Virtu Expands Its Broker-Neutral FX Offering
Virtu Financial, Inc. a leading provider of financial services and products, announced several product and service enhancements in its broker-neutral FX offering, supporting the firms’ strategic initiative to deliver a one-stop solution for buy-side FX execution.
Virtu’s scale, credibility and diverse client base coupled with its FX expertise, leading workflow technology and trade analytics helps position the firm as a trustworthy workflow provider in the FX market—where participants are seeking transparency, reduced implementation costs, data-driven execution, measurement and long-term clearing solutions.
Virtu is pleased to announce the following initiatives:
- Execution Management Platform for FX: Virtu is adding new FX execution capabilities to Triton, its global multi-asset class EMS used by institutional trading desks to manage market access and execution needs. The new capabilities enable clients to execute FX directly with their liquidity providers by RFS protocol and directed execution such as dealer algos.
- Broker – Neutral Access to Dealer Liquidity: Virtu is also making its API trading infrastructure available for broker-neutral FX client trading. While maintaining strict client data segregation, the technology allows clients to leverage Virtu’s low latency infrastructure and breadth of geographical and liquidity provider coverage.
- FX Trade Analytics and Data: Virtu’s global and multi-asset class TCA is integrated with the firm’s workflow solutions, providing access to Virtu’s market insights. Enhanced FX Analytics capabilities include Virtu FX reference rates with high time-granularity, FX algo analytics with direct dealer data capture and expanded coverage for the FX ACE market impact model. Analytics products can be accessed via the Virtu
- Analytics Portal and Open Technology API.
FX Post-Trade Services: Virtu is also expanding its global TradeOps post-trade services to include FX trades matching, confirmations and settlement instruction handling.
“These initiatives fully leverage Virtu’s technology, analytics and post-trade service capabilities in supporting our buy-side clients,” said Douglas Cifu, Co-founder and CEO. “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.”
Electronification of the municipal bond market also presents a large opportunity.
The success of Northbound trading showed electronic execution is way forward for the bond market.
Algorithms have become more prevalent in the spot FX market.
Increased electronification has created useable and accessible real-time and historic trade data.
Buy-side firms can discover liquidity more efficiently and execute on Turquoise.