Financial Data and Key Metrics Changes - The company reported a normalized EPS of $1.3 and total adjusted net trading income per day of $8,300,000, with quarterly EBITDA at $320,000,000 and an EBITDA margin of 64% [5][22]. - Adjusted net trading income totaled $497,000,000 for Q1 2025, with market making adjusted net trading income at $382,000,000 and execution services adjusted net trading income at $115,000,000 [22]. Business Line Data and Key Metrics Changes - Market Making had its best quarter since Q1 2021, with strong performance in noncustomer Global Equities, digital assets, and ETF block market making franchises [6][7]. - The Execution Services segment reported its seventh consecutive quarter of increasing net trading income, indicating a strong growth trajectory [9]. Market Data and Key Metrics Changes - Retail participation, as measured by retail shares and quoted spread, was significantly higher than in 2024 and Q1 2025, with levels comparable to the pandemic days of 2020 [15][16]. - The company noted a secular uptrend in retail engagement, supported by strong new account openings from retail brokers [16][59]. Company Strategy and Development Direction - The company aims to sharpen its edge in existing businesses, extend into new products and markets, and benefit from rising market volumes and volatility [17]. - The strategic focus includes enhancing the Execution Services business, with a target of achieving a $2,000,000 per day run rate [20][45]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of retail engagement, citing data that indicates continued healthy levels of retail participation [57]. - The company highlighted the resilience of market infrastructure during recent volatility, with no significant operational issues reported [13][14]. Other Important Information - The company repurchased 1,300,000 shares at an average price of $36.44 per share, totaling $48,000,000, and has repurchased over 52,000,000 shares since the initiation of the program [24]. - The company remains committed to a $0.24 reported dividend, demonstrating a commitment to return capital to shareholders [24]. Q&A Session Summary Question: Can you help us think about the balance between the wholesale business and the on-exchange business? - Management indicated that the increase from Q4 to Q1 was evenly allocated between customer and noncustomer businesses, with strong performance across various segments including precious metals and options [30][31]. Question: What gives you confidence in the $2,000,000 per day target for the VES business? - Confidence stems from significant improvements in technology, product enhancements, and a strong customer-facing approach, with a focus on cross-selling and distribution partnerships [45][49]. Question: Is there any indication that retail engagement is slowing? - Management noted that retail engagement remains healthy and sustainable, with data showing continued growth in account openings among key retail brokers [57][59]. Question: Can you provide an update on the product roadmap for your crypto business? - The company is expanding its crypto offerings, providing liquidity for a growing number of coins and establishing partnerships with various exchanges [73][76].

Core Insights - Virtu Financial, Inc. reported a strong financial performance for the first quarter of 2025, with total revenues increasing by 30.3% to $837.9 million compared to $642.8 million in the same period of 2024 [3][22] - The company declared a quarterly cash dividend of $0.24 per share, payable on June 16, 2025, to shareholders of record as of May 30, 2025 [1] Financial Performance - Trading income, net, rose by 44.6% to $590.0 million for the quarter, up from $408.1 million in the prior year [3][22] - Net income for the quarter was $189.6 million, compared to $111.3 million in the same quarter of 2024 [3][22] - Basic and diluted earnings per share were $1.09 and $1.08, respectively, compared to $0.59 for the same period in 2024 [4][22] Adjusted Financial Metrics - Adjusted Net Trading Income increased by 35.5% to $497.1 million, compared to $366.9 million in the same period of 2024 [5][22] - Adjusted EBITDA rose by 57.7% to $319.9 million for the quarter, compared to $202.8 million in the same period in 2024 [5][22] - Normalized Adjusted Net Income increased by 67.6% to $208.3 million, compared to $124.3 million in the same period of 2024 [5][22] Operating Segments - The company operates in two segments: Market Making and Execution Services, with Market Making primarily focusing on cash, futures, and options markets across various asset classes [7][8] - Execution Services includes agency-based trading and trading venues, providing execution services in global equities, options, futures, and fixed income [8] Share Repurchase Program - Since the inception of the share repurchase program in November 2020, the company has repurchased approximately 52.1 million shares for about $1,346.2 million, with $373.8 million remaining for future purchases [13] Financial Condition - As of March 31, 2025, Virtu had $771.0 million in cash, cash equivalents, and restricted cash, with total long-term debt of $1,768.3 million [12][34]

Core Viewpoint - Kahn Swick & Foti, LLC is investigating Virtu Financial, Inc. due to allegations of failing to implement effective information access barriers, which has led to scrutiny from regulators and a securities class action lawsuit against the company and its executives [1][2][3][4]. Group 1: Regulatory Scrutiny - Virtu Financial has been under intense scrutiny from finance media and regulators for allegedly failing to protect sensitive trading data, allowing employees unrestricted access [2]. - The company disclosed in early 2023 that it was responding to requests from the U.S. Securities and Exchange Commission (SEC) regarding its information access barriers and anticipates a Wells Notice from the SEC if no settlement is reached [2]. - On September 12, 2023, the SEC filed charges against Virtu Financial [2]. Group 2: Legal Actions - The company and certain executives are facing a securities class action lawsuit for failing to disclose material information during the Class Period, violating federal securities laws [3]. - A court has denied Virtu's motion to dismiss the class action lawsuit, allowing the case to proceed [3]. Group 3: Investigation Focus - KSF's investigation is centered on whether Virtu's officers and/or directors breached their fiduciary duties to shareholders or violated state or federal laws [4].

NEW YORK, April 03, 2025 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NASDAQ:VIRT), a leading provider of global, multi-asset financial services that delivers liquidity and innovative, transparent products across the complete investment cycle to the global markets, will announce its results for the first quarter 2025 on Wednesday, April 23, 2025, before the US market open. Virtu will host a conference call to discuss the company's financial results at 8:00 AM (EDT). A live webcast of the event will be availab ...

Core Viewpoint - Macro uncertainty has delayed the IPO timeline, but there is significant pent-up demand for equity issuance, with expectations for a reopening in the second half of 2025 [1] Group 1: Market Outlook - The analyst forecasts a substantial runway for the electronification of fixed-income markets at Tradeweb Markets, capitalizing on political uncertainty in Washington [2] - BGC Group is expected to launch Treasury futures soon, with a projected market share in the $2 billion interest rate futures market surpassing 10% by 2027 [3] - Ongoing geopolitical uncertainty is anticipated to remain a key trading catalyst, despite expected normalization in volumes into the second half of 2025 [4] Group 2: Company Performance - Market structure stocks have seen an average increase of 8% in Q1 2025, with Nasdaq and Virtu Financial lagging behind but expected to achieve over 10% EPS beats [5] - Nasdaq-100 futures experienced a strong growth quarter, up 38% sequentially, contributing to indexing revenue [6] - Virtu Financial is expected to report solid results due to higher industry volumes in options, ETFs, and fixed income [7] Group 3: Competitive Landscape - Tradeweb Markets remains dominant in portfolio trading and D2D trading, with impressive month-to-date volume increases of 18% and 11% respectively [8] - MarketAxess Holdings is rated as underperforming, with a price target adjustment, while Tradeweb Markets and other companies like BGC Group and Nasdaq maintain buy ratings with revised price targets [8][9] - Intercontinental Exchange is expected to face near-term cyclical headwinds in its mortgage and listing business, impacting its performance [9][10]

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If you are a long-term stockholder of Virtu, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.: NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squi ...

PHILADELPHIA, March 28, 2025 (GLOBE NEWSWIRE) -- A federal securities fraud class action alleging that Virtu Financial Inc. (NASDAQ: VIRT), and certain of its officers failed to disclose to investors that it had improper safeguards in place and was not monitoring which of its employees were accessing the primary database containing sensitive trader information, has survived a motion to dismiss. Virtu shareholders who have continuously held Virtu shares since prior to November 7, 2018, can seek corporate ref ...

Core Viewpoint - Kuehn Law, PLLC is investigating potential breaches of fiduciary duties by certain officers and directors of Virtu Financial, Inc. related to misrepresentation and disclosure failures regarding the company's operational and technological efficacy [1][2]. Group 1: Allegations and Legal Context - A federal securities lawsuit claims that insiders at Virtu Financial misrepresented or failed to disclose deficiencies in the company's information access barriers [2]. - The lawsuit alleges that these deficiencies led to an overstatement of the company's operational and technological capabilities, as well as its ability to prevent the exchange of confidential information [2]. - It is asserted that these issues increased the likelihood of enhanced regulatory scrutiny, rendering public statements about the company materially false and misleading [2]. Group 2: Shareholder Actions - Shareholders who purchased VIRT shares prior to March 1, 2019, are encouraged to contact Kuehn Law for potential legal action, as there may be limited time to enforce their rights [3]. - Kuehn Law offers to cover all case costs and does not charge its investor clients, emphasizing the importance of shareholder participation in maintaining market integrity [4].

Investors with an interest in Financial - Miscellaneous Services stocks have likely encountered both Virtu Financial (VIRT) and Moody's (MCO) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, ...