Virtu Adds FX Execution to Triton, Enhances TCA and Algo Products

US electronic market maker, Virtu Financial Inc., today unveiled several products and service enhancements for its broker-neutral offering dedicated to forex markets.

The latest additions leverage Virtu’s expertise as a provider of FX 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, and multi-asset transaction cost estimates to offer users an unbiased view of fair value at any point in time.

Specifically, Virtu has added FX execution capabilities to Triton, its multi-asset execution management system (EMS). The new capabilities enable clients to execute FX directly with their liquidity providers by RFS protocol and directed execution such as dealer algos. Virtu has originally brought Triton, which is used by institutional trading desks to manage market access, to FX markets in 2019 as part of a strategy revamp following its $1 billion acquisition of agency broker ITG.

At the same time, Virtu is gearing up to upgrade its transaction cost analysis (TCA) portal through integration with the firm’s workflow solutions. This includes Virtu FX reference rates, FX algo Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term and making its API trading infrastructure available for broker-neutral FX client trading.

The offering helps Virtu’s pre-trade and post-trade TCA clients better monitor their transaction costs when trading foreign exchange markets.

Virtu is also expanding its global TradeOps post-trade services to include FX trades matching, confirmations and settlement instruction handling.

Virtu Sweetens Offering for Buy-Side Clients

The upgraded service enables FX investors to understand the liquidity environment and manage volatility, which can help reduce trading costs and improve foreign exchange strategy.

Commenting on the news, Virtu co-founder and CEO, Douglas Cifu said: “These initiatives fully leverage Virtu’s technology, analytics and post-trade service capabilities in supporting our buy-side clients. By broadening our range of products and services we are delivering our strategic vision of bringing transparency, and Virtu’s technology and excellence in trading and execution, to our clients and to the FX market globally.”

Michael Loggia, Global Head of Workflow Technology added “The new capabilities address the significant client demand for FX workflows offered via a suite of integrated technologies and services. Clients value the ease and convenience of multi-asset class trading and integrated analytics while leveraging the same range of capabilities they rely on for equities-based executions.”

Virtu makes markets over 25,000 financial instruments, at over 235 venues, in 36 countries worldwide, continuously quoting buy and sell prices for others to trade against, profiting off the bid-offer spread, using high-frequency trading (HFT) strategies.