Virtu Financial determines bonuses for Chief Operating Officer and Executive Vice President

Maria Nikolova

The company has entered into an agreement with Brett Fairclough and Stephen Cavoli regarding their minimum annual bonuses for the year ended December 31, 2019.

Virtu Financial Inc (NASDAQ:VIRT) has determined the size of the bonuses of two senior executives for 2019. This becomes clear from a recent filing with the Securities and Exchange Commission (SEC).

The company reports it has entered into a letter agreement with Brett Fairclough, its Chief Operating Officer and Global Head of Business Development, and Stephen Cavoli, its Executive Vice President, Markets, providing for minimum annual bonuses for the year to December 31, 2019.

The bonus for Mr Fairclough is $1,540,000 and the bonus for Mr Cavoli is $1,300,000, in each case payable by the company in cash, stock or deferred equity interests as determined by the company in its sole discretion.

As FinanceFeeds reported, back in September 2019, Brett Fairclough was promoted to Chief Operating Officer and Global Head of Business Development at Virtu, where he has worked since 2007. He led Virtu’s Asia Pacific operations from 2014 to 2019 and was the Chief Compliance Officer of Virtu’s broker-dealer subsidiaries from 2012 to 2014. In his previous roles, he worked closely with exchanges and other industry participants to foster the growth and development of securities markets globally. Mr. Fairclough attended the University of California at Los Angeles.

Mr Cavoli has served as Virtu Financial’s Executive Vice President, Markets since December 2017 and oversees the company’s Execution Services business, which was expanded during the period as a result of the company’s acquisition of Investment Technology Group in March 2019.

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