Virtu expects net trading income of $295-$303m for two months till end-Aug 2020

Maria Nikolova

Virtu expects the Average Daily Adjusted Net Trading Income of between $5.53 and $5.72 million for the July-August period.

Virtu Financial Inc (NASDAQ:VIRT), a provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today announced preliminary estimates of its top line results for third quarter to date through August 31, 2020.

On a preliminary estimated basis, Virtu expects its results of operations for the two months ended August 31, 2020 to reflect net trading income in the range from $295 million to $303 million. Adjusted Net Trading Income is forecast to be between $238 million and $246 million.

The Average Daily Adjusted Net Trading Income for the July-August period is estimated to be between $5.53 and $5.72 million per day.

July 2020 estimated results are revised to $6.50 million Average Daily Adjusted Net Trading Income (from the previously estimated range of $6.70 to $7.00 million per day). The Trading Income in July is estimated at $173 million, whereas Adjusted Net Trading Income is expected to be $143 million.

The August 2020 results of operations are preliminarily estimated to reflect net trading income in the range from $122 million and $130 million, whereas adjusted net trading income is expected to be between $95 million and $103 million.

The Average Daily Adjusted Net Trading Income for August is expected to be between $4.52 and $4.90 million per day reflecting overall declines in volumes and volatility benchmarks in the U.S. and Europe.

Read this next

Digital Assets

OneCoin founder Ruja Ignatova is selling penthouse in UK

OneCoin founder Ruja Ignatova, who steered one of the world’s biggest cryptocurrency frauds, is back into the spotlight more than five years after vanishing from the public eye.

Digital Assets

Bitpay taps MoonPay to offer access to +60 cryptocurrencies

Crypto payment service provider Bitpay said it’s partnering with exchange and web3 infrastructure provider MoonPay to provide its users with easier access to buy cryptocurrency instantly.

Digital Assets

New York investigates Gemini over FDIC insurance claims

New York regulators are investigating Gemini over “false and misleading” claims the Winklevoss-owned exchange had made about whether client funds are insured by the government.

Digital Assets

Binance launches Mastercard-backed crypto card in Brazil

In partnership with Mastercard, crypto giant Binance is launching its pre-paid card offering cryptocurrency “rewards” on customers’ purchases.

Digital Assets

Circle publishes a breakdown of USDC reserves for December

Boston-based stablecoin issuer Circle has revealed a breakdown of its reserves for December 2022, as well as a complete list of USDC reserve custodians.

Retail FX

Monex reports lower revenues as crypto downturn bites

Monex Group has reported its Q3 2022 financial metrics, which saw a reversal in terms of its revenues as TradeStation was grappling with a crypto market crash that has tanked the profitability of its crypto business.

Inside View

Broadridge report finds 27% of firms’ overall IT budget goes to digital transformation

“A new chapter in digital transformation is emerging. In our work with clients across the financial services industry we see leading firms are already reaping the benefits from digitalization and the use of technologies such as AI and blockchain/DLT, as they adapt to economic headwinds and new competitive dynamics”

Executive Moves

Ripple announces Monica Long as President

“I’m incredibly honored to take on the role of President at Ripple as we expand deeper into crypto-enabled services like liquidity, settlement and custody.”

Executive Moves

Arabesque AI appoints Carolina Minio Paluello as CEO

“Arabesque AI is uniquely positioned to service the asset management industry’s need to meet the growing market demand for hyper customised portfolios.”

<