Virtu Financial Reports 82% YoY Increase in 2018 Revenues

Total revenues in the final quarter of 2018 fell by 4.8 per cent year-on-year.

Virtu Financial, Inc., a high-speed trading firm and provider of liquidity to the global financial markets, has announced its results for the fourth quarter and full-year of 2018 this Thursday.

For the fourth quarter, which ended on the 31st of December 2018, total revenues were $442.2 million. When comparing this to the same quarter in 2017, which had total revenues of $464.5, this is down by 4.8 percent.

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Contributing to the total revenues is trading income. During the final quarter of 2018 Virtu reported a net trading income of $366.2 million. Unlike revenues, this sector actually increased on an annual basis, jumping by around 29.8 percent from $286.4 million in Q4 of 2017.

On an adjusted basis, net trading income for the fourth quarter was $299.2 million, up 26.1 percent year-on-year. Trading in global fixed-income, currencies, and commodities (FICC), options and other contributed $39.42 million towards trading income during the period, which is 28.8 percent more than the same period in 2017.

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Virtu Full Year Revenues Climb by 82 Percent

Taking a look at the results for the whole of 2018, total revenues were $1.88 billion. Unlike the fourth quarter, the whole year finished on a positive note, with revenues climbing by a significant 82 percent from $1.03 billion in 2017.

Net trading income for the full year was $1.27 billion (adjusted $1.02 billion). This represents an increase of 39.5 percent when compared to the previous year, which had a net trading income of $766.03 million.

Douglas Cifu, CEO of Virtu Financial
Douglas Cifu
Source: Financial News

Commenting on the results, Douglas Cifu, the Chief Executive Officer of Virtu Financial said: “The benefits of Virtu’s scale and the fruits of our multi-asset class global business, as well as continued benefits from our acquisition of KCG all contributed to the outstanding performance in our business against a positive backdrop for our market making services.”

“Our customer as well as non-customer facing market making platforms performed very well in the fourth quarter as volatility persisted. For the full year 2018, we demonstrated once again the durability of our model and the ability to generate strong earnings and cash flows even in less than ideal environments, and outperform when market conditions are more favorable.”

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