Virtu’s Currency Profit Doubles in HFT Firm’s First Results
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Virtu Financial Inc. said its income from trading currencies has doubled as the Swiss National Bank shocked markets by abandoning its price cap on the franc. Some of the world’s biggest banks lost money from that event.
Profit from currency trading rose 103 percent to $42.2 million in the first quarter from a year earlier, the high-frequency trading firm said in its maiden results after becoming a public company last month. Its income from American stocks rose 15 percent to $29.1 million, while commodities increased 16 percent to $34.7 million.