
22 // 44

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75% 

of the largest global 
institutional asset 
managers rely on 
our TCA.2
to improve their multi-asset 
to improve their multi-asset 
execution performance before, 
execution performance before, 
during and after trades. 
during and after trades. 

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Knowing who we are

Our 
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#1

leading European execution 
management system.1

Triton EMS is a global, 
Triton EMS is a global, 
broker-neutral, multi-asset platform 
broker-neutral, multi-asset platform 
that combines Virtu’s advanced 
that combines Virtu’s advanced 
liquidity, execution, analytics and 
liquidity, execution, analytics and 
workflow solution into one unified 
workflow solution into one unified 
and customizable interface. 
and customizable interface. 

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vEQ Link, our single dealer platform/systematic 
internaliser, has high internalization rates that 
internaliser, has high internalization rates that 
help you access liquidity in a thin market, 
help you access liquidity in a thin market, 
anonymously and with no information leakage.
anonymously and with no information leakage.

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in the marketplace rely on 
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Virtu’s market-making 
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Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual Report1 The Trade EMS Survey 2017; 2 IPE Top Global Asset Managers, 2019; 3 Virtu Financial, 2019; 4 All-America Trading Team Rankings, Institutional Investor, 2018 ; 5 Based on Rule 605 Market Share, December 201924 // 44

25 // 44

Client Solutions

Our 
complete
suite of 
solutions.

We leverage our exceptional technology, 
market structure expertise and scale to drive 
value and lower execution costs for our clients 
throughout the entire trade cycle.

Virtu Financial  2019 Annual Report26 // 44

27 // 44

Client Solutions: Product Highlight

Triton 
Execution 
Management 
System (EMS)

Multi-Asset Solution

Equities, ETFs, foreign exchange, fixed income, 
options and futures

Robust technology 
consolidates the desktop

From a single access point trade:

•  Block trading

• 

• 

• 

• 

• 

Algo integration

Portfolio trading

Pairs strategies

Single-stock execution

IOIs, actionable IOIs

•  RFS/RFQ globally

#1

leading European execution 

• 

Integrated access to Analytics portal

management system1

For shareholders

Value Add

• 

• 

Scalable, client-centric technology platforms

A leading EMS/OMS like Triton is an increasingly 
embedded component of clients’ operations 
for order management, execution, compliance, 
record keeping and data management

Key Characteristics

•  Revenue streams are steadier

• 

• 

• 

Includes fees for installations and services

Integral to overall growth opportunities

CSA and commission allocations

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual Report1 The Trade EMS Survey 201728 // 44

29 // 44

Client Solutions: Product Highlight

Trading 
Analytics 
and Data

Multi-Asset Solution

Equities, foreign exchange, fixed income, and futures

One platform, rich in analytics

Single access point for global Triton EMS, 
ITG Net and Virtu’s broker flow

• 

Pre-, real-time and post-trade 
transaction cost analytics

•  Global Peer database

• 

• 

Agency Cost Estimator (ACE)

Trade Surveillance

75%

of the largest global institutional 

asset managers rely on our TCA1

For shareholders

Value Add

• 

• 

Virtu’s analytics and data products are 
industry-leading and provide recurring revenue 
stream

Clients rely on Virtu as a trusted partner with 
best-in-class tools that help support decision 
making, evidence best execution, provide 
outlier monitoring and audit trail, performance 
improvement and facilitate regulatory reporting

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual Report1 IPE Top Global Asset Managers, 2019We handle
30 // 44

~30%

of market orders placed by retail 

investors in the US 1

We provide price improvement on

75%

of retails orders executed 1

Client Market Making

Our global footprint combined with our deep 
market-making expertise uniquely positions us to 
provide institutional and retail clients with the best 
pricing, liquidity and service in the industry

Customized Liquidity

As your partner, we will help you trade smarter by 
ensuring you understand how best to source liquidity 
and provide clear and precise transparency around our 
execution.

We combine specialized market structure expertise with 
real-time data to provide you with unique product and 
trading solutions in equities (vEQ link), fixed income (vFI), 
foreign exchange (vFX) and Metals (vMX).

Virtu combines our deep 
understanding of market 
structure, technology, 
automation and risk 
management tools to 
provide a fundamental 
service to the global 
markets by providing two-
sided prices to investors 
in over 25,000 financial 
instruments on more than 
235 venues in 36 countries.

Market Making

31 // 44

Technology 
service
provider to 
the global
financial 
markets.

Benefits to all market participants

• 

• 

Increased global liquidity

Efficiently priced capital markets

•  Manage impact cost

•  Makes global capital markets less volatile

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual Report1 Based on Rule 605 Market Share, December 2019Leadership

Our
management.

33 // 44

Stephen Cavoli 
EVP, Global Head of Execution 

Services

Marc Rosenthal 
EVP, Strategy & 

Corporate Development

Kevin O’Connor 
Head of Analytics & Workflow

Douglas Cifu 
Chief Executive Officer

Brett Fairclough 
COO & Global Head of Business 

Alex Ioffe 
EVP & Chief Financial Officer

Development

Andrew Smith 
SVP, Business Development 

 & Strategy

Deborah Belevan 
SVP, Investor Relations 

& Communications

Virtu Financial  2019 Annual ReportLeadership

Our board.

35 // 44

Robert Greifeld 
Chairman

Douglas Cifu 
Chief Executive Officer

Vincent Viola 
Founder & Chairman Emeritus

Glenn Hutchins 
Director

John D. Nixon 
Director

Christopher C. Quick 
Director

William F. Cruger Jr. 
Director

Virginia Gambale 
Director

Joseph J. Grano 
Director

John F. Sandner 
Director

David Urban 
Director

Michael T. Viola 
Director

Virtu Financial  2019 Annual Report36 // 44

Our People

The very 
best person
for every 
role.

37 // 44

Our workforce must reflect the communities and 
cultures in which we operate. Accordingly, we 
believe strongly in diversity and reject any form of 
discrimination.

Given our global footprint, we ensure that employees 
feel connected via hosted social and in-house 
educational events, an internal communications 
portal as well as regular e-mails from our CEO. We 
also promote:

Thinking outside the box 
We take great pride in the uncompromising quality of 
our products and services. In-line with our core value 
of innovation we encourage intellectual curiosity and 
creativity as a means of creating better solutions both 
internally and externally.

Teamwork and learning from one another 
In-line with our core value of transparency and 
constant improvement we value teamwork and 
mind-share across regions and product lines. We host 
product and thought leadership teach-ins through 
internal events.

80

new hires in 2019

Maintaining our competitive 
edge requires uncommon effort 
to identify, attract and retain 
best-in-class people who fit our 
values, culture and share our 
vision, globally.

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual Report38 // 44

Investment case

Our path
to growth.

Higher Margins & Returns

More Durable Earnings

•  Operating efficiency

•  Grow and strengthen existing business

•  Drive revenue synergies 

Continued deployment and integration 
of ex-KCG/Getco quant strategies to 
drive capture rate through improving 
internalization

• 

Technology innovation 
Modern tools and simple processes 

Leverage Virtu’s market making 
technology and algo suite to improve 
upon existing ITG products & services 

•  Manage resource consumption

Innovate to service client needs

• 

Expand assets 
Expand product reach to include multiple 
asset classes and products

•  Cross-sell/partnerships 

Grow via partnerships, such as 
MarketAxess and cross-sell enhanced 
products to embedded client base

•  Reduce operating expenses

Increase Wallet Share

•  Diversify products and services

•  Drive revenue synergies

• 

• 

Scalable natural liquidity 
Leverage desktop presence via Triton to 
offer clients the ability to interact with Virtu’s 
unique liquidity offerings

Investing in new product development 
and diversification 
Continually looking for strategic growth 
opportunities that can leverage our core 
competencies of best-in-class technology 
and global liquidity

• 

Enhance client experience 
Deploy technology 

Execute in the core franchise 

Deepen relationship with institutional clients

39 // 44

Efficiency and scale

Low fixed cost structure and broad global reach

Market structure expertise

•  Over 35 year history of innovation

•  Global established presence

• 

Experienced talent pool

Track record for driving organic growth 
and highly accretive acquisitions 

Significant top and bottom line synergies achieved to 
date from KCG and ITG, with additional benefits to be 
realized in 2020 and beyond

Advanced technology and scale

•  Nimble and dynamic

•  Market maker powered technology and liquidity; 

delivered to clients’ desktops

•  Highly scalable, global, multi-asset technology 

platform 

Beneficiary of favorable trends  
owards transparency

Industry regulators are increasingly focused on 
advocating transparency and fair access for all 
investors, both tenets of Virtu’s culture

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual Report 
 
 
 
 
40 // 44

Corporate social responsibility

Giving 
back to our 
communities.

In 2019, we initiated a Virtu Green campaign to 
reduce our footprint of single-use disposable 
cups and utensils in favor of compostable 
options. All US based offices are participating, 
including New York, Chicago, Los Angeles and 
Boston. In Europe (UK and continental offices) 
we have reusable utensils and dishes. Our 
forward looking goal is that all global offices 
will be fully transitioned to LED lights for better 
energy efficiency.

Virtu intends to combine its existing and new 
community, educational outreach and regional 
charity initiatives into one global giving footprint. 
The effect of this unified approach will provide 
meaningful aid and sustained partnership where 
the need is greatest.

Virtu’s success is not only measured in 
percentages and profits but by how we interact 
with the communities in which our employees, 
clients and investors live in across the globe

Charitable works are a major touchstone 
of Virtu. Virtu not only gives but does. Virtu 
participates in many charitable marathons, 
environmental cleanups, soup kitchens, 
mentoring programs for children and the 
like. Virtu does this in conjunction with 
some of its clients so there is a definitive 
sense of purpose between company and 
company users.

Our people are passionate agents of change 
and so giving back is an important priority 
at the firm level.

41 // 44

Virtu is a community 
conscience company. 
Our community outreach 
efforts are widespread 
both geographically and 
in terms of the causes 
themselves which range 
from environmental 
issues, medical equipment 
supply, child wellness, 
hunger eradication, find-a-
cure efforts, mental health 
and much more.

Diversity and gender equality is embraced 
and reflected in our employee make-up; it is 
also emphasized firm-wide in our recruiting 
and hiring practices. Promoting women 
in capital markets is an important goal 
for Virtu. At our headquarters in NYC, we 
launched Winternship for college sophomore 
women. It is a one-week program aimed at 
introducing students to financial services and 
showcasing Virtu’s role in the capital markets. 
The program was such a success that the 
Winternship program will be expanded to 
other regional offices in 2021.

Virtu Financial  2019 Annual ReportVirtu Financial  2019 Annual ReportCorporate 
Information

Annual Meeting 
The Annual Meeting of Shareholders of Virtu 
Financial, Inc. will be held virtually on June 5 at 
9:00 a.m. Eastern Time.

Transfer Agent and Registrar 
American Stock Transfer Trust Company, LLC (AST)

Stock 
Since the Company’s initial public offering on April 
16, 2015, shares of Virtu have been quoted on the 
NASDAQ, and trade under the symbol “VIRT”.

Independent Registered 
Accounting Firm 
PricewaterhouseCoopers LLP

Contact  
One Liberty Plaza

165 Broadway

New York, NY 10006  
+1.646.682.6000

—

investor_relations@virtu.com | media@virtu.com

2019annualreport.virtu.com  |  virtu.com

© 2020 VIRTU Financial Inc.

 
2019annualreport.virtu.com