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Virtu Continues Profit Streak, Still One 1 Day Of Trading Losses In Over 5 Years, IPO In 2015 According To Latest S-1 Filing

CalibratedConfidence's picture




 

On Friday Virtu Financial Inc said the company generated $723.05M in revenues in 2014, up from $664.50 in 2013. In an updated S-1 Filing with SEC on Friday the firm also disclosed plans offer shares to the public for a second time.  Virtu intends to list its Class A shares on NASDAQ under the ticker "VIRT".

Recall earlier in the week BATS Global Markets said former Virtu executive Chris Concannon, who is BATS President, is expected to be promoted to CEO this summer, ahead of a rumored IPO.  BATS will list on NYSE or Nasdaq instead of on its own exchange which is very telling that BATS doesn't trust itself to launch orderly trading in its own stock.

BATS acquired Direct Edge in 2014 amid fallout from Haim Bodek's publication of special order-types and an on air disaster by Direct Edge William O'brien (he could not remember if Direct Edge used the SIP or Direct Data Feeds to match trading orders in its system, NYAG forced him to correct his inevitable error) following public outcry after Michael Lewis' Flash Boys book.

Many observers sense some fishy dealings with these exchanges, especially when considering the revelation in the most recent Virtu S-1 that the market maker continues to perform to near perfection, reporting 1 day of trading losses in over 5 years.  

Apparently it is beneficial to have Dick Grasso (former NYSE Chief Executive and Chairman) along with Jack Sander (former CME Chairman) and General John Abizaid (former head of US Central Command) on the company payroll.  The investment by Virtu in heavy-handed human capital has paid off as the company notes in its filing (emphasis added):

"The overall breadth and diversity of our market making activities, together with our real-time risk management strategy and technology, have enabled us to have only one overall losing trading day during a period of 1,485 trading days."

The life of high-frequency trading and market making is still rosy and awesome over at Virtu.

The full filing with the SEC can be found here.

 

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Mon, 02/23/2015 - 01:28 | 5817461 SweetDoug
SweetDoug's picture

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Sorry, ZH'ers, I'm goin' over to the dark side!

 

I'm in on the IPO!

 

If ya can't beat'em…

 

 

•?•
V-V

Sun, 02/22/2015 - 23:19 | 5817090 falga
falga's picture

I thought front-running was illegal?  I guess not when you have such an esteemed board of directors...

Sun, 02/22/2015 - 21:25 | 5816772 luna_man
luna_man's picture

 

 

When you buy, be prepared not to sleep.

 

it usually happen while your counting sheep

Sun, 02/22/2015 - 11:06 | 5814921 Spectre
Spectre's picture

And the "Electronic Casino" moves right along. What complete Bullshit !

Sun, 02/22/2015 - 08:47 | 5814666 USisCorrupt
USisCorrupt's picture

It is so refreshing to know that the markets are fair for everyone.

 

The water is fine, jump on in.

 

How much longer can this game of Make Beleive go on?

Sun, 02/22/2015 - 22:34 | 5816954 disabledvet
disabledvet's picture

Is there any money in there or are they simply trading on the latest in brain zapping tech?

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