Virtu Financial to Separate Legal Identities Following Acquisition of ITG

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

Virtu Financial

Virtu Financial to Separate Legal Identities Following Acquisition of ITG

January 27, 2019

Virtu FinancialVirtu Financial, the leading technology-enabled market maker and liquidity provider which is about to acquire Investment Technology Group (ITG), has revealed that the firm intends to maintain the separate legal identities of ITG’s client-facing broker dealers.

ITG is a global financial technology company that helps top brokers and asset managers improve returns for investors around the world. Regulatory approval to consummate the transaction has been obtained and the deal is going forward after approval from all proposals submitted to a vote of ITG’s stockholders.

The company also disclosed that, post-closing, Virtu intends to continue to maintain and enforce appropriate information barriers to segment and protect sensitive client data. The transaction is expected to close during the first quarter of 2019.

Douglas Cifu, Chief Executive Officer of Virtu Financial
Douglas Cifu, Chief Executive Officer of Virtu Financial

Douglas Cifu, Chief Executive Officer of Virtu Financial, commented:

“The dedicated professionals at ITG and Virtu are working hard to prepare for this significant transaction. We continue to receive positive feedback from clients and prospects regarding the combination, and we look forward to joining the key strengths of the two firms to deliver a broad suite of global, cross asset and impactful technology and trading services to clients.”

ITGVirtu provides deep liquidity to provide competitive bids and offers in over 25,000 securities, at over 235 venues, in 36 countries worldwide. In late 2018, the firm added industry veteran and former US government official David Urban to its Board of Directors with immediate effect. Urban has been considered for several positions in the Trump Administration, including Chair of the Republican National Committee, White House Deputy Chief of Staff, White House Chief of Staff, and Ambassador to Saudi Arabia.

Earlier in 2018, Fidessa connected its market access solutions to Virtu’s Systematic Internaliser’s (SIs) customizable liquidity. The scope of SIs has been further expanded to investment firms which deal on their own accounts by executing client orders outside the trading venues.

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