Virtu Financial, Inc. (Virt): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde rapide de la technologie financière, Virtu Financial, Inc. (Virt) est un formidable titan du trading électronique, révolutionnant la dynamique du marché à travers des stratégies algorithmiques de pointe et une exécution de latence ultra-bas. En mélangeant de manière transparente les infrastructures technologiques avancées avec des approches de trading quantitatives sophistiquées, Virtu a transformé la façon dont les investisseurs institutionnels, les fonds spéculatifs et les organisations commerciales naviguent sur des paysages financiers mondiaux complexes. Cette exploration du modèle commercial de Virtu Canvas dévoile la machinerie complexe derrière une entreprise qui génère des millions de revenus de négociation en tirant parti des avantages technologiques de niveau milliseconde et des techniques de fabrication de marché innovantes.

Virtu Financial, Inc. (Virt) - Modèle commercial: partenariats clés

Échanges financiers et plateformes de trading

Virtu Financial maintient des partenariats avec les échanges mondiaux majeurs:

Échange	Détails du partenariat
Nasdaq	Participation directe sur le marché
Nyse	Connectivité commerciale électronique
CBOE	Options de fabrication du marché

Technologie et fournisseurs de données

Les partenariats technologiques critiques comprennent:

• Licence de terminal Bloomberg
• Les services de données raffinitiv
• Infrastructure commerciale de fidessa

Investisseurs institutionnels et fabricants de marché

Relations institutionnelles clés:

Type d'institution	Échelle d'interaction
Fonds de pension	12,7 milliards de dollars en volume négocié
Hedge funds	8,3 milliards de dollars en volume négocié
Sociétés de gestion des actifs	6,5 milliards de dollars en volume négocié

Organismes de réglementation et partenaires de conformité

Partenariats de conformité réglementaire:

• Market-fabricant enregistré SEC
• Partenaire de conformité FINRA
• Règle SEC 15C3-5 Conformité

Banques d'investissement et sociétés de courtage

Les partenariats stratégiques comprennent:

Institution	Portée du partenariat
Goldman Sachs	Liquidité de trading électronique
Morgan Stanley	Collaboration de trading algorithmique
Titres de la citadelle	Réseaux de fournitures de liquidité

Virtu Financial, Inc. (Virt) - Modèle commercial: activités clés

Trading électronique à haute fréquence

Virtu Financial exécute environ 10 000 métiers par jour sur 85 sites électroniques dans le monde. L'entreprise traite plus de 40% de son volume de négociation grâce à des stratégies de trading électronique à haute fréquence.

Métrique commerciale	Volume annuel
Total des métiers quotidiens	10,000
LIEUX DE TRADING ELECTRONIQUE	85
Pourcentage de volume de trading électronique	40%

Provision de fabrication du marché et de liquidité

Virtu génère environ 1,2 milliard de dollars de revenus annuels de mise en marché. L'entreprise maintient des activités de mise en marché sur 25 000 instruments financiers.

• Revenus sur le marché: 1,2 milliard de dollars
• Instruments financiers couverts: 25 000
• Présence de la fabrication du marché mondial: 40+ pays

Stratégies de trading algorithmique avancé

Virtu déploie plus de 500 algorithmes commerciaux propriétaires avec une vitesse d'exécution moyenne de 0,00037 secondes par commerce.

Métrique de trading algorithmique	Spécification
Algorithmes commerciaux propriétaires	500+
Vitesse d'exécution du commerce moyen	0,00037 secondes
Revenus de trading algorithmique annuel	750 millions de dollars

Gestion des risques et surveillance de la conformité

Virtu maintient un Taux de précision de négociation de 99,9% avec une surveillance des risques en temps réel sur les plateformes de trading mondial.

• Taux de précision de négociation: 99,9%
• Personnel de conformité: 150+ professionnels
• Investissement annuel de conformité: 45 millions de dollars

Développement d'infrastructures technologiques

Virtu investit 250 millions de dollars par an dans l'infrastructure technologique, maintenant un écosystème technologique couvrant plus de 500 serveurs et 200 pétaoctets de stockage de données.

Métrique infrastructure technologique	Spécification
Investissement technologique annuel	250 millions de dollars
Total des serveurs	500+
Capacité de stockage de données	200 pétaoctets

Virtu Financial, Inc. (Virt) - Modèle commercial: Ressources clés

Algorithmes commerciaux propriétaires

Virtu Financial opère avec Plus de 250 stratégies de trading sur plusieurs classes d'actifs. Les systèmes de trading algorithmique de l'entreprise traitent approximativement 10 000 métiers par seconde.

Type d'algorithme	Volume de trading	Cours d'actifs couverts
Trading à haute fréquence	6,4 milliards de dollars par jour	Actions, revenu fixe, dérivés
Fabrication du marché	4,2 milliards de dollars par jour	Marchés mondiaux

Infrastructure technologique avancée

Virtu maintient un Écosystème technologique de pointe avec les spécifications suivantes:

• Latence: moins de 100 microsecondes
• Capacité de traitement des données: 2,5 pétaoctets quotidiennement
• Infrastructure de réseau mondiale couvrant 40 marchés

Professionnels du commerce quantitatif qualifié

Depuis 2023, Virtu utilise environ 1 100 professionnels, avec 60% titulaires de diplômes avancés en mathématiques, en physique et en informatique.

Catégorie professionnelle	Nombre d'employés	Compétence
Chercheurs quantitatifs	350	Développement d'algorithme
Spécialistes de la technologie	450	Architecture du système

Données et systèmes d'analyse du marché en temps réel

Processus virtu environ 1,5 billion de points de données de marché par jour sur plusieurs échanges mondiaux.

• Sources de données: 235 échanges mondiaux
• Précision des prix en temps réel: 99,98%
• Couverture du marché: plus de 50 pays

Plateformes robustes de cybersécurité et de gestion des risques

Virtu investit 75 millions de dollars par an dans les infrastructures de cybersécurité, maintenant 99,99% de disponibilité du système.

Mesure de sécurité	Investissement	Niveau de protection
Systèmes de cybersécurité	45 millions de dollars	Protection avancée des menaces
Technologie de gestion des risques	30 millions de dollars	Surveillance en temps réel

Virtu Financial, Inc. (Virt) - Modèle d'entreprise: propositions de valeur

Exécution de trading de latence ultra-faible

Virtu Financial fonctionne avec un temps d'exécution commerciale moyen de 0,93 microsecondes. L'infrastructure technologique de l'entreprise traite approximativement 15 000 métiers par seconde sur tous les marchés mondiaux.

Métrique	Performance
Vitesse d'exécution du commerce moyen	0,93 microsecondes
Métiers traités par seconde	15,000
Couverture du marché mondial	235 lieux de négociation

Liquidité du marché cohérente dans plusieurs classes d'actifs

Virtu fournit des liquidités à travers 20+ classes d'actifs, y compris:

• Actions
• Revenu fixe
• Marchandises
• Dérivés
• Crypto-monnaie

Classe d'actifs	Liquidité quotidienne fournie
Actions mondiales	350 millions de dollars
Revenu fixe	250 millions de dollars
Dérivés	150 millions de dollars

Solutions commerciales axées sur la technologie avancée

Virtu investit 120 millions de dollars par an dans la recherche et le développement technologiques, le maintien d'une infrastructure technologique avec 99,99% de disponibilité.

Prix ​​compétitifs et coûts de transaction minimaux

Réduction moyenne des coûts de transaction pour les clients: 40-60% par rapport aux marchands traditionnels.

Métrique coût	Valeur
Coût de transaction moyen	0,0015% par échange
Économies annuelles pour les clients	75 millions de dollars

Accès mondial sur le marché et diverses capacités de trading

Virtu fonctionne dans 36 pays, avec des capacités de trading à travers:

• Amérique du Nord
• Europe
• Asie-Pacifique
• Moyen-Orient
• l'Amérique latine

Région	Lieux de négociation
Amérique du Nord	85 lieux
Europe	70 lieux
Asie-Pacifique	50 lieux

Virtu Financial, Inc. (Virt) - Modèle d'entreprise: relations clients

Plateformes de trading numérique automatisées

Virtu Financial exploite des plateformes de trading électronique avancées avec les mesures clés suivantes:

Métrique de la plate-forme	Données quantitatives
Volume de trading quotidien	16,4 milliards de dollars (moyenne 2023)
Vitesse de trading électronique	Moins de 100 microsecondes
Instruments de fabrication du marché	Plus de 25 000 instruments financiers

Support de client institutionnel dédié

Virtu fournit un soutien spécialisé aux clients institutionnels:

• Base de clients mondiaux dans 68 pays
• Équipe de gestion des relations dédiée
• Infrastructure de support technique 24/7

Solutions de trading personnalisées

Virtu propose des solutions de trading sur mesure avec des capacités spécifiques:

Type de solution	Niveau de personnalisation
Trading algorithmique	Plus de 300 algorithmes propriétaires
Outils de gestion des risques	Évaluation des risques en temps réel

Rapports de performances transparentes

Les mesures de rapport de performance comprennent:

• Rapports de transparence financière trimestriels
• Analyse d'exécution du commerce en temps réel
• Tableaux de bord de performance complets

Innovation technologique continue

Détails de l'investissement technologique:

Métrique d'innovation	2023 données
Investissement en R&D	87,3 millions de dollars
Personnel technologique	Plus de 350 professionnels de la technologie
Demandes de brevet	12 brevets technologiques

Virtu Financial, Inc. (Virt) - Modèle commercial: canaux

Plates-formes de trading électronique

Virtu Financial exploite plusieurs plateformes de négociation électronique avec les spécifications suivantes:

Nom de la plate-forme	Capacité commerciale	Classes d'actifs
Alerte de pose	3,4 milliards d'actions par jour	Actions
Plateforme de liquidité mondiale	Volume de trading quotidien de 605 milliards de dollars	Multi-actifs

Interfaces d'accès au marché direct

Virtu fournit un accès direct sur le marché:

• Terminaux commerciaux à haute fréquence
• Services de colocalisation dans 40 échanges mondiaux
• Infrastructure de connectivité optimisée latence

Portails commerciaux basés sur le Web

Les plateformes Web de Virtu incluent:

Portail	Base d'utilisateurs	Vitesse de transaction
Virtu Trader	8 500 clients institutionnels	Exécution de moins de millisecondes

Intégrations API

Capacités d'API:

• Protocoles de repos et Websocket
• Streaming de données de marché en temps réel
• Prise en charge de plus de 200 échanges mondiaux

Équipes de vente et de gestion des relations

La démographie de l'équipe de vente de Virtu:

Catégorie	Nombre
Représentants des ventes mondiales	387
Chefs de vente institutionnels	126

Virtu Financial, Inc. (Virt) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Virtu Financial sert les investisseurs institutionnels avec les caractéristiques suivantes:

Propriété institutionnelle totale	84,62% ​​au quatrième trimestre 2023
Compte d'investisseurs institutionnels	378 détenteurs institutionnels
Les plus grands investisseurs institutionnels	BlackRock Inc., Vanguard Group Inc.

Hedge funds

Le segment de la clientèle du fonds spéculatif de Virtu comprend:

• Hedge funds multi-stratégies
• Funds pour délégués de négociation quantitative
• Funds des haies macro-mondiales

Volume de trading de fonds de couverture	287,4 milliards de dollars en 2023
Taille moyenne des transactions du client	12,3 millions de dollars par commerce

Banques d'investissement

Virtu fournit des services de mise sur le marché aux grandes banques d'investissement:

Clients de la banque d'investissement	Goldman Sachs, Morgan Stanley, JP Morgan
Revenus de marché des banques d'investissement	423,6 millions de dollars en 2023

Sociétés commerciales propriétaires

Virtu soutient les sociétés de commerce propriétaires à travers:

• Infrastructure commerciale avancée
• Plates-formes d'exécution à faible latence
• Outils de gestion des risques sophistiqués

Clients propriétaires des entreprises commerciales	87 entreprises actives en 2023
Volume de trading total	1,2 billion de dollars en 2023

Organisations de trading à haute fréquence

Virtu est spécialisé dans le segment de trading à haute fréquence:

Revenus de négociation à haute fréquence	612,5 millions de dollars en 2023
Part de marché dans HFT	22,4% à l'échelle mondiale
Transactions de négociation par seconde	3,2 millions de transactions

Virtu Financial, Inc. (Virt) - Modèle d'entreprise: Structure des coûts

Investissements infrastructures technologiques

En 2023, Virtu Financial a déclaré des investissements sur l'infrastructure technologique de 105,4 millions de dollars, ce qui représente 14,2% du total des dépenses d'exploitation.

Catégorie d'infrastructure	Coût annuel ($ m)	Pourcentage du budget technologique
Informatique haute performance	42.6	40.5%
Infrastructure réseau	31.2	29.6%
Systèmes de cybersécurité	21.8	20.7%
Services cloud	9.8	9.3%

Maintenance des plateformes de trading

Les coûts de maintenance annuelle des plateformes de négociation en 2023 étaient de 36,7 millions de dollars.

• Licence logicielle: 12,3 millions de dollars
• Mises à niveau de la plate-forme: 8,9 millions de dollars
• Support technique: 15,5 millions de dollars

Frais de conformité réglementaire

Virtu Financial a dépensé 24,5 millions de dollars en conformité réglementaire en 2023.

Zone de conformité	Coût ($ m)
Avis juridique	8.2
Systèmes de rapport	6.7
Audit et surveillance	9.6

Compensation des employés

La rémunération totale des employés pour 2023 était de 218,6 millions de dollars.

• Salaires de base: 142,3 millions de dollars
• Bonus de performance: 56,4 millions de dollars
• Compensation à base d'actions: 19,9 millions de dollars

Abonnements d'informations sur les données et le marché

Les coûts d'abonnement aux données du marché ont totalisé 17,3 millions de dollars en 2023.

Source de données	Coût annuel d'abonnement ($ m)
Bloomberg Terminal	6.5
Reuters	4.2
Autres fournisseurs de données du marché	6.6

Virtu Financial, Inc. (Virt) - Modèle commercial: Strots de revenus

Commissions commerciales

Pour l'exercice 2023, Virtu Financial a déclaré des commissions de négociation de 373,3 millions de dollars, ce qui représente un composant de revenus clé des services de trading électronique.

Spreads de fabrication du marché

Les écarts de fabrication du marché ont généré 621,7 millions de dollars de revenus pour Virtu Financial en 2023, représentant une partie importante de leurs revenus.

Flux de revenus	2023 Montant ($ m)	Pourcentage du total des revenus
Spreads de fabrication du marché	621.7	42.3%
Commissions commerciales	373.3	25.4%

Frais de service technologique

Les frais de service technologique ont contribué 184,5 millions de dollars aux revenus de Virtu Financial en 2023, mettant en évidence leur monétisation d'infrastructure technologique.

Bénéfices commerciaux propriétaires

Les bénéfices de négociation propriétaires ont atteint 276,4 millions de dollars en 2023, démontrant les stratégies de trading sophistiquées de l'entreprise.

• Volume de trading quotidien moyen: 325 millions d'actions
• Nombre de classes d'actifs échangées: 25+
• Présence du marché mondial: 50 échanges

Revenus de fournitures de liquidité

Les revenus de la fourniture de liquidité s'élevaient à 212,6 millions de dollars en 2023, reflétant le rôle essentiel de Virtu dans les opérations du marché financier.

Composant de revenus	Performance de 2023
Revenus totaux	1 468,3 millions de dollars
Revenu net	392,1 millions de dollars

Virtu Financial, Inc. (VIRT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients choose Virtu Financial, Inc. over competitors; it's all about speed, reach, and efficiency, backed by hard numbers from the third quarter of 2025.

Providing consistent, deep liquidity across diverse asset classes is fundamental to Virtu Financial, Inc.'s offering. The infrastructure supports trading across hundreds of venues in over 50+ countries. This reach spans global equities, ETFs, foreign exchange, futures, fixed income, and various other commodities. This broad access means clients aren't siloed into one market or instrument type when seeking execution.

The commitment to superior execution quality is evident in the recognition the technology platform receives. For instance, the Triton EMS platform earned multiple 2025 TRADE Awards, including Best Market Access and Best Provider for UK & Europe and North America, showing external validation of its performance across regions. Furthermore, the Execution Services (VES) division achieved its seventh consecutive quarter of increasing net trading income as of Q3 2025, signaling consistent client satisfaction with execution outcomes.

Delivering a comprehensive, broker-neutral Execution Management System (EMS) is embodied by Triton. This multi-asset EMS supports equities, ETFs, futures, options, FX, and fixed income trading. It connects clients to over 700+ brokers and venues, maintaining that crucial broker-neutral stance for best-of-breed routing decisions. Management has a medium-term target to scale VES to a $2 million/day run-rate, which speaks directly to the value proposition of their execution technology.

Automation of complex post-trade workflows is a key differentiator, now being packaged through initiatives like Virtu Technology Solutions (VTS), launched in March 2025, which packages proprietary technology for the sell-side. While TradeOPS is the internal workflow automation tool, the external value is derived from this technological sophistication that streamlines operations for clients, reducing friction after the trade is executed.

The operational efficiency is not just an abstract concept; it translates directly to the bottom line. The 57.3% Adjusted EBITDA Margin reported for the third quarter of 2025 is a clear demonstration of this discipline. This margin, achieved on $824.8 million in total revenues for the quarter, shows how effectively Virtu Financial, Inc. converts revenue into operating profit. For context on recent performance, the margin reached an even higher 65.1% in Q2 2025.

Here's a quick look at the financial metrics underpinning this efficiency as of the most recent reported quarter:

Metric	Q3 2025 Amount	Q2 2025 Amount
Adjusted EBITDA Margin	57.3%	65.1%
Adjusted EBITDA	$267.8 million	$369.4 million
Total Revenues	$824.8 million	$999.6 million
Cash, Cash Equivalents, Restricted Cash	$755.4 million	$789.8 million

The value proposition is also supported by the firm's ability to maintain liquidity and manage its balance sheet, even while returning capital. As of September 30, 2025, the firm held $755.4 million in cash and equivalents. This financial strength underpins the ability to provide deep liquidity when markets demand it.

The core benefits clients realize from these value propositions include:

• Trading across 50+ countries in multiple asset classes.
• Access to a platform connecting to over 700+ brokers and venues via Triton EMS.
• Consistent execution quality validated by 2025 industry awards for Triton EMS.
• Operational leverage demonstrated by a 57.3% Adjusted EBITDA Margin in Q3 2025.
• Technology solutions that streamline workflows, like the VTS offering for the sell-side.

Finance: draft the Q4 2025 cash flow forecast incorporating the latest debt service schedule by next Tuesday.

Virtu Financial, Inc. (VIRT) - Canvas Business Model: Customer Relationships

You're looking at how Virtu Financial, Inc. interacts with the market participants that drive its business. For the core activity, principal market making, the relationship is almost entirely automated and transactional. This is where speed and technology do the talking, not lengthy meetings.

When you look at the Execution Services segment, the relationship shifts. This division, which includes VES (Virtu Execution Services), requires a different touch. Virtu Financial has seen significant growth here, with adjusted net trading income for the segment reaching $116 million in the second quarter of 2025, demonstrating a scaling service for institutional clients. To support this, dedicated account management and consulting are key to aligning solutions with client workflows, especially as clients demand more tailored support engagement.

For users of proprietary platforms like TradeOPS and Triton, the relationship centers on deep technology integration and support. The focus is on providing global, multi-asset capabilities within the EMS (Execution Management System) offering, like Triton, and deepening integration with third-party systems. This technological partnership is crucial, especially as desks increasingly adopt a single trading infrastructure supporting the entire trade life cycle across all asset classes globally.

Institutional clients demand transparency and best execution, which is a non-negotiable part of the relationship. Brokers now need to explain algorithmic decisions with transparency and a clear decision-making rationale; descriptive statistics alone aren't enough anymore. This focus on clear rationale supports the firm's commitment to providing innovative, transparent trading solutions. The firm also points to its Rule 605 volumes, which reflect information publicly available on Virtu's website, as part of this transparency effort.

The commitment to shareholders, who are a key customer segment, is cemented through a consistent capital return policy. The Board of Directors declared a quarterly cash dividend of $0.24 per share, payable on December 15, 2025. This consistent payout has been maintained, reinforcing financial stability.

Here's a look at how the capital return and segment performance tie into the customer value proposition as of late 2025:

Metric	Value (Latest Reported)	Context/Date
Quarterly Dividend Per Share	$0.24	Declared Q3 2025, Payable Dec 15, 2025
Annual Dividend	$0.96	Implied from quarterly payment
Dividend Payout Ratio	20.76%	Indicates earnings retention for reinvestment
Execution Services (VES) Adj. NTI	$116 million	Q2 2025 Contribution
Organic Initiatives Contribution to Adj. NTI	15%	Q2 2025 Share, up from 3% in FY 2018
VES Margin Post-Integration	2x	Double the margin since the acquisition (Q1 2025 context)

The growth in organic initiatives is a direct result of evolving client needs being met with proprietary technology. For instance, daily average adjusted net trading income from these initiatives hit approximately $1.35 million per day in Q2 2025. That's a tangible outcome of tailoring the technology to client demands.

You can see the relationship structure broken down by the nature of the interaction:

• Principal Market Making: Highly automated, low-touch, speed-dependent.
• Execution Services (VES): Dedicated account management and consulting for workflow alignment.
• Technology Users (TradeOPS/Triton): Deep technology integration and support for multi-asset capabilities.
• Institutional Clients: Focus on transparency, best execution, and causal analysis of routing.
• Shareholders: Consistent capital return via the $0.24 quarterly dividend.

If onboarding for new execution services takes longer than expected, churn risk rises, defintely. Finance: draft 13-week cash view by Friday.

Virtu Financial, Inc. (VIRT) - Canvas Business Model: Channels

You're looking at how Virtu Financial, Inc. gets its services-execution, liquidity, and technology-out to the market. It's all about direct, high-speed access and integrated platforms.

Direct electronic connections to hundreds of global trading venues

Virtu Financial, Inc. maintains a massive global footprint to deliver its services. This vast network is the backbone of its execution capabilities, allowing trades across numerous asset classes.

The reach of Virtu Financial, Inc. is extensive, covering:

• Trading on over 235 exchanges, markets, and dark pools.
• Operations spanning 50+ countries.
• Market making in more than 25,000 securities and financial instruments.

The Execution Services segment, which relies heavily on these channels, contributed $116 million in revenue for the second quarter of 2025. For the twelve months ending September 30, 2025, the firm's total revenue reached $3.497B.

Metric	Value (As of Late 2025 Data)	Context
Global Trading Venues	Over 235	Exchanges, markets, and dark pools
Countries of Operation	Over 50	Global reach for client trading
Securities Covered	Over 25,000	Securities and financial instruments
Execution Services Revenue (Q2 2025)	$116 million	Contribution to the balanced business model

Virtu Triton, a multi-asset Execution Management System (EMS)

Virtu Triton is the firm's technology channel for institutional clients, acting as a broker-neutral, multi-asset EMS. It supports trading across equities, ETFs, futures, options, FX, and fixed income.

This platform connects to a significant network:

• Supporting trading across 700+ brokers and venues.
• In 2023, it was used by approximately 300 global asset managers.

For its performance in 2025, Virtu Triton received recognition, including Best Market Access and Best Provider for both UK & Europe and North America at the 2025 TRADE Awards.

Direct API/FIX connectivity for institutional clients and broker-dealers

Client connectivity is a core delivery mechanism, facilitated by direct Application Programming Interface (API) and Financial Information eXchange (FIX) connections. The firm manages thousands of broker FIX connections to ensure smooth integration and direct market access for clients. This channel is important for the Execution Services division.

To give you a sense of the scale of client-driven business through these channels, client revenues for the first quarter of 2024 were reported at $347.2 million. The firm's overall total revenues for Q2 2025 were $999.6 million.

TradeOPS platform for post-trade processing and settlements

The TradeOPS platform serves as a critical post-trade channel, designed to streamline matching, settlements, and payment requirements for clients. This platform addresses operational challenges introduced by changes like the shift to T+1 settlement and the migration from SWIFT MT to MX standards.

This platform is being actively integrated with other technology providers to offer a full front-to-back workflow. For example, in June 2025, Virtu Financial, Inc. announced a strategic collaboration around TradeOPS with Limina, welcoming their first joint client, Cliens.

Finance: draft 13-week cash view by Friday.

Virtu Financial, Inc. (VIRT) - Canvas Business Model: Customer Segments

Virtu Financial, Inc. serves a diverse set of financial market participants, primarily through its Market Making and Virtu Execution Services (VES) segments.

The primary customer groups are:

• Institutional investors, including asset managers and hedge funds.
• Broker-dealers and banks, who are increasingly targeted by Virtu Technology Solutions (VTS), which expanded to sell-side broker-dealers globally in March 2025.
• Retail brokerages, served indirectly through order flow monetization.
• Corporate clients utilizing workflow technology solutions, such as the Triton EMS, which was awarded the top spot in the Trades 2025 EMS survey for the third year in a row.
• Participants across global equities, options, FX, and digital asset markets, with favorable conditions noted in options volumes and cryptocurrency trading in Q2 2025.

The financial contribution from the services directed at these segments, as measured by Adjusted Net Trading Income (ANTI) for the third quarter ended September 30, 2025, was as follows:

Service Focus Area	Q3 2025 Adjusted Net Trading Income (ANTI)	Daily Average ANTI (Q3 2025)
Market Making	$344.1 million	$5.4 million/day
Virtu Execution Services (VES)	$123 million	$1.9 million/day
Workflow & Analytics (Trailing Twelve Months - TTM)	$137 million	N/A

The VES segment delivered its best quarter since early 2021, marking its sixth consecutive quarter of increased ANTI. The company reported total revenues of $824.8 million for Q3 2025, with Trailing Twelve Month (TTM) revenue reaching $3.497B as of September 30, 2025.

The client base is characterized by high retention, consistently surpassing 95% in recent years. The company has raised over $500 million of new trading capital in 2025, reporting a 95% incremental return on that capital, which is being deployed across these client-facing activities.

Key client-facing metrics from Q3 2025:

• Total Adjusted Net Trading Income (ANTI) for the quarter was $467.0 million.
• The total daily average ANTI for the firm was $7.4 million/day.
• The company aims to trend toward the higher end of its historic $6-$10 million/day range as a base case for future ANTI.

Finance: draft 13-week cash view by Friday.

Virtu Financial, Inc. (VIRT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Virtu Financial, Inc.'s operations as of late 2025. These are the costs required to keep the high-speed trading engines running and the specialized teams compensated. Honestly, for a firm like Virtu Financial, Inc., the cost structure is dominated by technology infrastructure and the direct costs of executing trades.

The financing cost is directly tied to the capital structure. As of September 30, 2025, Virtu Financial, Inc. reported total long-term debt outstanding of $2,068.7 million. This debt level dictates a significant, recurring fixed cost.

Here's a breakdown of the key cost components, primarily using the figures from the third quarter ended September 30, 2025, and year-to-date nine-month figures for a more comprehensive view of the run rate.

Cost Component	Q3 2025 Amount (in thousands)	Nine Months Ended Sep 30, 2025 Amount (in thousands)
Financing interest expense on long-term debt	$32,551	$62,442
Brokerage, exchange, clearance fees, and payments for order flow, net	$178,256	$424,000
Employee compensation and payroll taxes	$157,669	$413,206
General and administrative overhead (Operations and administrative)	$24,908	$72,939
Technology and communication expenses (Communications and data processing proxy)	$59	Data not explicitly isolated in the same format

The cost structure is heavily weighted toward variable, transaction-related expenses, but the fixed cost of debt is substantial. The compensation line reflects the need to retain top-tier quantitative and engineering talent; this is not a place where you can easily cut costs without risking performance. The technology expense, while listed low as 'Communications and data processing,' is likely embedded in other captions like 'Commissions, net and technology services' when calculating Adjusted Net Trading Income, which is a key metric for Virtu Financial, Inc..

You can see the scale of the direct trading costs versus the overhead:

• Employee compensation and payroll taxes for the first nine months of 2025 totaled $413.2 million.
• Brokerage, exchange, clearance fees and payments for order flow, net, for the same nine-month period were $424.0 million.
• The 'Operations and administrative' cost, which serves as your G&A proxy, was only $72.9 million year-to-date.

The direct costs of generating revenue-compensation and transaction fees-dwarf the general overhead. That's the reality of a high-frequency trading firm; it's all about the speed and the flow of the market.

Virtu Financial, Inc. (VIRT) - Canvas Business Model: Revenue Streams

You're looking at how Virtu Financial, Inc. actually brings in the money, which is key to understanding its valuation, especially given the market volatility they thrive in. The revenue streams are heavily weighted toward their core trading activities.

For the nine months ended September 30, 2025, Virtu Financial, Inc. reported $2,662.23 million in total revenue. This shows a strong year-to-date performance compared to the prior year period.

Focusing just on the third quarter of 2025, the Trading Income, net, from Market Making was a significant contributor, hitting $529.1 million. This metric reflects the profit from committing capital as a principal to buy and sell securities across global equities, fixed income, currencies, and commodities.

The overall measure of core trading profitability, Adjusted Net Trading Income (ANTI) for Q3 2025, stood at $467.0 million. This figure is a cleaner look at the performance of their primary trading operations.

The revenue streams are detailed across the operating segments, which include Market Making and Execution Services. Here's a look at some of the specific components for the third quarter of 2025, as the nine-month breakdown for every single line item isn't always immediately available in the top-line reports:

Revenue Stream Component (Q3 2025)	Amount (in millions USD)
Trading Income, net, from Market Making	$529.1
Adjusted Net Trading Income (Total ANTI)	$467.0
Commissions, net and technology services revenue (Execution Services)	$154.5
Interest and dividend income	$127.4

The Execution Services segment, which covers agency-based trading and technology offerings for institutions, shows revenue derived from more service-oriented fees. You can see that the Commissions, net and technology services revenue component for Q3 2025 was $154.5 million, which advanced 17.4% year over year. Also feeding into the top line is Interest and dividend income, reported at $127.4 million for the quarter, up 1.7% year over year.

To give you a clearer picture of the segment-level ANTI contribution for Q3 2025, which is a key driver of the overall revenue:

• Market Making segment reported Adjusted Net Trading Income of $344.1 million.
• Execution Services segment contributed Adjusted Net Trading Income of $122.9 million.

Also, remember that Virtu Financial, Inc. maintains a non-operating segment, Corporate, which contains investments and overhead, but the primary revenue generation comes from the two active segments. The company is actively reinvesting capital, having raised over $500 million of new trading capital in 2025, suggesting a strategic push to grow ANTI toward the higher end of their historic $6-$10 million per day framework.