Automated Trading Firm Virtu Files for Initial Public Offering
Virtu Financial Inc., an electronic market-making firm that trades stocks, commodities and derivatives, filed for a $100 million initial public offering in the U.S.
The $100 million figure is a placeholder used to calculate registration fees and may change, according to the company’s filing with the Securities and Exchange Commission. Goldman Sachs Group Inc., JPMorgan Chase & Co. and Sandler O’Neill & Partners LP were tapped to manage the sale. The company is offering Class A common stock, with no current stockholders, such as chief executive officer Vincent Viola and private-equity firm Silver Lake Management LLC, planning to sell shares, according to the regulatory filing today.
The IPO comes amid increasing scrutiny of high-speed automated traders. SEC Chairman Mary Jo White said in a speech on Jan. 27 that the agency would shortly publish a a review of high-frequency trading.
Virtu said in its filing that it will list its stock on Nasdaq Stock Market under the symbol VIRT.