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

The new capabilities enable clients to execute FX directly with their liquidity providers by RFS protocol and directed execution

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, and multi-asset transaction cost estimates to offer users an unbiased view of fair value at any point in time.

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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 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.

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

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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.

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