Virtu Financial, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Virtu Financial, Inc. has submitted its 2023 10-K filing, detailing its financial performance and operational data for the fiscal year.</b>

AI Summary

Virtu Financial, Inc. (VIRT) filed a Annual Report (10-K) with the SEC on February 16, 2024. Virtu Financial, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing provides comprehensive financial information and business operations for the year. Key financial data includes details on common stock, treasury stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income. The report covers the fiscal years 2023, 2022, and 2021, with specific data points for each. The company's principal executive offices are located at 1633 Broadway, New York, NY.

Why It Matters

For investors and stakeholders tracking Virtu Financial, Inc., this filing contains several important signals. This 10-K filing is crucial for investors and analysts to assess Virtu Financial's financial health, profitability, and strategic direction over the past year. The detailed financial statements and disclosures within the report are essential for understanding the company's market position, risks, and future outlook.

Risk Assessment

Risk Level: medium — Virtu Financial, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive but routine disclosure. The risk is medium due to the inherent volatility and regulatory scrutiny of the financial services industry.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Virtu Financial's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-16 — Filing Date (Date of submission)
• 2023 — Fiscal Year (Primary year of reporting)
• 2022 — Prior Fiscal Year (Comparative year)
• 2021 — Prior Fiscal Year (Comparative year)

Key Players & Entities

• Virtu Financial, Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-16 (date) — Filing date
• 1633 Broadway (location) — Business address
• New York (location) — Business address city
• NY (location) — Business address state
• 10019 (postal_code) — Business address zip
• 001-37352 (filing_id) — SEC file number

FAQ

Industry Context

Virtu Financial operates in the securities brokerage, dealing, and flotation industry, characterized by high transaction volumes and technological innovation.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet health.
2. Review any disclosed risk factors to understand potential challenges and mitigation strategies.
3. Compare key financial metrics with previous years to identify performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-16: Filing Date — Date Virtu Financial, Inc. submitted its 10-K.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, providing the latest annual financial data.

Key Financial Figures

• $0.00001 — stered Class A common stock, par value $0.00001 per share VIRT The Nasdaq Stock Market
• $17.09 — million, based on the closing price of $17.09 per share as reported by Nasdaq on such

Filing Documents

• virt-20231231.htm (10-K) — 4178KB
• exhibit211q423.htm (EX-21.1) — 7KB
• exhibit231q423.htm (EX-23.1) — 2KB
• exhibit311q423.htm (EX-31.1) — 11KB
• exhibit312q423.htm (EX-31.2) — 12KB
• exhibit321q423.htm (EX-32.1) — 6KB
• exhibit322q423.htm (EX-32.2) — 6KB
• exhibit971q423.htm (EX-97.1) — 29KB
• virt-20231231_g1.jpg (GRAPHIC) — 157KB
• 0001592386-24-000026.txt (&nbsp;) — 21068KB
• virt-20231231.xsd (EX-101.SCH) — 107KB
• virt-20231231_cal.xml (EX-101.CAL) — 193KB
• virt-20231231_def.xml (EX-101.DEF) — 665KB
• virt-20231231_lab.xml (EX-101.LAB) — 1272KB
• virt-20231231_pre.xml (EX-101.PRE) — 941KB
• virt-20231231_htm.xml (XML) — 4373KB

BUSINESS

BUSINESS 5 ITEM 1A.

RISK FACTORS

RISK FACTORS 17 ITEM 1B. UNRESOLVED STAFF COMMENTS 41 ITEM 1C. CYBERSECURITY 42 ITEM 2.

PROPERTIES

PROPERTIES 43 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 43 ITEM 4. MINE SAFETY DISCLOSURES 43 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 45 I TEM 6. RESERVED 48 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 49 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 75 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 77 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 135 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 135 ITEM 9B. OTHER INFORMATION 137 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 138 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 140 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 141 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 142 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 143 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 144 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 145

SIGNATURES

SIGNATURES 150 2 Unless the context otherwise requires, the terms "we," "us," "our," "Virtu" and the "Company" refer to Virtu Financial, Inc., a Delaware corporation, and its consolidated subsidiaries and the term "Virtu Financial" refers to Virtu Financial LLC, a Delaware limited liability company and a consolidated subsidiary of ours. 3 PART I CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements. You should not place undue reliance on forward-looking statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate," "project" or, in each case, their negative, or other variations or comparable terminology and expressions. These statements are based on assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you read and consider this Annual Report on Form 10-K, you should understand that forward-looking statements are not guarantees of performance or results and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this Annual Report on Form 10-K. By their nature, forward-looking statements involve known and unknown risks and uncertai

BUSINESS

ITEM 1. BUSINESS Overview We are a leading financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to our clients. Leveraging our global market structure expertise and scaled, multi-asset infrastructure, we provide our clients a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Our product offerings allow our clients to trade on hundreds of venues across over 50 countries and in multiple asset classes, including global equities, Exchange Traded Funds ("ETFs"), options, foreign exchange, futures, fixed income, cryptocurrencies, and myriad other commodities. Our integrated, multi-asset analytics platform provides a range of pre- and post-trade services, data products and compliance tools that our clients rely upon to invest, trade and manage risk across global markets. We believe that our broad diversification, in combination with our proprietary technology platform and low-cost structure, gives us the scale necessary to grow our business around the globe as we service clients and facilitate risk transfer between global capital markets participants by providing liquidity, while at the same time earning attractive margins and returns. Technology and operational efficiency are at the core of our business, and our focus on market making and order routing technology is a key element of our success. We have developed a proprietary, multiasset, multi-currency technology platform that is highly reliable, scalable and modular, and we integrate directly with exchanges, liquidity centers, and our clients. Our market data, order routing, transaction processing, risk management and market surveillance technology modules manage our market making and institutional agency activities in an efficient manner that enables us to scale our activities globally, across additional securities and othe

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View this 10-K filing on SEC EDGAR