The TRADE 83 - Q1 2025 | Page 80

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Virtu Financial

Virtu Financial achieved an overall average score of 6.16 in this year ' s survey, a great improvement from 2024, with an increase of 0.24 and landing well above the survey average score of 6.00. The broker saw an impressive increase across most categories in 2025, with the largest year-onyear upticks being reduced market impact( 0.43) and speed( 0.38). The least improved category was cost, which declined by-0.14. Virtu’ s highest scores were in speed( 6.42), increase trader productivity( 6.35) and breadth of dark pools( 6.35).

Technology, transparency and microstructure expertise form the foundation of Virtu’ s algorithmic trading suite, states the broker in its provider submission to the survey. Virtu’ s post-trade analytical tools provide granular insight into the reasons behind an algorithm’ s trading decisions. When compared against the survey benchmarks, Virtu outperforms the category average in 13 of the 15 areas under review, most significantly in speed( 0.38) and flexibility and sophistication of smart order routing( 0.30). Cost performed least well, landing 10 basis points below the category average.
This year, Virtu received 88 responses, which ranks the broker sixth amongst its peers in terms of submissions. Around 45 % of long-only managers responding to this year’ s survey that do business with Virtu indicate they have more than $ 50 billion in AUM, followed by those managing between $ 1 and $ 10 billion in asset at 18 %. The UK( 23 %) and Europe( 39 %) collectively represented 62 % of the respondents, with the remainder split across North America( 32 %), Asia-Pacific( 4 %) and rest of the world( 2 %). The most commonly used performance measurement metrics were VWAP TCA and implementation shortfall TCA.
Sample feedback from respondents included the following:
• Best overall algo for liquidity, anonymity, speed
• Best venue connectivity and fill rate
• Customer service is great and dark liquidity access is excellent
• Increased algo monitoring capabilities
• Access to better visualisation tools
VIRTU FINANCIAL RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity
Reduced market impact
Execution consistency
Cost Speed Anonymity Price improvement Customisation
6.35 6.22 6.23 5.81 6.42 6.29 5.92 5.80
Ease of use
Order routing logic / analysis
Customer support
Execution consulting
Dark pool access
Flexibility and sophistication of SOR
Algo monitoring
Average score
6.34 6.10 6.25 5.99 6.35 6.27 6.01 6.16
KEY STATS Overall Outperformer: Category Outperformer: X13

6.42

Highest score( Speed)

5.80

Lowest score( Customisation features)

0.43

Most improved( Reduced market impact)

-0.14

Least improved( cost)
80 // TheTRADE // Q1 2025