Virtu Financial Announces Consortium Formation to Support RFQ-Hub

Virtu Financial, Inc. (Nasdaq: VIRT), a global market maker, broker and provider of global financial services technology, announced on Thursday the official formation of RFQ-hub Holdings LLC to support the growth of RFQ-hub, Virtu’s bilateral multi-asset and multi-dealer request for quote platform.

According to the press release, Virtu is joined by liquidity providers Liquidity Providers A liquidity provider (LP) constitutes either individual and/or institution that functions as a market maker in a given asset class. Broadly speaking, liquidity providers will act as the both the buyer and seller of a particular asset, thus making a market. In the equities space, many stock exchanges rely on liquidity providers who make the commitment to provide liquidity in a given equity. These liquidity providers commit to providing liquidity in the hopes that they will be able to make a profi A liquidity provider (LP) constitutes either individual and/or institution that functions as a market maker in a given asset class. Broadly speaking, liquidity providers will act as the both the buyer and seller of a particular asset, thus making a market. In the equities space, many stock exchanges rely on liquidity providers who make the commitment to provide liquidity in a given equity. These liquidity providers commit to providing liquidity in the hopes that they will be able to make a profi Read this Term Citadel Securities, Flow Traders, Jane Street Capital, asset manager BlackRock and electronic trading platform MarketAxess as founding consortium members. In addition, MarketAxess will take a significant minority stake in the platform.

A focus on equity and fixed income listed and OTC derivatives, structured products and exchange-traded funds (ETFs) is emphasized in the RFQ-hub, which helps asset managers and liquidity providers electronically deliver aggregated and competitive liquidity, streamline workflows and improve pricing. Its objective is to foster the development of a global institutional platform designed specifically for these instruments in order to support RFQ-hub’s next phase of development.

“The founding members of this consortium represent a diverse array of market participants organizing for the common goal of improving access and execution of ETFs and derivatives for institutional investors. Together, we believe we can expand RFQ-hub’s multi-asset Multi-Asset Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Read this Term offering to clients across the globe,” Joseph Molluso, the Co-President and Co-Chief Operating Officer of Virtu Financial, commented.

Recent Financial Results

According to Virtu Financial Inc.’s first-quarter 2022 financials, the company’s total revenue declined by 30.7%. Total revenue was $701.3 million, which was significantly lower than the $1.01 billion generated in Q1 of last year. Lower trading volume in the US capital markets during the past three months was cited as the reason for the company’s revenue slump. The company’s services have been less popular for several quarters.

In addition, Virtu revealed that its trading income declined by 35.7% to $522.3 million. Commissions and technology services brought in $154.6 million, which is 19.3% less than the previous year.