Virtu Financial (VIRT) 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 09, 2017
Entity Registrant Name	Virtu Financial, Inc.
Entity Central Index Key	1,592,386
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Class A
Entity Common Stock, Shares Outstanding		87,082,049
Class C
Entity Common Stock, Shares Outstanding		18,773,891
Class D
Entity Common Stock, Shares Outstanding		79,610,490

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 164,934	$ 181,415
Restricted cash	1,119,360
Securities borrowed	285,219	220,005
Receivables from broker dealers and clearing organizations	385,368	448,728
Trading assets, at fair value:
Financial instruments owned	1,238,409	1,683,999
Financial instruments owned and pledged	152,178	143,883
Property, equipment and capitalized software (net of accumulated depreciation of $113,828 and $113,184 as of June 30, 2017 and December 31, 2016, respectively)	33,000	29,660
Goodwill	718,521	715,379
Intangibles (net of accumulated amortization)	886	992
Deferred tax asset	198,289	193,859
Other assets ($37,770 and $36,480, at fair value, as of June 30, 2017 and December 31, 2016, respectively)	77,681	74,470
Total assets	4,373,845	3,692,390
Liabilities
Short term borrowings	13,000	25,000
Securities loaned	345,184	222,203
Payables to broker dealers and clearing organizations	397,904	695,978
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	1,109,010	1,349,155
Tax receivable agreement obligations	231,639	231,404
Accounts payable and accrued expenses and other liabilities	131,304	69,281
Long-term borrowings	1,628,323	564,957
Total liabilities	3,856,364	3,157,978
Stockholders' Equity
Treasury stock, at cost, 453,066 and 453,066 shares at June 30, 2017 and December 31, 2016, respectively	(8,358)	(8,358)
Additional paid-in capital	164,835	155,536
Accumulated deficit	(16,051)	(1,254)
Accumulated other comprehensive income (loss)	1,446	(252)
Total stockholders' equity	141,873	145,673
Noncontrolling interest	375,608	388,739
Total equity	517,481	534,412
Total liabilities and equity	4,373,845	3,692,390
Class D
Stockholders' Equity
Common stock value	$ 1	$ 1

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accumulated depreciation (in dollars)	$ 113,828	$ 113,184
Fair value of other assets (in dollars)	$ 37,770	$ 36,480
Treasury stock shares	453,066	453,066
Class A
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock shares authorized	1,000,000,000	1,000,000,000
Common stock shares issued	41,427,886	40,436,580
Common stock shares outstanding	40,974,820	39,983,514
Class B
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock shares authorized	175,000,000	175,000,000
Common stock shares issued	0	0
Common stock shares outstanding	0	0
Class C
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock shares authorized	90,000,000	90,000,000
Common stock shares issued	18,773,891	19,810,707
Common stock shares outstanding	18,773,891	19,810,707
Class D
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock shares authorized	175,000,000	175,000,000
Common stock shares issued	79,610,490	79,610,490
Common stock shares outstanding	79,610,490	79,610,490

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Trading income, net	$ 136,163	$ 166,547	$ 275,737	$ 352,836
Interest and dividends income	5,629	5,422	10,503	9,690
Technology services	3,107	2,212	5,886	4,293
Other, net	(11)		49
Total revenue	144,888	174,181	292,175	366,819
Operating Expenses:
Brokerage, exchange and clearance fees, net	52,899	55,573	105,669	115,298
Communication and data processing	18,985	17,953	37,192	35,675
Employee compensation and payroll taxes	17,365	20,809	38,712	43,366
Interest and dividends expense	14,934	14,097	27,214	27,634
Operations and administrative	8,946	5,736	13,792	10,655
Depreciation and amortization	6,798	7,800	13,555	15,527
Amortization of purchased intangibles and acquired capitalized software	53	53	106	106
Debt issue costs related to debt refinancing	4,482		4,482
Transaction advisory fees and expenses	8,511	155	8,643	155
Reserve for legal matter	(2,176)		(2,176)
Charges related to share-based compensation at IPO	179	516	364	1,111
Financing interest expense on long-term borrowings	8,720	7,075	15,548	14,176
Total operating expenses	139,696	129,767	263,101	263,703
Income before income taxes and noncontrolling interest	5,192	44,414	29,074	103,116
Provision for income taxes	779	5,128	3,587	12,474
Net income	4,413	39,286	25,487	90,642
Noncontrolling interest	(3,512)	(30,908)	(20,006)	(71,916)
Net income available for common stockholders	$ 901	$ 8,378	$ 5,481	$ 18,726
Earnings per share
Basic (in dollars per share)	$ 0.01	$ 0.21	$ 0.11	$ 0.48
Diluted (in dollars per share)	$ 0.01	$ 0.21	$ 0.11	$ 0.48
Weighted average common shares outstanding
Basic (in shares)	40,814,214	38,230,684	40,607,791	38,220,390
Diluted (in shares)	40,814,214	38,230,684	40,607,791	38,220,390
Comprehensive income
Net income	$ 4,413	$ 39,286	$ 25,487	$ 90,642
Other comprehensive income (loss)
Foreign currency translation adjustment, net of taxes	4,852	(1,230)	5,637	1,264
Comprehensive income	9,265	38,056	31,124	91,906
Less: Comprehensive income attributable to non-controlling interests	(6,901)	(30,024)	(23,945)	(72,825)
Comprehensive income attributable to common stockholders	$ 2,364	$ 8,032	$ 7,179	$ 19,081

Condensed Consolidated Statemen

Condensed Consolidated Statements of Changes in Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Common StockClass A	Common StockClass C	Common StockClass D	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling Interest	Class A	Class C	Class D	Total
Balance at Dec. 31, 2016			$ 1	$ (8,358)	$ 155,536	$ (1,254)	$ (252)	$ 145,673	$ 388,739				$ 534,412
Balance (in shares) at Dec. 31, 2016	40,436,580	19,810,707	79,610,490	(453,066)						39,983,514	19,810,707	79,610,490
Increase (decrease) in stockholder's/members' equity
Share based compensation					8,536			8,536					8,536
Share based compensation (in shares)		(12,721)
Treasury stock purchases					(441)			(441)					(441)
Treasury stock purchases (in shares)		(32,789)
Net income						5,481		5,481	20,006				25,487
Foreign exchange translation adjustment							1,698	1,698	3,939				5,637
Distribution from Virtu Financial to non-controlling interest									(37,076)				(37,076)
Dividends						(20,278)		(20,278)					(20,278)
Issuance of common stock in connection with employee exchanges (in shares)	991,306
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)		(991,306)
Issuance of tax receivable agreements in connection with employee exchange					1,204			1,204					1,204
Balance at Jun. 30, 2017			$ 1	$ (8,358)	$ 164,835	$ (16,051)	$ 1,446	$ 141,873	$ 375,608				$ 517,481
Balance (in shares) at Jun. 30, 2017	41,427,886	18,773,891	79,610,490	(453,066)						40,974,820	18,773,891	79,610,490

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net Income	$ 25,487	$ 90,642
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,555	15,527
Amortization of purchased intangibles and acquired capitalized software	106	106
Debt issue cost related to debt refinancing	4,482
Amortization of debt issuance costs and deferred financing fees	653	878
Termination of office leases		292
Share based compensation	7,249	6,228
Reserve for legal matter	(2,176)
Equipment writeoff	544	428
Deferred taxes	4,028	5,279
Other	(564)	(76)
Changes in operating assets and liabilities:
Securities borrowed	(65,214)	(96,914)
Securities purchased under agreements to resell		9,950
Receivables from broker dealers and clearing organizations	63,360	(872,828)
Trading assets, at fair value	437,295	(378,308)
Other Assets	(1,291)	540
Securities loaned	122,981	431,059
Payables to broker dealers and clearing organizations	(298,074)	(78,541)
Trading liabilities, at fair value	(240,145)	944,934
Accounts payable and accrued expenses and other liabilities	10,117	6,261
Net cash provided by operating activities	82,393	85,457
Cash flows from investing activities
Development of capitalized software	(3,173)	(4,153)
Acquisition of property and equipment	(6,997)	(5,640)
Acquisition of business, net of cash acquired	(5,704)
Net cash used in investing activities	(15,874)	(9,793)
Cash flows from financing activities
Distribution from Virtu Financial to non-controlling interest	(37,076)	(91,519)
Dividends	(20,278)	(18,739)
Short-term borrowings, net	(12,000)	23,000
Payments on repurchase of non-voting common interest	(1,441)	(1,000)
Proceeds from long-term borrowings	1,115,036
Repayment of senior secured credit facility	(6,473)	(2,550)
Tax receivable agreement obligations	(7,045)
Net cash provided by (used in) financing activities	1,030,723	(90,808)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	5,637	1,264
Increase (decrease) in cash, cash equivalents, and restricted cash	1,102,879	(13,880)
Cash, cash equivalents, and restricted cash, beginning of period	181,415	163,235
Cash, cash equivalents, and restricted cash, end of period	1,284,294	149,355
Supplementary disclosure of cash flow information
Cash paid for interest	35,418	28,941
Cash paid for taxes	4,584	9,278
Non-cash investing activities
Share based compensation of developers relating to software capitalized	$ 1,328	$ 3,454

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Organization and Basis of Presentation
Organization and Basis of Presentation	1. Organization and Basis of Presentation Organization The accompanying condensed consolidated financial statements include the accounts and operations of Virtu Financial, Inc. (“VFI”, or, collectively with its wholly owned or controlled subsidiaries, the “Company”) beginning with its initial public offering (“IPO”) in April of 2015, along with the historical accounts and operations of Virtu Financial LLC (“Virtu Financial”) prior to the Company’s IPO. VFI is a Delaware corporation whose primary asset is its ownership of approximately 30.2% of the membership interests of Virtu Financial, which it acquired pursuant to and subsequent to certain reorganization transactions (the “Reorganization Transactions”) consummated in connection with its IPO. The Company is the sole managing member of Virtu Financial and operates and controls all of the businesses and affairs of Virtu Financial and, through Virtu Financial and its subsidiaries (the “Group”), continues to conduct the business now conducted by such subsidiaries. Virtu Financial was formed as a Delaware limited liability company on April 8, 2011 in connection with a corporate reorganization and acquisition of the outstanding equity interests of Madison Tyler Holdings, LLC (“MTH”), an electronic trading firm and market maker. In connection with the reorganization, the members of Virtu Financial’s predecessor entity, Virtu Financial Operating LLC (“VFO”), a Delaware limited liability company formed on March 19, 2008, exchanged their interests in VFO for interests in Virtu Financial and the members of MTH exchanged their interests in MTH for cash and/or interests in Virtu Financial. Virtu Financial’s principal subsidiaries include Virtu Financial BD LLC (“VFBD”), a self-clearing U.S. broker-dealer, Virtu Financial Capital Markets LLC (“VFCM”), a U.S. broker-dealer, which self-clears its proprietary transactions and introduces the accounts of its affiliates and non-affiliated broker-dealers on an agency basis to other clearing firms that clear and settle transactions in those accounts; and which is also a designated market maker on the New York Stock Exchange (“NYSE”) and the NYSE MKT (formerly NYSE Amex), Virtu Financial Global Markets LLC (“VFGM”), a U.S. trading entity focused on futures and currencies, Virtu Financial Ireland Limited (“VFIL”), formed in Ireland, Virtu Financial Asia Pty Ltd (“VFAP”), formed in Australia, and Virtu Financial Singapore Pte. Ltd. (“VFSing”), formed in Singapore, each of which are trading entities focused on asset classes in their respective geographic regions. The Company is a technology-enabled market maker and liquidity provider. The Company has developed a single, proprietary, multi-asset, multi-currency technology platform through which it provides quotations to buyers and sellers in equities, commodities, currencies, options, fixed income and other securities on numerous exchanges, markets and liquidity pools in numerous countries around the world. The Company is managed and operated as one business. Accordingly, the Company operates under one reportable segment. On July 20, 2017 (the “Closing Date”), the Company completed the all-cash acquisition (the “Acquisition”) of KCG Holdings, Inc. (“KCG”) pursuant to the terms of the Agreement and Plan of Merger, dated as of April 20, 2017 (the “Merger Agreement”), by and among the Company, Orchestra Merger Sub, Inc., a Delaware corporation and an indirect wholly-owned subsidiary of the Company (“Merger Sub”), and KCG, Merger Sub merged with and into KCG (the “Merger”), with KCG surviving the Merger as a wholly owned subsidiary of the Company. Basis of Presentation These condensed consolidated financial statements are presented in U.S. dollars and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding financial reporting with respect to Form 10-Q and accounting standards generally accepted in the United States of America (“U.S. GAAP”) promulgated in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC” or the “Codification”). The condensed consolidated financial statements of the Company include its equity interests in Virtu Financial and its subsidiaries. The Company operates and controls all business and affairs of Virtu Financial and its operating subsidiaries indirectly through its equity interest in Virtu Financial. The condensed consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements and should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2016 (the “2016 10-K”), as amended, which was filed on March 13, 2017. The accompanying December 31, 2016 unaudited condensed consolidated statements of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The operating results for interim periods are not necessarily indicative of the operating results for any future interim or annual period. Principles of Consolidation, including Noncontrolling Interests The condensed consolidated financial statements include the accounts of the Company and its majority and wholly owned subsidiaries. As sole managing member of Virtu Financial, the Company exerts control over the Group’s operations. The Company consolidates Virtu Financial and its subsidiaries’ financial statements and records the interests in Virtu Financial that the Company does not own as noncontrolling interests. All intercompany accounts and transactions have been eliminated in consolidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The Company’s condensed consolidated financial statements are prepared in conformity with U.S. GAAP, which require management to make estimates and assumptions regarding measurements including the fair value of trading assets and liabilities, goodwill and intangibles, compensation accruals, capitalized software, income tax, and other matters that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ materially from those estimates. Earnings Per Share Earnings per share (“EPS”) is calculated on both a basic and diluted basis. Basic EPS excludes dilution and is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is calculated by dividing the net income available for common stockholders by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of the basic EPS and, in addition, reflects the dilutive effect of shares of common stock estimated to be distributed in the future under the Company’s share based compensation plans. The Company grants restricted stock units (“RSUs”), which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. As a result, the unvested RSUs meet the definition of a participating security requiring the application of the two-class method. Under the two-class method, earnings available to common shareholders, including both distributed and undistributed earnings, are allocated to each class of common stock and participating securities according to dividends declared and participating rights in undistributed earnings, which may cause diluted EPS to be more dilutive than the calculation using the treasury stock method. Cash and Cash Equivalents The Company considers cash equivalents as highly liquid investments with original maturities of less than three months when acquired. The Company maintains cash in bank deposit accounts that, at times, may exceed federally insured limits. Securities Borrowed and Securities Loaned The Company conducts securities borrowing and lending activities with external counterparties. In connection with these transactions, the Company receives or posts collateral. These transactions are collateralized by cash or securities. In accordance with substantially all of its stock borrow agreements, the Company is permitted to sell or repledge the securities received. Securities borrowed or loaned are recorded based on the amount of cash collateral advanced or received. The initial cash collateral advanced or received generally approximates or is greater than 102% of the fair value of the underlying securities borrowed or loaned. The Company monitors the fair value of securities borrowed and loaned, and delivers or obtains additional collateral as appropriate. Receivables and payables with the same counterparty are not offset in the condensed consolidated statements of financial condition. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under interest and dividends income or interest and dividends expense in the condensed consolidated statements of comprehensive income. Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase In a repurchase agreement, securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at contract value, plus accrued interest, which approximates fair value. It is the Company’s policy that its custodian takes possession of the underlying collateral securities with a fair value approximately equal to the principal amount of the repurchase transaction, including accrued interest. For reverse repurchase agreements, the Company typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the condensed consolidated statements of financial condition. To ensure that the fair value of the underlying collateral remains sufficient, the collateral is valued daily with additional collateral obtained or excess collateral returned, as permitted under contractual provisions. The Company does not net securities purchased under agreements to resell transactions with securities sold under agreements to repurchase transactions entered into with the same counterparty. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under interest and dividends income or interest and dividends expense in the condensed consolidated statements of comprehensive income. Receivables from/Payables to Broker-dealers and Clearing Organizations Amounts receivable from broker-dealers and clearing organizations may be restricted to the extent that they serve as deposits for securities sold, not yet purchased. At June 30, 2017 and December 31, 2016, receivables from and payables to broker-dealers and clearing organizations primarily represented amounts due for unsettled trades, open equity in futures transactions, securities failed to deliver or failed to receive, deposits with clearing organizations or exchanges and balances due from or due to prime brokers in relation to the Company’s trading. The Company presents its balances, including outstanding principal balances on all credit facilities, on a net-by-counterparty basis within receivables from and payable to broker-dealers and clearing organizations when the criteria for offsetting are met. In the normal course of business, substantially all of the Company’s securities transactions, money balances, and security positions are transacted with several brokers. The Company is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of such brokers and does not anticipate any losses from these counterparties. Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased The Company records financial instruments owned, including those pledged as collateral, and financial instruments sold, not yet purchased at fair value. Gains and losses arising from financial instrument transactions are recorded net on a trade-date basis in trading income, net, in the condensed consolidated statements of comprehensive income. Fair Value Measurements Fair value is defines as the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The recognition of “block discounts” for large holdings of unrestricted financial instruments where quoted prices are readily and regularly available in an active market is prohibited. The Company categorizes its financial instruments into a three-level hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy level assigned to each financial instrument is based on the assessment of the transparency and reliability of the inputs used in the valuation of such financial instruments at the measurement date based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories based on inputs: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly; or Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Transfers in or out of levels are recognized based on the beginning fair value of the period in which they occurred. Fair Value Option The fair value option election allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are recorded in other, net in the condensed consolidated statements of comprehensive income. The decision to elect the fair value option is determined on an instrument by instrument basis must be applied to an entire instrument and is irrevocable once elected. Derivative Instruments Derivative instruments are used for trading purposes, including economic hedges of trading instruments, which are carried at fair value, include futures, forward contracts, and options. Unrealized gains or losses on these derivative instruments are recognized currently within trading income, net in the condensed consolidated statement of comprehensive income. Fair values for exchange-traded derivatives, principally futures, are based on quoted market prices. Fair values for over-the-counter derivative instruments, principally forward contracts, are based on the values of the underlying financial instruments within the contract. The underlying instruments are currencies, which are actively traded. The Company presents its derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, except for the assets acquired in connection with the acquisition of MTH, which were recorded at fair value on the date of acquisition. Depreciation is provided using the straight-line method over estimated useful lives of the underlying asset. Routine maintenance, repairs and replacement costs are expensed as incurred and improvements that appreciably extend the useful life of the assets are capitalized. When property and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. Furniture, fixtures, and equipment are depreciated over three to seven years. Leasehold improvements are amortized over the lesser of the length of the lease term or seven years. Capitalized Software The Company capitalizes costs of materials, consultants, and payroll and payroll related costs for employees incurred in developing internal-use software. Costs incurred during the preliminary project and post-implementation stages are charged to expense. Management’s judgment is required in determining the point at which various projects enter the stages at which costs may be capitalized, in assessing the ongoing value of the capitalized costs, and in determining the estimated useful lives over which the costs are amortized. Capitalized software development costs and related accumulated amortization are included in property, equipment and capitalized software in the accompanying condensed consolidated statements of financial condition and are amortized over a period of 1.4 to 2.5 years, which represents the estimated useful lives of the underlying software. Goodwill Goodwill represents the excess of the purchase price over the underlying net tangible and intangible assets of the Company’s acquisitions. Goodwill is not amortized but is tested for impairment on an annual basis and between annual tests whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company operates as one operating segment, which is the Company’s only reporting unit. The Company tests goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events or circumstances exist. In the impairment test as of July 1, 2016, the primary valuation method used to estimate the fair value of the Company’s reporting unit was the market capitalization approach based on the market price of its Class A common stock, which the Company’s management believes to be an appropriate indicator of its fair value. Intangible Assets The Company amortizes finite-lived intangible assets over their estimated useful lives. Finite-lived intangible assets are tested for impairment annually or when impairment indicators are present, and if impaired, they are written down to fair value. Exchange Memberships and Stock Exchange memberships are recorded at cost or, if any other than temporary impairment in value has occurred, at a value that reflects management’s estimate of fair value. Exchange stock includes shares that entitle the Company to certain trading privileges. The shares are marked to market with the corresponding gain or loss recorded under operating and administrative in the condensed consolidated statements of comprehensive income. The Company’s exchange memberships and stock are included in other assets in the condensed consolidated statements of financial condition. Trading Income Trading income is comprised of changes in the fair value of trading assets and liabilities (i.e., unrealized gains and losses) and realized gains and losses on trading assets and liabilities. Trading gains and losses on financial instruments owned and financial instruments sold, not yet purchased are recorded on the trade date and reported on a net basis in the condensed consolidated statements of comprehensive income. Interest and Dividends Income/Interest and Dividends Expense Interest income and interest expense are accrued in accordance with contractual rates. Interest income consists of interest earned on collateralized financing arrangements and on cash held by brokers. Interest expense includes interest expense from collateralized transactions, margin and related lines of credit. Dividends on financial instruments owned including those pledged as collateral and financial instruments sold, not yet purchased are recorded on the ex-dividend date and interest is recognized on an accrual basis. Technology Services Technology services revenues consist of technology licensing fees and agency commission fees. Technology licensing fees are earned from third parties for licensing of the Company’s proprietary risk management and trading infrastructure technology and the provision of associated management and hosting services. These fees include both upfront and annual recurring fees. Revenue from technology services is recognized once persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. Revenue is recognized ratably over the contractual service period. Agency commission fees are earned from agency trades executed by the Company on behalf of third parties and recognized on a trade date basis. Rebates Rebates consist of volume discounts, credits or payments received from exchanges or other market places related to the placement and/or removal of liquidity from the order flow in the marketplace. Rebates are recorded on an accrual basis and included net within brokerage, exchange and clearance fees in the accompanying condensed consolidated statements of comprehensive income. Income Taxes Subsequent to consummation of the Reorganization Transactions and the IPO, the Company is subject to U.S. federal, state and local income taxes on its taxable income. The Company’s subsidiaries are subject to income taxes in the respective jurisdictions (including foreign jurisdictions) in which they operate. Prior to the consummation of the Reorganization Transactions and the IPO, no provision for United States federal, state and local income tax was required, as Virtu Financial is a limited liability company and is treated as a pass-through entity for United States federal, state, and local income tax purposes. The provision for income tax is comprised of current tax and deferred tax. Current tax represents the tax on current year tax returns, using tax rates enacted at the balance sheet date. The deferred tax assets are recognized in full and then reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be recognized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the applicable taxing authority, including resolution of the appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the condensed consolidated financial statements from such a position are measured based on the largest benefit for each such position that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Many factors are considered when evaluating and estimating the tax positions and tax benefits. Such estimates involve interpretations of regulations, rulings, case law, etc. and are inherently complex. The Company’s estimates may require periodic adjustments and may not accurately anticipate actual outcomes as resolution of income tax treatments in individual jurisdictions typically would not be known for several years after completion of any fiscal year. The Company has determined that there are no uncertain tax positions that would have a material impact on the Company’s financial position as of June 30, 2017 and December 31, 2016 or the results of operations or cash flows for the three and six months ended June 30, 2017 and 2016. Comprehensive Income and Foreign Currency Translation Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). OCI is comprised of revenues, expenses, gains and losses that are reported in the comprehensive income section of the condensed consolidated statements of comprehensive income, but are excluded from reported net income. The Company’s OCI is comprised of foreign currency translation adjustments. Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at period-end exchange rates, and revenues and expenses are translated at weighted average exchange rates for the period. Gains and losses resulting from translating foreign currency financial statements, net of related tax effects, are reflected in accumulated other comprehensive income, a separate component of stockholders’ equity. Share-Based Compensation The fair value of awards issued for compensation prior to the Reorganization Transactions and the IPO was determined by management, with the assistance of an independent third party valuation firm, using a projected annual forfeiture rate, where applicable, on the date of grant. Share-based awards issued for compensation in connection with or subsequent to the Reorganization Transaction and the IPO pursuant to the VFI 2015 Management Incentive Plan (the “2015 Management Incentive Plan”) were in the form of stock options, Class A common stock and RSUs. The fair value of the stock option grants is determined through the application of the Black-Scholes-Merton model. The fair value of the Class A common stock and restricted stock units are determined based on the volume weighted average price for the three days preceding the grant, and with respect to the restricted stock units, a projected annual forfeiture rate. The fair value of share-based awards granted to employees is expensed based on the vesting conditions and are recognized on a straight-line basis over the vesting period. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the issuance of common stock, the vesting of restricted stock units or the exercise of stock options. Recent Accounting Pronouncements Revenue - In May 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers . ASU 2014-09 is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . ASU 2015-14 defers the effective date of ASU 2014-09 by one year for public companies. ASU 2015-14 applies to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. In December 2016, FASB issued ASU 2016-20 Technical Correction and Improvement (Topic 606): Revenue from Contracts with Customers , which amends the guidance in ASU 2014-09. The effective date and transition requirements for the ASU are the same as ASU 2014-09. The Company is expected to adopt the revenue recognition guidance on January 1, 2018. A significant amount of the Company’s revenues are derived from market making activities, which do not involve customer contracts. The Company is in the process of identifying and evaluating the revenue streams and underlying revenue contracts within the scope of this ASU. As of June 30, 2017, the Company does not expect the adoption of this ASU will have significant impact on its condensed consolidated financial statements. Financial Assets and Liabilities — In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The ASU intends to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The new ASU affects all entities that hold financial assets or owe financial liabilities and is effective for annual reporting periods (including interim periods) beginning after December 15, 2017. Early adoption of the ASU is not permitted, e xcept for the amendments relating to the presentation of the change in the instrument-specific credit risk relating to a liability that an entity has elected to measure at fair value . The Company is currently evaluating the potential effects of the adoption of ASU 2016-01 on its condensed consolidated financial statements, but does not expect it to have a material impact on its condensed consolidated financial statements, as it does not currently classify any equity securities as available for sale, and it does not apply the fair value option to its own debt issuances. Leases — In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under the new ASU, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. The liability will be equal to the present value of lease payments. The asset, referred to as a “right-of-use asset” will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, leases will be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. New quantitative and qualitative disclosures, including significant judgments made by management, will be required to provide greater information regarding the extent of revenue and expense recognized and expected to be recognized from existing contracts. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company anticipates adopting this ASU on January 1, 2019. The Company is not anticipating recognizing lease assets and lease liabilities for leases with a term of twelve months or less. As of June 30, 2017, the Company has not yet identified any significant changes in the timing of operating leases recognition when considering this ASU, but the Company’s implementation efforts are ongoing and such assessments may change prior to the January 1, 2019, anticipated implementation date. Upon adoption of this ASU, the Company expects to report increased assets and liabilities on its condensed consolidated statement of financial condition as a result of recognizing right-of-use assets and lease liabilities related to certain equipment under noncancelable operating lease agreements, which currently are not reflected in its condensed consolidated statement of financial condition. Compensation – Stock Compensation — In March 2016, FASB issued ASU 2016-09, Employee Share-Based Payment Accounting Improvements . The ASU makes a number of changes to accounting for share based payment programs, including the following principal changes: providing that all excess tax benefits and tax deficiencies arising from share-based payment programs should be recognized as income tax expense or benefit in the income statement; allowing companies to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (as is provided under current GAAP) or account for forfeitures when they occur; and providing that partial cash settlement of an award for tax-withholding purposes would not result, by itself, in liability classification of the award provided the amount withheld does not exceed the maximum statutory tax rate (as opposed to the current requirement which specifies the minimum statutory tax rate) for an employee in the applicable jurisdictions. The ASU also provides guidance on the classification of various items related to share based payment programs in the statement of cash flows. The ASU was effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted, and an entity that elects early adoption must adopt all of the amendments in the same period. The Company has elected to early adopt this ASU effective as of December 31, 2016 and it did not have a material impact on the Company’s condensed consolidated financial statements. Statement of Cash Flows – In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The ASU intended to reduce diversity in practice how certain transactions are classified in the statement of cash flows by mandating classification of certain activities. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the potential effects of adoption of ASU 2016-15 on the Company’s condensed consolidated financial statements. Income Taxes – In October 2016, FASB issued ASU 2016-16, Income Taxes (Topic 749): Intra-Entity Transfers of Assets Other Than Inventory . The ASU requires the reporting entity to recognize the tax expense from the sale of an asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of the transactions are eliminated in consolidation. Any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. The ASU is effective for annual periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the potential effects of adoption of ASU 2016-16 on the Company’s condensed consolidated financial statements. Restricted cash – In November 2016, FASB issued ASU 2016-18, Statement of Cash Flow (Topic 230): Restricted Cash, which is intended to reduce diversity in the presentation of restricted cash and restricted cash equivalent in the statements. The statement requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company has elected to early adopt this ASU effective as June 30, 2017 and included restricted cash as part of the total cash and cash equivalent as presented on the Company’s condensed consolidated statement of cash flows. Accounting Changes – In January 2017, FASB issued ASU 2017-03, Accounting Changes and Error Correction (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323), which amends SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC update). The SEC staff view is that a registrant should evaluate the impact of new accounting standards that have not yet been adopted to determine the appropriate financial disclosures on the potential material effects, especially on new standards on revenue recognition, leases, and financial instruments – credit losses. If a registrant cannot reasonably estimate the impact that adoption of the ASUs, the registrant should consider additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact. Additional qualitative disclosures should include a description of the effect of the accounting policies expected to be applied compared to current accounting policies. Furthermore, the registrant should describe the status of its process to implement the new standards and the significant implementation matters yet to be addressed. The Company adopted this ASU on January 1, 2017, and appropriate disclosures have been included in this Note for each recently issued accounting standard. Goodwill - In January, 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment . To simplify the subsequent measurement of goodwill, this ASU eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. This ASU is effective for public entities in fiscal years beg

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2017
Earnings per Share
Earnings per share	3. Earnings per Share Net income available for common stockholders is based on the Company’s approximate 30.2% interest in Virtu Financial. The below table contains a reconciliation of net income before noncontrolling interest to net income available for common stockholders: For the Three Months Ended For the Three Months Ended For the Six Months Ended For the Six Months Ended (in thousands) June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Income before income taxes and noncontrolling interest $ 5,192 $ 44,414 $ 29,074 $ 103,116 Provision for income taxes 779 5,128 3,587 12,474 Net income 4,413 39,286 25,487 90,642 Noncontrolling interest (3,512) (30,908) (20,006) (71,916) Net income available for common stockholders $ 901 $ 8,378 $ 5,481 $ 18,726 The calculation of basic and diluted earnings per share is presented below: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except for share or per share data) 2017 2016 2017 2016 Basic earnings per share: Net income available for common stockholders $ 901 $ 8,378 $ 5,481 $ 18,726 Less: Dividends and undistributed earnings allocated to participating securities (330) (200) (683) (421) Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities $ 571 8,178 $ 4,798 18,305 Weighted average shares of common stock outstanding: Class A 40,814,214 38,230,684 40,607,791 38,220,390 Basic Earnings per share $ 0.01 $ 0.21 $ 0.11 $ 0.48 Three Months Ended June 30, Six Months Ended June 30, (in thousands, except for share or per share data) 2017 2016 2017 2016 Diluted earnings per share: Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities $ 571 $ 8,178 $ 4,798 $ 18,305 Weighted average shares of common stock outstanding: Class A Issued and outstanding 40,814,214 38,230,684 40,607,791 38,220,390 Issuable pursuant to 2015 Management Incentive Plan(1) — — — — 40,814,214 38,230,684 40,607,791 38,220,390 Diluted Earnings per share $ 0.01 $ 0.21 $ 0.11 $ 0.48 (1) The dilutive impact of unexercised stock options excludes from the computation of EPS 1,047,193 and 476,249 options for the three months ended June 30, 2017 and 2016, respectively, and 912,157 and 73,259 options for the six months ended June 30, 2017 and 2016, respectively, because inclusion of the options would have been anti-dilutive.

Tax Receivable Agreements

Tax Receivable Agreements	6 Months Ended
	Jun. 30, 2017
Tax Receivable Agreements
Tax Receivable Agreements	4. Tax Receivable Agreements In connection with the IPO and the Reorganization Transactions, the Company entered into tax receivable agreements to make payments to certain Virtu Members, as defined in Note 13, that are generally equal to 85% of the applicable cash tax savings, if any, that the Company actually realizes as a result of favorable tax attributes that were and will continue to be available to the Company as a result of the Reorganization Transactions, exchanges of membership interests for Class A common stock or Class B common stock and payments made under the tax receivable agreements. Payments will occur only after the filing of the U.S. federal and state income tax returns and realization of the cash tax savings from the favorable tax attributes. The first payment is due 120 days after the filing of the Company’s tax return for the year ended December 31, 2015, which was due March 15, 2016, but the due date was extended until September 15, 2016. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The Company made its first payment of $7.0 million in February 2017. As a result of (i) the purchase of equity interests in Virtu Financial from certain Virtu Members in connection with the Reorganization Transactions, (ii) the purchase of non-voting common interest units in Virtu Financial (the “Virtu Financial Units”) (along with the corresponding shares of Class C common stock) from certain of the Virtu Members in connection with the IPO, (iii) the purchase of Virtu Financial Units (along with the corresponding shares of Class C common stock) and the exchange of Virtu Financial Units (along with the corresponding shares of Class C common stock) for shares of Class A common stock in connection with the Secondary Offerings, the Company recorded a deferred tax asset of $218.4 million associated with the increase in tax basis that results from such events. Payments to certain Virtu Members in respect of the purchases are expected to aggregate to approximately $238.6 million, ranging from approximately $0.4 million to $21.4 million per year over the next 15 years. The corresponding deduction to additional paid-in capital was approximately $20.2 million for the difference between the tax receivable agreements liability and the related deferred tax asset. In connection with the February 2017 and May 2017 employee exchanges (as described in Note 13), the Company recorded an additional deferred tax asset of $8.5 million and payment liability pursuant to the tax receivable agreements of $7.3 million, with the $1.2 million difference recorded as an increase to additional paid-in capital. The amounts recorded as of June 30, 2017 are based on estimates available at the respective dates and may be subject to change after the filing of the Company’s U.S. federal and state income tax returns for the years in which tax savings were realized. At June 30, 2017 and December 31, 2016, the Company’s remaining deferred tax assets were approximately $186.6 million and $189.6 million, respectively, and the Company’s payment liabilities pursuant to the tax receivable agreements were approximately $231.6 million and $231.4 million, respectively. For the tax receivable agreements discussed above, the cash savings realized by the Company are computed by comparing the actual income tax liability of the Company to the amount of such taxes the Company would have been required to pay had there been (i) no increase to the tax basis of the assets of Virtu Financial as a result of the purchase or exchange of Virtu Financial Units, (ii) no tax benefit from the tax basis in the intangible assets of Virtu Financial on the date of the IPO and (iii) no tax benefit as a result of the Net Operating Losses (“NOLs”) and other tax attributes of Virtu Financial. Subsequent adjustments of the tax receivable agreements obligations due to certain events (e.g., changes to the expected realization of NOLs or changes in tax rates) will be recognized within operating expenses in the condensed consolidated statements of comprehensive income.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets
Goodwill and Intangible Assets	5. Goodwill and Intangible Assets On May 3, 2017, the Company completed the acquisition of select strategic telecommunications assets from Teza Technologies. The total purchase price incurred was $5.7 million, of which $3.1 million was recorded as goodwill. This acquisition was accounted for as a business combination. The acquisition related disclosures required by ASC 805 Business Combination cannot be made as the initial accounting for this transaction was incomplete and subject to changes. The Company recorded provisional amounts based upon best estimate of the value as a result of preliminary analysis. As of June 30, 2017 and December 31, 2016, the Company recorded $718.5 million and $715.4 million in goodwill, respectively. No goodwill impairment was recognized in the the three and six months ended June 30, 2017 and 2016. Acquired intangible assets consisted of the following: As of June 30, 2017 Gross Carrying Accumulated Net Carrying Useful Lives (in thousands) Amount Amortization Amount (Years) Purchased technology $ 110,000 $ 110,000 $ — 1.4 to 2.5 ETF issuer relationships 950 507 443 9 ETF buyer relationships 950 507 443 9 $ 111,900 $ 111,014 $ 886 As of December 31, 2016 Gross Carrying Accumulated Net Carrying Useful Lives (in thousands) Amount Amortization Amount (Years) Purchased technology $ 110,000 $ 110,000 $ — 1.4 to 2.5 ETF issuer relationships 950 454 496 9 ETF buyer relationships 950 454 496 9 $ 111,900 $ 110,908 $ 992 Amortization expense relating to finite-lived intangible assets was approximately $0.05 million and $0.05 million for the three months ended June 30, 2017 and 2016, respectively, and approximately $0.11 million and $0.1 1 million for the six months ended June 30, 2017 and 2016. This is included in amortization of purchased intangibles and acquired capitalized software in the accompanying condensed consolidated statements of comprehensive income.

Receivables from_Payables to Br

Receivables from/Payables to Broker-Dealers and Clearing Organizations	6 Months Ended
	Jun. 30, 2017
Receivables from/Payables to Broker-Dealers and Clearing Organizations
Receivables from/Payables to Broker-Dealers and Clearing Organizations	6. Receivables from/Payables to Broker-Dealers and Clearing Organizations The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at June 30, 2017 and December 31, 2016: (in thousands) 2017 2016 Assets Due from prime brokers $ 81,468 $ 91,476 Deposits with clearing organizations 23,751 21,995 Net equity with futures commission merchants 167,922 213,030 Unsettled trades with clearing organization 67,694 44,312 Securities failed to deliver 44,533 77,915 Total receivables from broker-dealers and clearing organizations $ 385,368 $ 448,728 Liabilities Due to prime brokers $ 149,555 $ 227,335 Net equity with futures commission merchants 42,440 38,838 Unsettled trades with clearing organization 205,828 429,800 Securities failed to receive 81 5 Total payables to broker-dealers and clearing organizations $ 397,904 $ 695,978 Included as a deduction from “Due from prime brokers” and “Net equity with futures commission merchants” is the outstanding principal balance on all of the Company’s short-term credit facilities (described in Note 8) of approximately $160.3 million and $309.1 million as of June 30, 2017 and December 31, 2016, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company’s ordinary course futures and other trading positions, which are held in the Company’s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company’s trading accounts and deposit accounts with these financial institutions. “Securities failed to deliver” and “Securities failed to receive” include amounts with a clearing organization and other broker-dealers.

Collateralized Transactions

Collateralized Transactions	6 Months Ended
	Jun. 30, 2017
Collateralized Transactions
Collateralized Transactions	7. Collateralized Transactions The Company is permitted to sell or repledge securities received as collateral and use these securities to secure repurchase agreements, enter into securities lending transactions or deliver these securities to counterparties or clearing organizations to cover short positions. At June 30, 2017 and December 31, 2016, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at June 30, 2017 and December 31, 2016 are summarized as follows: (in thousands) 2017 2016 Securities received as collateral: Securities borrowed $ 274,815 $ 213,203 In the normal course of business, the Company pledges qualified securities with clearing organizations to satisfy daily margin and clearing fund requirements. Financial instruments owned and pledged, where the counterparty has the right to repledge, at June 30, 2017 and December 31, 2016 consisted of the following: (in thousands) 2017 2016 Equities $ 149,773 $ 128,202 Exchange traded notes 2,405 15,681 $ 152,178 $ 143,883

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2017
Borrowings
Borrowings	8. Borrowings Outstanding borrowings and financing capacity or unused available capacity under the Company’s borrowing arrangements were as follows: At June 30, 2017 At December 31, 2016 Financing Borrowing Financing Borrowing (in thousands) Available Outstanding Available Outstanding Broker-dealer credit facilities: Uncommitted facility $ $ $ $ Committed facility — — $ $ $ $ Short-Term Credit Facilities: Short-term credit facilities (1) $ $ $ $ $ $ $ $ _____________________________________ (1) Outstanding borrowings were included with receivable from broker-dealers and clearing organization within the consolidated statements of financial condition. At June 30, 2017 At December 31, 2016 Maturity Unused Available Borrowing Unused Available Borrowing (in thousands) Date Capacity Outstanding Capacity Outstanding Long-term borrowings: Senior secured credit facility December 2021 $ n/a $ $ n/a $ Senior secured Second Lien Notes June 2022 n/a n/a n/a Revolving credit facility April 2018 — — SBI bonds January 2020 n/a n/a $ $ $ $ Broker-Dealer Credit Facilities The Company is a party to two secured credit facilities with the same financial institution to finance overnight securities positions purchased as part of its ordinary course broker-dealer market making activities. One of the facilities (the “Uncommitted Facility”), is provided on an uncommitted basis and is available for borrowings by the Company’s broker-dealer subsidiaries up to a maximum amount of $125.0 million. In connection with this credit facility, the Company has entered into demand promissory notes dated February 20, 2013. The loans provided under the Uncommitted Facility are collateralized by the Company’s broker-dealer trading and deposit accounts with the same financial institution and, bear interest at a rate set by the financial institution on a daily basis 2.16% at June 30, 2017 and 1.66% at December 31, 2016). The Company is party to another facility (the “Committed Facility”) with the same financial institution dated July 22, 2013 and subsequently amended on March 26, 2014, July 21, 2014, April 24, 2015, and July 18, 2016, which is provided on a committed basis and is available for borrowings by one of the Company’s broker-dealer subsidiaries up to a maximum of the lesser of $75.0 million or an amount determined based on agreed advance rates for pledged securities. The Committed Facility is subject to certain financial covenants, including a minimum tangible net worth, a maximum total assets to equity ratio, and a minimum excess net capital, each as defined. The Committed Facility bears interest at a rate per annum at the Company’s election equal to either an adjusted LIBOR rate or base rate, plus a margin of 1.25% per annum, and has a term of 364 days Interest expense for the three months ended June 30, 2017 and 2016 was approximately $0.5 million and $0.3 million, respectively, and for the six months ended June 30, 2017 and 2016 was approximately $0.9 million and $0.5 million, respectively. Interest expense is included within interest and dividends expense in the accompanying condensed consolidated statements of comprehensive income. Short-Term Credit Facilities The Company maintains short-term credit facilities with various prime brokers and other financial institutions from which it receives execution or clearing services. The proceeds of these facilities are used to meet margin requirements associated with the products traded by the Company in the ordinary course, and amounts borrowed are collateralized by the Company’s trading accounts with the applicable financial institution. Borrowings bore interest at a weighted average interest rate of 3.54% and 3.12% per annum, as June 30, 2017 and December 31, 2016, respectively. Interest expense in relation to the facilities for the three months ended June 30, 2017 and 2016 was approximately $1.7 million and $1.4 million, respectively, and for the six months ended June 30, 2017 and 2016 was $3.4 million and $3.1 million, respectively. Interest expense is recorded within interest and dividends expense in the accompanying condensed consolidated statements of comprehensive income. Long-Term Borrowings Senior Secured Credit Facility On July 8, 2011, Virtu Financial, its wholly owned subsidiary, VFH Parent LLC (“VFH”), and each of its unregulated domestic subsidiaries entered into the credit agreement (the “Credit Agreement”) among VFH, Virtu Financial, Credit Suisse AG, as administrative agent, and the other parties thereto. The Credit Agreement was amended on February 5, 2013, May 1, 2013, November 8, 2013 and October 27, 2016. On June 30, 2017, Virtu Financial and VFH entered into a fourth amended and restated credit agreement (the “Fourth Amended and Restated Credit Agreement”) with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, sole lead arranger and bookrunner, which amended and restated in its entirety the existing Credit Agreement. The Fourth Amended and Restated Credit Agreement provided for a $540.0 million first lien secured term loan, drawn in its entirety on June 30, 2017, and continued VFH’s existing $100.0 million first lien senior secured revolving credit facility. Also on June 30, 2017, Orchestra Borrower LLC (the “Escrow Issuer”), a wholly owned subsidiary of the Company, entered into an escrow credit agreement (the “Escrow Credit Agreement”) with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, sole lead arranger and bookrunner, which provided for the $610.0 million term loan (the “Escrow Term Loan”), the proceeds of which were deposited into escrow pending the closing of the Acquisition. As of June 30, 2017, this $610.0 million term loan was recorded as restricted cash on the Company’s condensed consolidated financial statement. Upon the closing of the Acquisition, the proceeds of the Escrow Term Loan were released to fund in part the Acquisition consideration, the obligations of the Escrow Issuer in respect of the Escrow Term Loan were assumed by VFH Parent and the Escrow Term Loan was deemed to be outstanding under the Fourth Amended and Restated Credit Agreement and the Escrow Credit Agreement and related credit documents automatically terminated and were superseded by the provisions of the Fourth Amended and Restated Credit Agreement, In addition, the revolving credit facility under the Fourth Amended and Restated Credit Agreement terminated. Under the Fourth Amended and Restated Credit Agreement, the $1,150.0 million aggregate principal amount of first lien senior secured term loans, including the Escrow Term Loan (the “Term Loan Facility”), will mature on December 30, 2021 and will require scheduled annual amortization payments on each of the first four anniversaries of the Closing Date in an amount equal to the sum of 7.5% of the original aggregate principal amount of the term loan issued under the Fourth Amended and Restated Credit Agreement and 7.5% of the aggregate principal amount of the Escrow Term Loan outstanding on the Closing Date. All obligations under the Term Loan Facility are unconditionally guaranteed by Virtu Financial and VFH’s existing direct and indirect wholly-owned domestic restricted subsidiaries (including, KCG and its wholly-owned domestic restricted subsidiaries), subject to certain exceptions, including exceptions for our broker dealer subsidiaries and certain immaterial subsidiaries. The Term Loan Facility and related guarantees are secured by first-priority perfected liens, subject to certain exceptions, on substantially all of VFH’s and the guarantors’ existing and future assets, including substantially all material personal property and a pledge of the capital stock of VFH, the guarantors (other than Virtu Financial) and the direct domestic subsidiaries of VFH and the guarantors and 100% of the non-voting capital stock and up to 65% of the voting capital stock of foreign subsidiaries that are directly owned by VFH or any of the guarantors. Amounts outstanding under the Fourth Amended and Restated Credit Agreement bear interest as follows: · in the case of the term loans, at VFH’s option, at either (a) the greatest of (i) the prime rate in effect, (ii) the NYFRB rate plus 0.50%, (iii) the adjusted LIBOR rate for a Eurodollar borrowing with a one month interest period plus 1.00%, and (iv) 2.00% plus, in each case, 2.75% per annum; or (b) the greater of (i) the adjusted LIBOR rate for the interest period then in effect and (ii) 1.00% plus, in each case, 3.75% per annum; and · in the case of revolving loans, at VFH’s option, at either (a) the greatest of (i) the prime rate in effect, (ii) the NYFRB rate plus 0.50%, (iii) the adjusted LIBOR rate for a Eurodollar borrowing with an interest period of one month plus 1.00%, and (iv) 1.00% plus, in each case, 2.00% per annum; or (b) the greater of (i) the adjusted LIBOR rate for the interest period then in effect and (ii) zero plus, in each case, 3.00% per annum. Under the Fourth Amended and Restated Credit Agreement, we must comply on a quarterly basis with: · a maximum total leverage ratio of 5.00 to 1.0 with a step-down to (i) 4.25 to 1.0 from and after the fiscal quarter ending March 31, 2019, (ii) 3.50 to 1.0 from and after the fiscal quarter ending March 31, 2020 and (iii) 3.25 to 1.0 from the fiscal quarter ending March 31, 2021 and thereafter; and · a minimum interest coverage ratio of 2.75 to 1.0, stepping up to 3.00 to 1.0 from and after the fiscal quarter ending March 31, 2019. The Fourth Amended and Restated Credit Agreement contains certain customary affirmative covenants. The negative covenants in the Fourth Amended and Restated Credit Agreement include, among other things, limitations on our ability to do the following, subject to certain exceptions: (i) incur additional debt; (ii) create liens on certain assets; (iii) make certain loans or investments (including acquisitions); (iv) pay dividends on or make distributions in respect of our capital stock or make other restricted junior payments; (v) consolidate, merge, sell or otherwise dispose of all or substantially all of our assets; (vi) sell or otherwise dispose of assets, including equity interests in our subsidiaries; (vii) enter into certain transactions with our affiliates; (viii) enter into swaps, forwards and similar agreements; (ix) enter into sale-leaseback transactions; (x) restrict liens and subsidiary dividends; (xi) change our fiscal year; and (xii) modify the terms of certain debt agreements. The Fourth Amended and Restated Credit Agreement contains certain customary events of default, including relating to a change of control. If an event of default occurs and is continuing, the lenders under the Fourth Amended and Restated Credit Agreement will be entitled to take various actions, including the acceleration of amounts outstanding under the Fourth Amended and Restated Credit Agreement and all actions permitted to be taken by a secured creditor in respect of the collateral securing the obligations under the Fourth Amended and Restated Credit Agreement. A portion of certain financing costs incurred in connection with the original credit facility that were scheduled to be amortized over the term of the loan, including original issue discount and underwriting and legal fees, were accelerated at the closing of the refinancing. Senior Secured Second Lien Notes On June 16, 2017, the Escrow Issuer and Orchestra Co-Issuer, Inc. (the “Co-Issuer”) completed the offering of $500 million aggregate principal amount of 6.750% Senior Secured Second Lien Notes due 2022 (the “Notes”). The Notes were issued under an Indenture, dated June 16, 2017 (the “Indenture”), among the Escrow Issuer, the Co-Issuer and U.S. Bank National Associations, as trustee and collateral agent. The Notes mature on June 15, 2022. Interest on the Notes accrues at 6.750% per annum, payable every six months through maturity on each June 15 and December 15, beginning on December 15, 2017. As of June 30, 2017, $500.0 million proceeds from the Notes were recorded as restricted cash on the Company’s condensed consolidated financial conditions. On July 20, 2017, VFH assumed all of the obligations of the Escrow Issuer under the Indenture and the Notes. The Notes are guaranteed by Virtu Financial and each of Virtu Financial’s wholly-owned domestic restricted subsidiaries that guarantees the Fourth Amended and Restated Credit Agreement, including KCG and certain of its subsidiaries and the Escrow Issuer. We refer to VFH and the Co-Issuer together as, the “Issuers.” The Notes and the related guarantees are secured by second-priority perfected liens on substantially all of the Issuers’ and guarantors’ existing and future assets, subject to certain exceptions, including all material personal property, a pledge of the capital stock of the Issuers, the guarantors (other than Virtu Financial) and the direct subsidiaries of the Issuers and the guarantors and up to 65.0% of the voting capital stock of any now-owned or later-acquired foreign subsidiaries that are directly owned by the Issuers or any of the guarantors, which assets will also secure obligations under the Fourth Amended and Restated Credit Agreement on a first-priority basis. The Indenture imposes certain limitations on the Company’s ability to (i) incur or guarantee additional indebtedness or issue preferred stock; (ii) pay dividends, make certain investments and make repayments on indebtedness that is subordinated in right of payment to the Notes and make other “restricted payments”; (iii) create liens on their assets to secure debt; (iv) enter into transactions with affiliates; (v) merge, consolidate or amalgamate with another company; (vi) transfer and sell assets; and (vii) permit restrictions on the payment of dividends by Virtu Financial’s subsidiaries. The Indenture also contains customary events of default, including, among others, payment defaults related to the failure to pay principal or interest on Notes, covenant defaults, final maturity default or cross-acceleration with respect to material indebtedness and certain bankruptcy events. As of June 30, 2017, the gross proceeds from the Notes were deposited into a segregated escrow account with an escrow agent. The proceeds were released from escrow as of the Closing Date and were used to finance, in part, the Acquisition, and to repay certain indebtedness of the Company and KCG. (See Note 18 for more details). SBI Bonds On July 25, 2016, VFH issued Japanese Yen Bonds (collectively the “SBI Bonds”) in the aggregate principal amount of ¥3.5 billion ($33.1 million at issuance date) to SBI Life Insurance Co., Ltd. and SBI Insurance Co., Ltd. The proceeds from the SBI Bonds were used to partially fund the investment in SBI (as described in Note 9). The SBI Bonds were issued bearing interest at the rate per annum of 4.0% until their scheduled maturity on January 6, 2020. Following the consummation of the Refinancing Transaction and in accordance with the terms and conditions of the SBI Bonds, the rate per annum was increased to 5.0% as of October 2016. The SBI Bonds are guaranteed by Virtu Financial. The SBI Bonds are subject to fluctuations on the Japanese Yen currency rates relative to the Company’s reporting currency (U.S. Dollar) with the changes reflected in other, net in the condensed consolidated statements of comprehensive income. The principal balance was ¥3.5 billion $31.1 million) as of June 30, 2017 and the Company recorded a loss of $1.5 million and $1.2 million due to the change in currency rates during the three and six months ended June 30, 2017. Aggregate future required minimum principal payments based on the terms of the long-term borrowings at June 30, 2017 were as follows: (in thousands) 2017 $ — 2018 115,000 2019 115,000 2020 and thereafter 1,451,142 Total principal of long-term borrowings $ 1,681,142 The below table contains a reconciliation of the long term borrowings principal amount to the secured credit facility recorded in the condensed consolidated statements of financial condition: At June 30, At December 31, (in thousands) 2017 2016 Senior secured first lien term loan $ 1,150,000 $ 540,000 Senior secured second lien notes 500,000 — SBI Bonds outstanding principal 31,142 29,925 Net deferred financing fees (51,382) (4,012) Net discount on senior secured credit facility (1,437) (956) Long-term borrowings $ 1,628,323 $ 564,957

Financial Assets and Liabilitie

Financial Assets and Liabilities	6 Months Ended
	Jun. 30, 2017
Financial Assets and Liabilities
Financial Assets and Liabilities	9. Financial Assets and Liabilities At June 30, 2017 and December 31, 2016, substantially all of Company’s financial assets and liabilities, except for the long-term borrowings, short-term borrowings, securities borrowed and loaned, and certain exchange memberships, which would all be categorized as Level 2, were carried at fair value based on published market prices and are marked to market daily or were short-term in nature and were carried at amounts that approximate fair value. The Company determined that the carrying value of the Company’s long-term borrowings approximates fair value as of June 30, 2017 and December 31, 2016 based on the recent transaction date of the SBI Bonds and the quoted over-the-counter market prices provided by the issuer of the senior secured credit facility, and would be categorized as Level 2. As of March 31, 2017, the Company began pricing certain financial instruments held for trading at fair value based on theoretical prices which can differ from quoted market prices. The theoretical prices reflect price adjustments primarily caused by the fact that the Company continuously prices its financial instruments based on all available information. This information includes prices for identical and near-identical positions, as well as the prices for securities underlying the Company’s positions, on other exchanges that are open after the exchange on which the financial instruments is traded closes. The Company’s middle office department validates that all price adjustments can be substantiated with market inputs and checks the theoretical prices independently. Consequently, such financial instruments are classified as Level 2. The Company concluded that this is a change in accounting estimate and no retrospective adjustments were necessary. The fair value of equities, U.S. government obligations and exchange traded notes is estimated using recently executed transactions and market price quotations in active markets and are categorized as Level 1 with the exception of inactively traded equities and certain financial instruments noted in the preceding paragraph which are categorized as Level 2. Fair value of the Company’s derivative contracts is based on the indicative prices obtained from broadly distributed bank and broker dealers, as well as management’s own analyses. The indicative prices have been independently validated through the Company’s risk management systems, which are designed to check prices with information independently obtained from exchanges and venues where such financial instruments are listed or to compare prices of similar instruments with similar maturities for listed financial futures in foreign exchange. At June 30, 2017 and December 31, 2016, the Company’s derivative contracts and non-U.S. government obligations have been categorized as Level 2. As described later in this footnote, the Company has a minority investment in SBI Japannext Co., Ltd, a proprietary trading system based in Tokyo (“SBI Japannext”). The Company elected the fair value option to account for this equity investment because it believes that fair value is the most relevant measurement attribute for this investment, as well as to reduce operational and accounting complexity. This investment has been categorized as Level 3. The valuation process involved for Level 3 measurements is completed on a quarterly basis. The Company employs two valuation methodologies when determining the fair value of investments categorized as Level 3, market comparable analysis and discounted cash flow analysis. The market comparable analysis considers key financial inputs, recent public and private transactions and other available measures. The discounted cash flow analysis incorporates significant assumptions and judgments and the estimates of key inputs used in this methodology include the discount rate for the investment and assumed inputs used to calculate terminal values, such as price/earnings multiples. Upon completion of the valuations conducted using these methodologies, a weighting is ascribed to each method and the ultimate fair value recorded for a particular investment will generally be within a range suggested by the two methodologies. When determining the weighting ascribed to each valuation methodology, the Company considers, among other factors, the availability of direct market comparables, the applicability of a discounted cash flow analysis and the expected holding period. There were no transfers of financial instruments between levels during the three months and six months ended June 30, 2017 and 2016. Fair value measurements for those items measured on a recurring basis are summarized below as of June 30, 2017: June 30, 2017 Quoted Prices Significant in Active Other Significant Counterparty Markets for Observable Unobservable and Cash Identical Assets Inputs Inputs Collateral Total Fair (in thousands) (Level 1) (Level 2) (Level 3) Netting Value Assets Financial instruments owned, at fair value: Equity securities $ 252,485 $ 943,194 $ — $ — $ 1,195,679 Non-U.S. government obligations — 5,121 — — 5,121 Exchange traded notes — 36,931 — — 36,931 Currency forwards — 2,513,850 — (2,513,273) 577 Options — 101 — — 101 $ 252,485 $ 3,499,197 $ — $ (2,513,273) $ 1,238,409 Financial instruments owned, pledged as collateral: Equity securities $ 12,821 $ 136,952 $ — $ — $ 149,773 Exchange traded notes — 2,405 — — 2,405 $ 12,821 $ 139,357 $ — $ — $ 152,178 Other Assets Equity investment $ — $ — $ 37,297 $ — $ 37,297 Exchange stock 473 — — — 473 $ 473 $ — $ 37,297 $ — $ 37,770 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 312,110 $ 773,496 $ — $ — $ 1,085,606 U.S. and Non-U.S. government obligations — 2,873 — — 2,873 Exchange traded notes — 20,399 — — 20,399 Currency forwards — 2,508,096 — (2,508,096) — Options — 132 — — 132 $ 312,110 $ 3,304,996 $ — $ (2,508,096) $ 1,109,010 Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2016: December 31, 2016 Quoted Prices in Active Significant Markets for Other Significant Counterparty Identical Observable Unobservable and Cash Assets Inputs Inputs Collateral Total Fair (in thousands) (Level 1) (Level 2) (Level 3) Netting Value Assets Financial instruments owned, at fair value: Equity securities $ 1,597,049 $ 31,988 $ — $ — $ 1,629,037 Non-U.S. government obligations — 10,765 — — 10,765 Exchange traded notes 37,034 — — — 37,034 Currency forwards — 1,147,261 — (1,140,239) 7,022 Options — 141 — — 141 $ 1,634,083 $ 1,190,155 $ — $ (1,140,239) $ 1,683,999 Financial instruments owned, pledged as collateral: Equity securities $ 128,202 $ — $ — $ — $ 128,202 Exchange traded notes 15,681 — — — 15,681 $ 143,883 $ — $ — $ — $ 143,883 Other Assets Equity investment $ — $ — $ 36,031 $ — $ 36,031 Exchange stock 449 — — — 449 $ 449 $ — $ 36,031 $ — $ 36,480 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,323,693 $ 6,638 $ — $ — $ 1,330,331 Exchange traded notes 18,744 — — — 18,744 Currency forwards — 1,009,038 — (1,009,038) — Options — 80 — — 80 $ 1,342,437 $ 1,015,756 $ — $ (1,009,038) $ 1,349,155 Investment in SBI Japannext Co., Ltd. On July 27, 2016, the Company purchased an additional minority interest (29.4%) in SBI Japannext for $38.8 million in cash (“SBI Investment”). In connection with the SBI Investment, VFH issued bonds to certain affiliates of SBI Japannext and used the proceeds to finance the transaction (Note 8). As of June 30, 2017, the Company determined the fair value of the SBI Investment using the discounted cash flow method, an income approach, with the discount rate of 15.9% applied to the cash flow forecasts. The Company also used a market approach based on 19x average price/earnings multiples of comparable companies to corroborate the income approach. The fair value of the SBI Investment at December 31, 2016 was determined to approximate the purchase price paid for the SBI Investment, adjusted for the changes in the Japanese Yen currency rate, given the proximity to the transaction date and lack of significant events subsequent to the transaction date. The fair value measurement is highly sensitive to significant changes in the unobservable inputs and significant increases (decreases) in discount rate or decreases (increases) in price/earnings multiples would result in a significantly lower (higher) fair value measurement. Changes in the fair value of the SBI Investment are reflected in other, net in the condensed consolidated statements of comprehensive income. The following presents the changes in Level 3 financial instruments measured at fair value on a recurring basis: Six Months Ended June 30, 2017 Change in Net Unrealized Gains / (Losses) on Investments Balance at Total Realized Net Transfers Balance at still held at December 31, and Unrealized into (out of) June 30, June 30, (in thousands) 2016 Purchases Gains / (Losses) Level 3 2017 2017 Assets Other assets: Equity investment $ 36,031 $ — $ 1,266 $ — $ 37,297 $ 1,266 Total $ 36,031 $ — $ 1,266 $ — $ 37,297 $ 1,266 Offsetting of Financial Assets and Liabilities The Company does not net securities borrowed and securities loaned, or securities purchased under agreements to resell and securities sold under agreements to repurchase. These financial instruments are presented on a gross basis in the condensed consolidated statements of financial condition. In the tables below, the amounts of financial instruments owned that are not offset in the condensed consolidated statements of financial condition, but could be netted against financial liabilities with specific counterparties under legally enforceable master netting agreements in the event of default, are presented to provide financial statement readers with the Company’s estimate of its net exposure to counterparties for these financial instruments. The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of June 30, 2017 and December 31, 2016. June 30, 2017 Net Amounts of Gross Amounts Assets Presented Offset in the in the Gross Amounts Not Offset In the Gross Amounts Consolidated Consolidated Statement of Financial Condition of Recognized Statement of Statement of Financial Cash Collateral (in thousands) Assets Financial Condition Financial Condition Instruments Received Net Amount Offsetting of Financial Assets: Securities borrowed $ 285,219 $ — $ 285,219 $ (277,231) $ (1,199) $ 6,789 Trading assets, at fair value: Currency forwards 2,513,850 (2,513,273) 577 — — 577 Options 101 — 101 (94) (1) 6 Total $ 2,799,170 $ (2,513,273) $ 285,897 $ (277,325) $ (1,200) $ 7,372 Net Amounts of Gross Amounts Liabilities Presented Offset in the in the Gross Amounts Not Offset In the Gross Amounts Consolidated Consolidated Statement of Financial Condition of Recognized Statement of Statement of Financial Cash Collateral Liabilities Financial Condition Financial Condition Instruments Pledged Net Amount Offsetting of Financial Liabilities: Securities loaned $ 345,184 $ — $ 345,184 $ (344,508) $ — $ 676 Trading liabilities, at fair value: Currency forwards 2,508,096 (2,508,096) — — — — Options 132 — 132 (94) — 38 Total $ 2,853,412 $ (2,508,096) $ 345,316 $ (344,602) $ — $ 714 December 31, 2016 Net Amounts of Gross Amounts Assets Presented Offset in the in the Gross Amounts Not Offset In the Gross Amounts Consolidated Consolidated Statement of Financial Condition of Recognized Statement of Statement of Financial Cash Collateral (in thousands) Assets Financial Condition Financial Condition Instruments Received Net Amount Offsetting of Financial Assets: Securities borrowed $ 220,005 $ — $ 220,005 $ (216,778) $ (248) $ 2,979 Trading assets, at fair value: Currency forwards 1,147,261 (1,140,239) 7,022 — — 7,022 Options 141 — 141 (80) (13) 48 Total $ 1,367,407 $ (1,140,239) $ 227,168 $ (216,858) $ (261) $ 10,049 Net Amounts of Liabilities Gross Amounts Presented Gross Amounts Not Offset In the Offset in the in the Consolidated Condensed Condensed Condensed Consolidated Gross Amounts Consolidated Consolidated Statement of Financial Condition of Recognized Statement of Statement of Financial Cash Collateral (in thousands) Liabilities Financial Condition Financial Condition Instruments Pledged Net Amount Offsetting of Financial Liabilities: Securities loaned $ 222,203 $ — $ 222,203 $ (221,792) $ — $ 411 Trading liabilities, at fair value: Currency forwards 1,009,038 (1,009,038) — — — — Options 80 — 80 (80) — — Total $ 1,231,321 $ (1,009,038) $ 222,283 $ (221,872) $ — $ 411 Excluded from the fair value and offsetting tables above is net unsettled fair value on long and short futures contracts in the amounts of $(24.9) million and $18.0 million, which are included within receivables from broker-dealers and clearing organizations as of June 30, 2017 and December 31, 2016, respectively, and $0.1 million and $(3.5) million, which are included within payables to broker-dealers and clearing organizations as of June 30, 2017 and December 31, 2016, respectively, and would be categorized as Level 1. The following table presents gross obligations for securities lending transactions by remaining contractual maturity and the class of collateral pledged. June 30, 2017 Remaining Contractual Maturity Overnight and Less than 30 - 90 Over 90 (in thousands) Continuous 30 days days Days Total Securities lending transactions: Equity securities $ 345,184 $ — $ — $ — $ 345,184 Total $ 345,184 $ — $ — $ — $ 345,184

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments
Derivative Instruments	10. Derivative Instruments The fair value of the Company’s derivative instruments on a gross basis consisted of the following at June 30, 2017 and December 31, 2016: (in thousands) June 30, 2017 December 31, 2016 Derivatives Assets Balance Sheet Classification Fair Value Notional Fair Value Notional Equities futures Receivables from broker dealers and clearing organizations $ 1,269 $ 741,005 $ 2,403 $ 1,461,286 Commodity futures Receivables from broker dealers and clearing organizations (25,096) 16,391,955 13,964 3,918,778 Currency futures Receivables from broker dealers and clearing organizations (979) 6,247,397 1,591 3,264,093 Fixed income futures Receivables from broker dealers and clearing organizations (98) 4,024 31 5,730 Options Financial instruments owned 101 9,879 141 6,844 Currency forwards Financial instruments owned 2,513,850 139,565,292 1,147,261 94,192,414 Derivatives Liabilities Balance Sheet Classification Fair Value Notional Fair Value Notional Equities futures Payables to broker dealers and clearing organizations $ (21) $ 70,599 $ (43) $ 62,417 Commodity futures Payables to broker dealers and clearing organizations (416) 30,239 2,842 22,616,170 Currency futures Payables to broker dealers and clearing organizations 512 1,935,204 (6,282) 1,137,908 Options Financial instruments sold, not yet purchased 132 11,418 80 4,486 Currency forwards Financial instruments sold, not yet purchased 2,508,096 139,562,415 1,009,038 85,874,684 Amounts included in receivables from and payables to broker-dealers and clearing organizations represent variation margin on long and short futures contracts. The following table summarizes the net gain from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in trading income, net in the accompanying condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2017 and 2016. For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2017 2016 2017 2016 Futures $ 49,188 $ 112,115 $ 214,777 $ 420,595 Currency forwards 45,565 16,145 (5,816) 15,720 Options (2) (272) (1) (346) Interest rate swaps — 2 — 4 $ 94,751 $ 127,990 $ 208,960 $ 435,973

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Taxes
Income Taxes	11. Income Taxes Subsequent to consummation of the Reorganization Transactions and the IPO, the Company is subject to U.S. federal, state and local income tax at the rate applicable to corporations less the rate attributable to the noncontrolling interest in Virtu Financial. These noncontrolling interests are subject to U.S. taxation as partnerships. Accordingly, for the three and six months ended June 30, 2017 and 2016, the income attributable to these noncontrolling interests is reported in the condensed consolidated statements of comprehensive income, but the related U.S. income tax expense attributable to these noncontrolling interests is not reported by the Company as it is the obligation of the individual partners. The Company’s provisions for income taxes and effective tax rates were $0.8 million and 15.0% and $5.1 million and 11.5% for the three months ended June 30, 2017 and 2016, respectively, and $3.6 million and 12.3% and $12.5 million and 12.1% for the six months ended June 30, 2017 and 2016, respectively. Income tax expense is also affected by the differing effective tax rates in foreign, state and local jurisdictions where certain of the Company’s subsidiaries are subject to corporate taxation. Deferred income taxes arise primarily due to the amortization of the deferred tax assets recognized in connection with the IPO (see Note 4 and Note 13), differences in the valuation of financial assets and liabilities, and in connection with other temporary differences arising from the deductibility of compensation and depreciation expenses in different time periods for book and income tax return purposes. There are no expiration dates on the deferred tax assets. The provisions of ASC 740 require that carrying amounts of deferred tax assets be reduced by a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically with appropriate consideration given to all positive and negative evidence related to the realization of the deferred tax assets. A valuation allowance against deferred tax assets at the balance sheet date is not considered necessary because it is more likely than not that the deferred tax asset will be fully realized. There are no unrecognized tax benefits as of June 30, 2017 and December 31, 2016. The Company is subject to taxation in U.S. federal, state, local and foreign jurisdictions. As of June 30, 2017, the Company’s tax years for 2013 through 2016 and 2010 through 2017 are subject to examination by U.S. and non-U.S. tax authorities, respectively.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	6 Months Ended
	Jun. 30, 2017
Commitments, Contingencies and Guarantees
Commitments, Contingencies and Guarantees	12. Commitments, Contingencies and Guarantees Litigation The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. The Company has also been, is currently, and may in the future be, the subject of one or more regulatory or self-regulatory organization enforcement actions, including but not limited to targeted and routine regulatory inquiries and investigations involving Regulation NMS, Regulation SHO, capital requirements and other domestic and foreign securities rules and regulations which may from time to time result in the imposition of penalties or fines. The Company has also been the subject of requests for information and documents from the SEC and the State of New York Office of the Attorney General (“NYAG”). Certain of these matters may result, or have resulted, in adverse judgments, settlements, fines, penalties, injunctions or other relief, and the Company’s business or reputation could be negatively impacted if it were determined that disciplinary or other enforcement actions were required. The ultimate effect on the Company from the pending proceedings and claims, if any, is presently unknown. Where available information indicates that it is probable a liability had been incurred at the date of the condensed consolidated financial statements and the Company can reasonably estimate the amount of that loss, the Company accrues the estimated loss by a charge to income. In December 2015 the enforcement committee of the Autorité des marchés financiers (“AMF”) fined the Company’s European subsidiary in the amount of €5.0 million (approximately $5.4 million) based on its allegations that the subsidiary of MTH engaged in price manipulation and violations of the AMF General Regulation and Euronext Market Rules. In accordance with the foregoing, the Company accrued an estimated loss of €5.0 million (approximately $5.4 million) in relation to the fine imposed by the AMF. The Company’s management believes that the relevant trading engaged in by the subsidiary of MTH was conducted in accordance with applicable French law and regulations and the Company is pursuing its rights of appeal. In May 2017, the fine was reduced to €3.0 million (approximately $3.4 million), and accordingly the Company reduced the accrual by €2.0 million (approximately $2.2 million), which was recorded under operations and administrative expense in the statement of comprehensive income, and the Company continues to pursue its rights to appeal. Subject to the foregoing, based on information currently available, at present management believes it is not probable that the resolution of any known matters will result in a material adverse effect on the Company’s financial position, although they might be material for the Company’s results of operations or cash flows for any particular reporting period. In addition, in connection with the Acquisition of KCG: · Between May 19 and May 23, 2017, five putative class actions relating to the Merger were filed by shareholders of KCG against KCG and its board of directors in the United States District Court for the Southern District of New York. The cases are captioned Siegal v. KCG Holdings, Inc., et al., Case No. 1:17-cv-3886, Berg v. KCG Holdings, Inc., et al., Case No. 1:17-cv-3802, Pauza v. KCG Holdings, Inc., et al., Case No. 1:17-cv-3885, Evangelista v. KCG Holdings, Inc., et al., Case No. 1:17-cv-3959, and Klein v. KCG Holdings, Inc., et al., Case No. 1:17-cv-3946. The Klein and Berg complaints also name as defendants Virtu and Merger Sub. The complaints assert that the defendants violated Sections 14(a) and 20(a) of the Exchange Act in connection with the preliminary proxy statement filed with the SEC by KCG in connection with the Merger. All five complaints allege, among other things, that the individual defendants and the Company violated federal securities laws by disseminating a preliminary proxy that included allegedly material misstatements or omissions about the Merger and the sale process leading up to the Merger. On May 31, 2017, the parties to these litigations entered into a memorandum of understanding that sets forth an agreement in principle to settle and release all claims asserted by plaintiffs in the litigations. · On June 2, 2017, a putative stockholder of KCG filed a complaint in the Delaware Chancery Court concerning the Acquisition of KCG, as well a motion for a preliminary injunction and a motion for expedited proceedings. The case is captioned Greenway v. KCG Holdings, Inc., et al., Case No. 2017-0421-JTL (the “Greenway Action”), and is brought on behalf of a putative class of KCG stockholders against KCG, the members of KCG’s board of directors, Virtu, Orchestra Merger Sub, Inc. (“Merger Sub”), and Jefferies LLC (“Jefferies”). Among other things, the complaint alleges that, prior to the time that the KCG board approved the Acquisition of KCG and the voting agreement between Jefferies and Virtu on April 20, 2017, Jefferies and Virtu reached an “agreement”, “arrangement” or “understanding” with respect to the “ownership” of Jefferies’ shares of KCG common stock, as those terms are defined in the Delaware General Corporation Law (“DGCL”), thereby causing Virtu to become an “interested stockholder” under, and subject to the restriction on business combinations set forth in, Section 203 of the DGCL. The complaint also alleges that (a) the KCG board members breached their fiduciary duties in connection with the Acquisition of KCG, including by allegedly conducting an inadequate sale process that supposedly was tainted by this alleged agreement, arrangement or understanding between Virtu and Jefferies and by alleged conflicts of interests on the part of Jefferies and Goldman Sachs, and by disseminating allegedly inaccurate or incomplete disclosures concerning the Acquisition of KCG, and (b) Jefferies, Virtu and Merger Sub aided and abetted those alleged breaches of duty by the KCG board members. The Delaware Chancery Court declined to hold expedited proceedings or entertain a preliminary injunction motion on certain of the plaintiff’s claims, but scheduled a hearing for July 7, 2017 on the plaintiff’s request to enjoin the KCG stockholder vote based on the plaintiff’s claim that the Acquisition of KCG is subject to the restrictions in Section 203 of the DGCL. The parties thereafter engaged in expedited discovery, including document productions and four depositions. On June 28, 2017, KCG issued an amended proxy statement and scheduled a KCG stockholder vote on the Acquisition of KCG under Section 203 of the DGCL, which defendants contend moots claims asserted by the plaintiff in the Greenway Action. On June 30, 2017, the Delaware Chancery Court entered a stipulation and order providing for the withdrawal of the plaintiff’s motion for preliminary injunction. The Greenway Action remains pending and the plaintiff may attempt to pursue the claims set forth in the complaint and/or attempt to assert new or different claims through an amended complaint, including but not limited to a claim that the Acquisition of KCG is void or invalid due to an alleged violation of Section 203 of the DGCL. If the plaintiff prevails on his claim that Virtu became an interested stockholder prior to KCG board approval and that KCG cannot complete a business combination with Virtu, including the Acquisition of KCG, for a period of three years following the time that Virtu became an interested stockholder unless one of the statutory exceptions or conditions is met, the plaintiff may seek injunctive relief from the Delaware Chancery Court, including, among other things, the rescission or unwinding of the Acquisition of KCG. The plaintiff may also seek injunctive relief with regard to his other claims and/or an award of monetary damages. Virtu denies that it entered into any agreement, arrangement or understanding prior to approval of the voting agreement and disputes the assertion that Virtu was an interested stockholder under Section 203 of the DGCL, and contends that, in any case, the plaintiff’s claims are now moot and subject to dismissal by reason of KCG’s amended disclosures and the KCG stockholder vote on the Acquisition of KCG. Virtu intends to defend vigorously against the claims alleged in the Greenway Action. Indemnification Arrangements Consistent with standard business practices in the normal course of business, the Company has provided general indemnifications to its managers, officers, directors, employees, and agents against expenses, judgments, fines, settlements, and other amounts actually and reasonably incurred by such persons under certain circumstances as more fully disclosed in its operating agreement. The overall maximum amount of the obligations (if any) cannot reasonably be estimated as it will depend on the facts and circumstances that give rise to any future claims.

Capital Structure

Capital Structure	6 Months Ended
	Jun. 30, 2017
Capital Structure
Capital Structure	13. Capital Structure The Company has four classes of authorized common stock. The Class A common stock and the Class C common stock have one vote per share. The Class B common stock and the Class D common stock have 10 votes per share. Shares of the Company’s common stock generally vote together as a single class on all matters submitted to a vote of the Company’s stockholders. Initial Public Offering and Reorganization Transactions Prior to the IPO, the Company’s business was conducted through Virtu Financial and its subsidiaries. In a series of transactions that occurred in connection with the IPO, (i) the Company became the sole managing member of Virtu Financial and acquired Virtu Financial Units, (ii) certain direct or indirect equityholders of Virtu Financial acquired shares of the Company’s Class A common stock and (iii) certain direct or indirect equityholders of Virtu Financial had their interests reclassified into Virtu Financial Units and acquired shares of the Company’s Class C common stock or, in the case of the TJMT Holdings LLC only, shares of the Company’s Class D common stock (collectively, the “Virtu Members”). On April 21, 2015, the Company completed its IPO of 19,012,112 shares of its Class A common stock, par value $0.00001 per share, including 2,479,840 shares of Class A common stock sold in connection with the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of $19.00 per share. The shares began trading on NASDAQ on April 16, 2015 under the ticker symbol “VIRT” and the offering was closed on April 21, 2015. In connection with the Reorganization Transactions, the Company sold 16,532,272 shares of Class A common stock. The Company used its net proceeds from its IPO to purchase shares of Class A common stock from an affiliate of Silver Lake Partners, purchase Virtu Financial Units and corresponding shares of Class C common stock from certain Virtu Members, and for working capital and general corporate purposes. 2015 Management Incentive Plan The Company’s board of directors and stockholders adopted the 2015 Management Incentive Plan, which became effective upon consummation of the IPO. The 2015 Management Incentive Plan provides for the grant of stock options, restricted stock units, and other awards based on an aggregate of 12,000,000 shares of Class A common stock, subject to additional sublimits, including limits on the total option grant to any one participant in a single year and the total performance award to any one participant in a single year. Secondary Offerings In November 2015, the Company and certain selling stockholders affiliated with Silver Lake Partners completed a public offering (the “November 2015 Secondary Offering”) of 6,473,371 shares of the Company’s Class A common stock. The selling stockholders sold 6,075,837 shares of Class A common stock and the Company sold 397,534 shares of Class A common stock at a price to the public of $22.15 per share. The selling stockholders received all of the net proceeds from the sale of shares of Class A common stock by them in the November 2015 Secondary Offering. The Company used its net proceeds from the offering to purchase Virtu Financial Units (together with corresponding shares of Class C common stock) from one of its non-executive employees at a net price equal to the price paid by the underwriters for shares of its Class A common stock. Following the November 2015 Secondary Offering, Silver Lake Partners no longer holds any equity interest in the Company. In September 2016, the Company completed a public offering (the “September 2016 Secondary Offering,” collectively with the November 2015 Secondary Offering, the “Secondary Offerings”) of 1,103,668 shares of the Company’s Class A common stock. The Company sold 1,103,668 shares of Class A common stock at a price to the public of $15.75 per share. The Company used the net proceeds from the September 2016 Secondary Offering to purchase Virtu Financial Units (together with corresponding shares of Class C common stock) from certain employees at a net price equal to the price paid by the underwriters for shares of its Class A common stock, which was the price at which the shares were offered to the public less underwriting discounts and commissions of $0.10 per share. Employee Exchange In February 2017, pursuant to the exchange agreement by and among the Company, Virtu Financial and holders of Virtu Financial common units, certain current and former employees elected to exchange 683,762 common units in Virtu Financial held on their behalf by Virtu Financial Employee Holdco LLC (“Employee Holdco”) on a one-for-one basis for shares of Class A common stock. In May 2017, pursuant to the exchange agreement by and among the Company, Virtu Financial and holders of Virtu Financial common units, certain current and former employees elected to exchange 307,544 common units in Virtu Financial held on their behalf by Virtu Financial Employee Holdco LLC (“Employee Holdco”) on a one-for-one basis for shares of Class A common stock. As a result of the completion of the IPO, the Reorganization Transactions, the Secondary Offerings and employee exchange, the Company holds approximately 30.2% interest in Virtu Financial at June 30, 2017.

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jun. 30, 2017
Share-based Compensation
Share-based Compensation	14. Share-based Compensation Share-based compensation prior to the Company’s Reorganization completed on April 15, 2015 and IPO commenced on April 16, 2015 Class A-2 profits interests were issued to Employee Holdco, a holding company that holds the interests on behalf of certain key employees or stakeholders. During the three and six months ended June 30, 2017 and 2016, the Company recorded expense relating to non-voting common interest units, which were originally granted as Class A-2 profits interests and were reclassified into non-voting common interest units in connection with the Reorganization Transactions. The non-voting common interest units are subject to the same vesting requirements as the prior Class A-2 profits interests, which were either fully vested upon issuance or vested over a period of up to four years, and in each case are subject to repurchase provisions upon certain termination events. These awards were accounted for as equity awards and were measured at fair value at the date of grant. The Company recognized compensation expense related to the vesting of non-voting common interest units (formerly Class A-2 profits interests) of $0.2 million and $0.4 million for the three months ended June 30, 2017 and 2016, respectively, and recognized $0.4 million and $0.7 million for the six months ended June 30, 2017 and 2016, respectively. As of June 30, 2017, total unrecognized share-based compensation expense related to unvested non-voting common interest units (formerly Class A-2 profits interests), was $0.3 million, and this amount is expected to be recognized over a weighted average period of 0.4 years. On July 8, 2011, 2,625,000 Class A-2 capital interests were contributed by Class A-2 members to Virtu East MIP LLC (“East MIP”). East MIP issued Class A interests to the members who contributed the Class A-2 capital interests, and Class B interests (“East MIP Class B interests”) to certain key employees. Additionally, Class B interests were issued to Employee Holdco on behalf of certain key employees and stakeholders on July 8, 2011, and on subsequent dates. East MIP Class B interests and Class B interests were each subject to time based vesting over four years and only fully vested upon the consummation of a qualifying capital transaction by the Company, including an IPO. In connection with the Reorganization Transactions, East MIP was liquidated and a portion of the Class A-2 capital interests held by East MIP were contributed to Employee Holdco on behalf of holders of East MIP Class B Interests (or, in the case of certain employees located outside the United States, contributed to a trust whose trustee is one of the Company’s subsidiaries), which Class A-2 capital interests were subsequently reclassified into non-voting common interest units. The Company recognized compensation expense in respect of non-voting common interest units (formerly Class B interests) vested of $0.2 million and $0.3 million for the three months ended June 30, 2017 and 2016, respectively, and recognized $0.3 million and $0.6 million for the six months ended June 30, 2017 and 2016. The compensation expense related to non-voting common interest units (formerly Class B interests) was included within charges related to share based compensation at IPO in the condensed consolidated statements of comprehensive income. As of June 30, 2017 and December 31, 2016, total unrecognized share-based compensation expense related to unvested non-voting common interest units (formerly Class B interests) was $0.4 million and $0.8 million, respectively, and this amount is expected to be recognized over a weighted average period of 0.5 years and 1.0 years, respectively. Additionally, in connection with the compensation charges related to non-voting common interest units (formerly Class B interests) mentioned above, the Company capitalized $0.01 million and $0.02 million for the three months ended June 30, 2017 and 2016, respectively, and $0.02 million and $0.04 million for the six months ended June 30, 2017 and 2016, respectively. The amortization costs related to these capitalized compensation charges and previously capitalized compensation charges related to East MIP Class B interests and Class B interests were approximately $0.02 million and $0.2 million for the three months ended June 30, 2017 and 2016, respectively, and were approximately $0.04 million and $0.5 million for the six months ended June 30, 2017 and 2016, respectively. The costs attributable to employees incurred in development of software for internal use were included within charges related to share based compensation at IPO in the condensed consolidated statements of comprehensive income. The fair value of the Class A-2 profit, Class B and East MIP Class B interest was estimated by the Company using an option pricing methodology based on expected volatility, risk-free rates and expected life. Expected volatility is calculated based on companies in the same peer group as the Company. In connection with the Reorganization Transactions, all Class A-2 profits interests, Class B and East MIP Class B interests were reclassified into non-voting common interest units. As of June 30, 2017 and December 31, 2016, there were 13,194,719 and 14,231,535 non-voting common interest units outstanding, respectively. There were 307,544 and 0 non-voting common interest units and corresponding Class C common stock exchanged into Class A common stock, forfeited or repurchased during the three months ended June 30, 2017 and 2016, respectively; and 1,036,816 and 53,743 non-voting common interest units and corresponding Class C common stock were exchanged into Class A common stock, forfeited or repurchased during the six months ended June 30, 2017 and 2016, respectively. Share-based compensation after the Company’s Reorganization completed on April 15, 2015 and IPO completed on April 16, 2015 Pursuant to 2015 Management Incentive Plan as described above (Note 13) and in connection with the IPO, non-qualified stock options to purchase shares of Class A common stock were granted, each of which vests in equal annual installments over a period of the four years from grant date and expires not later than 10 years from the date of grant. The following table summarizes activity related to stock options for the six months ended June 30, 2017 and 2016: Options Outstanding Options Exercisable Weighted Average Weighted Average Weighted Average Number of Exercise Price Remaining Number of Exercise Price Options Per Share Contractual Life Options Per Share At December 31, 2015 8,994,000 $ 19.00 9.29 — $ — Granted — — — — — Exercised — — — — — Forfeited or expired (630,000) — — — — At June 30, 2016 8,364,000 $ 19.00 8.80 2,091,000 $ — At December 31, 2016 8,234,000 $ 19.00 8.29 2,058,500 $ 19.00 Granted — — — — — Exercised — — — — — Forfeited or expired (265,000) — — — — At June 30, 2017 7,969,000 $ 19.00 7.80 3,984,500 $ 19.00 The expected life has been determined based on an average of vesting and contractual period. The risk-free interest rate was determined based on the yields available on U.S. Treasury zero-coupon issues. The expected stock price volatility was determined based on historical volatilities of comparable companies. The expected dividend yield was determined based on estimated future dividend payments divided by the IPO stock price. The Company recognized $1.4 million and $1.5 million of compensation expense in relation to the stock options for the three months ended June 30, 2017 and 2016, respectively, and $2.8 million and $2.7 million for the six months ended June 30, 2017 and 2016, respectively. As of June 30, 2017 and December 31, 2016, total unrecognized share-based compensation expense related to unvested stock options was $10.8 million and $14.2 million, and these amounts are to be recognized over a weighted average period of 1.8 years and 2.3 years, respectively. Class A common stock and Restricted Stock Units Pursuant to the 2015 Management Incentive Plan as described above (Note 13), subsequent to the IPO, shares of immediately vested Class A common stock and restricted stock units were granted, the latter which vest over a period of up to 4 years. The fair value of the Class A common stock and restricted stock units was determined based on a volume weighted average price and is being recognized on a straight-line basis over the vesting period. The Company accrued compensation expense of $4.7 million and $2.4 million for the three months ended June 30, 2017 and 2016, respectively, and accrued $9.4 million and $5.8 million for the six months ended June 30, 2017 and 2016, respectively, related to Class A common stock expected to be granted as part of year-end compensation. The following table summarizes activity related to the restricted stock units for the six months ended June 30, 2017 and 2016: Weighted Number of Average Fair Shares Value At December 31, 2015 984,466 $ 22.32 Granted — — Forfeited (115,869) 22.51 Vested — — At June 30, 2016 868,597 $ 22.30 At December 31, 2016 1,573,441 $ 18.28 Granted — — Forfeited (168,142) 18.52 Vested — — At June 30, 2017 1,405,299 $ 18.26 The Company recognized $2.3 million and $1.5 million of compensation expense in relation to the restricted stock units for the three months ended June 30, 2017 and 2016, respectively, and $5.0 million and $3.1 million of compensation expense in relation to the restricted stock units for six months ended June 30, 2017 and 2016, respectively. As of June 30, 2017 and December 31, 2016, total unrecognized share-based compensation expense related to unvested restricted stock units was $20.1 million and $28.5 million, respectively, and this amount is to be recognized over a weighted average period of 2.1 years and 2.6 years, respectively.

Regulatory Requirement

Regulatory Requirement	6 Months Ended
	Jun. 30, 2017
Regulatory Requirement
Regulatory Requirement	15. Regulatory Requirement As of June 30, 2017, two broker-dealer subsidiaries of the Company are subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital of $1.0 million for each of the two broker-dealer subsidiaries. At June 30, 2017, the subsidiaries had net capital of approximately $47.8 million and $10.6 million, which was approximately $46.8 million and $9.6 million in excess of the required net capital of $1.0 million and $1.0 million, respectively. At December 31, 2016, the subsidiaries had net capital of approximately $74.5 million and $10.8 million, which was approximately $73.5 million and $9.8 million in excess of the required net capital of $1.0 million and $1.0 million, respectively. Pursuant to NYSE and NYSE MKT (formerly NYSE Amex) rules, one of the broker-dealer subsidiaries was required to maintain $1.8 million and $1.9 million of capital in connection with the operation of its Designated Market Maker (“DMM”) business as of June 30, 2017 and December 31, 2016, respectively. The required amount is determined under the exchange rules as the greater of $1 million or 15% of the market value of 60 trading units for each symbol in which the broker-dealer subsidiary is registered as the DMM.

Geographic Information

Geographic Information	6 Months Ended
	Jun. 30, 2017
Geographic Information
Geographic Information	16. Geographic Information The Company operates its business in the U.S. and internationally, primarily in Europe and Asia. Significant transactions and balances between geographic regions occur primarily as a result of certain Company’s subsidiaries incurring operating expenses such as employee compensation, communications and data processing and other overhead costs, for the purpose of providing execution, clearing and other support services to affiliates. Charges for transactions between regions are designed to approximate full costs. Intra-region income and expenses and related balances have been eliminated in the geographic information presented below to accurately reflect the external business conducted in each geographical region. The revenues are attributed to countries based on the locations of the subsidiaries. The following table presents total revenues by geographic area for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2017 2016 2017 2016 Revenues: United States $ 89,331 $ 108,314 $ 181,317 $ 232,133 Australia (14) 1 4 7 Ireland 33,004 37,417 61,255 80,544 Singapore 22,602 28,305 49,609 53,859 China (35) 144 (10) 276 Total revenues $ 144,888 $ 174,181 $ 292,175 $ 366,819

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions
Related Party Transactions	17. Related Party Transactions As of June 30, 2017, and December 31, 2016, the Company had a payable of $0.02 million and $0.20 million to its related parties, respectively, which are included in accounts payable and accrued expenses and other liabilities in condensed consolidated statements of financial condition. In the ordinary course of business, the Company purchases and leases computer equipment and maintenance and support from affiliates of Dell Inc. (“Dell”). Temasek Holdings (Private) Limited and its affiliates have a significant ownership interest in Dell. During the three months ended June 30, 2017 and 2016, the Company paid $0.6 million and $0.7 million, respectively, and during the six months ended June 30, 2017 and 2016, the Company paid $1.4 million and $1.5 million, respectively, to Dell for these purchases and leases. In the ordinary course of business, the Company purchases network connections services from affiliates of Level 3 Communications (“Level 3”). Temasek Holdings (Private) Limited and its affiliates have a significant ownership interest in Level 3. During the three months ended June 30, 2017 and 2016, the Company paid $0.4 million and $0.6 million, respectively, and during the six months ended June 30, 2017 and 2016, the Company paid $1.1 million and $1.2 million, respectively, to Level 3 for these services. Additionally, the Company entered into a sublease arrangement with an affiliate of the Company’s Founder and Executive Chairman for office space no longer used by the Company in 2016. As of June 30, 2017, the Company has a receivable from of $0.04 million from this affiliate, which is included in accounts payable and accrued expenses and other liabilities in condensed consolidated statements of financial condition.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events
Subsequent Events	18. Subsequent Events The Company has evaluated subsequent events for adjustment to or disclosure in its condensed consolidated financial statements through the date of the report, and has not identified any recordable or disclosable events, not otherwise reported in these condensed consolidated financial statements or the notes thereto, except for the following: On July 20, 2017, the Company completed the Acquisition of KCG. Pursuant to the terms of the Merger Agreement dated as of April 20, 2017, by and among the Company, Merger Sub, and KCG. Merger Sub merged with and into KCG, with KCG surviving the Merger as a wholly-owned subsidiary of the Company. As of the Closing Date, each of KCG’s issued and outstanding shares of Class A common stock, par value $0.01 per share were cancelled and extinguished and converted into the right to receive $20.00 in cash, without interest, less any applicable withholding taxes. The acquisition of KCG will be accounted for as a business combination, subject to the provision of ASC 805-10-50, Business Combination . Due to the timing of the acquisition and the filing of this Quarterly Report on Form 10-Q, the Company is currently in the process of completing the purchase accounting and has not made all of the remaining disclosures required by ASC 805-10-50 at this time. On the Closing Date, and in connection with the financing of the Acquisition, the Company issued to Aranda Investments Pte. Ltd. (“Aranda”), an affiliate of Temasek, 6,346,155 shares of the Company’s Class A common stock, par value $0.00001 per share (the “Company Class A Common Stock”) pursuant to the investment agreement with Aranda (as amended, the “Aranda Investment Agreement”) in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act for an aggregate purchase price of approximately $99.0 million. The Company expects an additional 1,666,666 shares of the Company Class A Common Stock to be issued for an aggregate purchase price of approximately $26.0 million no later than October 6, 2017, subject to the satisfaction of certain regulatory conditions and there being no law or injunction restraining, enjoining, making illegal or otherwise prohibiting such issuance (collectively, the “Temasek Investment”). On the Closing Date, and in connection with the financing of the Acquisition, the Company issued to North Island Holdings I, LP (“NIH”) 39,725,979 shares of the Company Class A Common Stock pursuant to the investment agreement with NIH (as amended, the “NIH Investment Agreement”) in a private placement exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act for an aggregate purchase price of approximately $613.5 million. The Company expects an additional 338,124 shares of the Company Class A Common Stock to be issued for an aggregate purchase price of approximately $5.2 million no later than October 6, 2017, subject to the satisfaction of certain regulatory conditions and there being no law or injunction restraining, enjoining, making illegal or otherwise prohibiting such issuance (collectively, the “NIH Investment”). On the Closing Date, pursuant to the NIH Investment Agreement, the Company’s Executive Chairman and Founder, Vincent J. Viola, resigned as Executive Chairman and was appointed as Chairman Emeritus, Robert Greifeld was appointed as the new Chairman and Glenn Hutchins was appointed as a member of the Board of Directors of the Company (the “Board”). Mr. Viola continues to remain as a member of the Board. Messrs. Greifeld and Hutchins were appointed as a Class II director and a Class I director, respectively, and will serve as members of the Board’s new Strategy Committee. Also on the Closing Date, the Escrow Credit Agreement and related credit documents automatically ceased to be of force or effect and were superseded by the provisions of the Fourth Amended and Restated Credit Agreement and the first lien senior secured revolving credit facility matured. A total of $1,119.4 million restricted cash in Escrow (including principal from the Term Loan Facilities and Notes net of prefunded interest) was released to the Company. On July 21, 2017, KCG redeemed the outstanding 6.875% Senior Secured Notes due 2020 issued by KCG at a redemption price equal to 103.438% of the principal amount, plus accrued and unpaid interest, pursuant to the indenture, dated as of March 13, 2015 (as amended, restated, supplemented or otherwise modified), by and among KCG, the subsidiary guarantors party thereto and The Bank of New York Mellon, as trustee and collateral agent. On August 8, 2017, VFH made a voluntary prepayment of principal under the Term Loan Facility in the amount of $100.0 million, in accordance with the terms of the Fourth Amended and Restated Credit Agreement. The outstanding principal amount under the Term Loan Facility was $1,050.0 million as of the date of this report. The Company’s Board of Directors declared a dividend of $0.24 per share of Class A common stock and Class B common stock and restricted stock unit on August 8, 2017, payable on September 15, 2017 to holders of record as of the close of business on September 1, 2017.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The Company’s condensed consolidated financial statements are prepared in conformity with U.S. GAAP, which require management to make estimates and assumptions regarding measurements including the fair value of trading assets and liabilities, goodwill and intangibles, compensation accruals, capitalized software, income tax, and other matters that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ materially from those estimates.
Earnings Per Share	Earnings Per Share Earnings per share (“EPS”) is calculated on both a basic and diluted basis. Basic EPS excludes dilution and is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is calculated by dividing the net income available for common stockholders by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of the basic EPS and, in addition, reflects the dilutive effect of shares of common stock estimated to be distributed in the future under the Company’s share based compensation plans. The Company grants restricted stock units (“RSUs”), which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. As a result, the unvested RSUs meet the definition of a participating security requiring the application of the two-class method. Under the two-class method, earnings available to common shareholders, including both distributed and undistributed earnings, are allocated to each class of common stock and participating securities according to dividends declared and participating rights in undistributed earnings, which may cause diluted EPS to be more dilutive than the calculation using the treasury stock method.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers cash equivalents as highly liquid investments with original maturities of less than three months when acquired. The Company maintains cash in bank deposit accounts that, at times, may exceed federally insured limits.
Securities Borrowed and Securities Loaned	Securities Borrowed and Securities Loaned The Company conducts securities borrowing and lending activities with external counterparties. In connection with these transactions, the Company receives or posts collateral. These transactions are collateralized by cash or securities. In accordance with substantially all of its stock borrow agreements, the Company is permitted to sell or repledge the securities received. Securities borrowed or loaned are recorded based on the amount of cash collateral advanced or received. The initial cash collateral advanced or received generally approximates or is greater than 102% of the fair value of the underlying securities borrowed or loaned. The Company monitors the fair value of securities borrowed and loaned, and delivers or obtains additional collateral as appropriate. Receivables and payables with the same counterparty are not offset in the condensed consolidated statements of financial condition. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under interest and dividends income or interest and dividends expense in the condensed consolidated statements of comprehensive income.
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase	Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase In a repurchase agreement, securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at contract value, plus accrued interest, which approximates fair value. It is the Company’s policy that its custodian takes possession of the underlying collateral securities with a fair value approximately equal to the principal amount of the repurchase transaction, including accrued interest. For reverse repurchase agreements, the Company typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the condensed consolidated statements of financial condition. To ensure that the fair value of the underlying collateral remains sufficient, the collateral is valued daily with additional collateral obtained or excess collateral returned, as permitted under contractual provisions. The Company does not net securities purchased under agreements to resell transactions with securities sold under agreements to repurchase transactions entered into with the same counterparty. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under interest and dividends income or interest and dividends expense in the condensed consolidated statements of comprehensive income.
Receivables from/Payables to Broker-dealers and Clearing Organizations	Receivables from/Payables to Broker-dealers and Clearing Organizations Amounts receivable from broker-dealers and clearing organizations may be restricted to the extent that they serve as deposits for securities sold, not yet purchased. At June 30, 2017 and December 31, 2016, receivables from and payables to broker-dealers and clearing organizations primarily represented amounts due for unsettled trades, open equity in futures transactions, securities failed to deliver or failed to receive, deposits with clearing organizations or exchanges and balances due from or due to prime brokers in relation to the Company’s trading. The Company presents its balances, including outstanding principal balances on all credit facilities, on a net-by-counterparty basis within receivables from and payable to broker-dealers and clearing organizations when the criteria for offsetting are met. In the normal course of business, substantially all of the Company’s securities transactions, money balances, and security positions are transacted with several brokers. The Company is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.
Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased	Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased The Company records financial instruments owned, including those pledged as collateral, and financial instruments sold, not yet purchased at fair value. Gains and losses arising from financial instrument transactions are recorded net on a trade-date basis in trading income, net, in the condensed consolidated statements of comprehensive income.
Fair Value Measurements	Fair Value Measurements Fair value is defines as the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The recognition of “block discounts” for large holdings of unrestricted financial instruments where quoted prices are readily and regularly available in an active market is prohibited. The Company categorizes its financial instruments into a three-level hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy level assigned to each financial instrument is based on the assessment of the transparency and reliability of the inputs used in the valuation of such financial instruments at the measurement date based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories based on inputs: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly; or Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Transfers in or out of levels are recognized based on the beginning fair value of the period in which they occurred.
Fair Value Option	Fair Value Option The fair value option election allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are recorded in other, net in the condensed consolidated statements of comprehensive income. The decision to elect the fair value option is determined on an instrument by instrument basis must be applied to an entire instrument and is irrevocable once elected.
Derivative Instruments	Derivative Instruments Derivative instruments are used for trading purposes, including economic hedges of trading instruments, which are carried at fair value, include futures, forward contracts, and options. Unrealized gains or losses on these derivative instruments are recognized currently within trading income, net in the condensed consolidated statement of comprehensive income. Fair values for exchange-traded derivatives, principally futures, are based on quoted market prices. Fair values for over-the-counter derivative instruments, principally forward contracts, are based on the values of the underlying financial instruments within the contract. The underlying instruments are currencies, which are actively traded. The Company presents its derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met.
Property and Equipment	Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, except for the assets acquired in connection with the acquisition of MTH, which were recorded at fair value on the date of acquisition. Depreciation is provided using the straight-line method over estimated useful lives of the underlying asset. Routine maintenance, repairs and replacement costs are expensed as incurred and improvements that appreciably extend the useful life of the assets are capitalized. When property and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. Furniture, fixtures, and equipment are depreciated over three to seven years. Leasehold improvements are amortized over the lesser of the length of the lease term or seven years.
Capitalized Software	Capitalized Software The Company capitalizes costs of materials, consultants, and payroll and payroll related costs for employees incurred in developing internal-use software. Costs incurred during the preliminary project and post-implementation stages are charged to expense. Management’s judgment is required in determining the point at which various projects enter the stages at which costs may be capitalized, in assessing the ongoing value of the capitalized costs, and in determining the estimated useful lives over which the costs are amortized. Capitalized software development costs and related accumulated amortization are included in property, equipment and capitalized software in the accompanying condensed consolidated statements of financial condition and are amortized over a period of 1.4 to 2.5 years, which represents the estimated useful lives of the underlying software.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the underlying net tangible and intangible assets of the Company’s acquisitions. Goodwill is not amortized but is tested for impairment on an annual basis and between annual tests whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company operates as one operating segment, which is the Company’s only reporting unit. The Company tests goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events or circumstances exist. In the impairment test as of July 1, 2016, the primary valuation method used to estimate the fair value of the Company’s reporting unit was the market capitalization approach based on the market price of its Class A common stock, which the Company’s management believes to be an appropriate indicator of its fair value.
Intangible Assets	Intangible Assets The Company amortizes finite-lived intangible assets over their estimated useful lives. Finite-lived intangible assets are tested for impairment annually or when impairment indicators are present, and if impaired, they are written down to fair value.
Exchange Memberships and Stock	Exchange Memberships and Stock Exchange memberships are recorded at cost or, if any other than temporary impairment in value has occurred, at a value that reflects management’s estimate of fair value. Exchange stock includes shares that entitle the Company to certain trading privileges. The shares are marked to market with the corresponding gain or loss recorded under operating and administrative in the condensed consolidated statements of comprehensive income. The Company’s exchange memberships and stock are included in other assets in the condensed consolidated statements of financial condition.
Trading Income	Trading Income Trading income is comprised of changes in the fair value of trading assets and liabilities (i.e., unrealized gains and losses) and realized gains and losses on trading assets and liabilities. Trading gains and losses on financial instruments owned and financial instruments sold, not yet purchased are recorded on the trade date and reported on a net basis in the condensed consolidated statements of comprehensive income.
Interest and Dividends Income/Interest and Dividends Expense	Interest and Dividends Income/Interest and Dividends Expense Interest income and interest expense are accrued in accordance with contractual rates. Interest income consists of interest earned on collateralized financing arrangements and on cash held by brokers. Interest expense includes interest expense from collateralized transactions, margin and related lines of credit. Dividends on financial instruments owned including those pledged as collateral and financial instruments sold, not yet purchased are recorded on the ex-dividend date and interest is recognized on an accrual basis.
Technology Services	Technology Services Technology services revenues consist of technology licensing fees and agency commission fees. Technology licensing fees are earned from third parties for licensing of the Company’s proprietary risk management and trading infrastructure technology and the provision of associated management and hosting services. These fees include both upfront and annual recurring fees. Revenue from technology services is recognized once persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. Revenue is recognized ratably over the contractual service period. Agency commission fees are earned from agency trades executed by the Company on behalf of third parties and recognized on a trade date basis.
Rebates	Rebates Rebates consist of volume discounts, credits or payments received from exchanges or other market places related to the placement and/or removal of liquidity from the order flow in the marketplace. Rebates are recorded on an accrual basis and included net within brokerage, exchange and clearance fees in the accompanying condensed consolidated statements of comprehensive income.
Income Taxes	Income Taxes Subsequent to consummation of the Reorganization Transactions and the IPO, the Company is subject to U.S. federal, state and local income taxes on its taxable income. The Company’s subsidiaries are subject to income taxes in the respective jurisdictions (including foreign jurisdictions) in which they operate. Prior to the consummation of the Reorganization Transactions and the IPO, no provision for United States federal, state and local income tax was required, as Virtu Financial is a limited liability company and is treated as a pass-through entity for United States federal, state, and local income tax purposes. The provision for income tax is comprised of current tax and deferred tax. Current tax represents the tax on current year tax returns, using tax rates enacted at the balance sheet date. The deferred tax assets are recognized in full and then reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be recognized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the applicable taxing authority, including resolution of the appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the condensed consolidated financial statements from such a position are measured based on the largest benefit for each such position that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Many factors are considered when evaluating and estimating the tax positions and tax benefits. Such estimates involve interpretations of regulations, rulings, case law, etc. and are inherently complex. The Company’s estimates may require periodic adjustments and may not accurately anticipate actual outcomes as resolution of income tax treatments in individual jurisdictions typically would not be known for several years after completion of any fiscal year. The Company has determined that there are no uncertain tax positions that would have a material impact on the Company’s financial position as of June 30, 2017 and December 31, 2016 or the results of operations or cash flows for the three and six months ended June 30, 2017 and 2016.
Comprehensive Income and Foreign Currency Translation	Comprehensive Income and Foreign Currency Translation Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). OCI is comprised of revenues, expenses, gains and losses that are reported in the comprehensive income section of the condensed consolidated statements of comprehensive income, but are excluded from reported net income. The Company’s OCI is comprised of foreign currency translation adjustments. Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at period-end exchange rates, and revenues and expenses are translated at weighted average exchange rates for the period. Gains and losses resulting from translating foreign currency financial statements, net of related tax effects, are reflected in accumulated other comprehensive income, a separate component of stockholders’ equity.
Share-Based Compensation	Share-Based Compensation The fair value of awards issued for compensation prior to the Reorganization Transactions and the IPO was determined by management, with the assistance of an independent third party valuation firm, using a projected annual forfeiture rate, where applicable, on the date of grant. Share-based awards issued for compensation in connection with or subsequent to the Reorganization Transaction and the IPO pursuant to the VFI 2015 Management Incentive Plan (the “2015 Management Incentive Plan”) were in the form of stock options, Class A common stock and RSUs. The fair value of the stock option grants is determined through the application of the Black-Scholes-Merton model. The fair value of the Class A common stock and restricted stock units are determined based on the volume weighted average price for the three days preceding the grant, and with respect to the restricted stock units, a projected annual forfeiture rate. The fair value of share-based awards granted to employees is expensed based on the vesting conditions and are recognized on a straight-line basis over the vesting period. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the issuance of common stock, the vesting of restricted stock units or the exercise of stock options.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Revenue - In May 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers . ASU 2014-09 is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . ASU 2015-14 defers the effective date of ASU 2014-09 by one year for public companies. ASU 2015-14 applies to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. In December 2016, FASB issued ASU 2016-20 Technical Correction and Improvement (Topic 606): Revenue from Contracts with Customers , which amends the guidance in ASU 2014-09. The effective date and transition requirements for the ASU are the same as ASU 2014-09. The Company is expected to adopt the revenue recognition guidance on January 1, 2018. A significant amount of the Company’s revenues are derived from market making activities, which do not involve customer contracts. The Company is in the process of identifying and evaluating the revenue streams and underlying revenue contracts within the scope of this ASU. As of June 30, 2017, the Company does not expect the adoption of this ASU will have significant impact on its condensed consolidated financial statements. Financial Assets and Liabilities — In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The ASU intends to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The new ASU affects all entities that hold financial assets or owe financial liabilities and is effective for annual reporting periods (including interim periods) beginning after December 15, 2017. Early adoption of the ASU is not permitted, e xcept for the amendments relating to the presentation of the change in the instrument-specific credit risk relating to a liability that an entity has elected to measure at fair value . The Company is currently evaluating the potential effects of the adoption of ASU 2016-01 on its condensed consolidated financial statements, but does not expect it to have a material impact on its condensed consolidated financial statements, as it does not currently classify any equity securities as available for sale, and it does not apply the fair value option to its own debt issuances. Leases — In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under the new ASU, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. The liability will be equal to the present value of lease payments. The asset, referred to as a “right-of-use asset” will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, leases will be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. New quantitative and qualitative disclosures, including significant judgments made by management, will be required to provide greater information regarding the extent of revenue and expense recognized and expected to be recognized from existing contracts. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company anticipates adopting this ASU on January 1, 2019. The Company is not anticipating recognizing lease assets and lease liabilities for leases with a term of twelve months or less. As of June 30, 2017, the Company has not yet identified any significant changes in the timing of operating leases recognition when considering this ASU, but the Company’s implementation efforts are ongoing and such assessments may change prior to the January 1, 2019, anticipated implementation date. Upon adoption of this ASU, the Company expects to report increased assets and liabilities on its condensed consolidated statement of financial condition as a result of recognizing right-of-use assets and lease liabilities related to certain equipment under noncancelable operating lease agreements, which currently are not reflected in its condensed consolidated statement of financial condition. Compensation – Stock Compensation — In March 2016, FASB issued ASU 2016-09, Employee Share-Based Payment Accounting Improvements . The ASU makes a number of changes to accounting for share based payment programs, including the following principal changes: providing that all excess tax benefits and tax deficiencies arising from share-based payment programs should be recognized as income tax expense or benefit in the income statement; allowing companies to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (as is provided under current GAAP) or account for forfeitures when they occur; and providing that partial cash settlement of an award for tax-withholding purposes would not result, by itself, in liability classification of the award provided the amount withheld does not exceed the maximum statutory tax rate (as opposed to the current requirement which specifies the minimum statutory tax rate) for an employee in the applicable jurisdictions. The ASU also provides guidance on the classification of various items related to share based payment programs in the statement of cash flows. The ASU was effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted, and an entity that elects early adoption must adopt all of the amendments in the same period. The Company has elected to early adopt this ASU effective as of December 31, 2016 and it did not have a material impact on the Company’s condensed consolidated financial statements. Statement of Cash Flows – In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The ASU intended to reduce diversity in practice how certain transactions are classified in the statement of cash flows by mandating classification of certain activities. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the potential effects of adoption of ASU 2016-15 on the Company’s condensed consolidated financial statements. Income Taxes – In October 2016, FASB issued ASU 2016-16, Income Taxes (Topic 749): Intra-Entity Transfers of Assets Other Than Inventory . The ASU requires the reporting entity to recognize the tax expense from the sale of an asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of the transactions are eliminated in consolidation. Any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. The ASU is effective for annual periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the potential effects of adoption of ASU 2016-16 on the Company’s condensed consolidated financial statements. Restricted cash – In November 2016, FASB issued ASU 2016-18, Statement of Cash Flow (Topic 230): Restricted Cash, which is intended to reduce diversity in the presentation of restricted cash and restricted cash equivalent in the statements. The statement requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company has elected to early adopt this ASU effective as June 30, 2017 and included restricted cash as part of the total cash and cash equivalent as presented on the Company’s condensed consolidated statement of cash flows. Accounting Changes – In January 2017, FASB issued ASU 2017-03, Accounting Changes and Error Correction (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323), which amends SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC update). The SEC staff view is that a registrant should evaluate the impact of new accounting standards that have not yet been adopted to determine the appropriate financial disclosures on the potential material effects, especially on new standards on revenue recognition, leases, and financial instruments – credit losses. If a registrant cannot reasonably estimate the impact that adoption of the ASUs, the registrant should consider additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact. Additional qualitative disclosures should include a description of the effect of the accounting policies expected to be applied compared to current accounting policies. Furthermore, the registrant should describe the status of its process to implement the new standards and the significant implementation matters yet to be addressed. The Company adopted this ASU on January 1, 2017, and appropriate disclosures have been included in this Note for each recently issued accounting standard. Goodwill - In January, 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment . To simplify the subsequent measurement of goodwill, this ASU eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. This ASU is effective for public entities in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this ASU to have a material impact on its condensed consolidated financial statements.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings per Share
Schedule of reconciliation of net income before noncontrolling interest to net income available for common stockholders	For the Three Months Ended For the Three Months Ended For the Six Months Ended For the Six Months Ended (in thousands) June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Income before income taxes and noncontrolling interest $ 5,192 $ 44,414 $ 29,074 $ 103,116 Provision for income taxes 779 5,128 3,587 12,474 Net income 4,413 39,286 25,487 90,642 Noncontrolling interest (3,512) (30,908) (20,006) (71,916) Net income available for common stockholders $ 901 $ 8,378 $ 5,481 $ 18,726
Schedule of basic earnings per share	Three Months Ended June 30, Six Months Ended June 30, (in thousands, except for share or per share data) 2017 2016 2017 2016 Basic earnings per share: Net income available for common stockholders $ 901 $ 8,378 $ 5,481 $ 18,726 Less: Dividends and undistributed earnings allocated to participating securities (330) (200) (683) (421) Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities $ 571 8,178 $ 4,798 18,305 Weighted average shares of common stock outstanding: Class A 40,814,214 38,230,684 40,607,791 38,220,390 Basic Earnings per share $ 0.01 $ 0.21 $ 0.11 $ 0.48

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets
Schedule of acquired intangible assets	As of June 30, 2017 Gross Carrying Accumulated Net Carrying Useful Lives (in thousands) Amount Amortization Amount (Years) Purchased technology $ 110,000 $ 110,000 $ — 1.4 to 2.5 ETF issuer relationships 950 507 443 9 ETF buyer relationships 950 507 443 9 $ 111,900 $ 111,014 $ 886 As of December 31, 2016 Gross Carrying Accumulated Net Carrying Useful Lives (in thousands) Amount Amortization Amount (Years) Purchased technology $ 110,000 $ 110,000 $ — 1.4 to 2.5 ETF issuer relationships 950 454 496 9 ETF buyer relationships 950 454 496 9 $ 111,900 $ 110,908 $ 992

Receivables from_Payables to 28

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Tables)	6 Months Ended
	Jun. 30, 2017
Receivables from/Payables to Broker-Dealers and Clearing Organizations
Summary of receivables from and payables to brokers-dealers and clearing organizations	(in thousands) 2017 2016 Assets Due from prime brokers $ 81,468 $ 91,476 Deposits with clearing organizations 23,751 21,995 Net equity with futures commission merchants 167,922 213,030 Unsettled trades with clearing organization 67,694 44,312 Securities failed to deliver 44,533 77,915 Total receivables from broker-dealers and clearing organizations $ 385,368 $ 448,728 Liabilities Due to prime brokers $ 149,555 $ 227,335 Net equity with futures commission merchants 42,440 38,838 Unsettled trades with clearing organization 205,828 429,800 Securities failed to receive 81 5 Total payables to broker-dealers and clearing organizations $ 397,904 $ 695,978

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	6 Months Ended
	Jun. 30, 2017
Collateralized Transactions
Summary of the fair value of collateralized transactions	(in thousands) 2017 2016 Securities received as collateral: Securities borrowed $ 274,815 $ 213,203
Schedule of financial instruments owned and pledged, where counterparty has right to repledge	(in thousands) 2017 2016 Equities $ 149,773 $ 128,202 Exchange traded notes 2,405 15,681 $ 152,178 $ 143,883

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2017
Outstanding borrowings and financing capacity or unused available capacity under the Company’s borrowing arrangements	At June 30, 2017 At December 31, 2016 Financing Borrowing Financing Borrowing (in thousands) Available Outstanding Available Outstanding Broker-dealer credit facilities: Uncommitted facility $ $ $ $ Committed facility — — $ $ $ $ Short-Term Credit Facilities: Short-term credit facilities (1) $ $ $ $ $ $ $ $ _____________________________________ (1) Outstanding borrowings were included with receivable from broker-dealers and clearing organization within the consolidated statements of financial condition. At June 30, 2017 At December 31, 2016 Maturity Unused Available Borrowing Unused Available Borrowing (in thousands) Date Capacity Outstanding Capacity Outstanding Long-term borrowings: Senior secured credit facility December 2021 $ n/a $ $ n/a $ Senior secured Second Lien Notes June 2022 n/a n/a n/a Revolving credit facility April 2018 — — SBI bonds January 2020 n/a n/a $ $ $ $
Schedule of aggregate future required principal payments based on terms of loan	(in thousands) 2017 $ — 2018 115,000 2019 115,000 2020 and thereafter 1,451,142 Total principal of long-term borrowings $ 1,681,142
Senior Secured Credit Facility
Schedule of reconciliation of the senior secured credit facility	At June 30, At December 31, (in thousands) 2017 2016 Senior secured first lien term loan $ 1,150,000 $ 540,000 Senior secured second lien notes 500,000 — SBI Bonds outstanding principal 31,142 29,925 Net deferred financing fees (51,382) (4,012) Net discount on senior secured credit facility (1,437) (956) Long-term borrowings $ 1,628,323 $ 564,957

Financial Assets and Liabilit31

Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Financial Assets and Liabilities
Summary of fair value measurements measured on a recurring basis	Fair value measurements for those items measured on a recurring basis are summarized below as of June 30, 2017: June 30, 2017 Quoted Prices Significant in Active Other Significant Counterparty Markets for Observable Unobservable and Cash Identical Assets Inputs Inputs Collateral Total Fair (in thousands) (Level 1) (Level 2) (Level 3) Netting Value Assets Financial instruments owned, at fair value: Equity securities $ 252,485 $ 943,194 $ — $ — $ 1,195,679 Non-U.S. government obligations — 5,121 — — 5,121 Exchange traded notes — 36,931 — — 36,931 Currency forwards — 2,513,850 — (2,513,273) 577 Options — 101 — — 101 $ 252,485 $ 3,499,197 $ — $ (2,513,273) $ 1,238,409 Financial instruments owned, pledged as collateral: Equity securities $ 12,821 $ 136,952 $ — $ — $ 149,773 Exchange traded notes — 2,405 — — 2,405 $ 12,821 $ 139,357 $ — $ — $ 152,178 Other Assets Equity investment $ — $ — $ 37,297 $ — $ 37,297 Exchange stock 473 — — — 473 $ 473 $ — $ 37,297 $ — $ 37,770 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 312,110 $ 773,496 $ — $ — $ 1,085,606 U.S. and Non-U.S. government obligations — 2,873 — — 2,873 Exchange traded notes — 20,399 — — 20,399 Currency forwards — 2,508,096 — (2,508,096) — Options — 132 — — 132 $ 312,110 $ 3,304,996 $ — $ (2,508,096) $ 1,109,010 Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2016: December 31, 2016 Quoted Prices in Active Significant Markets for Other Significant Counterparty Identical Observable Unobservable and Cash Assets Inputs Inputs Collateral Total Fair (in thousands) (Level 1) (Level 2) (Level 3) Netting Value Assets Financial instruments owned, at fair value: Equity securities $ 1,597,049 $ 31,988 $ — $ — $ 1,629,037 Non-U.S. government obligations — 10,765 — — 10,765 Exchange traded notes 37,034 — — — 37,034 Currency forwards — 1,147,261 — (1,140,239) 7,022 Options — 141 — — 141 $ 1,634,083 $ 1,190,155 $ — $ (1,140,239) $ 1,683,999 Financial instruments owned, pledged as collateral: Equity securities $ 128,202 $ — $ — $ — $ 128,202 Exchange traded notes 15,681 — — — 15,681 $ 143,883 $ — $ — $ — $ 143,883 Other Assets Equity investment $ — $ — $ 36,031 $ — $ 36,031 Exchange stock 449 — — — 449 $ 449 $ — $ 36,031 $ — $ 36,480 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,323,693 $ 6,638 $ — $ — $ 1,330,331 Exchange traded notes 18,744 — — — 18,744 Currency forwards — 1,009,038 — (1,009,038) — Options — 80 — — 80 $ 1,342,437 $ 1,015,756 $ — $ (1,009,038) $ 1,349,155
Summary of changes in Level 3 financial instruments measured at fair value on a recurring basis	Six Months Ended June 30, 2017 Change in Net Unrealized Gains / (Losses) on Investments Balance at Total Realized Net Transfers Balance at still held at December 31, and Unrealized into (out of) June 30, June 30, (in thousands) 2016 Purchases Gains / (Losses) Level 3 2017 2017 Assets Other assets: Equity investment $ 36,031 $ — $ 1,266 $ — $ 37,297 $ 1,266 Total $ 36,031 $ — $ 1,266 $ — $ 37,297 $ 1,266
Summary of netting of certain financial assets and financial liabilities	June 30, 2017 Net Amounts of Gross Amounts Assets Presented Offset in the in the Gross Amounts Not Offset In the Gross Amounts Consolidated Consolidated Statement of Financial Condition of Recognized Statement of Statement of Financial Cash Collateral (in thousands) Assets Financial Condition Financial Condition Instruments Received Net Amount Offsetting of Financial Assets: Securities borrowed $ 285,219 $ — $ 285,219 $ (277,231) $ (1,199) $ 6,789 Trading assets, at fair value: Currency forwards 2,513,850 (2,513,273) 577 — — 577 Options 101 — 101 (94) (1) 6 Total $ 2,799,170 $ (2,513,273) $ 285,897 $ (277,325) $ (1,200) $ 7,372 Net Amounts of Gross Amounts Liabilities Presented Offset in the in the Gross Amounts Not Offset In the Gross Amounts Consolidated Consolidated Statement of Financial Condition of Recognized Statement of Statement of Financial Cash Collateral Liabilities Financial Condition Financial Condition Instruments Pledged Net Amount Offsetting of Financial Liabilities: Securities loaned $ 345,184 $ — $ 345,184 $ (344,508) $ — $ 676 Trading liabilities, at fair value: Currency forwards 2,508,096 (2,508,096) — — — — Options 132 — 132 (94) — 38 Total $ 2,853,412 $ (2,508,096) $ 345,316 $ (344,602) $ — $ 714 December 31, 2016 Net Amounts of Gross Amounts Assets Presented Offset in the in the Gross Amounts Not Offset In the Gross Amounts Consolidated Consolidated Statement of Financial Condition of Recognized Statement of Statement of Financial Cash Collateral (in thousands) Assets Financial Condition Financial Condition Instruments Received Net Amount Offsetting of Financial Assets: Securities borrowed $ 220,005 $ — $ 220,005 $ (216,778) $ (248) $ 2,979 Trading assets, at fair value: Currency forwards 1,147,261 (1,140,239) 7,022 — — 7,022 Options 141 — 141 (80) (13) 48 Total $ 1,367,407 $ (1,140,239) $ 227,168 $ (216,858) $ (261) $ 10,049 Net Amounts of Liabilities Gross Amounts Presented Gross Amounts Not Offset In the Offset in the in the Consolidated Condensed Condensed Condensed Consolidated Gross Amounts Consolidated Consolidated Statement of Financial Condition of Recognized Statement of Statement of Financial Cash Collateral (in thousands) Liabilities Financial Condition Financial Condition Instruments Pledged Net Amount Offsetting of Financial Liabilities: Securities loaned $ 222,203 $ — $ 222,203 $ (221,792) $ — $ 411 Trading liabilities, at fair value: Currency forwards 1,009,038 (1,009,038) — — — — Options 80 — 80 (80) — — Total $ 1,231,321 $ (1,009,038) $ 222,283 $ (221,872) $ — $ 411
Summary of gross obligations for repurchase agreement and securities borrowed transactions by remaining contractual maturity and class of collateral pledged	June 30, 2017 Remaining Contractual Maturity Overnight and Less than 30 - 90 Over 90 (in thousands) Continuous 30 days days Days Total Securities lending transactions: Equity securities $ 345,184 $ — $ — $ — $ 345,184 Total $ 345,184 $ — $ — $ — $ 345,184

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments
Schedule of fair value of derivative instruments on a gross basis	(in thousands) June 30, 2017 December 31, 2016 Derivatives Assets Balance Sheet Classification Fair Value Notional Fair Value Notional Equities futures Receivables from broker dealers and clearing organizations $ 1,269 $ 741,005 $ 2,403 $ 1,461,286 Commodity futures Receivables from broker dealers and clearing organizations (25,096) 16,391,955 13,964 3,918,778 Currency futures Receivables from broker dealers and clearing organizations (979) 6,247,397 1,591 3,264,093 Fixed income futures Receivables from broker dealers and clearing organizations (98) 4,024 31 5,730 Options Financial instruments owned 101 9,879 141 6,844 Currency forwards Financial instruments owned 2,513,850 139,565,292 1,147,261 94,192,414 Derivatives Liabilities Balance Sheet Classification Fair Value Notional Fair Value Notional Equities futures Payables to broker dealers and clearing organizations $ (21) $ 70,599 $ (43) $ 62,417 Commodity futures Payables to broker dealers and clearing organizations (416) 30,239 2,842 22,616,170 Currency futures Payables to broker dealers and clearing organizations 512 1,935,204 (6,282) 1,137,908 Options Financial instruments sold, not yet purchased 132 11,418 80 4,486 Currency forwards Financial instruments sold, not yet purchased 2,508,096 139,562,415 1,009,038 85,874,684
Schedule of net gain from derivative instruments not designated as hedging instruments	For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2017 2016 2017 2016 Futures $ 49,188 $ 112,115 $ 214,777 $ 420,595 Currency forwards 45,565 16,145 (5,816) 15,720 Options (2) (272) (1) (346) Interest rate swaps — 2 — 4 $ 94,751 $ 127,990 $ 208,960 $ 435,973

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Non-qualified stock options
Schedule of activity	Options Outstanding Options Exercisable Weighted Average Weighted Average Weighted Average Number of Exercise Price Remaining Number of Exercise Price Options Per Share Contractual Life Options Per Share At December 31, 2015 8,994,000 $ 19.00 9.29 — $ — Granted — — — — — Exercised — — — — — Forfeited or expired (630,000) — — — — At June 30, 2016 8,364,000 $ 19.00 8.80 2,091,000 $ — At December 31, 2016 8,234,000 $ 19.00 8.29 2,058,500 $ 19.00 Granted — — — — — Exercised — — — — — Forfeited or expired (265,000) — — — — At June 30, 2017 7,969,000 $ 19.00 7.80 3,984,500 $ 19.00
Restricted stock units
Schedule of activity related to restricted stock units	Weighted Number of Average Fair Shares Value At December 31, 2015 984,466 $ 22.32 Granted — — Forfeited (115,869) 22.51 Vested — — At June 30, 2016 868,597 $ 22.30 At December 31, 2016 1,573,441 $ 18.28 Granted — — Forfeited (168,142) 18.52 Vested — — At June 30, 2017 1,405,299 $ 18.26

Geographic Information (Tables)

Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2017
Geographic Information
Schedule of total revenues by geographic area	For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2017 2016 2017 2016 Revenues: United States $ 89,331 $ 108,314 $ 181,317 $ 232,133 Australia (14) 1 4 7 Ireland 33,004 37,417 61,255 80,544 Singapore 22,602 28,305 49,609 53,859 China (35) 144 (10) 276 Total revenues $ 144,888 $ 174,181 $ 292,175 $ 366,819

Organization and Basis of Pre35

Organization and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2017itemsegment
Number of businesses Company is managed and operated as | item	1
Number of reportable segments | segment	1
Virtu Financial
Ownership interest (as a percent)	30.20%

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Securities Borrowed and Securities Loaned
Minimum initial collateral advanced or received expressed as a percentage of fair value of the underlying securities borrowed or loaned			102.00%
Class B interests | East MIP
Property and Equipment and Capitalized Software
Amortization expense related to share based compensation	$ 20	$ 200	$ 40	$ 500
Furniture, fixtures and equipment | Minimum
Property and Equipment and Capitalized Software
Estimated useful lives			3 years
Furniture, fixtures and equipment | Maximum
Property and Equipment and Capitalized Software
Estimated useful lives			7 years
Leasehold improvements
Property and Equipment and Capitalized Software
Estimated useful lives			7 years
Capitalized software | Minimum
Property and Equipment and Capitalized Software
Estimated useful lives			1 year 4 months 24 days
Capitalized software | Maximum
Property and Equipment and Capitalized Software
Estimated useful lives			2 years 6 months

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Goodwill, Income Taxes and VIE (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)segment	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Goodwill
Number of operating segments | segment			1
Goodwill impairment	$ 0	$ 0	$ 0	$ 0
Income Taxes
Uncertain tax positions	$ 0		$ 0		$ 0
Share-Based Compensation
Number of days prior to the grant that common stock and restricted stock units fair value is determined based on			3 days

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reconciliation of net income before minority interest to net income available for common stockholders
Income before income taxes and non-controlling interest	$ 5,192	$ 44,414	$ 29,074	$ 103,116
Provision for income taxes	779	5,128	3,587	12,474
Net income	4,413	39,286	25,487	90,642
Noncontrolling interest	(3,512)	(30,908)	(20,006)	(71,916)
Net income available for common stockholders	$ 901	$ 8,378	$ 5,481	$ 18,726

Earnings Per Share - Basic (Det

Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Basic earnings per share
Net income available for common stockholders	$ 901	$ 8,378	$ 5,481	$ 18,726
Less: Dividends and undistributed earnings allocated to participating securities	(330)	(200)	(683)	(421)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 571	$ 8,178	$ 4,798	$ 18,305
Weighted average shares of common stock outstanding
Outstanding	40,814,214	38,230,684	40,607,791	38,220,390
Basic Earnings per share	$ 0.01	$ 0.21	$ 0.11	$ 0.48
Class A
Weighted average shares of common stock outstanding
Outstanding	40,814,214	38,230,684	40,607,791	38,220,390
Basic Earnings per share	$ 0.01	$ 0.21	$ 0.11	$ 0.48
Virtu Financial
Weighted average shares of common stock outstanding
Ownership interest (as a percent)	30.20%		30.20%

Earnings Per Share - Diluted (D

Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Diluted earnings per share
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 571	$ 8,178	$ 4,798	$ 18,305
Weighted average shares of common stock outstanding
Issued and outstanding	40,814,214	38,230,684	40,607,791	38,220,390
Weighted average number of shares of common stock outstanding	40,814,214	38,230,684	40,607,791	38,220,390
Diluted Earnings per share	$ 0.01	$ 0.21	$ 0.11	$ 0.48
Anti-dilutive shares excluded from computation of EPS	1,047,193	476,249	912,157	73,259
Class A
Weighted average shares of common stock outstanding
Issued and outstanding	40,814,214	38,230,684	40,607,791	38,220,390

Tax Receivable Agreements (Deta

Tax Receivable Agreements (Details) - USD ($) $ in Thousands	Apr. 15, 2015	Mar. 31, 2017	Dec. 31, 2015	Jun. 30, 2017	Feb. 28, 2017	Dec. 31, 2016
Tax Receivable Agreements
Payment on applicable cash tax savings (as a percent)	85.00%
First payment due after filing of company's tax return			120 days
First payment made		$ 7,000
Deferred tax assets related to exchange of units	$ 218,400
Payments to certain Virtu Members	238,600
Minimum tax receivable agreement obligation over the agreed period	400
Maximum tax receivable agreement obligation over the agreed period	$ 21,400
Period over which the obligations are to be settled	15 years
Reduction of paid-in capital for the difference between TRA liability and related deferred tax asset.	$ 20,200
Deferred tax asset recorded in connection with a stock offering					$ 8,500
Amount of payment liability pursuant to tax receivable agreements					7,300
Increase in additional paid-in capital related to tax receivable agreements					$ 1,200
Deferred tax assets				$ 186,600		$ 189,600
Tax receivable agreement obligations				$ 231,639		$ 231,404

Goodwill and Intangible Asset42

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	May 03, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Goodwill
Goodwill impairment		$ 0	$ 0	$ 0	$ 0
Purchase price				5,704
Goodwill		$ 718,521		$ 718,521		$ 715,379
Teza Technologies strategic telecommunications assets
Goodwill
Purchase price	$ 5,700
Goodwill	$ 3,100

Goodwill and Intangible Asset43

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Acquired intangible assets
Gross Carrying Amount	$ 111,900		$ 111,900		$ 111,900
Accumulated Amortization	111,014		111,014		110,908
Net Carrying Amount	886		886		992
Amortization expense relating to finite-lived intangible assets	53	$ 53	106	$ 106
Purchased technology
Acquired intangible assets
Gross Carrying Amount	110,000		110,000		110,000
Accumulated Amortization	110,000		$ 110,000		$ 110,000
Purchased technology | Minimum
Acquired intangible assets
Useful Lives			1 year 4 months 24 days		1 year 4 months 24 days
Purchased technology | Maximum
Acquired intangible assets
Useful Lives			2 years 6 months		2 years 6 months
ETF issuer relationships
Acquired intangible assets
Gross Carrying Amount	950		$ 950		$ 950
Accumulated Amortization	507		507		454
Net Carrying Amount	443		$ 443		$ 496
Useful Lives			9 years		9 years
ETF buyer relationships
Acquired intangible assets
Gross Carrying Amount	950		$ 950		$ 950
Accumulated Amortization	507		507		454
Net Carrying Amount	$ 443		$ 443		$ 496
Useful Lives			9 years		9 years

Receivables from_Payables to 44

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Due from prime brokers	$ 81,468	$ 91,476
Deposits with clearing organizations	23,751	21,995
Net equity with futures commission merchants	167,922	213,030
Unsettled trades with clearing organization	67,694	44,312
Securities failed to deliver	44,533	77,915
Total receivables from broker-dealers and clearing organizations	385,368	448,728
Liabilities
Due to prime brokers	149,555	227,335
Net equity with futures commission merchants	42,440	38,838
Unsettled trades with clearing organization	205,828	429,800
Securities failed to receive	81	5
Total payables to broker-dealers and clearing organizations	397,904	695,978
Outstanding principal balance	$ 160,300	$ 309,100

Collateralized Transactions (De

Collateralized Transactions (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Financial instruments owned and pledged
Financial instruments owned and pledged, where counterparty has right to repledge	$ 152,178	$ 143,883
Securities received as collateral:
Securities borrowed	274,815	213,203
Equity securities
Financial instruments owned and pledged
Financial instruments owned and pledged, where counterparty has right to repledge	149,773	128,202
Exchange traded notes
Financial instruments owned and pledged
Financial instruments owned and pledged, where counterparty has right to repledge	$ 2,405	$ 15,681

Borrowings - Broker-Dealer Cred

Borrowings - Broker-Dealer Credit Facilities (Details) $ in Thousands	Jul. 18, 2016	Apr. 15, 2015	Jun. 30, 2017USD ($)subsidiaryitem	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)subsidiaryitem	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Long-Term Borrowings
Borrowing Outstanding			$ 1,681,142		$ 1,681,142
Borrowing Outstanding, net			$ 1,628,323		$ 1,628,323		$ 564,957
Number of broker-dealer subsidiaries | item			2		2
Unused Available Capacity			$ 100,000		$ 100,000		100,000
Interest expense			8,720	$ 7,075	15,548	$ 14,176
Broker-Dealer Credit Facilities
Long-Term Borrowings
Financing Available			200,000		200,000		200,000
Borrowing Outstanding			$ 13,000		$ 13,000		25,000
Number of secured credit facilities | item			2		2
Broker-Dealer Credit Facility on an uncommitted basis
Long-Term Borrowings
Financing Available			$ 125,000		$ 125,000		125,000
Borrowing Outstanding			$ 13,000		$ 13,000		$ 25,000
Number of secured credit facilities | item			1		1
Maximum borrowing capacity			$ 125,000		$ 125,000
Interest rate (as a percent)			2.16%		2.16%		1.66%
Interest expense			$ 500	300	$ 900	500
Broker-Dealer Credit Facility on committed basis
Long-Term Borrowings
Financing Available			$ 75,000		$ 75,000		$ 75,000
Number of broker-dealer subsidiaries the committed facility is available to | subsidiary			1		1
Maximum borrowing capacity			$ 75,000		$ 75,000
Credit facility term	364 days
Broker-Dealer Credit Facility on committed basis | LIBOR rate
Long-Term Borrowings
Interest rate margin (as a percent)					1.25%
Broker-Dealer Credit Facility on committed basis | Base rate
Long-Term Borrowings
Interest rate margin (as a percent)		1.25%
Short-Term Credit Facilities
Long-Term Borrowings
Financing Available			493,000		$ 493,000		493,000
Borrowing Outstanding			160,345		160,345		309,086
Interest expense			1,700	$ 1,400	3,400	$ 3,100
Total Short-term credit facilities
Long-Term Borrowings
Financing Available			493,000		493,000		493,000
Borrowing Outstanding			160,345		160,345		309,086
Revolving credit facility
Long-Term Borrowings
Unused Available Capacity			100,000		100,000		100,000
Senior Secured Second Lien Notes
Long-Term Borrowings
Borrowing Outstanding			500,000		500,000
Borrowing Outstanding, net			474,639		474,639
SBI Bonds
Long-Term Borrowings
Borrowing Outstanding			31,142		31,142		29,925
Borrowing Outstanding, net			$ 31,082		$ 31,082		$ 29,853

Borrowings - Short-Term Credit

Borrowings - Short-Term Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Short-Term Credit Facilities
Interest expense	$ 8,720	$ 7,075	$ 15,548	$ 14,176
Short-Term Credit Facilities
Short-Term Credit Facilities
Weighted average interest rate	3.54%		3.54%		3.12%
Interest expense	$ 1,700	$ 1,400	$ 3,400	$ 3,100

Borrowings - Long-Term Borrowin

Borrowings - Long-Term Borrowings (Details) $ in Thousands, ¥ in Billions	Jun. 16, 2017USD ($)	Apr. 15, 2015	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017JPY (¥)item	Jun. 30, 2017USD ($)item	Dec. 31, 2016USD ($)	Oct. 31, 2016	Jul. 25, 2016JPY (¥)	Jul. 25, 2016USD ($)
Long-Term Borrowings
Discount								$ 1,437	$ 956
Outstanding principal amount								1,681,142
Interest expense			$ 8,720	$ 7,075	$ 15,548	$ 14,176
Deferred financing fees								51,382	4,012
Reconciliation of senior secured credit facility
Outstanding principal								1,681,142
Net deferred financing fees								(51,382)	(4,012)
Discount								(1,437)	(956)
Long term borrowings								1,628,323	564,957
Aggregate future required minimum principal payments based on the terms of loan
2,018								115,000
2,019								115,000
2020 and thereafter								1,451,142
Total principal of long-term borrowings								1,681,142
Broker-Dealer Credit Facility on committed basis
Long-Term Borrowings
Maximum borrowing capacity								75,000
Broker-Dealer Credit Facility on committed basis | Base rate
Long-Term Borrowings
Interest rate added to variable rate (as a percent)		1.25%
Broker-Dealer Credit Facility on committed basis | LIBOR rate
Long-Term Borrowings
Interest rate added to variable rate (as a percent)					1.25%
Senior Secured Second Lien Notes
Long-Term Borrowings
Face amount	$ 500,000
Interest rate (as a percent)	6.75%
Percentage of the voting stock of the entity's domestic subsidiaries' direct foreign subsidiaries as collateral					65.00%
Outstanding principal amount								500,000
Interest period	6 months
Reconciliation of senior secured credit facility
Outstanding principal								500,000
Long term borrowings								474,639
Aggregate future required minimum principal payments based on the terms of loan
Total principal of long-term borrowings								500,000
Senior Secured Second Lien Notes | Restricted Cash
Long-Term Borrowings
Face amount								500,000
Escrow Credit Facility
Long-Term Borrowings
Face amount								$ 610,000
Annual amortization obligation as a percentage of original principal amount							7.50%	7.50%
Escrow Credit Facility | Restricted Cash
Long-Term Borrowings
Face amount								$ 610,000
Senior Secured Credit Facility
Long-Term Borrowings
Face amount								540,000
Outstanding principal amount								1,150,000	540,000
Reconciliation of senior secured credit facility
Outstanding principal								1,150,000	540,000
Long term borrowings								1,122,602	535,104
Aggregate future required minimum principal payments based on the terms of loan
Total principal of long-term borrowings								$ 1,150,000	540,000
Senior Secured Credit Facility Fourth Amendment
Long-Term Borrowings
Number of anniversaries of closing of the acquisition | item							4	4
Annual amortization obligation as a percentage of original principal amount							7.50%	7.50%
Outstanding principal amount								$ 1,150,000
Reconciliation of senior secured credit facility
Outstanding principal								1,150,000
Aggregate future required minimum principal payments based on the terms of loan
Total principal of long-term borrowings								1,150,000
Senior Secured Credit Facility Fourth Amendment | Maximum
Long-Term Borrowings
Leverage ratio					5.00%
interest coverage ratio					3.00%
Senior Secured Credit Facility Fourth Amendment | Minimum
Long-Term Borrowings
interest coverage ratio					2.75%
Senior Secured Credit Facility Fourth Amendment | From and after the fiscal quarter ending March 31, 2019 [Member]
Long-Term Borrowings
Leverage ratio					4.25%
Senior Secured Credit Facility Fourth Amendment | From and after the fiscal quarter ending March 31, 2020 [Member]
Long-Term Borrowings
Leverage ratio					3.50%
Senior Secured Credit Facility Fourth Amendment | From the fiscal quarter ending March 31,2021 and thereafter [Member]
Long-Term Borrowings
Leverage ratio					3.25%
SBI Bonds
Long-Term Borrowings
Loss due to change in currency rates			$ 1,500		$ 1,200
Outstanding principal amount								31,142	29,925
Reconciliation of senior secured credit facility
Outstanding principal								31,142	29,925
Long term borrowings								31,082	29,853
Aggregate future required minimum principal payments based on the terms of loan
Total principal of long-term borrowings								31,142	$ 29,925
VFH
Long-Term Borrowings
Percentage of the non-voting stock of the entity's domestic subsidiaries' direct foreign subsidiaries collateralized					100.00%
VFH | Maximum
Long-Term Borrowings
Percentage of the voting stock of the entity's domestic subsidiaries' direct foreign subsidiaries as collateral					65.00%
VFH | Senior Secured Credit Facility
Long-Term Borrowings
Face amount								$ 100,000
VFH | Senior Secured Credit Facility Fourth Amendment | Term Loan | Prime rate
Long-Term Borrowings
Interest rate (as a percent)							2.75%	2.75%
Interest rate added to variable rate (as a percent)					2.00%
VFH | Senior Secured Credit Facility Fourth Amendment | Term Loan | Federal funds effective rate
Long-Term Borrowings
Interest rate added to variable rate (as a percent)					0.50%
VFH | Senior Secured Credit Facility Fourth Amendment | Term Loan | Eurodollar
Long-Term Borrowings
Interest rate added to variable rate (as a percent)					1.00%
VFH | Senior Secured Credit Facility Fourth Amendment | Term Loan | LIBOR rate
Long-Term Borrowings
Interest rate (as a percent)							3.75%	3.75%
Interest rate added to variable rate (as a percent)					1.00%
VFH | Senior Secured Credit Facility Fourth Amendment | Revolving credit facility | Prime rate
Long-Term Borrowings
Interest rate (as a percent)							2.00%	2.00%
Interest rate added to variable rate (as a percent)					1.00%
VFH | Senior Secured Credit Facility Fourth Amendment | Revolving credit facility | Federal funds effective rate
Long-Term Borrowings
Interest rate added to variable rate (as a percent)					0.50%
VFH | Senior Secured Credit Facility Fourth Amendment | Revolving credit facility | Eurodollar
Long-Term Borrowings
Interest rate added to variable rate (as a percent)					1.00%
VFH | Senior Secured Credit Facility Fourth Amendment | Revolving credit facility | LIBOR rate
Long-Term Borrowings
Interest rate (as a percent)							3.00%	3.00%
Interest rate added to variable rate (as a percent)					0.00%
VFH | SBI Bonds
Long-Term Borrowings
Face amount							¥ 3.5	$ 31,100			¥ 3.5	$ 33,100
Interest rate (as a percent)										5.00%	4.00%	4.00%

Financial Assets and Liabilit49

Financial Assets and Liabilities - Measured on a Recurring Basis (Details) $ in Thousands	Jul. 27, 2016USD ($)	Jun. 30, 2017USD ($)item	Dec. 31, 2016USD ($)	Jun. 30, 2016USD ($)
Fair value measurements measured on a recurring basis
Transfers of financial assets between levels		$ 0		$ 0
Assets
Financial instruments owned, at fair value		1,238,409	$ 1,683,999
Financial instruments owned, pledged as collateral		152,178	143,883
Other assets		37,770	36,480
Liabilities
Financial instruments sold, not yet purchased, at fair value		$ 1,109,010	1,349,155
SBI
Equity method investment
Ownership interest (as a percent)	29.40%
Payment for minority interest	$ 38,800
Discount rate applied to cash flow forecasts to determine initial fair value of equity method investment.		15.90%
Market approach average price/earnings multiples of comparable companies to corroborate the income approach | item		19
Equity securities
Assets
Financial instruments owned, pledged as collateral		$ 149,773	128,202
Exchange traded notes
Assets
Financial instruments owned, pledged as collateral		2,405	15,681
Fair value measurements measured on a recurring basis
Assets
Financial instruments owned, at fair value, counterparty and cash collateral netting		(2,513,273)	(1,140,239)
Liabilities
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting		(2,508,096)	(1,009,038)
Fair value measurements measured on a recurring basis | Currency forwards
Assets
Financial instruments owned, at fair value, counterparty and cash collateral netting		(2,513,273)	(1,140,239)
Liabilities
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting		(2,508,096)	(1,009,038)
Fair value measurements measured on a recurring basis | Total Fair Value
Assets
Financial instruments owned, at fair value		1,238,409	1,683,999
Financial instruments owned, pledged as collateral		152,178	143,883
Other assets		37,770	36,480
Liabilities
Financial instruments sold, not yet purchased, at fair value		1,109,010	1,349,155
Fair value measurements measured on a recurring basis | Total Fair Value | Currency forwards
Assets
Financial instruments owned, at fair value		577	7,022
Fair value measurements measured on a recurring basis | Total Fair Value | Options
Assets
Financial instruments owned, at fair value		101	141
Liabilities
Financial instruments sold, not yet purchased, at fair value		132	80
Fair value measurements measured on a recurring basis | Total Fair Value | Equity securities
Assets
Financial instruments owned, at fair value		1,195,679	1,629,037
Financial instruments owned, pledged as collateral		149,773	128,202
Liabilities
Financial instruments sold, not yet purchased, at fair value		1,085,606	1,330,331
Fair value measurements measured on a recurring basis | Total Fair Value | US and non-US government obligations
Assets
Financial instruments owned, at fair value		5,121	10,765
Liabilities
Financial instruments sold, not yet purchased, at fair value		2,873
Fair value measurements measured on a recurring basis | Total Fair Value | Exchange traded notes
Assets
Financial instruments owned, at fair value		36,931	37,034
Financial instruments owned, pledged as collateral		2,405	15,681
Liabilities
Financial instruments sold, not yet purchased, at fair value		20,399	18,744
Fair value measurements measured on a recurring basis | Total Fair Value | Exchange stock
Assets
Other assets		473	449
Fair value measurements measured on a recurring basis | Total Fair Value | Equity investment
Assets
Other assets		37,297	36,031
Fair value measurements measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Financial instruments owned, at fair value		252,485	1,634,083
Financial instruments owned, pledged as collateral		12,821	143,883
Other assets		473	449
Liabilities
Financial instruments sold, not yet purchased, at fair value		312,110	1,342,437
Fair value measurements measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities
Assets
Financial instruments owned, at fair value		252,485	1,597,049
Financial instruments owned, pledged as collateral		12,821	128,202
Liabilities
Financial instruments sold, not yet purchased, at fair value		312,110	1,323,693
Fair value measurements measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange traded notes
Assets
Financial instruments owned, at fair value			37,034
Financial instruments owned, pledged as collateral			15,681
Liabilities
Financial instruments sold, not yet purchased, at fair value			18,744
Fair value measurements measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange stock
Assets
Other assets		473	449
Fair value measurements measured on a recurring basis | Significant Other Observable Inputs (Level 2)
Assets
Financial instruments owned, at fair value		3,499,197	1,190,155
Financial instruments owned, pledged as collateral		139,357
Liabilities
Financial instruments sold, not yet purchased, at fair value		3,304,996	1,015,756
Fair value measurements measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Currency forwards
Assets
Financial instruments owned, at fair value		2,513,850	1,147,261
Liabilities
Financial instruments sold, not yet purchased, at fair value		2,508,096	1,009,038
Fair value measurements measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Options
Assets
Financial instruments owned, at fair value		101	141
Liabilities
Financial instruments sold, not yet purchased, at fair value		132	80
Fair value measurements measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Equity securities
Assets
Financial instruments owned, at fair value		943,194	31,988
Financial instruments owned, pledged as collateral		136,952
Liabilities
Financial instruments sold, not yet purchased, at fair value		773,496	6,638
Fair value measurements measured on a recurring basis | Significant Other Observable Inputs (Level 2) | US and non-US government obligations
Assets
Financial instruments owned, at fair value		5,121	10,765
Liabilities
Financial instruments sold, not yet purchased, at fair value		2,873
Fair value measurements measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Exchange traded notes
Assets
Financial instruments owned, at fair value		36,931
Financial instruments owned, pledged as collateral		2,405
Liabilities
Financial instruments sold, not yet purchased, at fair value		20,399
Fair value measurements measured on a recurring basis | Significant Unobservable Inputs (Level 3)
Assets
Other assets		37,297	36,031
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		36,031,000
Total Realized and Unrealized Gains / (Losses)		1,266,000
Ending Balance		37,297,000	36,031,000
Change in Net Unrealized Gains / (Losses) On Investments Held		1,266,000
Fair value measurements measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Equity investment
Assets
Other assets		37,297	36,031
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		36,031,000
Total Realized and Unrealized Gains / (Losses)		1,266,000
Ending Balance		37,297,000	$ 36,031,000
Change in Net Unrealized Gains / (Losses) On Investments Held		$ 1,266,000

Financial Assets and Liabilit50

Financial Assets and Liabilities - Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Securities borrowed
Gross Amounts of Recognized Assets	$ 285,219	$ 220,005
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	285,219	220,005
Gross Amounts Not Offset in the Statement of Financial Condition
Financial instruments	(277,231)	(216,778)
Cash collateral received	(1,199)	(248)
Net Amount	6,789	2,979
Total
Gross Amounts of Recognized Assets	2,799,170	1,367,407
Gross Amounts Offset in the Consolidated Statement of Financial Condition	(2,513,273)	(1,140,239)
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	285,897	227,168
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Financial instruments	(277,325)	(216,858)
Cash collateral received	(1,200)	(261)
Net Amount	7,372	10,049
Currency forwards
Trading assets, at fair value
Gross Amounts of Recognized Assets	2,513,850	1,147,261
Gross Amounts Offset in the Consolidated Statement of Financial Condition	(2,513,273)	(1,140,239)
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	577	7,022
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Net Amount	577	7,022
Options
Trading assets, at fair value
Gross Amounts of Recognized Assets	101	141
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	101	141
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Financial instruments	(94)	(80)
Cash collateral received	(1)	(13)
Net Amount	$ 6	$ 48

Financial Assets and Liabilit51

Financial Assets and Liabilities - Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Securities loaned
Gross Amounts of Recognized Liabilities	$ 345,184	$ 222,203
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	345,184	222,203
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Financial instruments	(344,508)	(221,792)
Net Amount	676	411
Total
Gross Amounts of Recognized Liabilities	2,853,412	1,231,321
Gross Amounts Offset in the Consolidated Statement of Financial Condition	(2,508,096)	(1,009,038)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	345,316	222,283
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Financial instruments	(344,602)	(221,872)
Net Amount	714	411
Receivables from broker dealers and clearing organizations | Quoted Prices in Active Markets for Identical Assets (Level 1)
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Net variation margin on long and short futures contracts	(24,900)	18,000
Payables to broker dealers and clearing organizations | Quoted Prices in Active Markets for Identical Assets (Level 1)
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Net variation margin on long and short futures contracts	100	(3,500)
Currency forwards
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	2,508,096	1,009,038
Gross Amounts Offset in the Consolidated Statement of Financial Condition	(2,508,096)	(1,009,038)
Options
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	132	80
Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition	132	80
Gross Amounts Not Offset in the Consolidated Statement of Financial Condition
Financial instruments	(94)	$ (80)
Net Amount	$ 38

Financial Assets and Liabilit52

Financial Assets and Liabilities - Gross Obligations For Securities Lending Transactions (Details) $ in Thousands	Jun. 30, 2017USD ($)
Fair value measurements measured on a recurring basis
Remaining contractual maturity for securities lending transactions	$ 345,184
Overnight and Continuous
Fair value measurements measured on a recurring basis
Remaining contractual maturity for securities lending transactions	345,184
Equity securities
Fair value measurements measured on a recurring basis
Remaining contractual maturity for securities lending transactions	345,184
Equity securities | Overnight and Continuous
Fair value measurements measured on a recurring basis
Remaining contractual maturity for securities lending transactions	$ 345,184

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Equities futures | Receivables from broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	$ 1,269	$ 2,403
Derivatives Assets, Notional	741,005	1,461,286
Equities futures | Payables to broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Liabilities, Fair Value	(21)	(43)
Derivatives Liabilities, Notional	70,599	62,417
Commodity futures | Receivables from broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	(25,096)	13,964
Derivatives Assets, Notional	16,391,955	3,918,778
Commodity futures | Payables to broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Liabilities, Fair Value	(416)	2,842
Derivatives Liabilities, Notional	30,239	22,616,170
Currency futures | Receivables from broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	(979)	1,591
Derivatives Assets, Notional	6,247,397	3,264,093
Currency futures | Payables to broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Liabilities, Fair Value	512	(6,282)
Derivatives Liabilities, Notional	1,935,204	1,137,908
Fixed Income futures | Receivables from broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	(98)	31
Derivatives Assets, Notional	4,024	5,730
Currency forwards
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	2,513,850	1,147,261
Derivatives Liabilities, Fair Value	2,508,096	1,009,038
Currency forwards | Financial instruments owned
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	2,513,850	1,147,261
Derivatives Assets, Notional	139,565,292	94,192,414
Currency forwards | Financial instruments sold, not yet purchased
Fair value of derivative instruments on a gross basis
Derivatives Liabilities, Fair Value	2,508,096	1,009,038
Derivatives Liabilities, Notional	139,562,415	85,874,684
Options
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	101	141
Derivatives Liabilities, Fair Value	132	80
Derivatives Liabilities, Notional	11,418	4,486
Options | Receivables from broker dealers and clearing organizations
Fair value of derivative instruments on a gross basis
Derivatives Assets, Fair Value	101	141
Derivatives Assets, Notional	$ 9,879	$ 6,844

Derivative Instruments - Gain F

Derivative Instruments - Gain From Derivative Instruments (Details) - Not designated as hedging instruments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Gain impact of derivative instruments not designated as hedging instruments
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	$ 94,751	$ 127,990	$ 208,960	$ 435,973
Futures
Gain impact of derivative instruments not designated as hedging instruments
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	49,188	112,115	214,777	420,595
Currency forwards
Gain impact of derivative instruments not designated as hedging instruments
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	45,565	16,145	(5,816)	15,720
Options
Gain impact of derivative instruments not designated as hedging instruments
Gain impact that derivative instruments not designated as hedging instruments had on results of operations	$ (2)	(272)	$ (1)	(346)
Interest rate swaps
Gain impact of derivative instruments not designated as hedging instruments
Gain impact that derivative instruments not designated as hedging instruments had on results of operations		$ 2		$ 4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Income taxes
Provision for income taxes	$ 779	$ 5,128	$ 3,587	$ 12,474
Effective tax rate (as a percent)	15.00%	11.50%	12.30%	12.10%
Unrecognized tax benefits	$ 0		$ 0		$ 0

Commitments, Contingencies an56

Commitments, Contingencies and Guarantees - Employee Retention Plan and Litigation (Details) € in Millions, $ in Millions	Jul. 07, 2017item	May 31, 2017EUR (€)	May 31, 2017USD ($)	May 23, 2017lawsuit	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)
Acquisition of KCG | Pending Litigation
Litigation
Number of putative class actions | lawsuit				5
Number of depositions	4
Number of years before the entity could complete the business combination if the plaintiff prevails	3
Number of statutory exceptions or conditions met for the entity to prevail	1
Unfavorable regulatory action
Litigation
Amount of fine		€ 3	$ 3.4		€ 5	$ 5.4
Accrual for estimated loss		€ 2	$ 2.2		€ 5	$ 5.4

Capital Structure (Details)

Capital Structure (Details)	Apr. 21, 2015$ / sharesshares	Apr. 15, 2015shares	May 31, 2017shares	Feb. 28, 2017shares	Sep. 30, 2016$ / sharesshares	Jun. 30, 2017Voteitem$ / shares	Dec. 31, 2016$ / shares	Nov. 30, 2015item$ / sharesshares
Number of classes of common stock | item						4
Number of votes | Vote						10
Common stock offered for sale (in shares) | shares								397,534
Commission deducted from the price at which shares were offered to the public (in dollars per share) | $ / shares					$ 0.10
2015 Management Incentive Plan
Number of shares of stock authorized | shares	12,000,000
Virtu Financial
Ownership interest (as a percent)						30.20%
VFH
Issuance of common stock in connection with employee exchanges (in shares) | shares			307,544	683,762
Common stock exchange ratio			1	1
Silver Lake Post-IPO
Common stock offered for sale (in shares) | shares								6,075,837
Class A
Number of shares of stock issued | shares	19,012,112	16,532,272
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001					$ 0.00001	$ 0.00001
Common stock sold in connection with full exercise of the option to purchase additional shares granted to underwriters (in shares) | shares	2,479,840
Common stock sold in connection with full exercise of the option to purchase additional shares granted to underwriters, at a price to public (in dollars per share) | $ / shares	$ 19
Common stock offered for sale (in shares) | shares					1,103,668
Price of stock (in dollars per share) | $ / shares					$ 15.75
Class A | Virtu Financial Inc And Silver Lake Partners
Common stock offered for sale (in shares) | shares								6,473,371
Price of stock (in dollars per share) | $ / shares								$ 22.15
Class B
Common stock, par value (in dollars per share) | $ / shares						0.00001	0.00001
Class C
Common stock, par value (in dollars per share) | $ / shares						0.00001	0.00001
Class D
Common stock, par value (in dollars per share) | $ / shares						$ 0.00001	$ 0.00001
Class A common stock and Class C common stock
Number of votes | Vote						1
Number Of Non Executive Employees | item								1

Share-based Compensation (Detai

Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 22, 2015	Apr. 21, 2015	Jul. 08, 2011	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation.
Number of Class A-2 capital interests contributed by Class A-2 members to Virtu East MIP LLC			2,625,000
Non-voting common interest units outstanding				13,194,719		13,194,719		14,231,535
Number of non-voting common interest units forfeited or repurchased						1,036,816	53,743
Weighted Average Remaining Life, outstanding
Options Exercisable, Weighted Average Exercise Price (in dollars per share)								$ 19
Class A
Share-based Compensation.
Expense recognized				$ 4,700	$ 2,400	$ 9,400	$ 5,800
Number of non-voting common interest units forfeited or repurchased					0
Class C
Share-based Compensation.
Number of non-voting common interest units forfeited or repurchased				307,544
2015 Management Incentive Plan | Class A | Maximum
Share-based Compensation.
Vesting period	4 years
Class A-2 profits interests
Share-based Compensation.
Expense recognized				$ 200	$ 400	400	$ 700
Unrecognized share-based compensation expense				$ 300		$ 300
Weighted average period for compensation expense expected to be recognized						4 months 24 days
Class A-2 profits interests | Maximum
Share-based Compensation.
Vesting period				4 years	4 years	4 years	4 years
Class A-2 profits interests | East MIP | Time based vesting
Share-based Compensation.
Vesting period			4 years
Class B interests | East MIP
Share-based Compensation.
Amortization expense related to share based compensation				$ 20	$ 200	$ 40	$ 500
Non-voting common interest units (formerly Class B interests) | East MIP
Share-based Compensation.
Expense recognized				200	300	300	600
Unrecognized share-based compensation expense				400		$ 400		$ 800
Weighted average period for compensation expense expected to be recognized						6 months		1 year
Capitalized software development costs				10	20	$ 20	40
Non-qualified stock options
Share-based Compensation.
Expense recognized						2,800	$ 2,700
Non-qualified stock options | 2015 Management Incentive Plan
Share-based Compensation.
Vesting period		4 years
Expense recognized				1,400	$ 1,500
Unrecognized share-based compensation expense				$ 10,800		$ 10,800		$ 14,200
Weighted average period for compensation expense expected to be recognized						1 year 9 months 18 days		2 years 3 months 18 days
Forfeited or repurchased (in shares)						265,000	630,000
Outstanding (in shares)						8,234,000	8,994,000	8,994,000
Forfeited or expired (in shares)						(265,000)	(630,000)
Outstanding (in shares)				7,969,000	8,364,000	7,969,000	8,364,000	8,234,000	8,994,000
Weighted Average Exercise Price Per Share
Outstanding (in dollars per share)						$ 19	$ 19	$ 19
Outstanding (in dollars per share)				$ 19	$ 19	$ 19	$ 19	$ 19	$ 19
Weighted Average Remaining Life, outstanding
Weighted Average Remaining Life						7 years 9 months 18 days	8 years 9 months 18 days	8 years 3 months 15 days	9 years 3 months 15 days
Options Exercisable, Number of Options (in shares)				3,984,500	2,091,000	3,984,500	2,091,000	2,058,500
Options Exercisable, Weighted Average Exercise Price (in dollars per share)				$ 19		$ 19
Non-qualified stock options | 2015 Management Incentive Plan | Maximum
Share-based Compensation.
Expiration period		10 years
Restricted stock units
Share-based Compensation.
Expense recognized				$ 2,300	$ 1,500	$ 5,000	$ 3,100
Unrecognized share-based compensation expense				$ 20,100		$ 20,100		$ 28,500
Weighted average period for compensation expense expected to be recognized						2 years 1 month 6 days		2 years 7 months 6 days
Activity
Outstanding (in shares)						1,573,441	984,466	984,466
Forfeited (in shares)						(168,142)	(115,869)
Outstanding (in shares)				1,405,299	868,597	1,405,299	868,597	1,573,441	984,466
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding (in dollars per share)						$ 18.28
Forfeited (in dollars per share)							$ 22.51
Outstanding (in dollars per share)					$ 22.30		22.30	$ 18.28
Weighted Average Fair Value
Outstanding (in dollars per share)							$ 22.32	$ 22.32
Forfeited (in dollars per share)						18.52
Outstanding (in dollars per share)				$ 18.26		$ 18.26			$ 22.32

Regulatory Requirement (Details

Regulatory Requirement (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)item	Dec. 31, 2016USD ($)
Regulatory Requirement
Number of broker-dealer subsidiaries | item	2
Number of broker-dealer subsidiaries required to maintain capital in connection with the operation of DMM business | item	1
Broker Dealer Subsidiary One
Regulatory Requirement
Minimum net capital required to be maintained by broker-dealer subsidiaries	$ 1	$ 1
Net capital	47.8	74.5
Excess net capital over the required net capital	46.8	73.5
Broker Dealer Subsidiary Two
Regulatory Requirement
Minimum net capital required to be maintained by broker-dealer subsidiaries	1	1
Net capital	10.6	10.8
Excess net capital over the required net capital	9.6	9.8
VFCM
Regulatory Requirement
Minimum capital required to be maintained in connection with the operation of the Company's DMM business	1.8	$ 1.9
Required amount under exchange rules	$ 1
Required amount under exchange rules as percentage of market value	15.00%
Number of trading units whose market value is considered to calculate required net capital under exchange act | item	60

Geographic Information (Details

Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Total revenues by geographic area
Revenues	$ 144,888	$ 174,181	$ 292,175	$ 366,819
United States
Total revenues by geographic area
Revenues	89,331	108,314	181,317	232,133
Australia
Total revenues by geographic area
Revenues	(14)	1	4	7
Ireland
Total revenues by geographic area
Revenues	33,004	37,417	61,255	80,544
Singapore
Total revenues by geographic area
Revenues	22,602	28,305	49,609	53,859
China
Total revenues by geographic area
Revenues	$ (35)	$ 144	$ (10)	$ 276

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transactions
Payable to affiliates	$ 20		$ 20		$ 200
Dell
Related Party Transactions
Payments for purchases	600	$ 700	1,400	$ 1,500
Level 3
Related Party Transactions
Payments for purchases	400	$ 600	1,100	$ 1,200
Affiliate Of Founder And Executive Chairman
Related Party Transactions
Receivable from affiliates	$ 40		$ 40

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 15, 2017	Aug. 08, 2017	Jul. 21, 2017	Jul. 20, 2017	Apr. 21, 2015	Apr. 15, 2015	Oct. 05, 2017	Jun. 30, 2017	Jun. 16, 2017	Dec. 31, 2016
Subsequent events
Outstanding principal								$ 1,681,142
Senior Secured Second Lien Notes
Subsequent events
Outstanding principal								$ 500,000
Interest rate (as a percent)									6.75%
Subsequent Events. | Senior Secured Second Lien Notes
Subsequent events
Percentage on principal amount of redemption note			103.438%
Interest rate (as a percent)			6.875%
Subsequent Events. | Escrow Credit Facility
Subsequent events
Release of escrow balance				$ 1,119,400
Aranda | Subsequent Events. | Private Placement
Subsequent events
Issuance of Common Stock, net of offering costs				$ 99,000
Class A
Subsequent events
Common stock, par value					$ 0.00001			$ 0.00001		$ 0.00001
Issuance of Common Stock, net of offering costs (in shares)					19,012,112	16,532,272
Class A | Subsequent Events.
Subsequent events
Dividends declared (in dollars per share)	$ 0.24
Class A | KCG Holdings | Subsequent Events.
Subsequent events
Common stock, par value				$ 0.01
Right to receive cash				20
Class A | Aranda | Subsequent Events.
Subsequent events
Common stock, par value				$ 0.00001
Issuance of Common Stock, net of offering costs (in shares)				6,346,155			1,666,666
Issuance of Common Stock, net of offering costs							$ 26,000
Class A | NIH | Subsequent Events.
Subsequent events
Issuance of Common Stock, net of offering costs (in shares)				39,725,979			338,124
Issuance of Common Stock, net of offering costs				$ 613,500			$ 5,200
VFH | Subsequent Events. | Term Loan
Subsequent events
Voluntary prepayment of principal		$ 100,000
Outstanding principal		$ 1,050,000