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By Dave Michaels and Alexander Osipovich WASHINGTON The electronic-trading firms Citadel Securities and Virtu Financial Inc. have become pillars of the stock market in recent years, rivaling the role played by stock exchanges. Wall Street s new top regulator is putting pressure on them by questioning a key service they provide: executing the orders of millions of ordinary investors whose trades go to their black boxes, instead of being routed to public exchanges. Testifying before Congress last week, Securities and Exchange Commission Chairman Gary Gensler criticized the system that funnels orders to Citadel Securities and Virtu, which pay for the opportunity to trade with retail stock and options orders. Mr. Gensler said such incentives called payment for order flow represent a conflict of interest for online brokerages, which collectively make billions of dollars a year from the practice. He voiced concern that the trading firms handling most individual i
NEW YORK (AP) Virtu Financial Inc. (VIRT) on Tuesday reported first-quarter net income of $239.4 million. On a per-share basis, the New York-based company said it had profit of $1.89. Earnings, adjusted for non-recurring costs, came to $2.04 per share. The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.
Virtu Financial Tops Estimates on Record Revenue
Virtu Financial authorized another $300 million in share repurchases thanks to the strong quarter.
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Fintech company Virtu Financial Inc. (
VIRT) - Get Report reported first-quarter results ahead of analyst expectations on record quarterly revenue.
The New York City based company reported adjusted earnings of $2.04 per share on revenue of $1.01 billion. Analysts were expecting earnings of just $1.28 per share; revenue expectations were not available. Our remarkable quarter was highlighted by record performance in Virtu Execution Services and robust results in our market making business, which combined to generate a record 77.6% Adjusted EBITDA Margin in the first quarter,” said CEO Douglas Cifu in a statement.