Core Insights - Flow Traders reported a significant decline in net trading income and total income for 3Q25 compared to 3Q24, with net trading income at €78.3 million, down 27%, and total income at €80.5 million, down 29% [4][6] - Despite the quarterly decline, year-to-date figures show growth, with net trading income increasing by 15% to €362.0 million and total income up 12% to €359.5 million [6][9] - The company secured a $200 million private credit facility and a $75 million revolving credit facility to support its strategic growth agenda [6][20] Financial Overview - Net trading income for 3Q25 was €78.3 million, down from €107.3 million in 3Q24, while total income decreased to €80.5 million from €114.6 million [4][6] - Year-to-date net trading income reached €362.0 million, a 15% increase from €313.9 million in the previous year, and total income was €359.5 million, up 12% from €320.4 million [6][9] - EBITDA for 3Q25 was €19.4 million, a 62% decrease from €50.9 million in 3Q24, with an EBITDA margin of 24% compared to 44% in the previous year [6][7] Trading Capital and Expenses - Trading capital stood at €848 million at the end of 3Q25, reflecting a 27% increase from €668 million at the end of 3Q24 [6][10] - Fixed operating expenses increased by 14% to €51.2 million in 3Q25, primarily due to higher employee and other expenses [6][7] - Total operating expenses decreased by 4% to €61.0 million in 3Q25, attributed to lower variable employee expenses [6][7] Market Environment - In Europe, equity trading volumes increased year-on-year but declined compared to the previous quarter, with market volatility showing a similar trend [12] - The U.S. equity trading volumes saw a double-digit increase year-on-year but were flat or slightly lower compared to the previous quarter [14] - In Asia, trading volumes were mixed, with increases in Hong Kong and China, while Japan experienced declines [16] Strategic Initiatives - The company is focused on expanding its trading capital and enhancing its technology capabilities to support greater volumes and improve operational efficiency [20][21] - Flow Traders aims to maintain and grow its market share in the traditional ETP industry while exploring innovations in products and distribution channels [20][21] - In the digital assets space, the company is involved in the tokenization of real-world assets and is preparing for 24/7 trading capabilities across various markets [22][23]

Virtu Financial (NasdaqGS:VIRT) Q3 2025 Earnings Call October 29, 2025 08:00 AM ET Company ParticipantsCindy Lee - CFOAaron Simon - CEOJoseph Molluso - Co-President and Co-COOAndrew Smith - Head of Investor RelationsConference Call ParticipantsChris Allen - Managing Director and Senior AnalystAlex Blostein - Senior AnalystEli Abboud - Equity Research AnalystMichael Cypress - Chief Financial AnalystPatrick Moley - Senior Research AnalystKen Worthington - Stock AnalystDan Fannon - Research AnalystOperatorHell ...

Virtu Financial (NasdaqGS:VIRT) Q3 2025 Earnings Call October 29, 2025 08:00 AM ET Speaker5Hello everybody, and welcome to the Virtu Financial third quarter 2025 earnings call. My name is Elliot, and I'll be coordinating your call today. If you would like to register a question during today's event, please press star one on your telephone keypad. Now, I'll hand over to Andrew Smith, Head of Investor Relations. Please go ahead.Speaker8Thank you, Elliot, and good morning everyone. Thank you for joining us. Ou ...

Denver, CO, Oct. 15, 2025 (GLOBE NEWSWIRE) -- We are advised by Flow Traders that journalists and other readers should disregard the news release, "Flow Traders Global Diversified Trading Competition Kicks Off: Leading a New Era in Financial Talent Selection " issued October 10th, 2025, over GlobeNewswire.  ...

Flow Traders 3Q 2025 Pre-Close Call Amsterdam, the Netherlands - Flow Traders Ltd. (Euronext: FLOW) publishes the 3Q 2025 pre-close call script to be used with analysts post the market close on 25 September 2025. Welcome to the Flow Traders 3Q 2025 pre-close call, which is being conducted post the European market close on 25 September. During this call I will highlight relevant publicly available data and industry trends in our markets as well as previously published data by Flow Traders and relate these d ...

Core Insights - PrimeXBT has been awarded the Best Multi-Asset Trading Platform at the 2025 Global Forex Awards, highlighting its position as a leading global broker focused on trader-centric solutions [1][4]. Company Overview - PrimeXBT provides easy access to Crypto Futures, Forex, and CFDs on various assets including Commodities, Indices, Stocks, and Crypto, through an integrated trading ecosystem that includes PXTrader, MT5, and a Crypto Exchange [2]. - The broker is regulated across multiple jurisdictions, establishing a reputation for trust and reliability, supported by robust compliance standards and competitive trading conditions [2]. - PrimeXBT has gained the trust of over 1,000,000 traders in over 150 countries, offering a next-generation trading experience that integrates traditional and digital finance [6]. Industry Recognition - The Global Forex Awards, now in their seventh year, are recognized as a benchmark of excellence in retail forex and multi-asset trading, with this year's edition attracting over 200,000 public votes from traders worldwide [4]. - Winning the award is particularly significant as it reflects the votes of traders globally, reinforcing PrimeXBT's mission to empower traders with choice, control, and clarity in dynamic markets [3][5]. Commitment to Traders - The award serves as a testament to PrimeXBT's ongoing commitment to supporting traders and enhancing industry standards through innovation, transparency, and fairness [5].

Financial Data and Key Metrics Changes - The company reported an 11% revenue growth to a record $219 million, including a $2 million benefit from foreign currency fluctuations, with a 10% growth excluding FX [21][22] - Diluted earnings per share increased by 11% to $1.91, or $2 per share excluding notable items, representing a 16% increase [21] - Commission revenue increased by 12% to a record $192 million, driven by strong market volumes and increased volatility [22][25] Business Line Data and Key Metrics Changes - Block trading in the client-initiated channel saw a 38% growth in average daily volume (ADV) across U.S. Credit, emerging markets, and Eurobonds [6][12] - Portfolio trading channel generated a 69% increase in total portfolio trading ADV [7] - Dealer-initiated channel experienced a 40% increase in dealer-initiated ADV [7] Market Data and Key Metrics Changes - U.S. High grade market share dropped to 10% in July from 12% in June, attributed to large trades moving to phone and chat [9] - The share of lock trades equal to or larger than $5 million increased to 47% in July, up from 42% in June [9] - U.S. High grade portfolio trading market share was over 19%, up 370 basis points year-over-year [14] Company Strategy and Development Direction - The company is focusing on becoming more protocol agnostic and expanding its addressable market through multiple trading protocols and automation tools [4] - A high-touch strategy was launched in U.S. Credit to target the phone and chat market, which has seen significant block trading activity [10] - The company is preparing to launch a new Midex solution in September for U.S. Credit, aimed at enhancing dealer-to-dealer trading [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the supportive market backdrop and strong growth across new initiatives, despite disappointing U.S. High grade share numbers in July [19][20] - The company anticipates continued growth in U.S. Credit through progress in client-initiated, portfolio trading, and dealer-initiated channels [30][31] - Management highlighted the importance of strategic hires in driving future growth and enhancing product offerings [33][79] Other Important Information - The company generated $360 million in free cash flow over the trailing twelve months, with $145 million remaining on the share repurchase authorization as of July 31, 2025 [28] - Operating expenses increased by 6% year-over-year, driven by higher employee compensation and technology costs [26] Q&A Session Summary Question: Progress on new initiatives and July volumes - Management reported significant growth in key areas, with investment grade portfolio trading up 47% year-to-date and block activity up over 20% [37][39] - July market dynamics favored large portfolio trades, impacting market share [42][44] Question: Drivers of fee per million decline - The decline was attributed to new protocols and increased portfolio trading volumes, though July saw a slight recovery due to high-grade duration changes [49][50] Question: Update on block trading initiatives - Block trading volume in Eurobonds was up 54% in July, with expectations for continued growth as dealer content increases [56][62] Question: Performance in the muni business - The muni market saw a 23% increase in overall volume, with tax-exempt business growing by 34% [85][88] Question: Capital return priorities and M&A - The company remains focused on organic growth opportunities while being opportunistic with share repurchases and considering bolt-on acquisitions [92][95]

Core Points - Leverage trading amplifies transaction scale through a compliant margin mechanism, requiring high risk control and market judgment precision [1] Group 1: Key Points - Leverage Ratio: Typically limited by trading varieties and regulatory rules, with stock leverage generally not exceeding 1:1 and futures leverage ranging from 1:5 to 1:10, strictly adhering to platform-set limits [2] - Holding Period: Primarily short to medium-term, usually 1-5 trading days, with a maximum of 10 trading days to avoid accumulating costs and risks from long-term holdings [2] - Profit Logic: Relies on short-term trend fluctuations of underlying assets to amplify reasonable returns through leverage, without pursuing excessive profits in extreme market conditions [2] - Risk Threshold: Maximum loss per trade is strictly controlled at 10%-15% of the margin, with immediate liquidation upon reaching the stop-loss line to eliminate holding losses [2] Group 2: Operational Characteristics - Sensitivity to Volatility: Minor price changes are magnified by leverage, necessitating close monitoring of intraday charts and short-term K-lines (15/30 minutes) for trend inflection points, requiring higher responsiveness [5] - Cost Structure: Includes margin interest (calculated daily) and transaction fees, with longer holding periods resulting in higher costs, which must be factored into profit calculations [5] - Suitability of Underlying Assets: Only suitable for highly liquid and transparent standardized products (e.g., major index futures, large-cap stocks), avoiding small-cap stocks and low-volume products [5] - Fund Coordination: A reasonable ratio between own funds and leveraged funds must be maintained, with margin adequacy being a core monitoring indicator; timely replenishment or reduction of positions is required when below warning levels [5] Group 3: Practical Considerations - Selection of Products: Prioritize targets with an average daily trading volume exceeding 5 billion, ensuring sufficient liquidity for liquidation, with a bid-ask spread not exceeding 0.5% to minimize slippage losses [6] - Timing of Entry: Entry should occur when trends are clear (e.g., breaking key moving averages, sustained volume increase), and leverage should not be used in volatile markets to avoid unnecessary cost consumption [6] - Position Planning: Total leveraged trading funds should not exceed twice the own funds, with individual leveraged positions not exceeding 30% of total funds, reserving over 50% of own funds to manage volatility [6] - Familiarity with Rules: Complete mastery of the leverage calculation method, margin adjustment rules, and forced liquidation mechanisms is essential to avoid operational errors due to unclear rules [6] Group 4: Risk Control Points - Binding Stop-Loss and Take-Profit: Each trade should preset take-profit (e.g., based on 8%-12% profit after leverage) and stop-loss (e.g., 10% margin loss), triggered automatically by the system without manual intervention [7] - Strict Frequency Control: Limit leveraged trades to no more than 3 per week, with a pause of 3 trading days after two consecutive losses, followed by a review and summary of issues before resuming [7] - Margin Monitoring: Daily checks of margin adequacy before, during, and after trading to ensure it remains above 1.5 times the warning line, with proactive reduction of positions by 50% when nearing the warning line [7] - Response to Extreme Market Conditions: When the daily price change exceeds 5%, reduce positions by 50% regardless of profit or loss; in the event of systemic risks (e.g., index limit down), liquidate all positions to mitigate risk [7]

Financial Data and Key Metrics Changes - The company recorded $568 million in adjusted net trading income, which translates to $9.2 million per day, marking a 50% increase from $6.1 million per day in Q2 2024 [23][24] - Adjusted EPS for Q2 2025 was $1.53, an 83% increase compared to Q2 2024 [24] - The adjusted EBITDA margin reached 65%, the highest since 2022, reflecting disciplined expense management [21][24] Business Line Data and Key Metrics Changes - Market Making contributed $451 million to adjusted net trading income, while Execution Services contributed $116 million, both reflecting strong performance against market opportunities [10] - Growth initiatives reached an all-time high of $1.3 million per day, accounting for 15% of total adjusted net trading income [10] - The institutional business, Virtu Execution Services (VES), recorded $116 million in adjusted net trading income, indicating strong growth potential [13] Market Data and Key Metrics Changes - Mean realized volatility was 30, with the VIX averaging 24, indicating a favorable trading environment [12] - Equity TCV was up 17% quarter-over-quarter, while notional U.S. equity volumes increased by 9% [12] Company Strategy and Development Direction - The company is focused on expanding its ETF block offering in Europe and enhancing its digital asset capabilities, which are expected to drive future growth [11][16] - The management sees broader crypto adoption as a significant driver of future volume and activity, positioning the company as a key partner in the evolving ecosystem [17] - The transition in leadership to Aaron Simons is expected to bring continuity in core values while introducing a fresh perspective on growth opportunities [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustained retail engagement post-pandemic and highlighted structural trends that should compound growth in the coming quarters [15] - The regulatory landscape is viewed positively, with upcoming legislation expected to create new products that require liquidity, aligning with the company's strengths [17] - The company anticipates that the overnight trading market will continue to grow, driven primarily by retail engagement, with potential for institutional participation in the future [94] Other Important Information - The company repurchased $66 million worth of shares in the quarter, totaling $135 million year-to-date, and has repurchased $1.4 billion since the inception of its share repurchase program [21][25] - The leadership transition is seen as a strategic move to ensure the company's continued success and growth [20] Q&A Session Summary Question: Introduction to Aaron Simons and transition details - Management provided background on Aaron Simons, highlighting his long tenure and contributions to the company, and discussed the planned transition process [27][30] Question: Impact of potential repeal of the order protection rule - Management indicated that the repeal could be neutral to slightly positive for the company, potentially reducing overhead costs associated with connecting to various venues [39][43] Question: Strategic merits of operating a hedge fund alongside market making - Management acknowledged the consideration of launching a hedge fund but emphasized the cultural shift it would entail and the current focus on market making [44][48] Question: M&A opportunities and priorities - Management stated that while they continuously evaluate M&A opportunities, the current focus has been on share repurchases, which have proven to be highly accretive [55][58] Question: Opportunities from stablecoin adoption - Management expressed excitement about the potential for stablecoin adoption to drive digital asset transactions and the company's readiness to facilitate these conversions [62][66] Question: Tokenization of equities and market implications - Management discussed the potential for tokenized equities to create new market opportunities, particularly for overseas clients, while emphasizing the need for regulatory clarity [72][74]