Virtu Financial Announces Minority Investment in SBI Japannext

Virtu Financial to take minority stake in Japannext's Proprietary Trading System.

Virtu Finanicial (Nasdaq: VIRT), a leading liquidity provider and market-maker for global financial markets which employs technology-driven trading solutions including high-frequency trading (HFT), today announced that it is making a minority investment in SBI Japannext, Co Ltd. (Japannext), according to an official statement.

Japanext is a Proprietary Trading System (PTS) in Tokyo, and the minority stake from Virtu Financial was described as part of the firm’s strategic long-term commitment to the Japanese marketplace. Terms of the transaction were not disclosed, as per an official statement from Virtu Financial.

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Entering into a strategic relationship with Japannext is a meaningful opportunity for Virtu to increase its footprint within Asia.

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Expanding footprint in Asia

Japannext is part of the financial giant SBI Holdings Group, which has a strong foothold in Japan across a number of industries including finance. Reforms made in 1998 in Japan had made it permissible for securities firms to start the regulated PTS functions, as per a description from SBI Holdings. Japannext was launched in 2007 nearly a year after the company was incorporated, according to company data.

One of the oldest PTS venues in Japan, Japannext has 29 active members which include local and global brokerages, and the investment from Virtu Financial should help it expand its footprint in Asia as explained by the firm’s chief executive, who will join Japannext’s board of directors as part of the deal.

Virtu’s CEO, Douglas A. Cifu, commented in an official statement: “Entering into a strategic relationship with Japannext is a meaningful opportunity for Virtu to increase its footprint within Asia. Japannext’s best-in-class technology and history of innovation have allowed them to become the leading PTS in Japan, and make them a natural partner for Virtu in the region.”

“In Virtu, we are privileged to gain a global leader in electronic trading as a partner,” said Chuck Chon, CEO of Japannext, commenting in a statement. Mr. Chon added:  “As a multi-asset liquidity provider in markets around the world, Virtu brings a breadth of experience and expertise to support Japannext’s growth strategy. We are very excited about the opportunity to collaborate more closely with such a pioneer in the space.”

 

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