IIROC approves acquisition of ITG Canada by Virtu Financial
The Ontario District Council of the Investment Industry Regulatory Organization of Canada has approved the change of control of ITG Canada and TriAct.
The Ontario District Council of the Investment Industry Regulatory Organization of Canada has approved the change of control of ITG Canada Corp. (ITG Canada) and TriAct Canada Marketplace LP (TriAct) whereby Virtu Financial Inc (NASDAQ:VIRT) and its affiliates will acquire a 100% interest in ITG Canada and TriAct. The relevant announcement was published by IIROC today.
IIROC has also been informed that ITG Canada Corp. has changed its name to Virtu ITG Canada Corp.
The announcement by IIROC is made several days after Virtu Financial announced the completion of its acquisition of Investment Technology Group, Inc. (NYSE:ITG) in a cash transaction valued at $30.30 per ITG share, or a total of approximately $1 billion.
Upon completion of this acquisition, Virtu is set to implement a Client Information Security Program with respect to its broker-neutral client offerings (including, but not limited to, Analytics, Workflow Technology, and Commission Management). As part of this program, Virtu will host Client Information Security Forums, through which the Company will provide information regarding the CISP, receive input from interested clients regarding their information security needs and discuss industry best practices and standards.
Douglas Cifu will continue to serve as Virtu’s Chief Executive Officer and Joseph Molluso will continue to serve as Virtu’s Chief Financial Officer. Virtu will supplement its existing management team by incorporating existing ITG management globally; namely Robert Boardman in Europe, Michael Corcoran in the Asia-Pacific region and Etienne Phaneuf in Canada.
