Virtu Financial announces US launch of Execution Concierge Service

Maria Nikolova

ECS combines the full scope of Virtu’s execution services offering into one solution for the entire trade lifecycle.

Virtu Financial Inc (NASDAQ:VIRT) today announces the US launch of its outsourced trading business, Execution Concierge Service (ECS). ECS combines the full scope of Virtu’s execution services offering, ranging from multi-asset, broker-neutral technology platforms, trading tools and analytics, to high-touch trading services and global client coverage, into one solution for the entire trade lifecycle.

Depending on client’s needs, Virtu will offer three levels of Execution Concierge Service:

  • Full Service: Virtu’s specialists act as the client’s trading arm – managing the trade throughout the entire lifecycle;
  • Hybrid: Supplement the client’s in-house capabilities with the power of Virtu;
  • On demand: Seamless coverage on an extended or ad hoc basis to support the client’s trading staff during absences or high-volume periods.

Douglas Cifu, Virtu Financial Chief Executive Officer, explains: “The acquisition of ITG strengthened our global product suite and put us in a unique position to extend to clients our operational leverage and trading acumen, particularly in products and regions where our clients do not currently participate.Virtu’s Execution Concierge Service offers clients a one-stop solution with a product for every step of the trading lifecycle, making ECS a complete, front-to-back workflow solution.”

“Due to growing cost and revenue pressures, along with operational and regulatory challenges, we have seen managers increasingly turn to outsourced solutions in varying degrees,” added Virtu’s Jack Pollina, Head of Outsourced Trading. “Virtu’s offering is designed to function as a seamless extension of a client’s trading desk. Virtu’s ECS provides US asset managers with experienced trading and settlement coverage in all major regions across the globe, and our brokerage and broker-neutral platform of tools and trade analytics, such as Triton EMS, TCA, CSA, FIX network, and research credit management, truly separate Virtu from the competition.”

Virtu will initially offer ECS to US domiciled clients. The company intends to expand the offering to other regions based on client demand.

Read this next

Retail FX

Spotware rolls out Manager’s API for cTrader brokers

Spotware Systems, a technology provider for the electronic trading industry, has released its new Manager’s API for Brokers, providing powerful tools for server-server integration.

Metaverse Gaming NFT

Dubai Museum taps Binance to jump onto NFT bandwagon

Dubai’s Museum of the Future, the $136 million UAE government-sponsored museum that opened a few weeks ago, is joining forces with Binance NFT to roll out a range of digital products on blockchain.

Digital Assets

Ripple and Lithuanian FINCI partner for XRP-based payments

Ripple is looking to expand its presence in Europe, forming a new partnership with Lithuanian electronic money institution FINCI.

Digital Assets enables Shopify merchants to accept crypto payments has integrated with Canadian e-commerce giant Shopify so global merchants can accept crypto payments and save on processing fees through cash-final settlements.

Institutional FX

FX volume drops 13pct at CLS Group in April 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in April.

Crypto Insider, Opinion

Regulation: The Gold-Standard for Crypto-Assets

When the US supervisory authority SEC allowed an investment product referencing Bitcoin futures to be traded for the first time last October, this was widely perceived as a signal that cryptocurrencies had finally become established as an asset class.

Executive Moves

Solid hires FX industry veteran Darren Barker for multi-bank ECN’s business development

His curriculum vitae includes former roles at Cantor Fitzgerald, Sucden Financial, R.J. O’Brien, Jefferies, Natixis, Unicredit, J.P. Morgan, Raiffeisen, RBS International, UBS, Deutsche Bank, and Citi. 

Inside View

Mihails Safro, xpate CEO: Tips sellers need to know to overcome compliance obstacles

The unprecedented growth of e-commerce changed shopping dramatically last year. Many sellers suddenly faced a rapidly growing number of customers who had to stay home during the lockdown. When some clients adopted Netflix and Spotify as part of a daily routine, others ventured into online business. Robinhood alone saw a whopping 6 million rise in user numbers in 2 months. 

Institutional FX

BMLL delivers Level 3 data to Kepler Cheuvreux for order book analytics and algo performance

The solution covers more than 6.5 years of harmonised historical data from 65 venues and combines it with easy to use APIs and analytics libraries in a secure cloud environment.