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Virtu to Buy ITG for $1 Billion to Add Institutional Clients

Trading On The Floor Of The NYSE As Global Stock Turmoil Persists Amid Rate Jitters
Photographer: Michael Nagle/Bloomberg
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Virtu Financial Inc. agreed to buy Investment Technology Group Inc. for about $1 billion, giving the high-speed trading firm a brokerage that has relationships with big institutional investors.

The purchase continues Virtu’s transformation from a company that places bids and offers on exchanges to one that has relationships with customers. Virtu’s $1.3 billion acquisition of rival high-frequency trader KCG Holdings Inc. last year gave it a business that executes orders for retail brokerages. ITG would allow it to build on that growth.