Virtu Financial Sees 141% Q2 2020 Revenue Jump

Virtu Financial Inc., a provider of Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term to the global financial markets, has announced its financial results for the second quarter of 2020, ending June 20. It posted the total revenue of $905.9 million, which is a year-on-year jump of 141 percent.

Over six months, the company’s total revenue surged above 159 percent compared to the first half of the previous year, reaching $1.9 billion.

The company pointed out that the significant increase in revenue for the last two quarters was due to COVID-19 induced volatility, bid-ask spreads and trading volumes across global markets and asset classes.

During the second quarter, the financial service provider generated a net income of $335.3 million, with a normalized adjusted net income of $340 million. The net trading income for Q2 increased by 261.3 percent to $744 million.

When broken down, the basic earnings per share of the company stood at $1.59, while the diluted earnings per share were $1.58. The normalized adjusted EPS was reported to be $1.73 for the period.

Commenting on the numbers, Virtu’s CEO Doug Cifu said: “We delivered solid results in the second quarter, with both Market Making and Execution Services performing well, reflecting the strong progress we are making in our organic growth initiatives as well as higher trading volumes across global asset classes and sustained levels of retail engagement.”

Expanding Its Market Reach on a Global Scale

Listed on NASDAQ with the ticker VIRT, Virtu recently launched a new analytics product dedicated to Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term algorithmic execution as a part of its global offering expansion.

Finance Magnates also reported on the acquisition of Virtu’s Canadian 'dark pool' by Cboe Global Markets for an undisclosed price.

Meanwhile, the company was fined by the US market regulators multiple times this year, due to the violations and failures in order execution.