Virtu Financial (VIRT) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 06, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-37352
Entity Registrant Name	Virtu Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0420206
Entity Address, Address Line One	One Liberty Plaza
Entity Address, Address Line Two	165 Broadway
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10006
City Area Code	212
Local Phone Number	418-0100
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	VIRT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001592386
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		122,918,976
Class C common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,466,939
Class D common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		60,091,740

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 567,677	$ 732,164
Cash restricted or segregated under regulations and other	98,285	41,116
Securities borrowed	1,325,843	1,928,763
Securities purchased under agreements to resell	17,413	143,032
Receivables from broker-dealers and clearing organizations	1,881,881	1,318,584
Trading assets, at fair value:
Financial instruments owned	2,208,147	2,068,734
Financial instruments owned and pledged	609,050	696,956
Receivables from customers	176,939	103,531
Property, equipment and capitalized software (net of accumulated depreciation of $443,770 and $457,229 as of September 30, 2020 and December 31, 2019, respectively)	116,550	116,089
Operating lease right-of-use assets	287,069	314,526
Goodwill	1,148,926	1,148,926
Intangibles (net of accumulated amortization of $165,417 and $219,239 as of September 30, 2020 and December 31, 2019, respectively)	473,317	529,638
Deferred tax assets	192,467	214,671
Other assets ($66,805 and $48,966, at fair value, as of September 30, 2020 and December 31, 2019, respectively)	339,161	252,640
Total assets	9,442,725	9,609,370
Liabilities
Short-term borrowings	123,993	73,486
Securities loaned	705,789	1,600,099
Securities sold under agreements to repurchase	466,995	340,742
Payables to broker-dealers and clearing organizations	675,032	826,750
Payables to customers	141,980	89,719
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	2,790,135	2,497,958
Tax receivable agreement obligations	255,996	269,282
Accounts payable, accrued expenses and other liabilities	508,543	399,168
Operating lease liabilities	330,626	365,364
Long-term borrowings	1,636,829	1,917,866
Total liabilities	7,635,918	8,380,434
Commitments and Contingencies (Note 15)
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 2,178,771 and 2,178,771 shares at September 30, 2020 and December 31, 2019, respectively	(55,005)	(55,005)
Additional paid-in capital	1,143,149	1,077,398
Retained earnings (accumulated deficit)	343,817	(90,374)
Accumulated other comprehensive income (loss)	(35,203)	(647)
Total Virtu Financial Inc. stockholders' equity	1,396,760	931,374
Noncontrolling interest	410,047	297,562
Total equity	1,806,807	1,228,936
Total liabilities and equity	9,442,725	9,609,370
Class A common stock
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	1	1
Class B common stock
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	0	0
Class C common stock
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	0	0
Class D common stock
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	$ 1	$ 1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accumulated depreciation	$ 443,770	$ 457,229
Intangibles, accumulated amortization	165,417	219,239
Fair value of other assets	$ 66,805	$ 48,966
Treasury stock, shares (in shares)	2,178,771	2,178,771
Class A common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	125,059,325	120,435,912
Common stock, shares outstanding (in shares)	122,880,554	118,257,141
Class B common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Class C common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	10,466,939	12,887,178
Common stock, shares outstanding (in shares)	10,466,939	12,887,178
Class D common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	60,091,740	60,091,740
Common stock, shares outstanding (in shares)	60,091,740	60,091,740

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Trading income, net	$ 441,295	$ 220,148	$ 1,987,756	$ 683,611
Interest and dividends income	10,932	23,352	46,788	76,645
Commissions, net and technology services	133,853	139,627	452,333	359,894
Other, net	70,032	(787)	75,758	(2,277)
Total revenue	656,112	382,340	2,562,635	1,117,873
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	196,448	98,789	573,769	285,890
Communication and data processing	51,647	59,767	162,336	156,004
Employee compensation and payroll taxes	35,798	90,595	327,091	282,135
Interest and dividends expense	27,374	34,546	97,656	116,739
Operations and administrative	24,612	25,333	73,480	76,293
Depreciation and amortization	16,656	17,598	50,728	48,859
Amortization of purchased intangibles and acquired capitalized software	18,265	18,908	56,177	50,436
Termination of office leases	60	1,278	343	66,490
Debt issue cost related to debt refinancing, prepayment and commitment fees	9,916	0	27,282	7,894
Transaction advisory fees and expenses	2,463	7,163	2,737	24,074
Financing interest expense on long-term borrowings	20,358	34,191	67,764	91,669
Total operating expenses	403,597	388,168	1,439,363	1,206,483
Income (loss) before income taxes and noncontrolling interest	252,515	(5,828)	1,123,272	(88,610)
Provision for (benefit from) income taxes	52,807	(644)	200,044	(14,322)
Net income (loss)	199,708	(5,184)	923,228	(74,288)
Noncontrolling interest	(82,999)	872	(386,311)	33,412
Net income (loss) available for common stockholders	$ 116,709	$ (4,312)	$ 536,917	$ (40,876)
Earnings (loss) per share
Basic (in dollars per share)	$ 0.92	$ (0.04)	$ 4.31	$ (0.38)
Diluted (in dollars per share)	$ 0.92	$ (0.04)	$ 4.29	$ (0.38)
Weighted average common shares outstanding
Basic (in shares)	122,686,931	117,548,769	121,328,895	112,602,934
Diluted (in shares)	123,772,005	117,548,769	121,939,839	112,602,934
Net income (loss)	$ 199,708	$ (5,184)	$ 923,228	$ (74,288)
Other comprehensive income (loss)
Foreign exchange translation adjustment, net of taxes	7,812	(7,197)	3,860	(10,057)
Net change in unrealized cash flow hedges gain (loss), net of taxes	314	0	(64,425)	0
Comprehensive income (loss)	207,834	(12,381)	862,663	(84,345)
Less: Comprehensive income (loss) attributable to noncontrolling interest	(86,761)	3,598	(360,302)	37,221
Comprehensive income (loss) attributable to common stockholders	$ 121,073	$ (8,783)	$ 502,361	$ (47,124)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common StockClass A Common Stock	Common StockClass C Common Stock	Common StockClass D Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Total Virtu Financial Inc. Stockholders' Equity	Non-Controlling Interest
Balance at beginning period (in shares) at Dec. 31, 2018		108,955,048	13,749,886	69,091,740	2,178,771
Balance at beginning of period at Dec. 31, 2018	$ 1,494,699	$ 1	$ 0	$ 1	$ (55,005)	$ 1,010,468	$ 96,513	$ (82)	$ 1,051,896	$ 442,803
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)		965,421
Share based compensation	30,764					30,764			30,764
Treasury stock purchases (in shares)		(325,195)
Treasury stock purchases	(8,805)						(8,805)		(8,805)
Stock options exercised (in shares)		86,224
Stock options exercised	859					859			859
Net income (loss)	(13,619)						(6,673)		(6,673)	(6,946)
Foreign exchange translation adjustment	(3,744)							(2,136)	(2,136)	(1,608)
Distribution from Virtu Financial to non-controlling interest	(37,196)									(37,196)
Dividends	(26,312)						(26,312)		(26,312)
Issuance of common stock in connection with employee exchanges (in shares)		240,000
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)			(240,000)
Balance at end of period (in shares) at Mar. 31, 2019		109,921,498	13,509,886	69,091,740	2,178,771
Balance at end of period at Mar. 31, 2019	1,436,646	$ 1	$ 0	$ 1	$ (55,005)	1,042,091	54,723	(2,218)	1,039,593	397,053
Balance at beginning period (in shares) at Dec. 31, 2018		108,955,048	13,749,886	69,091,740	2,178,771
Balance at beginning of period at Dec. 31, 2018	1,494,699	$ 1	$ 0	$ 1	$ (55,005)	1,010,468	96,513	(82)	1,051,896	442,803
Increase (decrease) in stockholder's/members' equity
Net income (loss)	(74,288)
Foreign exchange translation adjustment	(10,057)
Net change in unrealized cash flow hedges gains (losses)	0
Balance at end of period (in shares) at Sep. 30, 2019		119,894,982	12,904,525	60,091,740	2,178,771
Balance at end of period at Sep. 30, 2019	1,296,717	$ 1	$ 0	$ 1	$ (55,005)	1,070,123	(40,120)	(5,986)	969,014	327,703
Balance at beginning period (in shares) at Mar. 31, 2019		109,921,498	13,509,886	69,091,740	2,178,771
Balance at beginning of period at Mar. 31, 2019	1,436,646	$ 1	$ 0	$ 1	$ (55,005)	1,042,091	54,723	(2,218)	1,039,593	397,053
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)		257,750
Share based compensation	16,443					16,443			16,443
Repurchase of Class C common stock (in shares)			(3,584)
Repurchase of Class C common stock	(96)						(96)		(96)
Treasury stock purchases (in shares)		(90,852)
Treasury stock purchases	(2,093)						(2,093)		(2,093)
Stock options exercised (in shares)		35,120
Stock options exercised	72					72			72
Net income (loss)	(55,485)						(29,891)		(29,891)	(25,594)
Foreign exchange translation adjustment	884							548	548	336
Distribution from Virtu Financial to non-controlling interest	(14,891)									(14,891)
Dividends	(28,592)						(28,592)		(28,592)
Issuance of common stock in connection with employee exchanges (in shares)		367,900
Issuance of common stock in connection with secondary offering, net of offering costs (in shares)		(9,000,000)		(9,000,000)
Issuance of Common Stock in connection with secondary offering, net of offering costs	(375)					(375)			(375)
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)			(367,900)
Issuance of tax receivable agreements in connection with employee exchange	(644)					(644)			(644)
Balance at end of period (in shares) at Jun. 30, 2019		119,491,416	13,138,402	60,091,740	2,178,771
Balance at end of period at Jun. 30, 2019	1,351,869	$ 1	$ 0	$ 1	$ (55,005)	1,057,587	(5,949)	(1,670)	994,965	356,904
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)		227,579
Share based compensation	12,536					12,536			12,536
Treasury stock purchases (in shares)		(57,890)
Treasury stock purchases	(1,167)						(1,167)		(1,167)
Net income (loss)	(5,184)						(4,312)		(4,312)	(872)
Foreign exchange translation adjustment	(7,197)							(4,316)	(4,316)	(2,881)
Net change in unrealized cash flow hedges gains (losses)	0
Distribution from Virtu Financial to non-controlling interest	(25,448)									(25,448)
Dividends	(28,692)						(28,692)		(28,692)
Issuance of common stock in connection with employee exchanges (in shares)		233,877
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)			(233,877)
Balance at end of period (in shares) at Sep. 30, 2019		119,894,982	12,904,525	60,091,740	2,178,771
Balance at end of period at Sep. 30, 2019	1,296,717	$ 1	$ 0	$ 1	$ (55,005)	1,070,123	(40,120)	(5,986)	969,014	327,703
Balance at beginning period (in shares) at Dec. 31, 2019		120,435,912	12,887,178	60,091,740	2,178,771
Balance at beginning of period at Dec. 31, 2019	1,228,936	$ 1	$ 0	$ 1	$ (55,005)	1,077,398	(90,374)	(647)	931,374	297,562
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)		1,854,961
Share based compensation	21,357					21,357			21,357
Treasury stock purchases (in shares)		(642,869)
Treasury stock purchases	(9,801)						(9,801)		(9,801)
Stock options exercised (in shares)		213,129
Stock options exercised	3,206					3,206			3,206
Warrants issued	11,486					11,486			11,486
Net income (loss)	388,238						221,069		221,069	167,169
Foreign exchange translation adjustment	(10,396)							(5,884)	(5,884)	(4,512)
Net change in unrealized cash flow hedges gains (losses)	(55,602)							(31,468)	(31,468)	(24,134)
Distribution from Virtu Financial to non-controlling interest	(19,165)									(19,165)
Dividends	(29,602)						(29,602)		(29,602)
Issuance of common stock in connection with employee exchanges (in shares)		724,327
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)			(724,327)
Balance at end of period (in shares) at Mar. 31, 2020		122,585,460	12,162,851	60,091,740	2,178,771
Balance at end of period at Mar. 31, 2020	1,528,657	$ 1	$ 0	$ 1	$ (55,005)	1,113,447	91,292	(37,999)	1,111,737	416,920
Balance at beginning period (in shares) at Dec. 31, 2019		120,435,912	12,887,178	60,091,740	2,178,771
Balance at beginning of period at Dec. 31, 2019	1,228,936	$ 1	$ 0	$ 1	$ (55,005)	1,077,398	(90,374)	(647)	931,374	297,562
Increase (decrease) in stockholder's/members' equity
Net income (loss)	923,228
Foreign exchange translation adjustment	3,860
Net change in unrealized cash flow hedges gains (losses)	(64,425)
Balance at end of period (in shares) at Sep. 30, 2020		125,059,325	10,466,939	60,091,740	2,178,771
Balance at end of period at Sep. 30, 2020	1,806,807	$ 1	$ 0	$ 1	$ (55,005)	1,143,149	343,817	(35,203)	1,396,760	410,047
Balance at beginning period (in shares) at Mar. 31, 2020		122,585,460	12,162,851	60,091,740	2,178,771
Balance at beginning of period at Mar. 31, 2020	1,528,657	$ 1	$ 0	$ 1	$ (55,005)	1,113,447	91,292	(37,999)	1,111,737	416,920
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)		36,771
Share based compensation	7,839					7,839			7,839
Treasury stock purchases (in shares)		(8,727)
Treasury stock purchases	(360)						(360)		(360)
Stock options exercised (in shares)		404,794
Stock options exercised	7,691					7,691			7,691
Net income (loss)	335,285						199,142		199,142	136,143
Foreign exchange translation adjustment	6,444							3,674	3,674	2,770
Net change in unrealized cash flow hedges gains (losses)	(9,137)							(5,242)	(5,242)	(3,895)
Distribution from Virtu Financial to non-controlling interest	(145,211)									(145,211)
Dividends	(30,201)						(30,201)		(30,201)
Issuance of common stock in connection with employee exchanges (in shares)		1,635,912
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)			(1,635,912)
Balance at end of period (in shares) at Jun. 30, 2020		124,654,210	10,526,939	60,091,740	2,178,771
Balance at end of period at Jun. 30, 2020	1,701,007	$ 1	$ 0	$ 1	$ (55,005)	1,128,977	259,873	(39,567)	1,294,280	406,727
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)		234,981
Share based compensation	10,568					10,568			10,568
Treasury stock purchases (in shares)		(79,570)
Treasury stock purchases	(2,418)						(2,418)		(2,418)
Stock options exercised (in shares)		189,704
Stock options exercised	3,604					3,604			3,604
Net income (loss)	199,708						116,709		116,709	82,999
Foreign exchange translation adjustment	7,812							4,213	4,213	3,599
Net change in unrealized cash flow hedges gains (losses)	314							151	151	163
Distribution from Virtu Financial to non-controlling interest	(83,441)									(83,441)
Dividends	(30,347)						(30,347)		(30,347)
Issuance of common stock in connection with employee exchanges (in shares)		60,000
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)			(60,000)
Balance at end of period (in shares) at Sep. 30, 2020		125,059,325	10,466,939	60,091,740	2,178,771
Balance at end of period at Sep. 30, 2020	$ 1,806,807	$ 1	$ 0	$ 1	$ (55,005)	$ 1,143,149	$ 343,817	$ (35,203)	$ 1,396,760	$ 410,047

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income (loss)		$ 923,228	$ (74,288)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		50,728	48,859
Amortization of purchased intangibles and acquired capitalized software		56,177	50,436
Debt issue cost related to debt refinancing and prepayment		7,555	7,896
Amortization of debt issuance costs and deferred financing fees		24,164	9,513
Termination of office leases		343	66,490
Share-based compensation		37,510	55,690
Deferred taxes		22,204	11,595
Gain on sale of MATCHNow		(58,652)	0
Other		(14,750)	(22,623)
Changes in operating assets and liabilities:
Securities borrowed	[1]	602,920	(166,075)
Securities purchased under agreements to resell	[1]	125,619	(3,330)
Receivables from broker-dealers and clearing organizations	[1]	(563,297)	(134,170)
Trading assets, at fair value	[1]	(51,507)	(34,392)
Receivables from customers	[1]	(73,408)	(133,844)
Operating lease right-of-use assets	[1]	27,457	(246,555)
Other assets	[1]	(67,469)	(31,740)
Securities loaned	[1]	(894,310)	(54,381)
Securities sold under agreements to repurchase	[1]	126,253	(78)
Payables to broker-dealers and clearing organizations	[1]	(216,143)	305,065
Payables to customers	[1]	52,261	(9,020)
Trading liabilities, at fair value	[1]	292,177	(226,474)
Operating lease liabilities	[1]	(34,738)	270,407
Accounts payable, accrued expenses and other liabilities	[1]	109,276	(35,203)
Net cash provided by (used in) operating activities		483,598	(346,222)
Cash flows from investing activities
Development of capitalized software		(27,463)	(25,638)
Acquisition of property and equipment		(21,717)	(17,101)
Proceeds from sale of MATCHNow		60,592	0
ITG Acquisition, net of cash acquired, described in Note 3		0	(835,581)
Investment in joint ventures		(7,968)	(4,500)
Net cash provided by (used in) investing activities		3,444	(882,820)
Cash flows from financing activities
Distribution from Virtu Financial to non-controlling interest		(247,816)	(77,535)
Dividends		(90,150)	(83,596)
Repurchase of Class C common stock		0	(96)
Purchase of treasury stock		(12,579)	(12,065)
Stock options exercised		14,502	931
Short-term borrowings, net		49,388	63,748
Proceeds from long-term borrowings		0	1,492,500
Repayment of long term borrowings		(288,500)	(450,000)
Tax receivable agreement obligations		(13,286)	0
Debt issuance costs		(9,779)	(35,702)
Issuance of common stock in connection with secondary offering, net of offering costs		0	(375)
Net cash provided by (used in) financing activities		(598,220)	897,810
Effect of exchange rate changes on cash and cash equivalents		3,860	(9,996)
Net increase (decrease) in cash and cash equivalents		(107,318)	(341,228)
Cash, cash equivalents, and restricted or segregated cash, beginning of period		773,280	736,047
Cash, cash equivalents, and restricted or segregated cash, end of period		665,962	394,819
Supplementary disclosure of cash flow information
Cash paid for interest		137,750	127,477
Cash paid for taxes		207,387	5,003
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software		9,672	1,434
Non-cash financing activities
Tax receivable agreement described in Note 6		$ 0	$ (644)
[1]	Net of ITG Acquisition for the three months ended March 31, 2019; see Note 3

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	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, “Virtu” or the “Company”). VFI is a Delaware corporation whose primary asset is its ownership interest in Virtu Financial LLC (“Virtu Financial”). As of September 30, 2020, VFI owned approximately 64.2% of the membership interests of Virtu Financial. VFI is the sole managing member of Virtu Financial and operates and controls all of the businesses and affairs of Virtu Financial and its subsidiaries (the “Group”). The Company is a leading financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. The Company provides deep liquidity in over 25,000 financial instruments, on over 235 venues, in 36 countries worldwide to help create more efficient markets. Leveraging its global market structure expertise and scaled, multi-asset infrastructure, the Company provides its clients with a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The Company’s product offerings allow its clients to trade on hundreds of venues in over 50 countries and across multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and other commodities. The Company’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that its clients rely upon to invest, trade and manage risk across global markets. On July 20, 2017 (the “KCG Closing Date”), the Company completed the all-cash acquisition of KCG Holdings, Inc. (“KCG”) (the “Acquisition of KCG”). On March 1, 2019 (the “ITG Closing Date”), the Company completed the acquisition of Investment Technology Group, Inc. and its subsidiaries (“ITG”) in an all-cash transaction valued at $30.30 per ITG share, for a total of approximately $1.0 billion (the “ITG Acquisition”). See Note 3 “ITG Acquisition” for further details. ITG was a global financial technology company. ITG's business contributes to the Company's Execution Services segment. Virtu Financial’s principal U.S. subsidiary is Virtu Americas LLC (“VAL”), which is a U.S. broker-dealer. As part of the Company's integration efforts, the Company consolidated the operations of its other historical U.S. broker-dealer subsidiaries. Specifically, the broker-dealer activities of Virtu Financial BD LLC ("VFBD") and Virtu Financial Capital Markets LLC ("VFCM") were consolidated within VAL as of December 31, 2019 and the SEC registrations were withdrawn in March 2020. Subsequently, the Company consolidated the broker-dealer activities of Virtu ITG LLC ("VITG") and Virtu Alternet Securities ("VALT") within VAL as of June 1, 2020 and the SEC registrations were withdrawn in August 2020. Other principal U.S. subsidiaries include Virtu Financial Global Markets LLC, a U.S. trading entity focused on futures and currencies; Virtu ITG Analytics LLC, a provider of pre and post-trade analysis, fair value, and trade optimization services; and Virtu ITG Platforms LLC, a provider of workflow technology solutions and network connectivity services. Principal foreign subsidiaries include Virtu Financial Ireland Limited and Virtu ITG Europe Limited, each formed in Ireland; Virtu ITG Canada Corp. and Virtu Financial Canada ULC, each formed in Canada; Virtu Financial Asia Pty Ltd. and Virtu ITG Australia Limited, each formed in Australia; Virtu ITG Hong Kong Limited, formed in Hong Kong; and Virtu Financial Singapore Pte. Ltd. and Virtu ITG Singapore Pte. Ltd., each formed in Singapore, all of which are trading entities focused on asset classes in their respective geographic regions. On August 4, 2020, the Company completed the disposition of the MATCHNow business pursuant to a previously announced agreement with Cboe Global Markets, Inc., resulting in a gain of approximately $56.2 million, with contingent consideration of up to approximately $23.0 million, conditioned on future performance of MATCHNow. See Note 4 "Sale of MATCHNow" for further details. The Company has two operating segments: (i) Market Making and (ii) Execution Services; and one non-operating segment: Corporate. See Note 21 “Geographic Information and Business Segments” for a further discussion of the Company’s segments. Basis of Consolidation and Form of Presentation These condensed consolidated financial statements are presented in U.S. dollars, 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 by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC” or the “Codification”), and reflect all adjustments that, in the opinion of management, are normal and recurring, and that are necessary for a fair statement of the results for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with SEC rules and regulations. The condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. 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 subsidiaries indirectly through its equity interest in Virtu Financial. Certain reclassifications have been made to the prior periods’ condensed consolidated financial statements in order to conform to the current period presentation. Such reclassifications are immaterial, individually and in the aggregate, to both current and all previously issued financial statements taken as a whole and have no effect on previously reported consolidated net income available to common stockholders. Effective for the quarter ended June 30, 2020, the Company has changed the presentation of its Condensed Consolidated Statements of Comprehensive Income. As a result, the Company made the following reclassifications to prior period amounts to be consistent with current period presentation. For the three and nine months ended September 30, 2019, respectively, the Company reclassified $24.5 million and $71.7 million of Payments for order flow to Brokerage, exchange, clearance fees and payments for order flow, net, previously reported as Brokerage, exchange and clearance fees, net. Brokerage, exchange and clearance fees, net and Payments for order flow both represent costs associated with transacting trades. For the three and nine months ended September 30, 2019, respectively, the Company reclassified $3.0 million and $8.9 million of sublease income from Other, net to Operations and administrative to net with other occupancy costs within Operations and administrative. 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	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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, tax receivable agreements, leases, litigation accruals, 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. The Company grants restricted stock awards ("RSAs") and restricted stock units (“RSUs”), certain of 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 RSAs and participating 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 include money market accounts, which are payable on demand, and short-term investments with an original maturity of less than 90 days. The Company maintains cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company manages this risk by selecting financial institutions deemed highly creditworthy to minimize the risk. Cash restricted or segregated under regulations and other represents (i) special reserve bank accounts for the exclusive benefit of customers (“Special Reserve Bank Account”) maintained by VAL in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (“Customer Protection Rule”), or proprietary accounts of broker-dealers, (ii) funds on deposit for Canadian and European trade clearing and settlement activity, (iii) segregated balances under a collateral account control agreement for the benefit of certain customers in Hong Kong, and (iv) funds relating to the securitization of bank guarantees supporting certain of the Company’s foreign leases. 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, which comprises cash and/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 take 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. The Company has entered into bilateral and tri-party term and overnight repurchase and other collateralized financing agreements which bear interest at negotiated rates. The Company receives cash and makes delivery of financial instruments to a custodian who monitors the market value of these instruments on a daily basis. The market value of the instruments delivered must be equal to or in excess of the principal amount loaned under the repurchase agreements plus the agreed upon margin requirement. The custodian may request additional collateral, if appropriate. 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 and payables to broker-dealers and clearing organizations primarily represent 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. 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. The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met. In the normal course of business, a significant portion of the Company’s securities transactions, money balances, and security positions are transacted with several third-party 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 to minimize the risk of any losses from these counterparties. Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased Financial instruments owned and Financial instruments sold, not yet purchased relate to market making and trading activities, and include listed and other equity securities, listed equity options and fixed income securities. The Company records Financial instruments owned, Financial instruments owned and pledged, 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 defined 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. 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, which must be applied to an entire instrument and is irrevocable once elected. Derivative Instruments - Trading Derivative instruments are used for trading purposes, including economic hedges of trading instruments, are carried at fair value, and include futures, forward contracts, and options. 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 trading derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Derivative Instruments - Hedging The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk. The Company has entered into floating-to-fixed interest rate swap agreements in order to manage interest rate risk associated with its long-term debt obligations. Additionally, the Company may seek to reduce the impact of fluctuations in foreign exchange rates on its net investment in certain non-U.S. operations through the use of foreign currency forward contracts. For interest rate swap agreements and foreign currency forward contracts designated as hedges, the Company assesses its risk management objectives and strategy, including identification of the hedging instrument, the hedged item and the risk exposure and how effectiveness is to be assessed prospectively and retrospectively. The effectiveness of the hedge is assessed based on the overall changes in the fair value of the interest rate swaps or forward contracts. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses, to the extent effective, are included in Accumulated other comprehensive income on the Condensed Consolidated Statements of Financial Condition and Other comprehensive income on the Condensed Consolidated Statements of Comprehensive Income. The ineffective portion, if any, is recorded in Other, net on the Condensed Consolidated Statements of Comprehensive Income. The Company presents its hedging derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Balances associated with hedging derivatives are recorded within Receivables from/Payables to broker-dealers and clearing organizations on the Condensed Consolidated Statements of Financial Condition. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Client Commission Arrangements Institutional customers are permitted to allocate a portion of their gross commissions to pay for research products and other services provided by third parties and the Company’s subsidiaries. The amounts allocated for those purposes are commonly referred to as client commission arrangements. The cost of independent research and directed brokerage arrangements is accounted for on an accrual basis. Commission revenue is recorded when earned on a trade date basis. Payments relating to client commission arrangements are netted against the commission revenues. Research receivable, including prepaid research on behalf of customers and balance transfers due from other broker-dealers, net of an allowance is included in Receivables from customers and Receivables from broker-dealers and clearing organizations, while accrued research payable is included in Accounts payable, accrued expenses, and other liabilities in the Condensed Consolidated Statements of Financial Condition. Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, except for the assets acquired in connection with acquisitions using the purchase accounting method, which were recorded at fair value on the respective date of acquisitions. Depreciation is provided using the straight-line method over estimated useful lives of the underlying assets. 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 Capitalized Software The Company capitalizes costs of materials, consultants, and payroll and payroll related costs for employees incurred in developing internal-use software and software to be sold, leased, or marketed. 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 1.5 to 3 years, which represents the estimated useful lives of the underlying software. Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in Operating lease right-of-use ("ROU") assets and Operating lease liabilities on the Condensed Consolidated Statements of Financial Condition. Operating lease ROU assets are assets that represent the lessee’s right to use, or control the use of, a specified asset for the lease term. Finance leases consist primarily of leases for technology and equipment and are included in Property, equipment, and capitalized software and Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company uses its incremental borrowing rate, based on the information available at the commencement date of the lease, in determining the present value of future payments. The ROU assets are reduced by lease incentives and initial direct costs incurred. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases and amortization of the finance lease ROU asset is recognized on a straight-line basis over the lease term. Lease expense related to the leasing of corporate office space is recorded in Operations and Administrative expenses on the Condensed Consolidated Statement of Comprehensive Income. Lease expense related to the leasing of data centers and other technology is recorded in Communication and Data Processing on the Condensed Consolidated Statement of Comprehensive Income. Certain of the Company's lease agreements contain fixed lease payments that contain lease and non-lease components; for such leases, the Company accounts for the lease and non-lease components as a single lease component. The Company nets its sublease income against corresponding lease expenses within Operations and Administrative expenses on the Condensed Consolidated Statement of Comprehensive Income. 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 assessed for impairment on an annual basis and between annual assessments whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company assesses goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events occur or certain circumstances exist. In the impairment assessment as of July 1, 2020, the Company assessed qualitative factors as described in ASC 350-20 for each of its reporting units for any indicators that the fair values of the reporting units were less than their carrying values. No impairment was identified. Intangible Assets The Company amortizes finite-lived intangible assets over their estimated useful lives. Finite-lived intangible assets are tested for impairment 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 memberships acquired in connection with the Acquisition of KCG were recorded at their fair values on the dates of acquisition. Exchange stock includes shares that entitle the Company to certain trading privileges. Trading Income, net Trading income, net is composed 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. Commissions, net and Technology Services Commissions, net, which primarily comprise commissions and commission equivalents earned on institutional client orders, are recorded on a trade date basis. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Condensed Consolidated Statements of Comprehensive Income. The Company recognizes the related revenue when the third-party research services are rendered and payments are made to the service provider. The Company provides order management software (“OMS”) and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, is fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. The Company also provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics products and services may be bundled with trade execution services, in which case commissions are allocated to the analytics performance obligations using an allocation methodology. 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. Brokerage, Exchange, Clearance Fees and Payments for Order Flow, Net Brokerage, exchange, clearance fees and payments for order flow, net, comprise the costs of executing and clearing trades and are accrued on a trade date basis in the Condensed Consolidated Statements of Comprehensive Income. These costs are net of rebates, which 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. Payments for order flow represent payments to broker-dealer clients, in the normal course of business, for directing their order flow in U.S. equities to the Company. Income Taxes 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. The provision for income tax comprises 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. Comprehensive Income Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Company’s OCI comprises foreign currency translation adjustments and mark-to-market gains and losses on the Company's derivative instruments designated as hedging instruments under ASC 815. 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 component of stockholders’ equity. The Company's foreign subsidiaries generally use the U.S. dollar as their functional currency. The Company also has subsidiaries that utilize a functional currency other than the U.S. dollar, primarily comprising its subsidiaries domiciled in Ireland, which utilize the Euro and Pound Sterling as the functional currency, and subsidiaries domiciled in Canada, which utilize the Canadian dollar as the functional currency. The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses are included in Accumulated other comprehensive income on the Condensed Consolidated Statements of Financial Condition and Other comprehensive income on the Condensed Consolidated Statements of Comprehensive Income, to the extent they are effective. Share-Based Compensation Share-based awards issued for compensation in connection with or subsequent to the Company's initial public offering in April 2015 (the “IPO”) and certain reorganization transactions consummated in connection with the IPO (the “Reorganization Transactions”) pursuant to the Virtu Financial, Inc. 2015 Management Incentive Plan (as amended, the “Amended and Restated 2015 Management Incentive Plan”) and pursuant to the Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, dated as of June 8, 2017 (the “Amended and Restated ITG 2007 Equity Plan”), are in the form of stock options, Class A common stock, par value $0.00001 per share (the “Class A Common Stock”), RSAs and RSUs, as applicable. The fair values of the Class A Common Stock and RSUs are determined based on the volume weighted average price for the three days preceding the grant. With respect to the RSUs, forfeitures are accounted for as they occur. The fair value of RSAs is determined based on the closing price as of the grant date. The fair value of share-based awards granted to employees is expensed based on the vesting conditions and is recognized on a straight-line basis over the vesting period, or, in the case of RSAs subject to performance conditions, from the date that achievement of the performance target becomes probable through the remainder of 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 Class A Common Stock, the vesting of RSUs or the exercise of stock options. Variable Interest Entities A variable interest entity (“VIE”) is an entity that lacks one or more of the following characteristics: (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The Company will be considered to have a controlling financial interest and will consolidate a VIE if it has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company has interests in two joint ventures (“JV”) that build and maintain microwave communication networks in the U.S., Europe, and Asia. The Company and its JV partners each pay monthly fees for the use of the microwave communication networks in connection with their respective trading activities, and the JVs may sell excess bandwidth that is not utilized by the JV members to third parties. As of September 30, 2020, the Company held noncontrolling interests of 10% and 50%, respectively, in these JVs. The Company has an interest in a JV that offers derivatives trading technology and execution services to broker-dealers, professional traders and select hedge funds. As of September 30, 2020, the Company held approximately a 10% noncontrolling interest in this JV. The Company has an interest in a JV that is developing a member-owned equities exchange with the goal of increasing competition and transparency, while reducing fixed costs and simplifying execution of equity trading in the US. As of September 30, 2020, the Company held approximately a 14.1% noncontrolling interest in this JV. The Company's four JVs meet the criteria to be considered VIEs. In each of the JVs, the Company does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; therefore it does not have a controlling financial interest in and does not consolidate the JVs. The Company records its interest in each JV under the equity method of accounting and records its investment in the JVs within Other assets and its amounts payable for communication services provided by the JV within Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition. The Company records its pro-rata share of each JV's earnings or losses within Other, net and fees related to the use of communication services provided by the JVs within Communications and data processing on the Condensed Consolidated Statements of Comprehensive Income. The Company’s exposure to the obligations of these VIEs is generally limited to its interests in each respective JV, which is the carrying value of the equity investment in each JV. The following table presents the Company’s nonconsolidated VIEs at September 30, 2020: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 31,683 $ — $ 31,683 $ 185,931 The following table presents the Company’s nonconsolidated VIEs at December 31, 2019: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 28,579 $ — $ 28,579 $ 119,051 Accounting Pronouncements, Recently Adopted Fair Value Measurement - In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement ,

ITG Acquisition

ITG Acquisition	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
ITG Acquisition	ITG Acquisition Background On the ITG Closing Date, the Company completed the ITG Acquisition. In connection with the ITG Acquisition, Virtu Financial, VFH Parent LLC, a Delaware limited liability company and a subsidiary of Virtu Financial (“VFH”) and Impala Borrower LLC (the “Acquisition Borrower”), a subsidiary of the Company, entered into a Credit Agreement dated as of March 1, 2019 (as amended from time to time, the “Credit Agreement”), with the lenders party thereto, Jefferies Finance LLC, as administrative agent and Jefferies Finance LLC and RBC Capital Markets, as joint lead arrangers and joint bookrunners. The Credit Agreement provided (i) a senior secured first lien term loan in an aggregate principal amount of $1,500.0 million, drawn in its entirety on the ITG Closing Date, with approximately $404.5 million borrowed by VFH to repay all amounts outstanding under its existing term loan facility and the remaining approximately $1,095.0 million borrowed by the Acquisition Borrower to finance the consideration and fees and expenses paid in connection with the ITG Acquisition, and (ii) a $50.0 million senior secured first lien revolving facility to VFH, with a $5.0 million letter of credit subfacility and a $5.0 million swingline subfacility. After the closing of the ITG Acquisition, VFH assumed the obligations of the Acquisition Borrower in respect of the acquisition term loans. The Credit Agreement was subsequently amended as described further in Note 10 “Borrowings”. Additionally, on the ITG Closing Date, the Company’s fourth amended and restated credit agreement (as amended on January 2, 2018 and September 19, 2018, 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, was terminated. Accounting treatment of the ITG Acquisition The ITG Acquisition has been accounted for as a business combination pursuant to ASC 805, Business Combinations by the Company using the acquisition method of accounting. Under the acquisition method, the assets and liabilities of ITG, as of the ITG Closing Date, were recorded at their respective fair values and added to the carrying value of the Company's existing assets and liabilities. The reported financial condition and results of operations of the Company for the periods following the ITG Closing Date reflect ITG's and the Company's balances and reflect the impact of purchase accounting adjustments. As the Company is the accounting acquirer, the financial results for the nine months ended September 30, 2019 comprise the results of the Company for the entire applicable period and the results of ITG from the ITG Closing Date through September 30, 2019. All periods prior to the ITG Closing Date comprise solely the results of the Company. Certain former ITG management employees were terminated upon the ITG Acquisition, and as a result were paid an aggregate of $17.6 million pursuant to their existing employment contracts and arrangements. This amount has been recognized as an expense by the Company and is included in Employee compensation and payroll taxes in the Condensed Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2019. Purchase price and goodwill The aggregate cash purchase price of approximately $1.0 billion was determined as the sum of the fair value, at $30.30 per share, of ITG shares outstanding held by former ITG stockholders at closing and the fair value of certain ITG employee stock-based awards that were outstanding, and which vested at the ITG Closing Date. The purchase price was allocated to the assets acquired and liabilities assumed using their fair values at the ITG Closing Date. The Company engaged third party specialists for the purchase price allocation. Amounts allocated to intangible assets, the amortization period and goodwill were as follows: (in thousands) Amount Amortization Technology $ 76,000 5 Customer relationships 437,600 10 Trade names 3,600 3 Intangible assets 517,200 Goodwill 312,343 Total $ 829,543 The Company estimated the fair value of the intangible assets, which involved the use of significant estimates and assumptions with respect to the timing and amounts of revenue growth rates, customer attrition rates, future tax rates, royalty rates, contributory asset charges, discount rate and the resulting cash flows. The total Goodwill of $312.3 million was assigned to the Execution Services segment. Such goodwill is attributable to the expansion of product offerings and expected synergies of the combined workforce, products and technologies of the Company and ITG. Assumption of Equity Compensation Plan On the ITG Closing Date, the Company assumed the Amended and Restated ITG 2007 Equity Plan and certain stock option awards, restricted stock unit awards, deferred stock unit awards and performance stock unit awards granted under the Amended and Restated ITG 2007 Equity Plan (the “Assumed Awards”). The Assumed Awards are subject to the same terms and conditions that were applicable to them under the Amended and Restated ITG 2007 Equity Plan, except that (i) the Assumed Awards relate to shares of the Company’s Class A Common Stock, (ii) the number of shares of Class A Common Stock subject to the Assumed Awards was the result of an adjustment based upon an Exchange Ratio (as defined in the Agreement and Plan of Merger by and between the Company, Impala Merger Sub, Inc., a Delaware corporation and an indirect wholly owned subsidiary of the Company, and ITG, dated as of November 6, 2018, the “ITG Merger Agreement”) and (iii) the performance share unit awards were converted into service-based vesting restricted stock unit awards that were no longer subject to any performance-based vesting conditions. As of the ITG Closing Date, the aggregate number of shares of Class A Common Stock subject to such Assumed Awards was 2,497,028 and the aggregate number of shares of Class A Common Stock that remained issuable pursuant to the Amended and Restated ITG 2007 Equity Plan was 1,230,406. The Company filed with the SEC a Registration Statement on Form S-8 on the ITG Closing Date to register such shares of Class A Common Stock. Tax treatment of the ITG Acquisition The ITG Acquisition is being treated as a tax-free transaction as described in Section 351 of the Internal Revenue Code. ITG’s tax basis in its assets and liabilities therefore generally carried over to the Company following the ITG Acquisition. None of the goodwill is expected to be deductible for tax purposes. The Company recorded deferred tax assets of $17.6 million and deferred tax liabilities of $71.1 million with respect to recording ITG’s assets and liabilities under the purchase method of accounting as described above as well as recording the value of other tax attributes acquired as a result of the ITG Acquisition, as described in Note 14 “Income Taxes”.

Sale of MATCHNow

Sale of MATCHNow	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Sale of MATCHNow	Sale of MATCHNow In May 2020, the Company entered into a Securities Purchase Agreement ("SPA") with Cboe Global Markets, Inc. (“CBOE”) pursuant to which the Company agreed to sell 100% of the outstanding interests in TriAct Canada Marketplace LP and TCM Corp., which operate an equities alternative trading system (“MATCHNow”) in Canada. Pursuant to the terms of the SPA, the Company also agreed to enter into a licensing agreement for the licensing of certain software and intellectual property used in support of MATCHNow. On August 4, 2020 (the "MATCHNow Closing Date"), the Company completed the sale of MATCHNow to CBOE for total gross proceeds of $60.6 million in cash, with additional contingent consideration of up to approximately $23.0 million. The Company incurred one-time transaction costs including professional fees related to the sale of $2.5 million, which were recorded in Transaction advisory fees and expenses on the Condensed Consolidated Statement of Comprehensive Income. The Company recognized a gain on sale of $56.2 million, which was recorded in Other, net on the Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2020. A summary of the carrying value of MATCHNow and gain on sale of MATCHNow is as follows: (in thousands) Total sale proceeds received $ 60,592 Total carrying value of MATCHNow as of MATCHNow Closing Date (1,940) Gain on sale of MATCHNow 58,652 Transaction costs (2,453) Gain on sale of MATCHNow, net of transaction costs $ 56,199 Contingent consideration will be earned based on the future performance of MATCHNow following the Closing Date. Deferred payments will be assessed quarterly until December 31, 2022 and recorded in Other, net on the Condensed Consolidated Statement of Comprehensive Income when the contingency is resolved and payments become payable by CBOE. In addition, the Company entered into a Transition Services Agreement ("TSA") with CBOE, pursuant to which the Company agreed to provide certain telecom and general and administrative services for a defined period. Income from performing services under the TSA will be recorded in Other, net on the Condensed Consolidated Statement of Comprehensive Income. With the licensing of certain software and intellectual property associated with MATCHNow, the Company performed an assessment of impairment of long-lived intangible assets acquired in connection with the ITG acquisition, of which MATCHNow technology was a component. No impairment was recognized for the three and nine months ended September 30, 2020.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The below table contains a reconciliation of net income (loss) before noncontrolling interest to net income (loss) available for common stockholders: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Income (loss) before income taxes and noncontrolling interest $ 252,515 $ (5,828) $ 1,123,272 $ (88,610) Provision for (benefit from) income taxes 52,807 (644) 200,044 (14,322) Net income (loss) 199,708 (5,184) 923,228 (74,288) Noncontrolling interest (82,999) 872 (386,311) 33,412 Net income (loss) available for common stockholders 116,709 $ (4,312) $ 536,917 $ (40,876) The calculation of basic and diluted earnings per share is presented below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except for share or per share data) 2020 2019 2020 2019 Basic earnings (loss) per share: Net income (loss) available for common stockholders $ 116,709 $ (4,312) $ 536,917 $ (40,876) Less: Dividends and undistributed earnings allocated to participating securities (3,417) (461) (14,210) (1,368) Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities 113,292 (4,773) 522,707 (42,244) Weighted average shares of common stock outstanding: Class A 122,686,931 117,548,769 121,328,895 112,602,934 Basic earnings (loss) per share $ 0.92 $ (0.04) $ 4.31 $ (0.38) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except for share or per share data) 2020 2019 2020 2019 Diluted earnings (loss) per share: Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities $ 113,292 $ (4,773) $ 522,707 $ (42,244) Weighted average shares of common stock outstanding: Class A Issued and outstanding 122,686,931 117,548,769 121,328,895 112,602,934 Issuable pursuant to Amended and Restated 2015 Management Incentive Plan, Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and Warrants issued in connection with the Founder Member Loan (1) 1,085,074 — 610,944 — 123,772,005 117,548,769 121,939,839 112,602,934 Diluted earnings (loss) per share $ 0.92 $ (0.04) $ 4.29 $ (0.38)

Tax Receivable Agreements

Tax Receivable Agreements	9 Months Ended
	Sep. 30, 2020
Tax Receivable Agreements [Abstract]
Tax Receivable Agreements	Tax Receivable AgreementsIn connection with the IPO and the Reorganization Transactions, the Company entered into tax receivable agreements to make payments to certain pre-IPO equity holders (“Virtu Members”) 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, par value $0.00001 per share (the “Class B Common Stock”), (an “Exchange”), and payments made under the tax receivable agreements. An Exchange during the year will give rise to favorable tax attributes that may generate cash tax savings specific to the Exchange to be realized over a specific period of time (generally 15 years). At each Exchange, management estimates the Company’s cumulative TRA obligations to be reported on the Condensed Consolidated Statement of Financial Condition, which amounted to $256.0 million and $269.3 million as of September 30, 2020 and December 31, 2019, respectively. The tax attributes are computed as the difference between the Company's basis in the partnership interest (“outside basis”) as compared to the Company’s share of the adjusted tax basis of partnership property (“inside basis”) at the time of each Exchange. The computation of inside basis requires management to make judgments in estimating the components included in the inside basis as of the date of the Exchange (i.e., cash received by the Company on hypothetical sale of assets, allocation of gain/loss to the Company at the time of the Exchange taking into account complex partnership tax rules). In addition, management estimates the period of time that may generate cash tax savings of such tax attributes and the realizability of the tax attributes. 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 Company made its first payment of $7.0 million in February 2017, its second payment of $12.4 million in September 2018, and its third payment of $13.3 million in March 2020. 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, par value $0.00001 per share (the “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 completed in November 2015 (the “November 2015 Secondary Offering”) and September 2016 (the “September 2016 Secondary Offering”), and (iv) the purchase of Virtu Financial Units (along with corresponding shares of the Company’s Class D common stock, par value $0.00001 per share (the “Class D Common Stock”) in connection with the May 2018 Secondary Offering (defined below) and the May 2019 Secondary Offering (defined below, and, together with the November 2015 Secondary Offering, the September 2016 Secondary Offering, and the May 2018 Secondary Offering, the “Secondary Offerings”), payments to certain Virtu Members in respect of the purchases are expected to range from approximately $3.3 million to $20.7 million per year over the next 15 years. In connection with the employee exchanges and May 2018 Secondary Offering between the Company and TJMT Holdings LLC and the other selling stockholders, both as described in Note 18 “Capital Structure”, the Company recorded an additional deferred tax asset of $78.7 million and a payment liability pursuant to the tax receivable agreements of $79.7 million, with the $1.0 million difference recorded as a decrease to additional paid-in capital during the year ended December 31, 2018. In connection with the employee exchanges and May 2019 Secondary Offering between the Company and TJMT Holdings LLC and the other selling stockholders, both as described in Note 18 “Capital Structure”, the Company recorded an additional deferred tax asset of $49.1 million and payment liability pursuant to the tax receivable agreements of $54.9 million, with the $5.8 million difference recorded as a decrease to additional paid-in capital during the year ended December 31, 2019. At September 30, 2020 and December 31, 2019, the Company’s remaining deferred tax assets that relate to the matters described above were approximately $184.2 million and $197.6 million, respectively, and the Company’s liabilities over the next 15 years pursuant to the tax receivable agreements were approximately $256.0 million and $269.3 million, respectively. The amounts recorded as of September 30, 2020 are based on best 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. 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 income before taxes and noncontrolling interests in the Condensed Consolidated Statements of Comprehensive Income.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The Company has two operating segments: (i) Market Making; (ii) Execution Services; and one non-operating segment: Corporate. As of September 30, 2020 and December 31, 2019, the Company’s total amount of goodwill recorded was $1,148.9 million. No goodwill impairment was recognized during the three and nine months ended September 30, 2020 or 2019. The following table presents the details of goodwill by segment as of September 30, 2020 and December 31, 2019: (in thousands) Market Making Execution Services Corporate Total Balance as of period-end $ 755,292 $ 393,634 $ — $ 1,148,926 As of September 30, 2020 and December 31, 2019, the Company's total amount of intangible assets recorded was $473.3 million and $529.6 million, respectively. Acquired intangible assets consisted of the following as of September 30, 2020 and December 31, 2019: As of September 30, 2020 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships 486,600 (82,338) 404,262 10 to 12 Technology 136,000 (76,838) 59,162 1 to 6 Favorable occupancy leases 5,895 (2,641) 3,254 3 to 15 Exchange memberships 4,739 — 4,739 Indefinite Trade name 3,600 (1,900) 1,700 3 ETF issuer relationships 950 (850) 100 9 ETF buyer relationships 950 (850) 100 9 $ 638,734 $ (165,417) $ 473,317 As of December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships 486,600 (46,456) 440,144 10 to 12 Technology 136,000 (58,203) 77,797 1 to 6 Purchased technology 110,000 (110,000) — 1.4 to 2.5 Favorable occupancy leases 5,895 (2,040) 3,855 3 to 15 Exchange memberships 4,882 — 4,882 Indefinite Trade name 3,600 (1,000) 2,600 3 ETF issuer relationships 950 (770) 180 9 ETF buyer relationships 950 (770) 180 9 $ 748,877 $ (219,239) $ 529,638 Amortization expense relating to finite-lived intangible assets was approximately $18.3 million and $18.9 million for the three months ended September 30, 2020 and 2019, respectively, and $56.2 million and $50.4 million for the nine months ended September 30, 2020 and 2019, respectively. This is included in Amortization of purchased intangibles and acquired capitalized software in the accompanying Condensed Consolidated Statements of Comprehensive Income. The Company expects to record amortization expense as follows over the remaining current year and five subsequent years: (in thousands) September 30, 2020 Remainder of 2020 $ 18,076 2021 69,676 2022 64,852 2023 63,960 2024 50,845 2025 47,879

Receivables from_Payables to Br

Receivables from/Payables to Broker-Dealers and Clearing Organizations	9 Months Ended
	Sep. 30, 2020
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Receivables from/Payables to Broker-Dealers and Clearing Organizations	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 September 30, 2020 and December 31, 2019: (in thousands) September 30, 2020 December 31, 2019 Assets Due from prime brokers $ 643,089 $ 418,059 Deposits with clearing organizations 386,460 231,977 Net equity with futures commission merchants 207,213 267,748 Unsettled trades with clearing organizations 392,349 214,618 Securities failed to deliver 228,677 178,324 Commissions and fees 24,093 7,858 Total receivables from broker-dealers and clearing organizations $ 1,881,881 $ 1,318,584 Liabilities Due to prime brokers $ 330,078 $ 511,524 Net equity with futures commission merchants 69,480 50,950 Unsettled trades with clearing organizations 178,361 118,286 Securities failed to receive 93,973 144,494 Commissions and fees 3,140 1,496 Total payables to broker-dealers and clearing organizations $ 675,032 $ 826,750 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 prime brokerage credit facilities (described in Note 10 “Borrowings”) of approximately $163.6 million and $134.3 million as of September 30, 2020 and December 31, 2019, 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	9 Months Ended
	Sep. 30, 2020
Collateralized Agreements [Abstract]
Collateralized Transactions	Collateralized TransactionsThe 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 September 30, 2020 and December 31, 2019, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at September 30, 2020 and December 31, 2019 are summarized as follows: (in thousands) September 30, 2020 December 31, 2019 Securities received as collateral: Securities borrowed $ 1,288,866 $ 1,881,005 Securities purchased under agreements to resell 17,397 142,922 $ 1,306,263 $ 2,023,927 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 September 30, 2020 and December 31, 2019 consisted of the following: (in thousands) September 30, 2020 December 31, 2019 Equities $ 599,350 $ 654,366 Exchange traded notes 9,700 42,590 $ 609,050 $ 696,956

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Borrowings	Borrowings Short-term Borrowings, net The following summarizes the Company's short-term borrowing balances outstanding, net of related debt issuance costs, with each described in further detail below. September 30, 2020 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 78,000 $ (981) $ 77,019 Short-term bank loans 46,974 — 46,974 $ 124,974 $ (981) $ 123,993 December 31, 2019 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 30,000 $ (2,100) $ 27,900 Short-term bank loans 45,586 — 45,586 $ 75,586 $ (2,100) $ 73,486 Broker-Dealer Credit Facilities The Company is a party to two secured credit facilities with a 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 with an aggregate borrowing limit of $300 million, which was subsequently increased to $400 million in April 2020, and is collateralized by the trading and deposit account of one of the Company’s broker-dealer subsidiaries maintained at the financial institution. On November 3, 2017, the Company entered into the second credit facility (the “Committed Facility”) with the same financial institution which was subsequently amended and restated March 1, 2019 to increase the borrowing limit to $600 million and subsequently amended to adjust sublimits and certain other terms, including most recently on July 29, 2020. The Committed Facility consists of two borrowing bases: Borrowing Base A Loan is to be used to finance the purchase and settlement of securities; Borrowing Base B Loan is to be used to fund margin deposit with the National Securities Clearing Corporation. Borrowing Base A Loans are available up to $600 million and bears interest at the adjusted LIBOR or base rate plus 1.25% per annum. Following the July 29, 2020 amendment, Borrowing Base B Loans are subject to a sublimit of $200 million and bear interest at the adjusted LIBOR or base rate plus 2.50% per annum. A commitment fee of 0.50% per annum on the average daily unused portion of this facility is payable quarterly in arrears. On March 10, 2020, a broker-dealer subsidiary of the Company entered into a short term loan arrangement with Jefferies Financial Group, Inc., as lender, for a $20 million demand loan (the "Demand Loan") repayable no later than ninety (90) days after the date of borrowing. The Demand Loan bore interest at a rate of 10% per annum, increased by 2.0% with respect to any principal amounts not paid when due and payable. The Demand Loan was repaid in full as of April 17, 2020. On March 20, 2020, VAL, a broker-dealer subsidiary of the Company, entered into a Loan Agreement (the “Founder Member Loan Facility”) with TJMT Holdings LLC (the “Founder Member”), as lender and administrative agent, providing for unsecured term loans from time to time (the “Founder Member Loans”) in an aggregate original principal amount not to exceed $300 million. The Founder Member Loans were available to be borrowed in one or more borrowings on or after March 20, 2020 and prior to September 20, 2020 (the "Founder Member Loan Term"). The Founder Member Loan Facility Term expired as of September 20, 2020 without VAL having borrowed any Founder Member Loans at any time. The Founder Member is an affiliate of Mr. Vincent Viola, the Company’s founder and Chairman Emeritus. Upon the execution of and in consideration for the Lender’s commitments under the Loan Agreement, the Company delivered to the Founder Member a warrant to purchase shares of the Company’s Class A Common Stock. Terms of the warrant are set forth in further detail in Note 18 “Capital Structure”. The foregoing description of the Founder Member Loan Facility does not purport to be complete and is qualified in its entirety by reference to the complete text of the Founder Member Loan Facility, which is filed as an exhibit to the Company's 2020 quarterly report on Form 10-Q for the period ended March 31, 2020 filed with Securities and Exchange Commission on May 11, 2020. The following summarizes the Company’s broker-dealer credit facilities' carrying values, net of unamortized debt issuance costs, where applicable. These balances are included within Short-term borrowings on the Condensed Consolidated Statement of Financial Condition. At September 30, 2020 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility 1.09% $ 400,000 $ 78,000 $ (981) $ 77,019 Committed facility 1.41% 600,000 — — — $ 1,000,000 $ 78,000 $ (981) $ 77,019 At December 31, 2019 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility 2.55% $ 200,000 $ 30,000 $ (2,100) $ 27,900 Committed facility 3.01% 600,000 — — — $ 800,000 $ 30,000 $ (2,100) $ 27,900 The following summarizes interest expense for the broker-dealer facilities. Interest expense is included within Interest and dividends expense in the accompanying Condensed Consolidated Statements of Comprehensive Income. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Broker-dealer credit facilities: Uncommitted facility $ 244 $ 327 $ 1,007 $ 688 Committed facility 71 138 433 393 Demand Loan — — 211 — $ 315 $ 465 $ 1,651 $ 1,081 Short-Term Bank Loans The Company’s international securities clearance and settlement activities are funded with operating cash or with short-term bank loans in the form of overdraft facilities. At September 30, 2020, there was $47.0 million associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 2.0%. At December 31, 2019, there was $45.6 million associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 4.5%. These short-term bank loan balances are included within Short-term borrowings on the Condensed Consolidated Statement of Financial Condition. First Lien Revolving Facility The Company's Amended Credit Agreement (as defined below) provides for a $50.0 million senior secured first lien revolving facility. There were no outstanding borrowings under the facility as of September 30, 2020 or December 31, 2019. There was minimal interest expense in relation to this facility for the three months ended September 30, 2020 and $0.4 million for the nine months ended September 30, 2020. Prime Brokerage 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. At September 30, 2020 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 2.81% $ 616,000 $ 163,592 $ 616,000 $ 163,592 At December 31, 2019 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 4.22% $ 586,000 $ 134,331 $ 586,000 $ 134,331 (1) Outstanding borrowings are included with Receivables from/ Payables to broker-dealers and clearing organizations within the Condensed Consolidated Statements of Financial Condition. Interest expense in relation to the facilities was approximately $1.2 million and $1.6 million for the three months ended September 30, 2020 and 2019, respectively, and $3.8 million and $5.3 million for the nine months ended September 30, 2020 and 2019, respectively. Long-Term Borrowings The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable: At September 30, 2020 (in thousands) Maturity Interest Outstanding Principal Discount Deferred Debt Issuance Cost Outstanding Borrowings, net Long-term borrowings: First Lien Term Loan Facility March 2026 3.15% $ 1,636,512 $ (4,953) $ (27,653) $ 1,603,906 SBI bonds January 2023 5.00% 33,182 — (259) 32,923 $ 1,669,694 $ (4,953) $ (27,912) $ 1,636,829 At December 31, 2019 (in thousands) Maturity Interest Outstanding Principal Discount Deferred Debt Issuance Cost Outstanding Borrowings, net Long-term borrowings: First Lien Term Loan Facility March 2026 5.20% $ 1,925,000 $ (6,795) $ (32,513) $ 1,885,692 SBI bonds January 2023 5.00% 32,225 — (51) 32,174 $ 1,957,225 $ (6,795) $ (32,564) $ 1,917,866 Credit Agreement As described in Note 3 “ITG Acquisition”, in connection with the ITG Acquisition, Virtu Financial, VFH and the Acquisition Borrower entered into the Credit Agreement, with the lenders party thereto, Jefferies Finance LLC, as administrative agent and Jefferies Finance LLC and RBC Capital Markets, as joint lead arrangers and joint bookrunners. The Credit Agreement provided (i) a senior secured first lien term loan (together with the Incremental Term Loans, as defined below; the “First Lien Term Loan Facility”) in an aggregate principal amount of $1,500 million, drawn in its entirety on the ITG Closing Date, with approximately $404.5 million borrowed by VFH to repay all amounts outstanding under the Existing Term Loan Facility (as defined below) and the remaining approximately $1,095 million borrowed by the Acquisition Borrower to finance the consideration and fees and expenses paid in connection with the ITG Acquisition, and (ii) a $50.0 million senior secured first lien revolving facility to VFH (the “First Lien Revolving Facility”), with a $5.0 million letter of credit subfacility and a $5.0 million swingline subfacility. After the ITG Closing Date, VFH assumed the obligations of the Acquisition Borrower in respect of the acquisition term loans. On October 9, 2019 (the “Amendment No. 1 Closing Date”), VFH entered into Amendment No. 1 (“Amendment No. 1”), which amended the Credit Agreement dated as of March 1, 2019 by and among VFH, Virtu Financial, the lenders party thereto, and Jefferies Finance, LLC, as administrative agent and collateral agent, to, among other things, provide for $525.0 million in aggregate principal amount of incremental term loans (the “Incremental Term Loans”), and amend the related collateral agreement. On the Amendment No. 1 Closing Date, VFH borrowed the Incremental Term Loans and used the proceeds together with available cash to redeem all of the $500.0 million aggregate principal amount of the outstanding 6.750% Senior Secured Second Lien Notes (as defined below) due 2022 issued by VFH and Orchestra Co Issuer, Inc., a Delaware corporation and indirect subsidiary of the Company (together with VFH, the “Issuers”), and paid related fees and expenses. The terms, conditions and covenants applicable to the Incremental Term Loans are the same as the terms, conditions and covenants applicable to the existing term loans under the Credit Agreement, including a maturity date of March 1, 2026. On March 2, 2020 (the “Amendment No. 2 Closing Date”), VFH entered into Amendment No. 2 (“Amendment No. 2”), which further amended the Credit Agreement (as amended by Amendment No. 1 and Amendment No. 2, the “Amended Credit Agreement”) to, among other things, reduce the interest rate spread over adjusted LIBOR or the alternate base rate by 0.50% per annum and eliminated any stepdown in the spread based on VFH's first lien leverage ratio. The term loan borrowings and revolver borrowings under the Amended Credit Agreement bear interest at a per annum rate equal to, at the Company's election, either (i) the greatest of (a) the prime rate in effect, (b) the greater of (1) the federal funds effective rate and (2) the overnight bank funding rate, in each case plus 0.50%, (c) an adjusted LIBOR rate for a Eurodollar borrowing with an interest period of one month plus 1.00% and (d) 1.00%, plus, in each case, 2.00%, or (ii) the greater of (x) an adjusted LIBOR rate for the interest period in effect and (y) 0%, plus, in each case, 3.00%. In addition, a commitment fee accrues at a rate of 0.50% per annum on the average daily unused amount of the First Lien Revolving Facility, with stepdowns to 0.375% and 0.25% per annum based on VFH’s first lien leverage ratio, and is payable quarterly in arrears. On January 29, 2020, the Company entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement. The Company also previously entered into a five-year $525 million floating-to-fixed interest rate swap agreement. As these two interest rate swaps meet the criteria to be considered qualifying cash flow hedges under ASC 815, they effectively fix interest payment obligations on $1,000 million and $525.0 million of principal under the First Lien Term Loan Facility at rates of 4.4% and 4.3% through January 2025 and September 2024, respectively, based on the interest rates set forth in the Amended Credit Agreement. The First Lien Revolving Facility under the Amended Credit Agreement is subject to a springing net first lien leverage ratio test which may spring into effect as of the last day of a fiscal quarter if usage of the aggregate revolving commitments exceeds a specified level as of such date. VFH is also subject to contingent principal prepayments based on excess cash flow and certain other triggering events. Borrowings under the Amended Credit Agreement are guaranteed by Virtu Financial and VFH’s material non-regulated domestic restricted subsidiaries and secured by substantially all of the assets of VFH and the guarantors, in each case, subject to certain exceptions. Under the Amended Credit Agreement, term loans will mature on March 1, 2026. The term loans amortize in annual installments equal to 1.0% of the original aggregate principal amount of the term loans. The revolving commitments will terminate on March 1, 2022. During the year ended December 31, 2019, $100.0 million was repaid under the First Lien Term Loan Facility. In August of 2020, an additional $100 million was repaid under this facility. As of September 30, 2020, $1,637 million was outstanding under the First Lien Term Loan Facility. The Amended Credit Agreement contains certain customary covenants and events of default, including relating to a change of control. If an event of default occurs and is continuing, the lenders under the Amended Credit Agreement will be entitled to take various actions, including the acceleration of amounts outstanding under the Amended Credit Agreement and all actions permitted to be taken by a secured creditor in respect of the collateral securing the obligations under the Amended Credit Agreement. To finance the Acquisition of KCG, on June 30, 2017, Virtu Financial and VFH previously entered into the Fourth Amended and Restated Credit Agreement which, upon the closing of the Acquisition of KCG, provided for an aggregate $1,150.00 million of first lien secured term loans (the “KCG Acquisition Term Loan Facility”). The KCG Acquisition Term Loan Facility was fully terminated following its repayment in full with the proceeds of the First Lien Term Loan Facility described above. Senior Secured Second Lien Notes To finance the Acquisition of KCG, on June 16, 2017, Orchestra Borrower LLC (the “Escrow Issuer”), a wholly owned subsidiary of Virtu Financial, and Orchestra Co-Issuer, Inc. (the “Co-Issuer”) completed the offering of $500.0 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 Association, as trustee and collateral agent. On July 20, 2017, VFH assumed all of the obligations of the Escrow Issuer under the Indenture and the Notes. 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 KCG Closing Date and were used to finance, in part, the Acquisition of KCG, and to repay certain indebtedness of the Company and KCG. As described above, the Credit Agreement was amended on October 9, 2019, on which date VFH borrowed an additional $525.0 million of incremental first lien term loans, the proceeds of which were used together with cash on hand to redeem the Notes in full. The Indenture was fully terminated following such redemption. 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 11 “Financial Assets and Liabilities”). 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. In December 2019, the maturity date of the SBI Bonds was extended to January 2023. The principal balance was ¥3.5 billion ($33.2 million) as of September 30, 2020 and ¥3.5 billion ($32.2 million) as of December 31, 2019. The Company recorded a loss of $0.8 million and a gain of $0.1 million during the three months ended September 30, 2020 and 2019, respectively, and a loss of $1.0 million and a loss of $0.5 million during the nine months ended September 30, 2020 and 2019, respectively, due to changes in foreign currency rates. As of September 30, 2020, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows: (in thousands) September 30, 2020 2020 $ — 2021 — 2022 — 2023 33,182 2024 — Thereafter 1,636,512 Total principal of long-term borrowings $ 1,669,694

Financial Assets and Liabilitie

Financial Assets and Liabilities	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities	Financial Assets and Liabilities Financial Instruments Measured at Fair Value The fair value of equities, options, on-the-run 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 other financial instruments, which are categorized as Level 2. The Company’s corporate bonds, derivative contracts and other U.S. and non-U.S. government obligations have been categorized as Level 2. Fair value of the Company’s derivative contracts is based on the indicative prices obtained from a number of banks 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. The Company prices 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 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. Fair value measurements for those items measured on a recurring basis are summarized below as of September 30, 2020: September 30, 2020 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting Total Fair Value Assets Financial instruments owned, at fair value: Equity securities $ 547,871 $ 1,153,213 $ — $ — $ 1,701,084 U.S. and Non-U.S. government obligations 177,614 35,772 — — 213,386 Corporate Bonds — 248,789 — — 248,789 Exchange traded notes 49 17,888 — — 17,937 Currency forwards — 675,533 — (662,412) 13,121 Options 13,830 — — — 13,830 739,364 2,131,195 — (662,412) 2,208,147 Financial instruments owned, pledged as collateral: Equity securities 285,893 313,457 — — 599,350 Exchange traded notes 10 9,690 — — 9,700 285,903 323,147 — — 609,050 Other Assets Equity investment — — 64,703 — 64,703 Exchange stock 2,102 — — — 2,102 2,102 — 64,703 — 66,805 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,034,326.0 $ 1,259,762.0 $ — $ — $ 2,294,088.0 U.S. and Non-U.S. government obligations 107,513 2,265 — — 109,778 Corporate Bonds — 365,871 — — 365,871 Exchange traded notes 20 6,200 — — 6,220 Currency forwards — 654,666 — (654,672) (6) Options 14,184 — — — 14,184 1,156,043 2,288,764 — (654,672) 2,790,135 Payables to broker dealers and clearing organizations: Interest rate swap — 69,355 — — 69,355 Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2019: December 31, 2019 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting Total Fair Value Assets Financial instruments owned, at fair value: Equity securities $ 600,259 $ 1,080,518 $ — $ — $ 1,680,777 U.S. and Non-U.S. government obligations 106,690 20,847 — — 127,537 Corporate Bonds — 171,591 — — 171,591 Exchange traded notes 243 48,894 — — 49,137 Currency forwards — 242,552 — (211,398) 31,154 Options 8,538 — — — 8,538 715,730 1,564,402 — (211,398) 2,068,734 Financial instruments owned, pledged as collateral: Equity securities 362,439 291,927 — — 654,366 U.S. and Non-U.S. government obligations — — — — — Exchange traded notes 12 42,578 — — 42,590 362,451 334,505 — — 696,956 Other Assets Equity investment — — 46,245 — 46,245 Exchange stock 2,721 — — — 2,721 2,721 — 46,245 — 48,966 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities 1,022,814 1,163,888 — — 2,186,702 U.S. and Non-U.S. government obligations 39,091 2,713 — — 41,804 Corporate Bonds — 244,700 — — 244,700 Exchange traded notes 15 21,631 — — 21,646 Currency forwards — 196,554 — (196,535) 19 Options 3,087 — — — 3,087 $ 1,065,007 $ 1,629,486 $ — $ (196,535) $ 2,497,958 SBI Investment The Company has a minority investment (the “SBI Investment”) in SBI Japannext Co., Ltd. (“SBI”), a proprietary trading system based in Tokyo. In connection with the SBI Investment, the Company issued the SBI Bonds (as described in Note 10 “Borrowings”) and used the proceeds to partially finance the transaction. The SBI Investment is included within Level 3 of the fair value hierarchy. As of September 30, 2020, the fair value of the SBI Investment was determined using a weighted average of valuations using 1) the discounted cash flow method, an income approach; 2) a market approach based on average enterprise value/EBITDA ratios of comparable companies; and to a lesser extent 3) a transaction approach based on transaction values of comparable companies. 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 enterprise value/EBITDA multiples would result in a significantly lower (higher) fair value measurement. The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the SBI Investment: September 30, 2020 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 64,703 Discounted cash flow Estimated revenue growth (7.6)% - 20.0% 7.6 % Discount rate 14.4% - 14.4% 14.4 % Market Future enterprise value/ EBIDTA ratio 12.9x - 22.7x 16.9x Changes in the fair value of the SBI Investment are included within Other, net in the Condensed Consolidated Statements of Comprehensive Income. The following presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis: Three Months Ended September 30, 2020 (in thousands) Balance at June 30, 2020 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2020 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2020 Assets Other assets: Equity investment $ 51,599 $ — $ 13,104 $ — $ — $ 64,703 $ 13,104 Total $ 51,599 $ — $ 13,104 $ — $ — $ 64,703 $ 13,104 (1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 10 “Borrowings” for more details) due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the SBI Investment. Three Months Ended September 30, 2019 (in thousands) Balance at June 30, 2019 Purchases Total Realized and Unrealized Gains / (Losses) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2019 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2019 Assets Other assets: Equity investment $ 46,351 $ — $ (71) $ — $ — $ 46,280 $ (71) Total $ 46,351 $ — $ (71) $ — $ — $ 46,280 $ (71) Nine Months Ended September 30, 2020 (in thousands) Balance at December 31, 2019 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2020 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2020 Assets Other assets: Equity investment $ 46,245 $ — $ 18,458 $ — $ — $ 64,703 $ 18,458 Total $ 46,245 $ — $ 18,458 $ — $ — $ 64,703 $ 18,458 (1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 10 “Borrowings” for more details) due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the SBI Investment. Nine Months Ended September 30, 2019 (in thousands) Balance at December 31, 2018 Purchases Total Realized and Unrealized Gains / (Losses) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2019 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2019 Assets Other assets: Equity investment $ 45,856 $ — $ 424 $ — $ — $ 46,280 $ 424 Total $ 45,856 $ — $ 424 $ — $ — $ 46,280 $ 424 Financial Instruments Not Measured at Fair Value The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments that are not measured at fair value on the Condensed Consolidated Statement of Financial Condition. The table below excludes non-financial assets and liabilities. The carrying value of financial instruments not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximates fair value due to the relatively short-term nature of the underlying assets. The fair value of the Company’s long-term borrowings is based on quoted prices from the market for similar instruments, and is categorized as Level 2 in the fair value hierarchy. The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of September 30, 2020: September 30, 2020 Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Fair Value (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents $ 567,677 $ 567,677 $ 567,677 $ — $ — Cash restricted or segregated under regulations and other 98,285 98,285 98,285 — — Securities borrowed 1,325,843 1,325,843 — 1,325,843 — Securities purchased under agreements to resell 17,413 17,413 — 17,413 — Receivables from broker-dealers and clearing organizations 1,881,881 1,881,881 481,664 1,400,217 — Receivables from customers $ 176,939 $ 176,939 $ — $ 176,939 $ — Total Assets 4,068,038 4,068,038 1,147,626 2,920,412 — Liabilities Short-term borrowings 123,993 124,974 — 124,974 — Long-term borrowings 1,636,829 1,663,556 — 1,663,556 — Securities loaned 705,789 705,789 — 705,789 — Securities sold under agreements to repurchase 466,995 466,995 — 466,995 — Payables to broker-dealers and clearing organizations (1) 675,032 675,032 (1,804) 676,836 — Payables to customers 141,980 141,980 — 141,980 — Total Liabilities $ 3,750,618 $ 3,778,326 $ (1,804) $ 3,780,130 $ — (1) Payables to broker-dealers and clearing organizations includes interest rate swap carried at fair value. The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2019: December 31, 2019 Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Fair Value (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents $ 732,164 $ 732,164 $ 732,164 $ — $ — Cash restricted or segregated under regulations and other 41,116 41,116 41,116 — — Securities borrowed 1,928,763 1,928,763 — 1,928,763 — Securities purchased under agreements to resell 143,032 143,032 — 143,032 — Receivables from broker-dealers and clearing organizations 1,318,584 1,318,584 40,842 1,277,742 — Total Assets 4,163,659 4,163,659 814,122 3,349,537 — Liabilities Short-term borrowings 73,486 75,586 — 75,586 — Long-term borrowings 1,917,866 1,966,850 — 1,966,850 — Securities loaned 1,600,099 1,600,099 — 1,600,099 — Securities sold under agreements to repurchase 340,742 340,742 — 340,742 — Payables to broker dealer and clearing organizations 826,750 826,750 49,514 777,236 — Total Liabilities $ 4,758,943 $ 4,810,027 $ 49,514 $ 4,760,513 $ — 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 September 30, 2020 and December 31, 2019: September 30, 2020 Gross Amounts of Recognized Assets Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Condensed Consolidated Statement of Financial Condition Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Assets: Securities borrowed $ 1,325,843 $ — $ 1,325,843 $ (1,288,866) $ (8,622) $ 28,355 Securities purchased under agreements to resell 17,413 — 17,413 (17,397) — 16 Trading assets, at fair value: Currency forwards 675,533 (662,412) 13,121 — — 13,121 Options 13,830 — 13,830 — (13,830) — Total $ 2,032,619 $ (662,412) $ 1,370,207 $ (1,306,263) $ (22,452) $ 41,492 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Liabilities Presented in the Condensed Consolidated Statement of Financial Condition Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 705,789 $ — $ 705,789 $ (688,932) $ (8,622) $ 8,235 Securities sold under agreements to repurchase 466,995 — 466,995 (466,835) — 160 Payable to broker-dealers and clearing organizations Interest rate swaps 69,355 — 69,355 — (68,897) 458 Trading liabilities, at fair value: Currency forwards 654,666 (654,672) (6) — — (6) Options 14,184 — 14,184 — (13,830) 354 Total $ 1,910,989 $ (654,672) $ 1,256,317 $ (1,155,767) $ (91,349) $ 9,201 December 31, 2019 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition Gross Amounts Not Offset in the Consolidated Statement of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Assets: Securities borrowed $ 1,928,763 $ — $ 1,928,763 $ (1,881,005) $ (15,280) $ 32,478 Securities purchased under agreements to resell 143,032 — 143,032 (142,922) — 110 Trading assets, at fair value: Currency forwards 242,552 (211,398) 31,154 — — 31,154 Options 8,538 — 8,538 (8,537) — 1 Total $ 2,322,885 $ (211,398) $ 2,111,487 $ (2,032,464) $ (15,280) $ 63,743 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Statement of Financial Condition Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition Gross Amounts Not Offset in the Consolidated Statement of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 1,600,099 $ — $ 1,600,099 $ (1,552,146) $ (15,281) $ 32,672 Securities sold under agreements to repurchase 340,742 — 340,742 (340,718) — 24 Trading liabilities, at fair value: Currency forwards 196,554 (196,535) 19 — — 19 Options 3,087 — 3,087 (3,087) — — Total $ 2,140,482 $ (196,535) $ 1,943,947 $ (1,895,951) $ (15,281) $ 32,715 The following table presents gross obligations for securities sold under agreements to repurchase and for securities lending transactions by remaining contractual maturity and the class of collateral pledged: September 30, 2020 Remaining Contractual Maturity (in thousands) Overnight and Continuous Less than 30 days 30 - 60 61 - 90 Greater than 90 Total Securities sold under agreements to repurchase: Equity securities $ 50,000 $ 75,000 $ 50,000 $ 150,000 $ 50,000 $ 375,000 U.S. and Non-U.S. government obligations 91,995 91,995 Total 141,995 75,000 50,000 150,000 50,000 466,995 Securities loaned: Equity securities 705,789 — — — — 705,789 Total $ 705,789 $ — $ — $ — $ — $ 705,789 December 31, 2019 Remaining Contractual Maturity (in thousands) Overnight and Continuous Less than 30 days 30 - 60 61 - 90 Greater than 90 Total Securities sold under agreements to repurchase: Equity securities $ — $ 75,000 $ 50,000 $ 150,000 $ — $ 275,000 U.S. and Non-U.S. government obligations 65,742 — — — — 65,742 Total 65,742 75,000 50,000 150,000 — 340,742 Securities loaned: Equity securities 1,600,099 — — — — 1,600,099 Total $ 1,600,099 $ — $ — $ — $ — $ 1,600,099

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The fair value of the Company’s derivative instruments on a gross basis consisted of the following at September 30, 2020 and December 31, 2019: (in thousands) September 30, 2020 December 31, 2019 Derivatives Assets Financial Statements Location Fair Value Notional Fair Value Notional Derivative instruments not designated as hedging instruments: Equities futures Receivables from broker-dealers and clearing organizations $ (524) $ 1,038,860 $ (1,366) $ 4,502,017 Commodity futures Receivables from broker-dealers and clearing organizations 483,476 8,293,464 40,656 7,758,974 Currency futures Receivables from broker-dealers and clearing organizations (4,443) 1,601,070 (2,860) 1,116,246 Fixed income futures Receivables from broker-dealers and clearing organizations (221) 666,668 47 155,697 Options Financial instruments owned 13,830 814,419 8,538 442,808 Currency forwards Financial instruments owned 675,533 30,360,772 242,552 24,369,818 Interest rate swap Other assets — — 8,976 525,000 Derivatives Liabilities Financial Statements Location Fair Value Notional Fair Value Notional Derivative instruments not designated as hedging instruments: Equities futures Payables to broker-dealers and clearing organizations $ (239) $ 62,069 $ 751 $ 83,803 Commodity futures Payables to broker-dealers and clearing organizations 1,456 81,624 (45,175) 3,604,979 Currency futures Payables to broker-dealers and clearing organizations 7,895 2,199,582 (23,223) 6,594,991 Fixed income futures Payables to broker-dealers and clearing organizations (2) 2,680 94 190,938 Options Financial instruments sold, not yet purchased 14,184 806,832 3,087 436,422 Currency forwards Financial instruments sold, not yet purchased 654,666 30,350,339 196,554 24,346,818 Derivative instruments designated as hedging instruments: Interest rate swaps Payables to broker-dealers and clearing organizations 69,355 1,525,000 — — Amounts included in receivables from and payables to broker-dealers and clearing organizations represent net variation margin on long and short futures contracts as well as amounts receivable or payable on interest rate swaps. The following table summarizes the net gain (loss) from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in total revenues, and from those designated as hedging instruments under ASC 815, which are recorded in other comprehensive income in the accompanying Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) Financial Statements Location 2020 2019 2020 2019 Derivative instruments not designated as hedging instruments: Futures Trading income, net $ (12,262) $ (109,912) $ 11,440 $ 45,698 Currency forwards Trading income, net 62,465 38,738 255,044 (6,304) Options Trading income, net 35,343 (8,735) 61,643 (3,737) Interest rate swap on term loan Other, net (1,417) — (1,417) — $ 84,129 $ (79,909) $ 326,710 $ 35,657 Derivative instruments designated as hedging instruments: Interest rate swaps (1) Other comprehensive income $ 314 $ — $ (64,425) $ — (1) On January 29, 2020, the Company entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement. The Company also previously entered into a five-year $525 million floating-to-fixed interest rate swap agreement in the fourth quarter of 2019. These two interest rate swaps met the criteria to be considered qualifying cash flow hedges under ASC 815, and as such, the mark-to-market gains (losses) on the instruments were recorded within Other comprehensive income on the Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2020.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	Revenues from Contracts with Customers Revenue Recognition The Company adopted ASC Topic 606, Revenue from Contracts with Customers , as of January 1, 2018 in the condensed consolidated financial statements by applying the modified retrospective method. The Company’s revenue recognition methods for its contracts with customers prior to the adoption of Topic 606 are consistent with its methods after the adoption of Topic 606. Commissions, net . The Company earns commission revenue by acting as an agent on behalf of customers. The Company’s performance obligations consist of trade execution and clearing services and are satisfied on the trade date; accordingly, commission revenues are recorded on the trade date. Commission revenues are paid on settlement date; therefore, a receivable is recognized as of the trade date. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Condensed Consolidated Statements of Comprehensive Income. Workflow technology. Through its front-end workflow solutions and network capabilities, the Company provides order and trade execution management and order routing services. The Company provides trade order routing from its execution management system (“EMS”) to its execution services offerings, with each trade order routed through the EMS representing a separate performance obligation that is satisfied at a point in time. Commissions earned are fixed and revenue is recognized on the trade date. A portion of the commissions earned on the trade is then allocated to workflow technology based on the stand-alone selling price paid by third-party brokers for order routing. The remaining commission is allocated to commissions, net using a residual allocation approach. The Company participates in commission share arrangements, where trade orders are routed to third-party brokers from its EMS and its order management system (“OMS”). Commission share revenues from third-party brokers are generally fixed and revenue is recognized at a point in time on the trade date. The Company provides OMS and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, is fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. Analytics. The Company provides customers with analytics products and services, including trading and portfolio analytics tools. The Company provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics services can be delivered either over time (when customers are provided with distinct ongoing access to analytics data) or at a point in time (when reports are only delivered to the customer on a periodic basis). Over time performance obligations are recognized using a time-based measure of progress on a monthly basis, since the analytics products and services are continually provided to the client. Point in time performance obligations are recognized when the analytics reports are delivered to the client. Analytics products and services can also be paid for through variable bundled arrangements with trade execution services. Customers agree to pay for analytics products and services with commissions generated from trade execution services, and commissions are allocated to the analytics performance obligation(s) using: (i) the commission value for each customer for the products and services it receives, which is priced using the value for similar stand-alone subscription arrangements; and (ii) a calculated ratio of the commission value for the products and services relative to the total amount of commissions generated from the customer. For these bundled commission arrangements, the allocated commissions to each analytics performance obligation are then recognized as revenue when the analytics product is delivered, either over time or at a point in time. These allocated commissions may be deferred if the allocated amount exceeds the amount recognizable based on delivery. Disaggregation of Revenues The following tables present the Company’s revenue from contracts with customers disaggregated by the services described above, by timing of revenue recognition, reconciled to the Company’s segments, for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 9,391 $ 91,460 $ — $ 100,851 Workflow technology — 23,044 — 23,044 Analytics — 9,958 — 9,958 Total revenue from contracts with customers 9,391 124,462 — 133,853 Other sources of revenue 465,207 58,218 (1,166) 522,259 Total revenues 474,598 182,680 (1,166) 656,112 Timing of revenue recognition: Services transferred at a point in time 474,598 164,018 (1,166) 637,450 Services transferred over time — 18,662 — 18,662 Total revenues $ 474,598 $ 182,680 $ (1,166) $ 656,112 Three Months Ended September 30, 2019 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 7,252 $ 98,365 $ — $ 105,617 Workflow technology — 24,041 — 24,041 Analytics — 9,969 — 9,969 Total revenue from contracts with customers 7,252 132,375 — 139,627 Other sources of revenue 242,550 1,430 (1,267) 242,713 Total revenues 249,802 133,805 (1,267) 382,340 Timing of revenue recognition: Services transferred at a point in time 249,802 114,300 (1,267) 362,835 Services transferred over time — 19,505 — 19,505 Total revenues $ 249,802 $ 133,805 $ (1,267) $ 382,340 Nine Months Ended September 30, 2020 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 9,526 $ 333,823 $ — $ 343,349 Workflow technology — 78,376 — 78,376 Analytics — 30,608 — 30,608 Total revenue from contracts with customers 9,526 442,807 — 452,333 Other sources of revenue 2,054,774 57,814 (2,286) 2,110,302 Total revenues 2,064,300 500,621 (2,286) 2,562,635 Timing of revenue recognition: Services transferred at a point in time 2,064,300 444,683 (2,286) 2,506,697 Services transferred over time — 55,938 — 55,938 Total revenues $ 2,064,300 $ 500,621 $ (2,286) $ 2,562,635 Nine Months Ended September 30, 2019 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 17,213 $ 259,846 $ — $ 277,059 Workflow technology — 58,369 — 58,369 Analytics — 24,466 24,466 Total revenue from contracts with customers 17,213 342,681 — 359,894 Other sources of revenue 744,863 15,644 (2,528) 757,979 Total revenues 762,076 358,325 (2,528) 1,117,873 Timing of revenue recognition: Services transferred at a point in time 762,076 311,772 (2,528) 1,071,320 Services transferred over time — 46,553 — 46,553 Total revenues $ 762,076 $ 358,325 $ (2,528) $ 1,117,873 Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations As of September 30, 2020, the aggregate amount of the transaction price allocated to the performance obligations relating to technology services, workflow technology, and analytics revenues that are unsatisfied (or partially unsatisfied) was not material. The Company recognized $0.6 million and $0.3 million of revenue related to performance obligations satisfied in previous period for the three months ended September 30, 2020 and 2019, respectively. Contract Assets and Contract Liabilities The timing of the revenue recognition may differ from the timing of payment from customers. The Company records a receivable when revenue is recognized prior to payment, and when the Company has an unconditional right to payment. The Company records a contract liability when payment is received prior to the time at which the satisfaction of the service obligation occurs. Receivables related to revenues from contracts with customers amounted to $54.0 million and $53.6 million as of September 30, 2020 and December 31, 2019, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of September 30, 2020. Deferred revenue primarily relates to deferred commissions allocated to analytics products and subscription fees billed in advance of satisfying the performance obligations. Deferred revenue related to contracts with customers was $7.6 million and $8.6 million as of September 30, 2020 and December 31, 2019, respectively. The Company recognized revenue of $8.6 million and $8.1 million for the three months ended September 30, 2020 and 2019, respectively, and $23.6 million and $23.1 million for the nine months ended September 30, 2020 and 2019, respectively that had been initially recorded as deferred revenue. The Company has not identified any costs to obtain or fulfill its contracts under ASC 606.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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 nine months ended September 30, 2020 and 2019, the income attributable to these noncontrolling interests was reported in the Condensed Consolidated Statements of Comprehensive Income, but the related U.S. income tax expense attributable to these noncontrolling interests was not reported by the Company as it is the obligation of the individual partners. The Company’s provisions for (benefits from) income taxes and effective tax rates were $52.8 million, 20.9%, and $(0.6) million, and 9.9% for the three months ended September 30, 2020 and 2019, respectively, and $200.0 million, 17.8%, and $(14.3) million, and 16.0%, for the nine months ended September 30, 2020 and 2019, 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. Included in Other assets on the Condensed Consolidated Statements of Financial Condition at September 30, 2020 and December 31, 2019 were current income tax receivables of $99.8 million and $39.3 million, respectively. The balances at September 30, 2020 and December 31, 2019 primarily comprised income tax benefits due to the Company from federal, state, local, and foreign tax jurisdictions based on income before taxes. Included in Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition at September 30, 2020 and December 31, 2019 were current tax liabilities of $33.8 million and $11.5 million, respectively. The balances at September 30, 2020 and December 31, 2019 primarily comprised income taxes owed to federal, state and local, and foreign tax jurisdictions based on income before taxes. Deferred income taxes arise primarily due to the amortization of the deferred tax assets recognized in connection with the IPO (see Note 6 “Tax Receivable Agreements”), the Acquisition of KCG and the ITG Acquisition (see Note 3 “ITG Acquisition”), differences in the valuation of financial assets and liabilities, and other temporary differences arising from the deductibility of compensation, depreciation, and other 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. At September 30, 2020 and December 31, 2019, the Company had U.S. federal net operating loss carryforwards of $0.0 million and $91.3 million, respectively, and has recorded a deferred tax asset related to these federal net operating carryforwards of $0.0 million and $19.2 million, respectively. The Company did not record a valuation allowance against this deferred tax asset. At September 30, 2020, the Company recorded deferred income taxes related to state and local net operating losses of $3.7 million. These net operating losses will begin to expire in 2031. The Company did not record a valuation allowance against this deferred tax asset. As a result of the ITG Acquisition, the Company had non-U.S. net operating losses at September 30, 2020 and December 31, 2019 of $75.9 million and $86.3 million, respectively, and recorded a related deferred tax asset of $15.5 million and $17.9 million, respectively. A valuation allowance of $15.2 million and $15.6 million was recorded against this deferred tax asset at September 30, 2020 and December 31, 2019, respectively, as it is more likely than not that a portion of this deferred tax asset will not be realized. As a result of the Acquisition of KCG, the Company had non-U.S. net operating losses at September 30, 2020 and December 31, 2019 of $239.0 million and $239.0 million, respectively, and recorded a related deferred tax asset of $44.9 million and $44.9 million, respectively. A full valuation allowance was also recorded against this deferred tax asset at September 30, 2020 and December 31, 2019 as it is more likely than not that this deferred tax asset will not be realized. No valuation allowance against the remaining deferred taxes was recorded as of September 30, 2020 and December 31, 2019 because it is more likely than not that these deferred tax assets will be fully realized. The Company is subject to taxation in U.S. federal, state, local and foreign jurisdictions. As of September 30, 2020, the Company’s tax years for 2013 through 2019 and 2010 through 2019 were subject to examination by U.S. and non-U.S. tax authorities, respectively. As a result of the ITG Acquisition and the Acquisition of KCG, the Company assumed any ITG and KCG tax exposures. In addition, the Company is subject to state and local income tax examinations in various jurisdictions for the tax years 2013 through 2019. The final outcome of these examinations is not yet determinable. However, the Company anticipates that adjustments related to these examinations, if any, will not result in a material change to its financial condition, results of operations and cash flows. The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income or loss before income taxes and noncontrolling interest. Penalties, if any, are recorded in Operations and administrative expense and interest received or paid is recorded in Other, net or Operations and administrative expense in the Condensed Consolidated Statement of Comprehensive Income, respectively. The Company had $9.1 million of unrecognized tax benefits as of September 30, 2020, all of which would affect the Company’s effective tax rate if recognized. 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 September 30, 2020.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Legal Proceedings In the ordinary course of business, the nature of the Company’s business subjects it to claims, lawsuits, regulatory examinations or investigations and other proceedings. The Company and its subsidiaries are subject to several of these matters at the present time. Given the inherent difficulty of predicting the outcome of litigation and regulatory matters, particularly in regulatory examinations or investigations or other proceedings in which substantial or indeterminate judgments, settlements, disgorgements, restitution, penalties, injunctions, damages or fines are sought, or where such matters are in the early stages, the Company cannot estimate losses or ranges of losses for such matters where there is only a reasonable possibility that a loss may be incurred. In addition, there are numerous factors that result in a greater degree of complexity in class-action lawsuits as compared to other types of litigation. There can be no assurance that these legal proceedings will not have a material adverse effect on the Company’s results of operations in any future period, and a material judgment, fine or sanction could have a material adverse impact on the Company’s financial condition, results of operations and cash flows. However, it is the opinion of management, after consultation with legal counsel that, based on information currently available, the ultimate outcome of these matters will not have a material adverse impact on the business, financial condition or operating results of the Company, although they might be material to the operating results for any particular reporting period. The Company carries directors’ and officers’ liability insurance coverage and other insurance coverage for potential claims, including securities actions, against the Company and its respective directors and officers. On January 29, 2019, the Company was named as a defendant in Ford v. ProShares Trust II, et al. , No. 19-cv-886. The complaint was filed in federal district court in New York on behalf of a putative class, and asserts claims against the Company and numerous other financial institutions under Section 11 of the Securities Act of 1933 in connection with a ProShares inverse-volatility ETF. Additionally, on February 27, 2019, and March 1, 2019, the Company was named as a defendant in Bittner v. ProShares Trust II, et al. , No. 19-cv-1840, and Mareno v. ProShares Trust II, et al ., No. 19-cv-1955, respectively. The complaints were filed in federal district court in New York on behalf of putative classes, and asserted substantially similar claims against the Company and other financial institutions. On April 29, 2019, these three actions were consolidated in federal district court in New York as In re ProShares Trust II Securities Litigation , No. 19-cv-886-DLC. A consolidated amended complaint, which did not specify the amount of alleged damages, was filed in the consolidated action on June 21, 2019. Defendants moved to dismiss the consolidated amended complaint on August 2, 2019. In response, plaintiffs filed a consolidated second amended complaint on September 6, 2019, which also did not specify the amount of alleged damages. Defendants moved to dismiss the consolidated second amended complaint on September 27, 2019. The defendants’ motion to dismiss was granted on January 3, 2020, and plaintiffs subsequently filed a Notice of Appeal of the district court's ruling on the motion to dismiss on January 31, 2020 and an opening brief on May 14, 2020. The defendants' response brief was filed August 13, 2020 and the plaintiffs' reply was filed September 17, 2020. The Company believes that the claims are without merit and is defending itself vigorously. Other Legal and Regulatory Matters The Company owns subsidiaries including regulated entities that are subject to extensive oversight under federal, state and applicable international laws as well as self-regulatory organization (“SRO”) rules. Changes in market structure and the need to remain competitive require constant changes to the Company's systems, order routing and order handling procedures. The Company makes these changes while continuously endeavoring to comply with many complex laws and rules. Compliance, surveillance and trading issues common in the securities industry are monitored by, reported to, and/or reviewed in the ordinary course of business by the Company's regulators in the U.S. and abroad. As a major order flow execution destination, the Company is named from time to time in, or is asked to respond to a number of regulatory matters brought by U.S. regulators, foreign regulators, SROs, as well as actions brought by private plaintiffs, which arise from its business activities. There has recently been an increased focus by regulators on Anti-Money Laundering and sanctions compliance by broker-dealers and similar entities, as well as an enhanced interest on suspicious activity reporting and transactions involving microcap and low-priced securities. In addition, there has been an increased focus by Congress, federal and state regulators, SROs and the media on market structure issues, and in particular, high frequency trading, best execution, internalization, alternative trading system (“ATS”) manner of operations, market fragmentation and complexity, colocation, cybersecurity, access to market data feeds and remuneration arrangements, such as payment for order flow and exchange fee structures. From time to time, the Company is the subject of requests for information and documents from the SEC, the Financial Industry Regulatory Authority and other regulators. It is the Company's practice to cooperate and comply with the requests for information and documents. The Company is currently the subject of various regulatory reviews and investigations by federal and foreign regulators and SROs, including the SEC and the Financial Industry Regulatory Authority. In some instances, these matters may result in a disciplinary action and/or a civil or administrative action. For example, in December 2015, 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 a predecessor entity engaged in price manipulation and violations of the AMF General Regulation and Euronext Market Rules. The fine was subsequently reduced in 2017 to €3.3 million (approximately $3.9 million) and in 2018 was further reduced to €3.0 million (approximately $3.4 million). The Company has fully reserved for the monetary penalty as of September 30, 2020. Representations and Warranties; Indemnification Arrangements In the normal course of its operations, the Company enters into contracts that contain a variety of representations and warranties in addition to indemnification obligations. The Company's maximum exposure under these arrangements is currently unknown, as any such exposure could relate to claims not yet brought or events which have not yet occurred. For example, in November 2013, KCG sold Urban Financial of America, LLC (“Urban”), the reverse mortgage origination and securitization business previously owned by Knight Capital Group, Inc., to an investor group now known as Finance of America Reverse, LLC (“FAR”). Pursuant to the terms of the Stock Purchase Agreement between KCG and FAR, Virtu has certain continuing obligations related to KCG's prior ownership of Urban and has been and, in the future may be, advised by FAR of potential claims thereunder. Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain a variety of representations and warranties and general indemnifications. The Company has also provided general

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	Leases The Company adopted ASU 2016-02 on January 1, 2019, and elected the modified retrospective method of implementation. The standard requires the recognition of right-of-use ("ROU") assets and lease liabilities for leases, which are defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company has elected the practical expedient which allows for leases with an initial term of 12 months or less to be excluded from recognition on the Condensed Consolidated Statement of Financial Condition and for which lease expense is recognized on a straight-line basis over the lease term. Topic 842 primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee. These leases are primarily for corporate office space, datacenters, and technology equipment. The leases have remaining terms of 1 year to 15 years, some of which include options to extend the initial term at the Company's discretion. The lease terms used in calculating ROU assets and lease liabilities include the options to extend the initial term when the Company is reasonably certain of exercising the options. The Company's lease agreements do not contain any material residual value guarantees, restrictions or covenants. In addition to the base rental costs, the Company’s lease agreements for corporate office space generally provide for rent escalations resulting from increased assessments for operating expenses, real estate taxes and other charges. Payments for such reimbursable expenses are considered variable and are recognized as variable lease costs in the period in which the obligation for those payments was incurred. The Company also subleases certain office space and facilities to third parties. The subleases have remaining terms of 1 to 12 years. The Company recognizes amounts received from subleases on a straight-line basis over the term of the sublease within Operations and administrative expense on the Condensed Consolidated Statement of Comprehensive Income. As the implied discount rate for most of the Company's leases is not readily determinable, the Company uses its incremental borrowing rate on its secured borrowings in determining the present value of lease payments. Lease assets and liabilities are summarized as follows: (in thousands) Financial Statement Location September 30, 2020 December 31, 2019 Operating leases Operating lease right-of-use assets Operating lease right-of-use assets $ 287,069 $ 314,526 Operating lease liabilities Operating lease liabilities 330,626 365,364 Finance leases Property and equipment, at cost Property, equipment, and capitalized software, net 36,093 37,589 Accumulated depreciation Property, equipment, and capitalized software, net (21,888) (24,579) Finance lease liabilities Accounts payable, accrued expenses, and other liabilities 14,425 13,371 Weighted average remaining lease term and discount rate are as follows: September 30, 2020 December 31, 2019 Weighted average remaining lease term Operating leases 7.01 years 7.50 years Finance leases 2.08 years 1.45 years Weighted average discount rate Operating leases 5.67 % 5.70 % Finance leases 3.17 % 3.52 % The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Operating lease cost: Fixed $ 18,521 18,637 $ 55,333 $ 52,722 Variable 2,393 2,352 6,614 6,365 Impairment of ROU Asset — 1,185 — 27,042 Total Operating lease cost 20,914 22,174 61,947 86,129 Sublease income 4,399 3,024 11,994 8,939 Finance lease cost: Amortization of right-of-use assets 2,668 3,277 8,838 9,329 Interest on lease liabilities 97 165 339 525 Total Finance lease cost 2,765 3,442 9,177 9,854 During the nine months ended September 30, 2019, the Company ceased use of certain office lease premises as part of its ongoing effort to consolidate office space. For the three months ended September 30, 2019, the Company recognized $1.3 million in Termination of office leases on the condensed consolidated statement of comprehensive income related to these premises, comprised entirely of impairment of ROU assets. For the nine months ended September 30, 2019, the Company recognized $66.5 million in Termination of office leases on the Condensed Consolidated Statement of Comprehensive Income related to these premises, comprising $27.0 million of impairments of ROU assets, $37.9 million of write-offs of leasehold improvements and fixed assets, and $1.5 million of dilapidation charges. There was no impairment of ROU assets during the three and nine months ended September 30, 2020. Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2020, are as follows: (in thousands) Operating Leases Finance Leases 2020 $ 19,414 $ 3,040 2021 74,907 6,774 2022 68,629 4,035 2023 65,048 1,438 2024 34,779 — 2025 and thereafter 141,713 — Total lease payments $ 404,490 $ 15,287 Less imputed interest (73,864) (862) Total lease liability $ 330,626 $ 14,425 Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2019, are as follows: (in thousands) Operating Leases Finance Leases 2020 76,118 10,929 2021 73,062 3,305 2022 66,850 565 2023 63,676 — 2024 32,144 — 2025 and thereafter 141,371 — Total lease payments $ 453,221 $ 14,799 Less imputed interest (87,857) (1,428) Total lease liability $ 365,364 $ 13,371
Leases	Leases The Company adopted ASU 2016-02 on January 1, 2019, and elected the modified retrospective method of implementation. The standard requires the recognition of right-of-use ("ROU") assets and lease liabilities for leases, which are defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company has elected the practical expedient which allows for leases with an initial term of 12 months or less to be excluded from recognition on the Condensed Consolidated Statement of Financial Condition and for which lease expense is recognized on a straight-line basis over the lease term. Topic 842 primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee. These leases are primarily for corporate office space, datacenters, and technology equipment. The leases have remaining terms of 1 year to 15 years, some of which include options to extend the initial term at the Company's discretion. The lease terms used in calculating ROU assets and lease liabilities include the options to extend the initial term when the Company is reasonably certain of exercising the options. The Company's lease agreements do not contain any material residual value guarantees, restrictions or covenants. In addition to the base rental costs, the Company’s lease agreements for corporate office space generally provide for rent escalations resulting from increased assessments for operating expenses, real estate taxes and other charges. Payments for such reimbursable expenses are considered variable and are recognized as variable lease costs in the period in which the obligation for those payments was incurred. The Company also subleases certain office space and facilities to third parties. The subleases have remaining terms of 1 to 12 years. The Company recognizes amounts received from subleases on a straight-line basis over the term of the sublease within Operations and administrative expense on the Condensed Consolidated Statement of Comprehensive Income. As the implied discount rate for most of the Company's leases is not readily determinable, the Company uses its incremental borrowing rate on its secured borrowings in determining the present value of lease payments. Lease assets and liabilities are summarized as follows: (in thousands) Financial Statement Location September 30, 2020 December 31, 2019 Operating leases Operating lease right-of-use assets Operating lease right-of-use assets $ 287,069 $ 314,526 Operating lease liabilities Operating lease liabilities 330,626 365,364 Finance leases Property and equipment, at cost Property, equipment, and capitalized software, net 36,093 37,589 Accumulated depreciation Property, equipment, and capitalized software, net (21,888) (24,579) Finance lease liabilities Accounts payable, accrued expenses, and other liabilities 14,425 13,371 Weighted average remaining lease term and discount rate are as follows: September 30, 2020 December 31, 2019 Weighted average remaining lease term Operating leases 7.01 years 7.50 years Finance leases 2.08 years 1.45 years Weighted average discount rate Operating leases 5.67 % 5.70 % Finance leases 3.17 % 3.52 % The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Operating lease cost: Fixed $ 18,521 18,637 $ 55,333 $ 52,722 Variable 2,393 2,352 6,614 6,365 Impairment of ROU Asset — 1,185 — 27,042 Total Operating lease cost 20,914 22,174 61,947 86,129 Sublease income 4,399 3,024 11,994 8,939 Finance lease cost: Amortization of right-of-use assets 2,668 3,277 8,838 9,329 Interest on lease liabilities 97 165 339 525 Total Finance lease cost 2,765 3,442 9,177 9,854 During the nine months ended September 30, 2019, the Company ceased use of certain office lease premises as part of its ongoing effort to consolidate office space. For the three months ended September 30, 2019, the Company recognized $1.3 million in Termination of office leases on the condensed consolidated statement of comprehensive income related to these premises, comprised entirely of impairment of ROU assets. For the nine months ended September 30, 2019, the Company recognized $66.5 million in Termination of office leases on the Condensed Consolidated Statement of Comprehensive Income related to these premises, comprising $27.0 million of impairments of ROU assets, $37.9 million of write-offs of leasehold improvements and fixed assets, and $1.5 million of dilapidation charges. There was no impairment of ROU assets during the three and nine months ended September 30, 2020. Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2020, are as follows: (in thousands) Operating Leases Finance Leases 2020 $ 19,414 $ 3,040 2021 74,907 6,774 2022 68,629 4,035 2023 65,048 1,438 2024 34,779 — 2025 and thereafter 141,713 — Total lease payments $ 404,490 $ 15,287 Less imputed interest (73,864) (862) Total lease liability $ 330,626 $ 14,425 Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2019, are as follows: (in thousands) Operating Leases Finance Leases 2020 76,118 10,929 2021 73,062 3,305 2022 66,850 565 2023 63,676 — 2024 32,144 — 2025 and thereafter 141,371 — Total lease payments $ 453,221 $ 14,799 Less imputed interest (87,857) (1,428) Total lease liability $ 365,364 $ 13,371

Cash

Cash	9 Months Ended
	Sep. 30, 2020
Cash and Cash Equivalents [Abstract]
Cash	Cash The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash as reported within the Condensed Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows. (in thousands) September 30, 2020 December 31, 2019 Cash and cash equivalents $ 567,677 $ 732,164 Cash restricted or segregated under regulations and other 98,285 41,116 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 665,962 $ 773,280

Capital Structure

Capital Structure	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Capital Structure	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. During the period prior to the Reorganization Transactions and IPO, Class A-2 profits interests and Class B interests in Virtu Financial were issued to Employee Holdco (as defined below) on behalf of certain key employees and stakeholders. In connection with the Reorganization Transactions, all Class A-2 profits interests and Class B interests were reclassified into Virtu Financial Units. As of September 30, 2020 and December 31, 2019, there were 5,499,713 and 7,919,952 Virtu Financial Units outstanding held by Employee Holdco (as defined below), respectively, and 2,420,239 and 823,456 of such Virtu Financial Units and corresponding Class C Common Stock were exchanged into Class A Common Stock, forfeited or repurchased during the nine months ended September 30, 2020 and 2019, respectively. Amended and Restated 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, and was subsequently amended and restated following receipt of approval from the Company’s stockholders on June 30, 2017. The Amended and Restated 2015 Management Incentive Plan provides for the grant of stock options, restricted stock units, and other awards based on an aggregate of 16,000,000 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. On April 23, 2020, the Company’s board of directors adopted an amendment to the Company’s Amended and Restated 2015 Management Incentive Plan in order to increase the number of shares of the Company’s Class A Common Stock reserved for issuance, and in respect of which awards may be granted under the Amended and Restated 2015 Plan from 16,000,000 shares of Class A Common Stock to an aggregate of 21,000,000 shares of Class A Common Stock, and the amendment was approved by the Company’s shareholders at the Company's annual meeting of stockholders on June 5, 2020. Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan On the ITG Closing Date, the Company assumed the Amended and Restated ITG 2007 Equity Plan and the Assumed Awards. As of the ITG Closing Date, the aggregate number of shares of Class A Common Stock subject to such Assumed Awards was 2,497,028 and the aggregate number of shares of Class A Common Stock that remained issuable pursuant to the Amended and Restated ITG 2007 Equity Plan was 1,230,406. Acquisition of KCG On the KCG Closing Date, the Company completed the all-cash Acquisition of KCG. In connection with the Acquisition of KCG, the Company issued 8,012,821 shares of the Company’s Class A Common Stock to Aranda Investments Pte. Ltd. (“Aranda”), an affiliate of Temasek Holdings (Private) Limited (“Temasek”), for an aggregate purchase price of approximately $125.0 million and 40,064,103 shares of the Company’s Class A Common Stock to North Island Holdings I, LP (the “North Island Stockholder”) for an aggregate purchase price of approximately $618.7 million, in each case in accordance with terms of an 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. The investment agreements were filed as exhibits to the Company’s 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2020. Secondary Offerings In May 2019, the Company completed a public offering (the “May 2019 Secondary Offering”) of 9,000,000 shares of Class A Common Stock at a purchase price per share paid by the underwriters of $22.00, the proceeds of which were used to purchase an equivalent number of Virtu Financial Units and corresponding shares of Class D Common Stock from TJMT Holdings LLC pursuant to that certain Member Purchase Agreement, entered into on May 14, 2019 by and between the Company and TJMT Holdings LLC. Employee Exchanges During the nine months ended September 30, 2020 and 2019, pursuant to the exchange agreement by and among the Company, Virtu Financial and holders of Virtu Financial Units, certain current and former employees elected to exchange 2,420,239 and 823,456 units, respectively in Virtu Financial held directly or on their behalf by Virtu Employee Holdco LLC (“Employee Holdco”) on a one-for-one basis for shares of Class A Common Stock. The Company holds approximately a 64.2% interest in Virtu Financial at September 30, 2020. Warrant Issuance On March 20, 2020, in connection with and in consideration of the Founder Member’s commitments under the Founder Member Loan Facility (as described in Note 10 “Borrowings”), the Company delivered to the Founder Member a warrant (the “Warrant”) to purchase shares of the Company’s Class A Common Stock. Pursuant to the Warrant, the Founder Member may purchase up to 3,000,000 shares of Class A Common Stock. If at any time during the term of the Founder Member Facility, the Founder Member Loans equal to or greater than $100 million had remained outstanding for a certain period of time specified in the Warrant, the number of shares would have increased to 10,000,000. The Founder Member Loan Facility Term expired on September 20, 2020 without the Company having borrowed any Founder Member Loans thereunder (as described in Note 10 "Borrowings"), and as a result no such increase in the number of shares which may be purchased has occurred or will occur pursuant to the terms of the Warrant. The exercise price per share of the Class A Common Stock issuable pursuant to the Warrant is $22.98, which in accordance with the terms of the Warrant, is equal to the average of the volume weighted average prices of the Class A Common Stock for the ten (10) trading days following May 7, 2020, the date on which the Company publicly announced its earnings results for the first quarter of 2020. The Warrant may be exercised to purchase up to 3,000,000 shares of the Company's Class A Common Stock on any date after May 22, 2020 up to and including January 15, 2022. The Warrant and Class A Common Stock issuable pursuant to the Warrant were offered, and will be issued and sold, in reliance on the exemption from the registration requirements of the Securities Act, set forth under Section 4(a)(2) of the Securities Act relating to sales by an issuer not involving any public offering. The foregoing description of the Warrant does not purport to be complete and is qualified in its entirety by reference to the complete text of the Warrant, which was filed as an exhibit to the Company's 2020 quarterly report on Form 10-Q for the period ended March 31, 2020 filed with the Securities and Exchange Commission on May 11, 2020. The fair value of the Warrant was determined using a Black-Scholes-Merton model, and was recorded as a debt issuance cost within Other Assets on the Condensed Consolidated Statement of Financial Condition and as an increase to Additional paid-in capital on the Condensed Consolidated Statement of Changes in Equity. The balance was amortized on a straight-line basis from March 20, 2020 through September 20, 2020, the date on which the Founder Member Loan Facility expired, and recorded as expense within Debt issue cost related to debt refinancing, prepayment and commitment fees in the Condensed Consolidated Statement of Comprehensive Income. Accumulated Other Comprehensive Income (Loss) The following table presents the changes in Other Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 (in thousands) AOCI Beginning Balance Amounts Amounts recorded AOCI Ending Balance Net change in unrealized cash flow hedges gains (losses) (1) $ (36,710) $ 1,948 $ (1,797) $ (36,559) Foreign exchange translation adjustment (2,857) — 4,213 1,356 Total $ (39,567) $ 1,948 $ 2,416 $ (35,203) (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income. As of September 30, 2020, the Company expects approximately $13.2 million to be reclassified from AOCI into earnings over the next 12 months. The timing of the reclassification is based on the interest payment schedule of the long-term borrowings. Nine Months Ended September 30, 2020 (in thousands) AOCI Beginning Balance Amounts Amounts recorded AOCI Ending Balance Net change in unrealized cash flow hedges gains (losses) $ — $ 5,846 $ (42,405) $ (36,559) Foreign exchange translation adjustment (647) — 2,003 1,356 Total $ (647) $ 5,846 $ (40,402) $ (35,203) (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income. As of September 30, 2020, the Company expects approximately $13.2 million to be reclassified from AOCI into earnings over the next 12 months. The timing of the reclassification is based on the interest payment schedule of the long-term borrowings. Three Months Ended September 30, 2019 (in thousands) AOCI Beginning Balance Amounts Amounts recorded AOCI Ending Balance Foreign exchange translation adjustment $ (1,670) $ — $ (4,316) $ (5,986) Total $ (1,670) $ — $ (4,316) $ (5,986) Nine Months Ended September 30, 2019 (in thousands) AOCI Beginning Balance Amounts Amounts recorded AOCI Ending Balance Foreign exchange translation adjustment $ (82) $ — $ (5,904) $ (5,986) Total $ (82) $ — $ (5,904) $ (5,986)

Share-based Compensation

Share-based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-based Compensation	Share-based CompensationPursuant to the Amended and Restated 2015 Management Incentive Plan as described in Note 18 “Capital Structure”, 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 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 nine months ended September 30, 2020 and 2019: Options Outstanding Options Exercisable Number of Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life Number of Options Weighted Average Exercise Price At December 31, 2018 3,486,150 $ 19.00 6.30 1,660,400 $ 19.00 Granted 156,129 13.60 4.87 156,129 13.60 Exercised (353,500) 19.00 — (353,500) 19.00 Forfeited or expired (40,000) — — — — At September 30, 2019 3,248,779 $ 18.74 5.49 3,248,779 $ 18.74 At December 31, 2019 3,233,779 $ 18.74 5.24 3,233,779 $ 18.74 Granted — — — — — Exercised (807,627) 17.96 — (807,627) 17.96 Forfeited or expired — — — — — At September 30, 2020 2,426,152 $ 19.00 4.49 2,426,152 $ 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 for the nine months ended September 30, 2019 of compensation expense in relation to the stock options issued and outstanding. The stock options to purchase shares of Class A Common Stock were fully vested in 2019, and as such there was no compensation expense recognized in relation to stock options for the three and nine months ended September 30, 2020. Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan On the ITG Closing Date, the Company assumed the Amended and Restated ITG 2007 Equity Plan and the Assumed Awards. The Assumed Awards are subject to the same terms and conditions that were applicable to them under the Amended and Restated ITG 2007 Equity Plan, except that (i) the Assumed Awards relate to shares of the Company’s Class A Common Stock, (ii) the number of shares of Class A Common Stock subject to the Assumed Awards was the result of an adjustment based upon an Exchange Ratio (as defined in the ITG Merger Agreement) and (iii) the performance share unit awards were converted into service-based vesting restricted stock unit awards that were no longer subject to any performance based vesting conditions. As of the ITG Closing Date, the aggregate number of shares of Class A Common Stock subject to such Assumed Awards was 2,497,028 and the aggregate number of shares of Class A Common Stock that remained issuable pursuant to the Amended and Restated ITG 2007 Equity Plan was 1,230,406. The Company filed a Registration Statement on Form S-8 on the ITG Closing Date to register such shares of Class A Common Stock. Class A Common Stock, Restricted Stock Units and Restricted Stock Awards Pursuant to the Amended and Restated 2015 Management Incentive Plan as described in Note 18 “Capital Structure”, subsequent to the IPO, shares of immediately vested Class A Common Stock, restricted stock units ("RSUs") and restricted stock awards ("RSAs") were granted, with RSUs and RSAs vesting over a period of up to 4 years. The fair value of the Class A Common Stock and RSUs was determined based on a volume weighted average price and the expense is recognized on a straight-line basis over the vesting period. The fair value of the RSAs was determined based on the closing price as of the date of grant and the expense is recognized from the date that achievement of the performance target becomes probable through the remainder of the vesting period. Performance targets are based on the Company's adjusted EBITDA for certain future periods. For the nine months ended September 30, 2020 and 2019, respectively, there were 967,526 and 423,393 shares of immediately vested Class A Common Stock granted as part of year-end compensation. In addition, the Company reduced accrued compensation expense by $11.4 million for the three months ended September 30, 2020, increased accrued compensation $5.9 million for the three months ended September 30, 2019 and increased accrued compensation expense by $14.4 million and $8.4 million for the nine months ended September 30, 2020 and 2019, respectively, related to immediately vested Class A Common Stock expected to be awarded as part of year-end incentive compensation, which was included in Employee compensation and payroll taxes on the Condensed Consolidated Statements of Comprehensive Income and Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition. The following table summarizes activity related to the RSUs (including the Assumed Awards) and RSAs: Number of RSUs and RSAs Weighted At December 31, 2018 1,378,922 $ 20.03 Granted 3,605,114 25.07 Forfeited (326,458) 21.58 Vested (1,047,866) 24.08 At September 30, 2019 3,609,712 $ 23.75 At December 31, 2019 2,993,489 $ 24.10 Granted (1) 3,300,894 17.15 Forfeited (391,223) 17.90 Vested (2,124,843) 20.40 At September 30, 2020 3,778,317 $ 20.77 (1) Excluded in the number of RSUs and RSAs is 400,000 participating RSAs where the grant date has not been achieved because the performance conditions have not been met. The Company recognized $9.0 million and $13.0 million for the three months ended September 30, 2020 and 2019 and $25.8 million and $52.6 million for the nine months ended September 30, 2020 and 2019, respectively, of compensation expense in relation to the RSUs. As of September 30, 2020 and December 31, 2019, total unrecognized share-based compensation expense related to unvested RSUs was $50.6 million and $43.4 million, respectively, and this amount is to be recognized over a weighted average period of 1.18 and 2.0 years, respectively. Awards in which the specific performance conditions have not been met are not included in unrecognized share-based compensation expense.

Regulatory Requirement

Regulatory Requirement	9 Months Ended
	Sep. 30, 2020
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory Requirement	Regulatory Requirement U.S. Subsidiaries The Company's U.S. broker-dealer subsidiary, VAL, is subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital as detailed in the table below. Pursuant to NYSE rules, VAL was also required to maintain $1.0 million of capital in connection with the operation of its designated market maker (“DMM”) business as of September 30, 2020. The required amount is determined under the exchange rules as the greater of (i) $1 million or (ii) $75,000 for every 0.1% of NYSE transaction dollar volume in each of the securities for which the Company is registered as the DMM. The regulatory capital and regulatory capital requirements of the Company's U.S broker-dealer subsidiary as of September 30, 2020 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 641,314 $ 2,546 $ 638,768 As of September 30, 2020, VAL had $64.9 million of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $32.6 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers. Balances in special reserve bank accounts previously maintained by VITG were moved to VAL upon consolidation of the broker dealers. The balances are included within Cash restricted or segregated under regulations and other on the Condensed Consolidated Statement of Financial Condition. The regulatory capital and regulatory capital requirements of the U.S. broker-dealer subsidiaries as of December 31, 2019 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 257,452 $ 2,571 $ 254,881 Virtu Financial BD LLC 30,317 1,000 29,317 Virtu Financial Capital Markets LLC 3,710 1,000 2,710 Virtu ITG LLC 66,069 1,000 65,069 Virtu Alternet Securities LLC 1,931 100 1,831 As of December 31, 2019, VAL and VITG had $22.3 million and $7.4 million, respectively, of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $4.5 million and $5.0 million, respectively, of cash in reserve bank accounts for the benefit of proprietary accounts of brokers. Foreign Subsidiaries The Company’s foreign subsidiaries are subject to regulatory capital requirements set by local regulatory bodies, including the Investment Industry Regulatory Organization of Canada (“IIROC”), the Central Bank of Ireland, the Financial Conduct Authority in the United Kingdom, the Australian Securities Exchange, the Securities and Futures Commission in Hong Kong, and the Monetary Authority of Singapore. Virtu Financial Canada ULC was admitted to membership in IIROC in March 2019. The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of September 30, 2020 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 12,252 $ 188 $ 12,064 Virtu Financial Canada ULC 2,139 188 1,951 Ireland Virtu ITG Europe Limited (1) 53,402 29,413 23,989 Virtu Financial Ireland Limited (1) 85,251 40,474 44,777 United Kingdom Virtu ITG UK Limited (1) 1,251 861 390 Asia Pacific Virtu ITG Australia Limited 27,945 10,307 17,638 Virtu ITG Hong Kong Limited 1,615 522 1,093 Virtu ITG Singapore Pte Limited 734 73 661 (1) Preliminary As of September 30, 2020, Virtu ITG Europe Limited and Virtu ITG Canada Corp had $0.2 million and $0.4 million, respectively, of segregated funds on deposit for trade clearing and settlement activity, and Virtu ITG Hong Kong Ltd had $30 thousand of segregated balances under a collateral account control agreement for the benefit of certain customers. The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2019 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 13,029 $ 193 $ 12,836 TriAct Canada Marketplace LP 2,538 193 2,345 Virtu Financial Canada ULC 2,459 193 2,266 Ireland Virtu ITG Europe Limited 54,129 32,484 21,645 Virtu Financial Ireland Limited 78,385 43,233 35,152 United Kingdom Virtu ITG UK Limited 1,378 991 387 Asia Pacific Virtu ITG Australia Limited 24,574 8,451 16,123 Virtu ITG Hong Kong Limited 3,805 539 3,266 Virtu ITG Singapore Pte Limited 1,179 72 1,107 As of December 31, 2019, Virtu ITG Europe Limited and Virtu ITG Canada Corp had $1.2 million and $0.4 million, respectively, of funds on deposit for trade clearing and settlement activity, and Virtu ITG Hong Kong Ltd had $30 thousand of segregated balances under a collateral account control agreement for the benefit of certain customers.

Geographic Information and Busi

Geographic Information and Business Segments	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Geographic Information and Business Segments	Geographic Information and Business Segments 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 of the 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 nine months ended September 30, 2020 and 2019 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Revenues: United States $ 484,594 $ 277,855 $ 2,045,330 $ 837,350 Ireland 61,320 54,399 233,783 138,964 Singapore 26,630 26,260 140,492 82,805 Canada 71,268 14,739 103,331 35,039 Australia 10,107 9,504 32,186 23,397 United Kingdom 964 (1,334) 3,944 (1,867) Others 1,229 917 3,569 2,185 Total revenues $ 656,112 $ 382,340 $ 2,562,635 $ 1,117,873 The Company has two operating segments: (i) Market Making and (ii) Execution Services; and one non-operating segment: Corporate. The Market Making segment principally consists of market making in the cash, futures and options markets across global equities, options, fixed income, currencies and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker-dealers, banks and institutions. The Company engages in principal trading in the Market Making segment direct to clients as well as in a supplemental capacity on exchanges, ECNs and ATSs. The Company is an active participant on all major global equity and futures exchanges and also trades on substantially all domestic electronic options exchanges. As a complement to electronic market making, the cash trading business handles specialized orders and also transacts on the OTC Link ATS operated by OTC Markets Group Inc. The Execution Services segment comprises client-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker-dealers. The Company earns commissions and commission equivalents as an agent on behalf of clients as well as between principals to transactions; in addition, the Company will commit capital on behalf of clients as needed. Client-based, execution-only trading in the segment is done primarily through a variety of access points including: (i) algorithmic trading and order routing in global equities and options; (ii) institutional sales traders who offer portfolio trading and single stock sales trading which provides execution expertise for program, block and riskless principal trades in global equities and ETFs; and (iii) matching of client conditional orders in POSIT Alert and client orders in the Company's ATSs, including Virtu MatchIt, and POSIT. The Execution Services segment also includes revenues derived from providing (a) proprietary risk management and trading infrastructure technology to select third parties for a service fee, (b) workflow technology, the Company’s integrated, broker-neutral trading tools delivered across the globe including trade order and execution management and order management software applications and network connectivity and (c) trading analytics, including (1) tools enabling portfolio managers and traders to improve pre-trade, real-time and post-trade execution performance, (2) portfolio construction and optimization decisions and (3) securities valuation. The Corporate segment contains the Company's investments, principally in strategic trading-related opportunities and maintains corporate overhead expenses and all other income and expenses that are not attributable to the Company's other segments. Management evaluates the performance of its segments on a pre-tax basis. Segment assets and liabilities are not used for evaluating segment performance or in deciding how to allocate resources to segments. The Company’s total revenues and income before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the three months ended September 30, 2020 and 2019 are summarized in the following table: (in thousands) Market Execution Corporate Consolidated 2020 Total revenue $ 474,598 $ 182,680 $ (1,166) $ 656,112 Income before income taxes and noncontrolling interest 161,732 102,029 (11,246) 252,515 2019 Total revenue 249,802 133,805 (1,267) 382,340 Income (loss) before income taxes and noncontrolling interest 30,375 (29,202) (7,001) (5,828) The Company's Pre-tax earnings by segment for the nine months ended September 30, 2020 and 2019 are summarized in the following table: (in thousands) Market Execution Corporate Consolidated 2020 Total revenue $ 2,064,300 $ 500,621 $ (2,286) $ 2,562,635 Income before income taxes and noncontrolling interest 1,010,871 137,879 (25,478) 1,123,272 2019 Total revenue 762,076 358,325 (2,528) 1,117,873 Income (loss) before income taxes and noncontrolling interest 99,876 (95,303) (93,183) (88,610)

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company incurs expenses and maintains balances with its affiliates in the ordinary course of business. As of September 30, 2020, and December 31, 2019 the Company had net receivables from its affiliates of $2.9 million and $1.3 million, respectively. The Company has held a minority interest in SBI since 2016 (see Note 11 “Financial Assets and Liabilities”). The Company pays exchange fees to SBI for the trading activities conducted on its proprietary trading system. The Company paid $4.1 million and $4.0 million for the three months ended September 30, 2020 and 2019, respectively, and $13.8 million and $10.2 million for the nine months ended September 30, 2020 and 2019, respectively, to SBI for these trading activities. The Company makes payments to two JVs (see Note 2 “Summary of Significant Accounting Policies”) to fund the construction of the microwave communication networks, and to purchase microwave communication networks, which are recorded within Communications and data processing on the Condensed Consolidated Statements of Comprehensive Income. The Company made payments of $4.7 million and $5.2 million for the three months ended September 30, 2020 and 2019, respectively, and $14.0 million and $15.6 million to the JVs for the nine months ended September 30, 2020 and 2019, respectively. The Company purchases network connections services from affiliates of Level 3 Communications (“Level 3”). Temasek and its affiliates have a significant ownership interest in Level 3. The Company paid $0.4 million and $0.3 million for the three months ended September 30, 2020 and 2019, respectively, and $1.2 million and $1.1 million for the nine months ended September 30, 2020 and 2019, respectively, to Level 3 for these services. The Company makes commission-sharing arrangement ("CSA") payments to affiliates of DBS Group Holdings ("DBS"). Temasek and its affiliates have a significant ownership interest in DBS. The Company made payments of $13.0 thousand for the three months ended September 30, 2020 and $0.2 million for the nine months ended September 30, 2020. Payments for the three and nine months ended September 30, 2019 were immaterial. As described in Note 10 “Borrowings” and Note 18 “Capital Structure”, on March 20, 2020 a subsidiary of the Company entered into an agreement with the Founder Member to establish the Founder Member Facility and, upon the execution of the Founder Member Facility and in consideration of the Founder Member’s commitments thereunder, the Company delivered to the Founder Member the Warrant. The transactions were unanimously approved by the Company’s disinterested Directors. The Founder Member Loan Term expired as of September 20, 2020.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events for adjustment to or disclosure in its condensed consolidated financial statements through the date of this 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 November 6, 2020, 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 per participating Restricted Stock Unit and Restricted Stock Award that will be paid on December 15, 2020 to holders of record as of December 1, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
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, tax receivable agreements, leases, litigation accruals, 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. The Company grants restricted stock awards ("RSAs") and restricted stock units (“RSUs”), certain of which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include money market accounts, which are payable on demand, and short-term investments with an original maturity of less than 90 days. The Company maintains cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company manages this risk by selecting financial institutions deemed highly creditworthy to minimize the risk. Cash restricted or segregated under regulations and other represents (i) special reserve bank accounts for the exclusive benefit of customers (“Special Reserve Bank Account”) maintained by VAL in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (“Customer Protection Rule”), or proprietary accounts of broker-dealers, (ii) funds on deposit for Canadian and European trade clearing and settlement activity, (iii) segregated balances under a collateral account control agreement for the benefit of certain customers in Hong Kong, and (iv) funds relating to the securitization of bank guarantees supporting certain of the Company’s foreign leases.
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, which comprises cash and/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 take 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. The Company has entered into bilateral and tri-party term and overnight repurchase and other collateralized financing agreements which bear interest at negotiated rates. The Company receives cash and makes delivery of financial instruments to a custodian who monitors the market value of these instruments on a daily basis. The market value of the instruments delivered must be equal to or in excess of the principal amount loaned under the repurchase agreements plus the agreed upon margin requirement. The custodian may request additional collateral, if appropriate. 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 Receivables from and payables to broker-dealers and clearing organizations primarily represent 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. 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. The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met. In the normal course of business, a significant portion of the Company’s securities transactions, money balances, and security positions are transacted with several third-party 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 to minimize the risk of 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 Financial instruments owned and Financial instruments sold, not yet purchased relate to market making and trading activities, and include listed and other equity securities, listed equity options and fixed income securities. The Company records Financial instruments owned, Financial instruments owned and pledged, 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 defined 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.
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, which must be applied to an entire instrument and is irrevocable once elected.
Derivative Instruments	Derivative Instruments - Trading Derivative instruments are used for trading purposes, including economic hedges of trading instruments, are carried at fair value, and include futures, forward contracts, and options. 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 trading derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Derivative Instruments - Hedging The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk. The Company has entered into floating-to-fixed interest rate swap agreements in order to manage interest rate risk associated with its long-term debt obligations. Additionally, the Company may seek to reduce the impact of fluctuations in foreign exchange rates on its net investment in certain non-U.S. operations through the use of foreign currency forward contracts. For interest rate swap agreements and foreign currency forward contracts designated as hedges, the Company assesses its risk management objectives and strategy, including identification of the hedging instrument, the hedged item and the risk exposure and how effectiveness is to be assessed prospectively and retrospectively. The effectiveness of the hedge is assessed based on the overall changes in the fair value of the interest rate swaps or forward contracts. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses, to the extent effective, are included in Accumulated other comprehensive income on the Condensed Consolidated Statements of Financial Condition and Other comprehensive income on the Condensed Consolidated Statements of Comprehensive Income. The ineffective portion, if any, is recorded in Other, net on the Condensed Consolidated Statements of Comprehensive Income. The Company presents its hedging derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Balances associated with hedging derivatives are recorded within Receivables from/Payables to broker-dealers and clearing organizations on the Condensed Consolidated Statements of Financial Condition. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows.
Client Commission Arrangements	Client Commission Arrangements Institutional customers are permitted to allocate a portion of their gross commissions to pay for research products and other services provided by third parties and the Company’s subsidiaries. The amounts allocated for those purposes are commonly referred to as client commission arrangements. The cost of independent research and directed brokerage arrangements is accounted for on an accrual basis. Commission revenue is recorded when earned on a trade date basis. Payments relating to client commission arrangements are netted against the commission revenues. Research receivable, including prepaid research on behalf of customers and balance transfers due from other broker-dealers, net of an allowance is included in Receivables from customers and Receivables from broker-dealers and clearing organizations, while accrued research payable is included in Accounts payable, accrued expenses, and other liabilities in the Condensed Consolidated Statements of Financial Condition.
Property and Equipment	Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, except for the assets acquired in connection with acquisitions using the purchase accounting method, which were recorded at fair value on the respective date of acquisitions. Depreciation is provided using the straight-line method over estimated useful lives of the underlying assets. 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
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 and software to be sold, leased, or marketed. 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 1.5 to 3 years, which represents the estimated useful lives of the underlying software.
Leases	Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in Operating lease right-of-use ("ROU") assets and Operating lease liabilities on the Condensed Consolidated Statements of Financial Condition. Operating lease ROU assets are assets that represent the lessee’s right to use, or control the use of, a specified asset for the lease term. Finance leases consist primarily of leases for technology and equipment and are included in Property, equipment, and capitalized software and Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company uses its incremental borrowing rate, based on the information available at the commencement date of the lease, in determining the present value of future payments. The ROU assets are reduced by lease incentives and initial direct costs incurred. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases and amortization of the finance lease ROU asset is recognized on a straight-line basis over the lease term. Lease expense related to the leasing of corporate office space is recorded in Operations and Administrative expenses on the Condensed Consolidated Statement of Comprehensive Income. Lease expense related to the leasing of data centers and other technology is recorded in Communication and Data Processing on the Condensed Consolidated Statement of Comprehensive Income. Certain of the Company's lease agreements contain fixed lease payments that contain lease and non-lease components; for such leases, the Company accounts for the lease and non-lease components as a single lease component. The Company nets its sublease income against corresponding lease expenses within Operations and Administrative expenses on the Condensed Consolidated Statement of Comprehensive Income.
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 assessed for impairment on an annual basis and between annual assessments whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed at the reporting unit level, which is defined as an operating segment or one level below the operating segment.
Intangible Assets	Intangible Assets The Company amortizes finite-lived intangible assets over their estimated useful lives. Finite-lived intangible assets are tested for impairment 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 memberships acquired in connection with the Acquisition of KCG were recorded at their fair values on the dates of acquisition. Exchange stock includes shares that entitle the Company to certain trading privileges.
Trading Income, net	Trading Income, netTrading income, net is composed 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.
Commissions, net and Technology Services	Commissions, net and Technology Services Commissions, net, which primarily comprise commissions and commission equivalents earned on institutional client orders, are recorded on a trade date basis. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Condensed Consolidated Statements of Comprehensive Income. The Company recognizes the related revenue when the third-party research services are rendered and payments are made to the service provider. The Company provides order management software (“OMS”) and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, is fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. The Company also provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics products and services may be bundled with trade execution services, in which case commissions are allocated to the analytics performance obligations using an allocation methodology.
Interest and Dividends Income/Interest and Dividends Expense	Interest and Dividends Income/Interest and Dividends ExpenseInterest 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.
Brokerage, Exchange and Clearance Fees, Net	Brokerage, Exchange, Clearance Fees and Payments for Order Flow, NetBrokerage, exchange, clearance fees and payments for order flow, net, comprise the costs of executing and clearing trades and are accrued on a trade date basis in the Condensed Consolidated Statements of Comprehensive Income. These costs are net of rebates, which 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.
Payments for Order Flow	Payments for order flow represent payments to broker-dealer clients, in the normal course of business, for directing their order flow in U.S. equities to the Company.
Income Taxes	Income Taxes 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. The provision for income tax comprises 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
Comprehensive Income	Comprehensive Income Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Company’s OCI comprises foreign currency translation adjustments and mark-to-market gains and losses on the Company's derivative instruments designated as hedging instruments under ASC 815. 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 component of stockholders’ equity. The Company's foreign subsidiaries generally use the U.S. dollar as their functional currency. The Company also has subsidiaries that utilize a functional currency other than the U.S. dollar, primarily comprising its subsidiaries domiciled in Ireland, which utilize the Euro and Pound Sterling as the functional currency, and subsidiaries domiciled in Canada, which utilize the Canadian dollar as the functional currency. The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses are included in Accumulated other comprehensive income on the Condensed Consolidated Statements of Financial Condition and Other comprehensive income on the Condensed Consolidated Statements of Comprehensive Income, to the extent they are effective.
Share-Based Compensation	Share-Based Compensation Share-based awards issued for compensation in connection with or subsequent to the Company's initial public offering in April 2015 (the “IPO”) and certain reorganization transactions consummated in connection with the IPO (the “Reorganization Transactions”) pursuant to the Virtu Financial, Inc. 2015 Management Incentive Plan (as amended, the “Amended and Restated 2015 Management Incentive Plan”) and pursuant to the Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, dated as of June 8, 2017 (the “Amended and Restated ITG 2007 Equity Plan”), are in the form of stock options, Class A common stock, par value $0.00001 per share (the “Class A Common Stock”), RSAs and RSUs, as applicable. The fair values of the Class A Common Stock and RSUs are determined based on the volume weighted average price for the three days preceding the grant. With respect to the RSUs, forfeitures are accounted for as they occur. The fair value of RSAs is determined based on the closing price as of the grant date. The fair value of share-based awards granted to employees is expensed based on the vesting conditions and is recognized on a straight-line basis over the vesting period, or, in the case of RSAs subject to performance conditions, from the date that achievement of the performance target becomes probable through the remainder of 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 Class A Common Stock, the vesting of RSUs or the exercise of stock options.
Variable Interest Entities	Variable Interest Entities A variable interest entity (“VIE”) is an entity that lacks one or more of the following characteristics: (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The Company will be considered to have a controlling financial interest and will consolidate a VIE if it has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company has interests in two joint ventures (“JV”) that build and maintain microwave communication networks in the U.S., Europe, and Asia. The Company and its JV partners each pay monthly fees for the use of the microwave communication networks in connection with their respective trading activities, and the JVs may sell excess bandwidth that is not utilized by the JV members to third parties. As of September 30, 2020, the Company held noncontrolling interests of 10% and 50%, respectively, in these JVs. The Company has an interest in a JV that offers derivatives trading technology and execution services to broker-dealers, professional traders and select hedge funds. As of September 30, 2020, the Company held approximately a 10% noncontrolling interest in this JV. The Company has an interest in a JV that is developing a member-owned equities exchange with the goal of increasing competition and transparency, while reducing fixed costs and simplifying execution of equity trading in the US. As of September 30, 2020, the Company held approximately a 14.1% noncontrolling interest in this JV. The Company's four JVs meet the criteria to be considered VIEs. In each of the JVs, the Company does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; therefore it does not have a controlling financial interest in and does not consolidate the JVs. The Company records its interest in each JV under the equity method of accounting and records its investment in the JVs within Other assets and its amounts payable for communication services provided by the JV within Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition. The Company records its pro-rata share of each JV's earnings or losses within Other, net and fees related to the use of communication services provided by the JVs within Communications and data processing on the Condensed Consolidated Statements of Comprehensive Income. The Company’s exposure to the obligations of these VIEs is generally limited to its interests in each respective JV, which is the carrying value of the equity investment in each JV.
Accounting Pronouncements, Recently Adopted and Accounting Pronouncements, Not Yet Adopted	Accounting Pronouncements, Recently Adopted Fair Value Measurement - In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement , which modified the disclosure requirements on fair value measurements in ASC Topic 820, Fair Value Measurement. Disclosure requirements were eliminated for the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurements. Disclosure requirements were modified for liquidation of investments in certain entities that calculate net asset value, and for measurement uncertainty disclosures. Disclosure requirements were added for changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The Company adopted this ASU on January 1, 2020. The updated disclosures are included in Note 11 “Financial Assets and Liabilities”. Consolidation - In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities , which modified how VIEs are assessed for consolidation purposes under ASC Topic 810, Consolidation. Under the update, indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The Company adopted this ASU on January 1, 2020, and it did not have a material impact on its condensed consolidated financial statements. Measurement of Credit Losses on Financial Instruments - In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) -Measurement of Credit Losses on Financial Instruments . This ASU amends several aspects of the measurement of credit losses on financial instruments, including replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses model (“CECL”). Under CECL, the allowance for losses for financial assets that are measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of the financial assets. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, would be recognized in earnings, and adoption of the ASU will generally result in earlier recognition of credit losses. Expected credit losses will be measured based on historical experience, current conditions and forecasts that affect the collectability of the reported amount, and credit losses will be generally recognized earlier than under previous U.S. GAAP. The Company adopted this ASU on January 1, 2020 using the modified retrospective method of adoption. The ASU impacts only those financial instruments that are carried by the Company at amortized cost such as collateralized financing arrangements (repurchase agreements and securities borrowing/ lending transactions) and receivables from customers, broker-dealers and clearing organizations. The adoption of this ASU did not have a material impact to the Company's financial condition, results of operations or cash flows. Accounting Pronouncements, Not Yet Adopted as of September 30, 2020 Income Taxes - In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The ASU also amends other aspects of the guidance relating to the accounting for franchise taxes, enacted changes in tax laws or rates, the accounting for transactions that result in a step-up in the tax basis of goodwill, and other tax-related items. The ASU is effective for periods beginning after December 15, 2020, including interim periods within that fiscal year; early adoption is permitted. Most amendments within the ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is currently evaluating the impact of the new standard on its Condensed Consolidated Financial Statements and related disclosures. Reference Rate Reform - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which is designed to ease the potential burden in accounting for the transition away from LIBOR. The ASU applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued and replaced with alternative reference rates as a result of reference rate reform. The ASU provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The ASU is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is evaluating the impact of the ASU, but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Convertible Instruments - In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). The ASU simplifies accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity and updates selected EPS guidance. The ASU is effective for periods beginning after December 15, 2021. The Company is currently evaluating the impact of the new standard on its Condensed Consolidated Financial Statements and related disclosures.
Revenue Recognition	Revenue Recognition The Company adopted ASC Topic 606, Revenue from Contracts with Customers , as of January 1, 2018 in the condensed consolidated financial statements by applying the modified retrospective method. The Company’s revenue recognition methods for its contracts with customers prior to the adoption of Topic 606 are consistent with its methods after the adoption of Topic 606. Commissions, net . The Company earns commission revenue by acting as an agent on behalf of customers. The Company’s performance obligations consist of trade execution and clearing services and are satisfied on the trade date; accordingly, commission revenues are recorded on the trade date. Commission revenues are paid on settlement date; therefore, a receivable is recognized as of the trade date. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Condensed Consolidated Statements of Comprehensive Income. Workflow technology. Through its front-end workflow solutions and network capabilities, the Company provides order and trade execution management and order routing services. The Company provides trade order routing from its execution management system (“EMS”) to its execution services offerings, with each trade order routed through the EMS representing a separate performance obligation that is satisfied at a point in time. Commissions earned are fixed and revenue is recognized on the trade date. A portion of the commissions earned on the trade is then allocated to workflow technology based on the stand-alone selling price paid by third-party brokers for order routing. The remaining commission is allocated to commissions, net using a residual allocation approach. The Company participates in commission share arrangements, where trade orders are routed to third-party brokers from its EMS and its order management system (“OMS”). Commission share revenues from third-party brokers are generally fixed and revenue is recognized at a point in time on the trade date. The Company provides OMS and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, is fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. Analytics. The Company provides customers with analytics products and services, including trading and portfolio analytics tools. The Company provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics services can be delivered either over time (when customers are provided with distinct ongoing access to analytics data) or at a point in time (when reports are only delivered to the customer on a periodic basis). Over time performance obligations are recognized using a time-based measure of progress on a monthly basis, since the analytics products and services are continually provided to the client. Point in time performance obligations are recognized when the analytics reports are delivered to the client. Analytics products and services can also be paid for through variable bundled arrangements with trade execution services. Customers agree to pay for analytics products and services with commissions generated from trade execution services, and commissions are allocated to the analytics performance obligation(s) using: (i) the commission value for each customer for the products and services it receives, which is priced using the value for similar stand-alone subscription arrangements; and (ii) a calculated ratio of the commission value for the products and services relative to the total amount of commissions generated from the customer. For these bundled commission arrangements, the allocated commissions to each analytics performance obligation are then recognized as revenue when the analytics product is delivered, either over time or at a point in time. These allocated commissions may be deferred if the allocated amount exceeds the amount recognizable based on delivery.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of nonconsolidated VIE	The following table presents the Company’s nonconsolidated VIEs at September 30, 2020: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 31,683 $ — $ 31,683 $ 185,931 The following table presents the Company’s nonconsolidated VIEs at December 31, 2019: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 28,579 $ — $ 28,579 $ 119,051

ITG Acquisition (Tables)

ITG Acquisition (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of preliminary allocation of intangible assets, amortization period and goodwill	Amounts allocated to intangible assets, the amortization period and goodwill were as follows: (in thousands) Amount Amortization Technology $ 76,000 5 Customer relationships 437,600 10 Trade names 3,600 3 Intangible assets 517,200 Goodwill 312,343 Total $ 829,543

Sale of MATCHNow (Tables)

Sale of MATCHNow (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Summary of carrying value and gain on sale of MatchNow	A summary of the carrying value of MATCHNow and gain on sale of MATCHNow is as follows: (in thousands) Total sale proceeds received $ 60,592 Total carrying value of MATCHNow as of MATCHNow Closing Date (1,940) Gain on sale of MATCHNow 58,652 Transaction costs (2,453) Gain on sale of MATCHNow, net of transaction costs $ 56,199

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of reconciliation of net income before noncontrolling interest to net income available for common stockholders	The below table contains a reconciliation of net income (loss) before noncontrolling interest to net income (loss) available for common stockholders: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Income (loss) before income taxes and noncontrolling interest $ 252,515 $ (5,828) $ 1,123,272 $ (88,610) Provision for (benefit from) income taxes 52,807 (644) 200,044 (14,322) Net income (loss) 199,708 (5,184) 923,228 (74,288) Noncontrolling interest (82,999) 872 (386,311) 33,412 Net income (loss) available for common stockholders 116,709 $ (4,312) $ 536,917 $ (40,876)
Schedule of basic earnings per share	The calculation of basic and diluted earnings per share is presented below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except for share or per share data) 2020 2019 2020 2019 Basic earnings (loss) per share: Net income (loss) available for common stockholders $ 116,709 $ (4,312) $ 536,917 $ (40,876) Less: Dividends and undistributed earnings allocated to participating securities (3,417) (461) (14,210) (1,368) Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities 113,292 (4,773) 522,707 (42,244) Weighted average shares of common stock outstanding: Class A 122,686,931 117,548,769 121,328,895 112,602,934 Basic earnings (loss) per share $ 0.92 $ (0.04) $ 4.31 $ (0.38)
Schedule of diluted earnings per share	Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except for share or per share data) 2020 2019 2020 2019 Diluted earnings (loss) per share: Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities $ 113,292 $ (4,773) $ 522,707 $ (42,244) Weighted average shares of common stock outstanding: Class A Issued and outstanding 122,686,931 117,548,769 121,328,895 112,602,934 Issuable pursuant to Amended and Restated 2015 Management Incentive Plan, Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and Warrants issued in connection with the Founder Member Loan (1) 1,085,074 — 610,944 — 123,772,005 117,548,769 121,939,839 112,602,934 Diluted earnings (loss) per share $ 0.92 $ (0.04) $ 4.29 $ (0.38)

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill by segment	The following table presents the details of goodwill by segment as of September 30, 2020 and December 31, 2019: (in thousands) Market Making Execution Services Corporate Total Balance as of period-end $ 755,292 $ 393,634 $ — $ 1,148,926
Schedule of acquired intangible assets	Acquired intangible assets consisted of the following as of September 30, 2020 and December 31, 2019: As of September 30, 2020 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships 486,600 (82,338) 404,262 10 to 12 Technology 136,000 (76,838) 59,162 1 to 6 Favorable occupancy leases 5,895 (2,641) 3,254 3 to 15 Exchange memberships 4,739 — 4,739 Indefinite Trade name 3,600 (1,900) 1,700 3 ETF issuer relationships 950 (850) 100 9 ETF buyer relationships 950 (850) 100 9 $ 638,734 $ (165,417) $ 473,317 As of December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships 486,600 (46,456) 440,144 10 to 12 Technology 136,000 (58,203) 77,797 1 to 6 Purchased technology 110,000 (110,000) — 1.4 to 2.5 Favorable occupancy leases 5,895 (2,040) 3,855 3 to 15 Exchange memberships 4,882 — 4,882 Indefinite Trade name 3,600 (1,000) 2,600 3 ETF issuer relationships 950 (770) 180 9 ETF buyer relationships 950 (770) 180 9 $ 748,877 $ (219,239) $ 529,638
Schedule of finite-lived intangible assets, future amortization expense	The Company expects to record amortization expense as follows over the remaining current year and five subsequent years: (in thousands) September 30, 2020 Remainder of 2020 $ 18,076 2021 69,676 2022 64,852 2023 63,960 2024 50,845 2025 47,879

Receivables from_Payables to _2

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Tables)	9 Months Ended
	Sep. 30, 2020
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Summary of receivables from and payables to brokers-dealers and clearing organizations	The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at September 30, 2020 and December 31, 2019: (in thousands) September 30, 2020 December 31, 2019 Assets Due from prime brokers $ 643,089 $ 418,059 Deposits with clearing organizations 386,460 231,977 Net equity with futures commission merchants 207,213 267,748 Unsettled trades with clearing organizations 392,349 214,618 Securities failed to deliver 228,677 178,324 Commissions and fees 24,093 7,858 Total receivables from broker-dealers and clearing organizations $ 1,881,881 $ 1,318,584 Liabilities Due to prime brokers $ 330,078 $ 511,524 Net equity with futures commission merchants 69,480 50,950 Unsettled trades with clearing organizations 178,361 118,286 Securities failed to receive 93,973 144,494 Commissions and fees 3,140 1,496 Total payables to broker-dealers and clearing organizations $ 675,032 $ 826,750

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	9 Months Ended
	Sep. 30, 2020
Collateralized Agreements [Abstract]
Summary of the fair value of collateralized transactions	The fair value of the collateralized transactions at September 30, 2020 and December 31, 2019 are summarized as follows: (in thousands) September 30, 2020 December 31, 2019 Securities received as collateral: Securities borrowed $ 1,288,866 $ 1,881,005 Securities purchased under agreements to resell 17,397 142,922 $ 1,306,263 $ 2,023,927
Schedule of financial instruments owned and pledged, where counterparty has right to repledge	Financial instruments owned and pledged, where the counterparty has the right to repledge, at September 30, 2020 and December 31, 2019 consisted of the following: (in thousands) September 30, 2020 December 31, 2019 Equities $ 599,350 $ 654,366 Exchange traded notes 9,700 42,590 $ 609,050 $ 696,956

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Instrument [Line Items]
Schedule of Short-term Debt	The following summarizes the Company's short-term borrowing balances outstanding, net of related debt issuance costs, with each described in further detail below. September 30, 2020 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 78,000 $ (981) $ 77,019 Short-term bank loans 46,974 — 46,974 $ 124,974 $ (981) $ 123,993 December 31, 2019 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 30,000 $ (2,100) $ 27,900 Short-term bank loans 45,586 — 45,586 $ 75,586 $ (2,100) $ 73,486
Outstanding borrowings and financing capacity or unused available capacity under the Company’s borrowing arrangements	The following summarizes the Company’s broker-dealer credit facilities' carrying values, net of unamortized debt issuance costs, where applicable. These balances are included within Short-term borrowings on the Condensed Consolidated Statement of Financial Condition. At September 30, 2020 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility 1.09% $ 400,000 $ 78,000 $ (981) $ 77,019 Committed facility 1.41% 600,000 — — — $ 1,000,000 $ 78,000 $ (981) $ 77,019 At December 31, 2019 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility 2.55% $ 200,000 $ 30,000 $ (2,100) $ 27,900 Committed facility 3.01% 600,000 — — — $ 800,000 $ 30,000 $ (2,100) $ 27,900
Schedule of interest expense on debt	The following summarizes interest expense for the broker-dealer facilities. Interest expense is included within Interest and dividends expense in the accompanying Condensed Consolidated Statements of Comprehensive Income. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Broker-dealer credit facilities: Uncommitted facility $ 244 $ 327 $ 1,007 $ 688 Committed facility 71 138 433 393 Demand Loan — — 211 — $ 315 $ 465 $ 1,651 $ 1,081
Schedule of aggregate future required principal payments based on terms of loan	As of September 30, 2020, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows: (in thousands) September 30, 2020 2020 $ — 2021 — 2022 — 2023 33,182 2024 — Thereafter 1,636,512 Total principal of long-term borrowings $ 1,669,694
Short-Term Credit Facilities
Debt Instrument [Line Items]
Schedule of reconciliation of the senior secured credit facility	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. At September 30, 2020 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 2.81% $ 616,000 $ 163,592 $ 616,000 $ 163,592 At December 31, 2019 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 4.22% $ 586,000 $ 134,331 $ 586,000 $ 134,331 (1) Outstanding borrowings are included with Receivables from/ Payables to broker-dealers and clearing organizations within the Condensed Consolidated Statements of Financial Condition.
Senior Secured Credit Facility
Debt Instrument [Line Items]
Schedule of reconciliation of the senior secured credit facility	The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable: At September 30, 2020 (in thousands) Maturity Interest Outstanding Principal Discount Deferred Debt Issuance Cost Outstanding Borrowings, net Long-term borrowings: First Lien Term Loan Facility March 2026 3.15% $ 1,636,512 $ (4,953) $ (27,653) $ 1,603,906 SBI bonds January 2023 5.00% 33,182 — (259) 32,923 $ 1,669,694 $ (4,953) $ (27,912) $ 1,636,829 At December 31, 2019 (in thousands) Maturity Interest Outstanding Principal Discount Deferred Debt Issuance Cost Outstanding Borrowings, net Long-term borrowings: First Lien Term Loan Facility March 2026 5.20% $ 1,925,000 $ (6,795) $ (32,513) $ 1,885,692 SBI bonds January 2023 5.00% 32,225 — (51) 32,174 $ 1,957,225 $ (6,795) $ (32,564) $ 1,917,866

Financial Assets and Liabilit_2

Financial Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
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 September 30, 2020: September 30, 2020 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting Total Fair Value Assets Financial instruments owned, at fair value: Equity securities $ 547,871 $ 1,153,213 $ — $ — $ 1,701,084 U.S. and Non-U.S. government obligations 177,614 35,772 — — 213,386 Corporate Bonds — 248,789 — — 248,789 Exchange traded notes 49 17,888 — — 17,937 Currency forwards — 675,533 — (662,412) 13,121 Options 13,830 — — — 13,830 739,364 2,131,195 — (662,412) 2,208,147 Financial instruments owned, pledged as collateral: Equity securities 285,893 313,457 — — 599,350 Exchange traded notes 10 9,690 — — 9,700 285,903 323,147 — — 609,050 Other Assets Equity investment — — 64,703 — 64,703 Exchange stock 2,102 — — — 2,102 2,102 — 64,703 — 66,805 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,034,326.0 $ 1,259,762.0 $ — $ — $ 2,294,088.0 U.S. and Non-U.S. government obligations 107,513 2,265 — — 109,778 Corporate Bonds — 365,871 — — 365,871 Exchange traded notes 20 6,200 — — 6,220 Currency forwards — 654,666 — (654,672) (6) Options 14,184 — — — 14,184 1,156,043 2,288,764 — (654,672) 2,790,135 Payables to broker dealers and clearing organizations: Interest rate swap — 69,355 — — 69,355 Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2019: December 31, 2019 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting Total Fair Value Assets Financial instruments owned, at fair value: Equity securities $ 600,259 $ 1,080,518 $ — $ — $ 1,680,777 U.S. and Non-U.S. government obligations 106,690 20,847 — — 127,537 Corporate Bonds — 171,591 — — 171,591 Exchange traded notes 243 48,894 — — 49,137 Currency forwards — 242,552 — (211,398) 31,154 Options 8,538 — — — 8,538 715,730 1,564,402 — (211,398) 2,068,734 Financial instruments owned, pledged as collateral: Equity securities 362,439 291,927 — — 654,366 U.S. and Non-U.S. government obligations — — — — — Exchange traded notes 12 42,578 — — 42,590 362,451 334,505 — — 696,956 Other Assets Equity investment — — 46,245 — 46,245 Exchange stock 2,721 — — — 2,721 2,721 — 46,245 — 48,966 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities 1,022,814 1,163,888 — — 2,186,702 U.S. and Non-U.S. government obligations 39,091 2,713 — — 41,804 Corporate Bonds — 244,700 — — 244,700 Exchange traded notes 15 21,631 — — 21,646 Currency forwards — 196,554 — (196,535) 19 Options 3,087 — — — 3,087 $ 1,065,007 $ 1,629,486 $ — $ (196,535) $ 2,497,958 The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of September 30, 2020: September 30, 2020 Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Fair Value (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents $ 567,677 $ 567,677 $ 567,677 $ — $ — Cash restricted or segregated under regulations and other 98,285 98,285 98,285 — — Securities borrowed 1,325,843 1,325,843 — 1,325,843 — Securities purchased under agreements to resell 17,413 17,413 — 17,413 — Receivables from broker-dealers and clearing organizations 1,881,881 1,881,881 481,664 1,400,217 — Receivables from customers $ 176,939 $ 176,939 $ — $ 176,939 $ — Total Assets 4,068,038 4,068,038 1,147,626 2,920,412 — Liabilities Short-term borrowings 123,993 124,974 — 124,974 — Long-term borrowings 1,636,829 1,663,556 — 1,663,556 — Securities loaned 705,789 705,789 — 705,789 — Securities sold under agreements to repurchase 466,995 466,995 — 466,995 — Payables to broker-dealers and clearing organizations (1) 675,032 675,032 (1,804) 676,836 — Payables to customers 141,980 141,980 — 141,980 — Total Liabilities $ 3,750,618 $ 3,778,326 $ (1,804) $ 3,780,130 $ — (1) Payables to broker-dealers and clearing organizations includes interest rate swap carried at fair value. The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2019: December 31, 2019 Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Fair Value (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents $ 732,164 $ 732,164 $ 732,164 $ — $ — Cash restricted or segregated under regulations and other 41,116 41,116 41,116 — — Securities borrowed 1,928,763 1,928,763 — 1,928,763 — Securities purchased under agreements to resell 143,032 143,032 — 143,032 — Receivables from broker-dealers and clearing organizations 1,318,584 1,318,584 40,842 1,277,742 — Total Assets 4,163,659 4,163,659 814,122 3,349,537 — Liabilities Short-term borrowings 73,486 75,586 — 75,586 — Long-term borrowings 1,917,866 1,966,850 — 1,966,850 — Securities loaned 1,600,099 1,600,099 — 1,600,099 — Securities sold under agreements to repurchase 340,742 340,742 — 340,742 — Payables to broker dealer and clearing organizations 826,750 826,750 49,514 777,236 — Total Liabilities $ 4,758,943 $ 4,810,027 $ 49,514 $ 4,760,513 $ —
Fair Value Measurement Inputs and Valuation Techniques	The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the SBI Investment: September 30, 2020 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 64,703 Discounted cash flow Estimated revenue growth (7.6)% - 20.0% 7.6 % Discount rate 14.4% - 14.4% 14.4 % Market Future enterprise value/ EBIDTA ratio 12.9x - 22.7x 16.9x
Summary of changes in Level 3 financial instruments measured at fair value on a recurring basis	The following presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis: Three Months Ended September 30, 2020 (in thousands) Balance at June 30, 2020 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2020 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2020 Assets Other assets: Equity investment $ 51,599 $ — $ 13,104 $ — $ — $ 64,703 $ 13,104 Total $ 51,599 $ — $ 13,104 $ — $ — $ 64,703 $ 13,104 (1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 10 “Borrowings” for more details) due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the SBI Investment. Three Months Ended September 30, 2019 (in thousands) Balance at June 30, 2019 Purchases Total Realized and Unrealized Gains / (Losses) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2019 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2019 Assets Other assets: Equity investment $ 46,351 $ — $ (71) $ — $ — $ 46,280 $ (71) Total $ 46,351 $ — $ (71) $ — $ — $ 46,280 $ (71) Nine Months Ended September 30, 2020 (in thousands) Balance at December 31, 2019 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2020 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2020 Assets Other assets: Equity investment $ 46,245 $ — $ 18,458 $ — $ — $ 64,703 $ 18,458 Total $ 46,245 $ — $ 18,458 $ — $ — $ 64,703 $ 18,458 (1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 10 “Borrowings” for more details) due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the SBI Investment. Nine Months Ended September 30, 2019 (in thousands) Balance at December 31, 2018 Purchases Total Realized and Unrealized Gains / (Losses) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2019 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2019 Assets Other assets: Equity investment $ 45,856 $ — $ 424 $ — $ — $ 46,280 $ 424 Total $ 45,856 $ — $ 424 $ — $ — $ 46,280 $ 424
Summary of netting of certain financial liabilities	The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of September 30, 2020 and December 31, 2019: September 30, 2020 Gross Amounts of Recognized Assets Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Condensed Consolidated Statement of Financial Condition Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Assets: Securities borrowed $ 1,325,843 $ — $ 1,325,843 $ (1,288,866) $ (8,622) $ 28,355 Securities purchased under agreements to resell 17,413 — 17,413 (17,397) — 16 Trading assets, at fair value: Currency forwards 675,533 (662,412) 13,121 — — 13,121 Options 13,830 — 13,830 — (13,830) — Total $ 2,032,619 $ (662,412) $ 1,370,207 $ (1,306,263) $ (22,452) $ 41,492 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Liabilities Presented in the Condensed Consolidated Statement of Financial Condition Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 705,789 $ — $ 705,789 $ (688,932) $ (8,622) $ 8,235 Securities sold under agreements to repurchase 466,995 — 466,995 (466,835) — 160 Payable to broker-dealers and clearing organizations Interest rate swaps 69,355 — 69,355 — (68,897) 458 Trading liabilities, at fair value: Currency forwards 654,666 (654,672) (6) — — (6) Options 14,184 — 14,184 — (13,830) 354 Total $ 1,910,989 $ (654,672) $ 1,256,317 $ (1,155,767) $ (91,349) $ 9,201 December 31, 2019 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition Gross Amounts Not Offset in the Consolidated Statement of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Assets: Securities borrowed $ 1,928,763 $ — $ 1,928,763 $ (1,881,005) $ (15,280) $ 32,478 Securities purchased under agreements to resell 143,032 — 143,032 (142,922) — 110 Trading assets, at fair value: Currency forwards 242,552 (211,398) 31,154 — — 31,154 Options 8,538 — 8,538 (8,537) — 1 Total $ 2,322,885 $ (211,398) $ 2,111,487 $ (2,032,464) $ (15,280) $ 63,743 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Statement of Financial Condition Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition Gross Amounts Not Offset in the Consolidated Statement of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 1,600,099 $ — $ 1,600,099 $ (1,552,146) $ (15,281) $ 32,672 Securities sold under agreements to repurchase 340,742 — 340,742 (340,718) — 24 Trading liabilities, at fair value: Currency forwards 196,554 (196,535) 19 — — 19 Options 3,087 — 3,087 (3,087) — — Total $ 2,140,482 $ (196,535) $ 1,943,947 $ (1,895,951) $ (15,281) $ 32,715
Summary of netting of certain financial assets	The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of September 30, 2020 and December 31, 2019: September 30, 2020 Gross Amounts of Recognized Assets Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Condensed Consolidated Statement of Financial Condition Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Assets: Securities borrowed $ 1,325,843 $ — $ 1,325,843 $ (1,288,866) $ (8,622) $ 28,355 Securities purchased under agreements to resell 17,413 — 17,413 (17,397) — 16 Trading assets, at fair value: Currency forwards 675,533 (662,412) 13,121 — — 13,121 Options 13,830 — 13,830 — (13,830) — Total $ 2,032,619 $ (662,412) $ 1,370,207 $ (1,306,263) $ (22,452) $ 41,492 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Liabilities Presented in the Condensed Consolidated Statement of Financial Condition Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 705,789 $ — $ 705,789 $ (688,932) $ (8,622) $ 8,235 Securities sold under agreements to repurchase 466,995 — 466,995 (466,835) — 160 Payable to broker-dealers and clearing organizations Interest rate swaps 69,355 — 69,355 — (68,897) 458 Trading liabilities, at fair value: Currency forwards 654,666 (654,672) (6) — — (6) Options 14,184 — 14,184 — (13,830) 354 Total $ 1,910,989 $ (654,672) $ 1,256,317 $ (1,155,767) $ (91,349) $ 9,201 December 31, 2019 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition Gross Amounts Not Offset in the Consolidated Statement of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Assets: Securities borrowed $ 1,928,763 $ — $ 1,928,763 $ (1,881,005) $ (15,280) $ 32,478 Securities purchased under agreements to resell 143,032 — 143,032 (142,922) — 110 Trading assets, at fair value: Currency forwards 242,552 (211,398) 31,154 — — 31,154 Options 8,538 — 8,538 (8,537) — 1 Total $ 2,322,885 $ (211,398) $ 2,111,487 $ (2,032,464) $ (15,280) $ 63,743 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Statement of Financial Condition Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition Gross Amounts Not Offset in the Consolidated Statement of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 1,600,099 $ — $ 1,600,099 $ (1,552,146) $ (15,281) $ 32,672 Securities sold under agreements to repurchase 340,742 — 340,742 (340,718) — 24 Trading liabilities, at fair value: Currency forwards 196,554 (196,535) 19 — — 19 Options 3,087 — 3,087 (3,087) — — Total $ 2,140,482 $ (196,535) $ 1,943,947 $ (1,895,951) $ (15,281) $ 32,715
Summary of gross obligations for repurchase agreement and securities borrowed transactions by remaining contractual maturity and class of collateral pledged	The following table presents gross obligations for securities sold under agreements to repurchase and for securities lending transactions by remaining contractual maturity and the class of collateral pledged: September 30, 2020 Remaining Contractual Maturity (in thousands) Overnight and Continuous Less than 30 days 30 - 60 61 - 90 Greater than 90 Total Securities sold under agreements to repurchase: Equity securities $ 50,000 $ 75,000 $ 50,000 $ 150,000 $ 50,000 $ 375,000 U.S. and Non-U.S. government obligations 91,995 91,995 Total 141,995 75,000 50,000 150,000 50,000 466,995 Securities loaned: Equity securities 705,789 — — — — 705,789 Total $ 705,789 $ — $ — $ — $ — $ 705,789 December 31, 2019 Remaining Contractual Maturity (in thousands) Overnight and Continuous Less than 30 days 30 - 60 61 - 90 Greater than 90 Total Securities sold under agreements to repurchase: Equity securities $ — $ 75,000 $ 50,000 $ 150,000 $ — $ 275,000 U.S. and Non-U.S. government obligations 65,742 — — — — 65,742 Total 65,742 75,000 50,000 150,000 — 340,742 Securities loaned: Equity securities 1,600,099 — — — — 1,600,099 Total $ 1,600,099 $ — $ — $ — $ — $ 1,600,099

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value of derivative instruments on a gross basis	The fair value of the Company’s derivative instruments on a gross basis consisted of the following at September 30, 2020 and December 31, 2019: (in thousands) September 30, 2020 December 31, 2019 Derivatives Assets Financial Statements Location Fair Value Notional Fair Value Notional Derivative instruments not designated as hedging instruments: Equities futures Receivables from broker-dealers and clearing organizations $ (524) $ 1,038,860 $ (1,366) $ 4,502,017 Commodity futures Receivables from broker-dealers and clearing organizations 483,476 8,293,464 40,656 7,758,974 Currency futures Receivables from broker-dealers and clearing organizations (4,443) 1,601,070 (2,860) 1,116,246 Fixed income futures Receivables from broker-dealers and clearing organizations (221) 666,668 47 155,697 Options Financial instruments owned 13,830 814,419 8,538 442,808 Currency forwards Financial instruments owned 675,533 30,360,772 242,552 24,369,818 Interest rate swap Other assets — — 8,976 525,000 Derivatives Liabilities Financial Statements Location Fair Value Notional Fair Value Notional Derivative instruments not designated as hedging instruments: Equities futures Payables to broker-dealers and clearing organizations $ (239) $ 62,069 $ 751 $ 83,803 Commodity futures Payables to broker-dealers and clearing organizations 1,456 81,624 (45,175) 3,604,979 Currency futures Payables to broker-dealers and clearing organizations 7,895 2,199,582 (23,223) 6,594,991 Fixed income futures Payables to broker-dealers and clearing organizations (2) 2,680 94 190,938 Options Financial instruments sold, not yet purchased 14,184 806,832 3,087 436,422 Currency forwards Financial instruments sold, not yet purchased 654,666 30,350,339 196,554 24,346,818 Derivative instruments designated as hedging instruments: Interest rate swaps Payables to broker-dealers and clearing organizations 69,355 1,525,000 — —
Schedule of net gain (loss) from derivative instruments not designated as hedging instruments	The following table summarizes the net gain (loss) from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in total revenues, and from those designated as hedging instruments under ASC 815, which are recorded in other comprehensive income in the accompanying Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) Financial Statements Location 2020 2019 2020 2019 Derivative instruments not designated as hedging instruments: Futures Trading income, net $ (12,262) $ (109,912) $ 11,440 $ 45,698 Currency forwards Trading income, net 62,465 38,738 255,044 (6,304) Options Trading income, net 35,343 (8,735) 61,643 (3,737) Interest rate swap on term loan Other, net (1,417) — (1,417) — $ 84,129 $ (79,909) $ 326,710 $ 35,657 Derivative instruments designated as hedging instruments: Interest rate swaps (1) Other comprehensive income $ 314 $ — $ (64,425) $ — (1) On January 29, 2020, the Company entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement. The Company also previously entered into a five-year $525 million floating-to-fixed interest rate swap agreement in the fourth quarter of 2019. These two interest rate swaps met the criteria to be considered qualifying cash flow hedges under ASC 815, and as such, the mark-to-market gains (losses) on the instruments were recorded within Other comprehensive income on the Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2020.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following tables present the Company’s revenue from contracts with customers disaggregated by the services described above, by timing of revenue recognition, reconciled to the Company’s segments, for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 9,391 $ 91,460 $ — $ 100,851 Workflow technology — 23,044 — 23,044 Analytics — 9,958 — 9,958 Total revenue from contracts with customers 9,391 124,462 — 133,853 Other sources of revenue 465,207 58,218 (1,166) 522,259 Total revenues 474,598 182,680 (1,166) 656,112 Timing of revenue recognition: Services transferred at a point in time 474,598 164,018 (1,166) 637,450 Services transferred over time — 18,662 — 18,662 Total revenues $ 474,598 $ 182,680 $ (1,166) $ 656,112 Three Months Ended September 30, 2019 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 7,252 $ 98,365 $ — $ 105,617 Workflow technology — 24,041 — 24,041 Analytics — 9,969 — 9,969 Total revenue from contracts with customers 7,252 132,375 — 139,627 Other sources of revenue 242,550 1,430 (1,267) 242,713 Total revenues 249,802 133,805 (1,267) 382,340 Timing of revenue recognition: Services transferred at a point in time 249,802 114,300 (1,267) 362,835 Services transferred over time — 19,505 — 19,505 Total revenues $ 249,802 $ 133,805 $ (1,267) $ 382,340 Nine Months Ended September 30, 2020 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 9,526 $ 333,823 $ — $ 343,349 Workflow technology — 78,376 — 78,376 Analytics — 30,608 — 30,608 Total revenue from contracts with customers 9,526 442,807 — 452,333 Other sources of revenue 2,054,774 57,814 (2,286) 2,110,302 Total revenues 2,064,300 500,621 (2,286) 2,562,635 Timing of revenue recognition: Services transferred at a point in time 2,064,300 444,683 (2,286) 2,506,697 Services transferred over time — 55,938 — 55,938 Total revenues $ 2,064,300 $ 500,621 $ (2,286) $ 2,562,635 Nine Months Ended September 30, 2019 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 17,213 $ 259,846 $ — $ 277,059 Workflow technology — 58,369 — 58,369 Analytics — 24,466 24,466 Total revenue from contracts with customers 17,213 342,681 — 359,894 Other sources of revenue 744,863 15,644 (2,528) 757,979 Total revenues 762,076 358,325 (2,528) 1,117,873 Timing of revenue recognition: Services transferred at a point in time 762,076 311,772 (2,528) 1,071,320 Services transferred over time — 46,553 — 46,553 Total revenues $ 762,076 $ 358,325 $ (2,528) $ 1,117,873

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Lease assets and liabilities	Lease assets and liabilities are summarized as follows: (in thousands) Financial Statement Location September 30, 2020 December 31, 2019 Operating leases Operating lease right-of-use assets Operating lease right-of-use assets $ 287,069 $ 314,526 Operating lease liabilities Operating lease liabilities 330,626 365,364 Finance leases Property and equipment, at cost Property, equipment, and capitalized software, net 36,093 37,589 Accumulated depreciation Property, equipment, and capitalized software, net (21,888) (24,579) Finance lease liabilities Accounts payable, accrued expenses, and other liabilities 14,425 13,371
Lease term, discount rate and components of lease expense	Weighted average remaining lease term and discount rate are as follows: September 30, 2020 December 31, 2019 Weighted average remaining lease term Operating leases 7.01 years 7.50 years Finance leases 2.08 years 1.45 years Weighted average discount rate Operating leases 5.67 % 5.70 % Finance leases 3.17 % 3.52 % The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Operating lease cost: Fixed $ 18,521 18,637 $ 55,333 $ 52,722 Variable 2,393 2,352 6,614 6,365 Impairment of ROU Asset — 1,185 — 27,042 Total Operating lease cost 20,914 22,174 61,947 86,129 Sublease income 4,399 3,024 11,994 8,939 Finance lease cost: Amortization of right-of-use assets 2,668 3,277 8,838 9,329 Interest on lease liabilities 97 165 339 525 Total Finance lease cost 2,765 3,442 9,177 9,854
Future minimum lease payments under operating leases	Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2020, are as follows: (in thousands) Operating Leases Finance Leases 2020 $ 19,414 $ 3,040 2021 74,907 6,774 2022 68,629 4,035 2023 65,048 1,438 2024 34,779 — 2025 and thereafter 141,713 — Total lease payments $ 404,490 $ 15,287 Less imputed interest (73,864) (862) Total lease liability $ 330,626 $ 14,425 Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2019, are as follows: (in thousands) Operating Leases Finance Leases 2020 76,118 10,929 2021 73,062 3,305 2022 66,850 565 2023 63,676 — 2024 32,144 — 2025 and thereafter 141,371 — Total lease payments $ 453,221 $ 14,799 Less imputed interest (87,857) (1,428) Total lease liability $ 365,364 $ 13,371
Future minimum lease payments under finance leases	Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2020, are as follows: (in thousands) Operating Leases Finance Leases 2020 $ 19,414 $ 3,040 2021 74,907 6,774 2022 68,629 4,035 2023 65,048 1,438 2024 34,779 — 2025 and thereafter 141,713 — Total lease payments $ 404,490 $ 15,287 Less imputed interest (73,864) (862) Total lease liability $ 330,626 $ 14,425 Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2019, are as follows: (in thousands) Operating Leases Finance Leases 2020 76,118 10,929 2021 73,062 3,305 2022 66,850 565 2023 63,676 — 2024 32,144 — 2025 and thereafter 141,371 — Total lease payments $ 453,221 $ 14,799 Less imputed interest (87,857) (1,428) Total lease liability $ 365,364 $ 13,371

Cash (Tables)

Cash (Tables)	9 Months Ended
	Sep. 30, 2020
Cash and Cash Equivalents [Abstract]
Reconciliation of cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash as reported within the Condensed Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows. (in thousands) September 30, 2020 December 31, 2019 Cash and cash equivalents $ 567,677 $ 732,164 Cash restricted or segregated under regulations and other 98,285 41,116 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 665,962 $ 773,280
Restrictions on cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash as reported within the Condensed Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows. (in thousands) September 30, 2020 December 31, 2019 Cash and cash equivalents $ 567,677 $ 732,164 Cash restricted or segregated under regulations and other 98,285 41,116 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 665,962 $ 773,280

Capital Structure (Tables)

Capital Structure (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following table presents the changes in Other Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 (in thousands) AOCI Beginning Balance Amounts Amounts recorded AOCI Ending Balance Net change in unrealized cash flow hedges gains (losses) (1) $ (36,710) $ 1,948 $ (1,797) $ (36,559) Foreign exchange translation adjustment (2,857) — 4,213 1,356 Total $ (39,567) $ 1,948 $ 2,416 $ (35,203) (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income. As of September 30, 2020, the Company expects approximately $13.2 million to be reclassified from AOCI into earnings over the next 12 months. The timing of the reclassification is based on the interest payment schedule of the long-term borrowings. Nine Months Ended September 30, 2020 (in thousands) AOCI Beginning Balance Amounts Amounts recorded AOCI Ending Balance Net change in unrealized cash flow hedges gains (losses) $ — $ 5,846 $ (42,405) $ (36,559) Foreign exchange translation adjustment (647) — 2,003 1,356 Total $ (647) $ 5,846 $ (40,402) $ (35,203) (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income. As of September 30, 2020, the Company expects approximately $13.2 million to be reclassified from AOCI into earnings over the next 12 months. The timing of the reclassification is based on the interest payment schedule of the long-term borrowings. Three Months Ended September 30, 2019 (in thousands) AOCI Beginning Balance Amounts Amounts recorded AOCI Ending Balance Foreign exchange translation adjustment $ (1,670) $ — $ (4,316) $ (5,986) Total $ (1,670) $ — $ (4,316) $ (5,986) Nine Months Ended September 30, 2019 (in thousands) AOCI Beginning Balance Amounts Amounts recorded AOCI Ending Balance Foreign exchange translation adjustment $ (82) $ — $ (5,904) $ (5,986) Total $ (82) $ — $ (5,904) $ (5,986)

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of stock options activity	The following table summarizes activity related to stock options for the nine months ended September 30, 2020 and 2019: Options Outstanding Options Exercisable Number of Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life Number of Options Weighted Average Exercise Price At December 31, 2018 3,486,150 $ 19.00 6.30 1,660,400 $ 19.00 Granted 156,129 13.60 4.87 156,129 13.60 Exercised (353,500) 19.00 — (353,500) 19.00 Forfeited or expired (40,000) — — — — At September 30, 2019 3,248,779 $ 18.74 5.49 3,248,779 $ 18.74 At December 31, 2019 3,233,779 $ 18.74 5.24 3,233,779 $ 18.74 Granted — — — — — Exercised (807,627) 17.96 — (807,627) 17.96 Forfeited or expired — — — — — At September 30, 2020 2,426,152 $ 19.00 4.49 2,426,152 $ 19.00
Schedule of activity related to restricted stock units	The following table summarizes activity related to the RSUs (including the Assumed Awards) and RSAs: Number of RSUs and RSAs Weighted At December 31, 2018 1,378,922 $ 20.03 Granted 3,605,114 25.07 Forfeited (326,458) 21.58 Vested (1,047,866) 24.08 At September 30, 2019 3,609,712 $ 23.75 At December 31, 2019 2,993,489 $ 24.10 Granted (1) 3,300,894 17.15 Forfeited (391,223) 17.90 Vested (2,124,843) 20.40 At September 30, 2020 3,778,317 $ 20.77 (1) Excluded in the number of RSUs and RSAs is 400,000 participating RSAs where the grant date has not been achieved because the performance conditions have not been met.

Regulatory Requirement (Tables)

Regulatory Requirement (Tables)	9 Months Ended
	Sep. 30, 2020
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Schedule of regulatory capital and regulatory capital requirements	The regulatory capital and regulatory capital requirements of the Company's U.S broker-dealer subsidiary as of September 30, 2020 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 641,314 $ 2,546 $ 638,768 As of September 30, 2020, VAL had $64.9 million of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $32.6 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers. Balances in special reserve bank accounts previously maintained by VITG were moved to VAL upon consolidation of the broker dealers. The balances are included within Cash restricted or segregated under regulations and other on the Condensed Consolidated Statement of Financial Condition. The regulatory capital and regulatory capital requirements of the U.S. broker-dealer subsidiaries as of December 31, 2019 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 257,452 $ 2,571 $ 254,881 Virtu Financial BD LLC 30,317 1,000 29,317 Virtu Financial Capital Markets LLC 3,710 1,000 2,710 Virtu ITG LLC 66,069 1,000 65,069 Virtu Alternet Securities LLC 1,931 100 1,831 The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of September 30, 2020 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 12,252 $ 188 $ 12,064 Virtu Financial Canada ULC 2,139 188 1,951 Ireland Virtu ITG Europe Limited (1) 53,402 29,413 23,989 Virtu Financial Ireland Limited (1) 85,251 40,474 44,777 United Kingdom Virtu ITG UK Limited (1) 1,251 861 390 Asia Pacific Virtu ITG Australia Limited 27,945 10,307 17,638 Virtu ITG Hong Kong Limited 1,615 522 1,093 Virtu ITG Singapore Pte Limited 734 73 661 (1) Preliminary The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2019 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 13,029 $ 193 $ 12,836 TriAct Canada Marketplace LP 2,538 193 2,345 Virtu Financial Canada ULC 2,459 193 2,266 Ireland Virtu ITG Europe Limited 54,129 32,484 21,645 Virtu Financial Ireland Limited 78,385 43,233 35,152 United Kingdom Virtu ITG UK Limited 1,378 991 387 Asia Pacific Virtu ITG Australia Limited 24,574 8,451 16,123 Virtu ITG Hong Kong Limited 3,805 539 3,266 Virtu ITG Singapore Pte Limited 1,179 72 1,107

Geographic Information and Bu_2

Geographic Information and Business Segments (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of total revenues by geographic area	The following table presents total revenues by geographic area for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Revenues: United States $ 484,594 $ 277,855 $ 2,045,330 $ 837,350 Ireland 61,320 54,399 233,783 138,964 Singapore 26,630 26,260 140,492 82,805 Canada 71,268 14,739 103,331 35,039 Australia 10,107 9,504 32,186 23,397 United Kingdom 964 (1,334) 3,944 (1,867) Others 1,229 917 3,569 2,185 Total revenues $ 656,112 $ 382,340 $ 2,562,635 $ 1,117,873
Schedule of revenues, income (loss) before income taxes (“Pre-tax earnings”) and total assets by segment	The Company’s total revenues and income before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the three months ended September 30, 2020 and 2019 are summarized in the following table: (in thousands) Market Execution Corporate Consolidated 2020 Total revenue $ 474,598 $ 182,680 $ (1,166) $ 656,112 Income before income taxes and noncontrolling interest 161,732 102,029 (11,246) 252,515 2019 Total revenue 249,802 133,805 (1,267) 382,340 Income (loss) before income taxes and noncontrolling interest 30,375 (29,202) (7,001) (5,828) The Company's Pre-tax earnings by segment for the nine months ended September 30, 2020 and 2019 are summarized in the following table: (in thousands) Market Execution Corporate Consolidated 2020 Total revenue $ 2,064,300 $ 500,621 $ (2,286) $ 2,562,635 Income before income taxes and noncontrolling interest 1,010,871 137,879 (25,478) 1,123,272 2019 Total revenue 762,076 358,325 (2,528) 1,117,873 Income (loss) before income taxes and noncontrolling interest 99,876 (95,303) (93,183) (88,610)

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) $ / shares in Units, instrument in Thousands, $ in Thousands	Aug. 04, 2020USD ($)	Mar. 01, 2019USD ($)$ / shares	Sep. 30, 2020USD ($)instrumentcountryvenue	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segmentinstrumentcountryvenue	Sep. 30, 2019USD ($)
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of financial instruments | instrument			25		25
Number of venues | venue			235		235
Number of countries in which entity operates | country			36		36
Company’s product offering in number of counties (over) | country			50		50
Gain on sale of MATCHNow					$ 58,652	$ 0
Number of operating segments | segment					2
Number of non-operating segments | segment					1
Brokerage, exchange, clearance fees and payments for order flow, net			$ 196,448	$ 98,789	$ 573,769	285,890
Operations and administrative			$ 24,612	25,333	$ 73,480	76,293
Revision of Prior Period, Adjustment
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Brokerage, exchange, clearance fees and payments for order flow, net				24,500		71,700
Operations and administrative				$ 3,000		$ 8,900
MATCHNow | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Gain on sale of MATCHNow	$ 56,199
Contingent consideration (up to)	$ 23,000
ITG
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Acquisition value (in dollars per share) | $ / shares		$ 30.30
Total cash consideration		$ 1,000,000
Virtu Financial
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Ownership interest			64.20%		64.20%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Securities Borrowed and Securities Loaned (Details)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Minimum initial collateral advanced or received expressed as a percentage of fair value of the underlying securities borrowed or loaned	102.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property and Equipment (Details) - Furniture and equipment	9 Months Ended
	Sep. 30, 2020
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Capitalized Software (Details) - Capitalized software	9 Months Ended
	Sep. 30, 2020
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	1 year 6 months
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($)	Jul. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0	$ 0	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Share-Based Compensation (Details) - $ / shares	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Number of days prior to the grant that common stock and restricted stock units fair value is determined based on	3 days
Class A common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Variable Interest Entities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)joint_venture	Dec. 31, 2019USD ($)
Variable Interest Entity [Line Items]
Number of joint ventures considered as VIEs | joint_venture	4
Asset	$ 9,442,725	$ 9,609,370
Liability	7,635,918	8,380,434
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Asset	31,683	28,579
Liability	0	0
Maximum Exposure to Loss	31,683	28,579
VIEs' assets	$ 185,931	$ 119,051
JV building microwave communication networks in US, Europe and Asia
Variable Interest Entity [Line Items]
Number of joint ventures | joint_venture	2
JV building microwave communication networks in US and Asia
Variable Interest Entity [Line Items]
Ownership of equity of JV held be each investor (as a percent)	10.00%
JV building microwave communication networks in US and Europe
Variable Interest Entity [Line Items]
Ownership interest	50.00%
JV offering derivatives trading technology and execution services
Variable Interest Entity [Line Items]
Ownership interest	10.00%
JV developing a member-owned equities exchange with the goal of increasing competition
Variable Interest Entity [Line Items]
Ownership interest	14.10%

ITG Acquisition - Background (D

ITG Acquisition - Background (Details)	Mar. 01, 2019USD ($)
Committed facility
Business Acquisition [Line Items]
Maximum borrowing capacity	$ 50,000,000
Letter of credit
Business Acquisition [Line Items]
Maximum borrowing capacity	5,000,000
Swingline subfacility
Business Acquisition [Line Items]
Maximum borrowing capacity	5,000,000
First lien term loan
Business Acquisition [Line Items]
Face amount	1,500,000,000
Proceeds from borrowings	404,500,000
First lien term loan | ITG
Business Acquisition [Line Items]
Proceeds from borrowings	$ 1,095,000,000

ITG Acquisition - Accounting Tr

ITG Acquisition - Accounting Treatment of the ITG Acquisition (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
ITG
Business Acquisition [Line Items]
Employee compensation expense	$ 17.6

ITG Acquisition - Purchase Pric

ITG Acquisition - Purchase Price and Goodwill (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 01, 2019	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 1,148,926	$ 1,148,926
ITG
Business Acquisition [Line Items]
Total cash consideration	$ 1,000,000
Acquisition value (in dollars per share)	$ 30.30
Goodwill	$ 312,343

ITG Acquisition - Intangible As

ITG Acquisition - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 01, 2019	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 1,148,926	$ 1,148,926
Customer relationships
Business Acquisition [Line Items]
Intangible assets		404,262	440,144
Trade names
Business Acquisition [Line Items]
Intangible assets		$ 1,700	$ 2,600
ITG
Business Acquisition [Line Items]
Intangible assets	$ 517,200
Goodwill	312,343
Total	829,543
ITG | Technology
Business Acquisition [Line Items]
Intangible assets	$ 76,000
Amortization Years	5 years
ITG | Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 437,600
Amortization Years	10 years
ITG | Trade names
Business Acquisition [Line Items]
Intangible assets	$ 3,600
Amortization Years	3 years

ITG Acquisition - Assumption of

ITG Acquisition - Assumption of Equity Compensation Plan (Details) - shares	Sep. 30, 2020	Nov. 08, 2019	Mar. 01, 2019	Nov. 08, 2018
Assumed Plan | Class A common stock
Business Acquisition [Line Items]
Shares available for issuance (in shares)	1,230,406	1,230,406	2,497,028	2,497,028

ITG Acquisition - Tax Treatment

ITG Acquisition - Tax Treatment of the ITG Acquisition (Details) - ITG $ in Millions	Mar. 01, 2019USD ($)
Business Acquisition [Line Items]
Deferred tax assets	$ 17.6
Deferred tax liabilities	$ 71.1

Sale of MATCHNow - Narrative (D

Sale of MATCHNow - Narrative (Details) - USD ($)	Aug. 04, 2020	May 31, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of MATCHNow				$ 60,592,000	$ 0
Gain on sale of MATCHNow				58,652,000	$ 0
MATCHNow
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment			$ 0	$ 0
MATCHNow | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of interests disposed		100.00%
Proceeds from sale of MATCHNow	$ 60,592,000
Contingent consideration (up to)	23,000,000
Transaction costs	2,453,000
Gain on sale of MATCHNow	$ 56,199,000

Sale of MATCHNow - Summary of C

Sale of MATCHNow - Summary of Carrying Value and Gain on Sale (Details) - USD ($) $ in Thousands	Aug. 04, 2020	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received		$ 60,592	$ 0
Gain on sale of MATCHNow, net of transaction costs		$ 58,652	$ 0
MATCHNow | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received	$ 60,592
Total carrying value of MATCHNow as of MATCHNow Closing Date	(1,940)
Gain on sale of MATCHNow	58,652
Transaction costs	(2,453)
Gain on sale of MATCHNow, net of transaction costs	$ 56,199

Earnings per Share - Reconcilia

Earnings per Share - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Income (loss) before income taxes and noncontrolling interest	$ 252,515			$ (5,828)			$ 1,123,272	$ (88,610)
Provision for (benefit from) income taxes	52,807			(644)			200,044	(14,322)
Net income (loss)	199,708	$ 335,285	$ 388,238	(5,184)	$ (55,485)	$ (13,619)	923,228	(74,288)
Noncontrolling interest	(82,999)			872			(386,311)	33,412
Net income (loss) available for common stockholders	$ 116,709			$ (4,312)			$ 536,917	$ (40,876)

Earnings per Share - Basic (Det

Earnings per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic earnings (loss) per share:
Net income (loss) available for common stockholders	$ 116,709	$ (4,312)	$ 536,917	$ (40,876)
Less: Dividends and undistributed earnings allocated to participating securities	(3,417)	(461)	(14,210)	(1,368)
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 113,292	$ (4,773)	$ 522,707	$ (42,244)
Weighted average shares of common stock outstanding:
Basic (in shares)	122,686,931	117,548,769	121,328,895	112,602,934
Basic earnings (loss) per share (in dollars per share)	$ 0.92	$ (0.04)	$ 4.31	$ (0.38)
Class A common stock
Weighted average shares of common stock outstanding:
Basic (in shares)	122,686,931	117,548,769	121,328,895	112,602,934

Earnings per Share - Diluted (D

Earnings per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Diluted earnings (loss) per share:
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 113,292	$ (4,773)	$ 522,707	$ (42,244)
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	122,686,931	117,548,769	121,328,895	112,602,934
Weighted average shares of common stock outstanding (in shares)	123,772,005	117,548,769	121,939,839	112,602,934
Diluted earnings (loss) per share (in dollars per share)	$ 0.92	$ (0.04)	$ 4.29	$ (0.38)
Stock options
Weighted average shares of common stock outstanding:
Dilutive impact excluded from computation of earnings per share (in shares)		205,683		574,047
RSUs
Weighted average shares of common stock outstanding:
Dilutive impact excluded from computation of earnings per share (in shares)		221,837		264,866
Class A common stock
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	122,686,931	117,548,769	121,328,895	112,602,934
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan, Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and Warrants issued in connection with the Founder Member Loan (in shares)	1,085,074	0	610,944	0
Weighted average shares of common stock outstanding (in shares)	123,772,005	117,548,769	121,939,839	112,602,934

Tax Receivable Agreements (Deta

Tax Receivable Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended					3 Months Ended	9 Months Ended
	Mar. 31, 2020	May 31, 2019	Sep. 30, 2018	May 31, 2018	Feb. 28, 2017	Jun. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Payment on applicable cash tax savings (as a percent)							85.00%
Period over which the obligations are to be settled							15 years
Tax receivable agreement obligations		$ 49,100		$ 79,700			$ 255,996	$ 269,282
First payment made	$ 13,300		$ 12,400		$ 7,000
Minimum tax receivable agreement obligation over the agreed period							3,300
Maximum tax receivable agreement obligation over the agreed period							20,700
Deferred tax asset from tax receivable agreement		54,900		78,700
Issuance of tax receivable agreements in connection with employee exchange		$ 5,800		$ 1,000		$ 644
Deferred tax assets							$ 184,200	$ 197,600
Class B common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)							$ 0.00001	$ 0.00001
Class C common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)							0.00001	0.00001
Class D common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)							$ 0.00001	$ 0.00001

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details)	Jul. 01, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of operating segments | segment				2
Number of non-operating segments | segment				1
Goodwill		$ 1,148,926,000		$ 1,148,926,000		$ 1,148,926,000
Goodwill impairment	$ 0	0	$ 0	0	$ 0
Intangible assets		473,317,000		473,317,000		$ 529,638,000
Amortization expense relating to finite-lived intangible assets		$ 18,265,000	$ 18,908,000	$ 56,177,000	$ 50,436,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Changes in goodwill
Balance as of period-end	$ 1,148,926	$ 1,148,926
Operating Segments | Market Making
Changes in goodwill
Balance as of period-end	755,292	755,292
Operating Segments | Execution Services
Changes in goodwill
Balance as of period-end	393,634	393,634
Corporate
Changes in goodwill
Balance as of period-end	$ 0	$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Acquired Intangible Assets [Line Items]
Accumulated Amortization	$ (165,417)	$ (219,239)
Gross Carrying Amount	638,734	748,877
Net Carrying Amount	473,317	529,638
Exchange memberships
Acquired Indefinite-lived Intangible Assets [Line Items]
Exchange memberships	4,739	4,882
Customer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	486,600	486,600
Accumulated Amortization	(82,338)	(46,456)
Net Carrying Amount	$ 404,262	$ 440,144
Customer relationships | Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	10 years	10 years
Customer relationships | Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	12 years	12 years
Technology
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 136,000	$ 136,000
Accumulated Amortization	(76,838)	(58,203)
Net Carrying Amount	$ 59,162	$ 77,797
Technology | Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	1 year	1 year
Technology | Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	6 years	6 years
Purchased technology
Acquired Intangible Assets [Line Items]
Gross Carrying Amount		$ 110,000
Accumulated Amortization		(110,000)
Net Carrying Amount		$ 0
Purchased technology | Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)		1 year 4 months 24 days
Purchased technology | Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)		2 years 6 months
Favorable occupancy leases
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,895	$ 5,895
Accumulated Amortization	(2,641)	(2,040)
Net Carrying Amount	$ 3,254	$ 3,855
Favorable occupancy leases | Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	3 years	3 years
Favorable occupancy leases | Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	15 years	15 years
Trade name
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,600	$ 3,600
Accumulated Amortization	(1,900)	(1,000)
Net Carrying Amount	$ 1,700	$ 2,600
Useful Lives (Years)	3 years	3 years
ETF issuer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(850)	(770)
Net Carrying Amount	$ 100	$ 180
Useful Lives (Years)	9 years	9 years
ETF buyer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(850)	(770)
Net Carrying Amount	$ 100	$ 180
Useful Lives (Years)	9 years	9 years

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Expects Amortization Expense (Details) $ in Thousands	Sep. 30, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2020	$ 18,076
2021	69,676
2022	64,852
2023	63,960
2024	50,845
2025	$ 47,879

Receivables from_Payables to _3

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Due from prime brokers	$ 643,089	$ 418,059
Deposits with clearing organizations	386,460	231,977
Net equity with futures commission merchants	207,213	267,748
Unsettled trades with clearing organizations	392,349	214,618
Securities failed to deliver	228,677	178,324
Commissions and fees	24,093	7,858
Total receivables from broker-dealers and clearing organizations	1,881,881	1,318,584
Liabilities
Due to prime brokers	330,078	511,524
Net equity with futures commission merchants	69,480	50,950
Unsettled trades with clearing organizations	178,361	118,286
Securities failed to receive	93,973	144,494
Commissions and fees	3,140	1,496
Total payables to broker-dealers and clearing organizations	675,032	826,750
Outstanding principal balance	$ 163,600	$ 134,300

Collateralized Transactions (De

Collateralized Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Securities received as collateral:
Securities borrowed	$ 1,288,866	$ 1,881,005
Securities purchased under agreements to resell	17,397	142,922
Securities received as collateral	1,306,263	2,023,927
Financial instruments owned and pledged	609,050	696,956
Equities
Securities received as collateral:
Financial instruments owned and pledged	599,350	654,366
Exchange traded notes
Securities received as collateral:
Financial instruments owned and pledged	$ 9,700	$ 42,590

Borrowings - Short-term Borrowi

Borrowings - Short-term Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Short-term Debt [Line Items]
Borrowing Outstanding	$ 124,974	$ 75,586
Deferred Debt Issuance Cost	(981)	(2,100)
Short-term Borrowings, net	123,993	73,486
Short-term bank loans
Short-term Debt [Line Items]
Borrowing Outstanding	46,974	45,586
Deferred Debt Issuance Cost	0	0
Short-term Borrowings, net	46,974	45,586
Broker-dealer credit facilities
Short-term Debt [Line Items]
Borrowing Outstanding	78,000	30,000
Deferred Debt Issuance Cost	(981)	(2,100)
Short-term Borrowings, net	$ 77,019	$ 27,900

Borrowings - Broker-Dealer Cred

Borrowings - Broker-Dealer Credit Facilities, Narrative (Details)	Nov. 03, 2017USD ($)borrowing_base	Sep. 30, 2020USD ($)debt_instrument	Apr. 30, 2020USD ($)	Mar. 20, 2020USD ($)	Mar. 10, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 01, 2019USD ($)
Line of Credit Facility [Line Items]
Number of borrowing bases | borrowing_base	2
Commitment fee (as a percent)		0.50%
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Number of secured credit facilities | debt_instrument		2
Maximum borrowing capacity							$ 600,000,000
Commitment fee (as a percent)	0.50%
Financing Available		$ 1,000,000,000				$ 800,000,000
Broker-dealer credit facilities | Borrowing Base A Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 600,000,000
Broker-dealer credit facilities | Borrowing Base A Loan | LIBOR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	1.25%
Broker-dealer credit facilities | Borrowing Base B Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 200,000,000
Broker-dealer credit facilities | Borrowing Base B Loan | LIBOR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	2.50%
Broker-dealer credit facility on an uncommitted basis
Line of Credit Facility [Line Items]
Number of secured credit facilities | debt_instrument		1
Maximum borrowing capacity		$ 300,000,000	$ 400,000,000
Financing Available		$ 400,000,000				$ 200,000,000
Interest rate		1.09%				2.55%
Demand Loan
Line of Credit Facility [Line Items]
Financing Available					$ 20,000,000
Repayment term		90 days
Interest rate		10.00%
Stated interest rate increase		2.00%
Founder Member Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 300,000,000

Borrowings - Broker-Dealer Cr_2

Borrowings - Broker-Dealer Credit Facilities Carrying Values, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Borrowing Outstanding	$ 1,669,694
Deferred Debt Issuance Cost	981	$ 2,100
Outstanding Borrowings, net	$ 1,636,829	$ 1,917,866
Uncommitted facility
Line of Credit Facility [Line Items]
Interest Rate	1.09%	2.55%
Financing Available	$ 400,000	$ 200,000
Borrowing Outstanding	78,000	30,000
Deferred Debt Issuance Cost	981	2,100
Outstanding Borrowings, net	$ 77,019	$ 27,900
Committed facility
Line of Credit Facility [Line Items]
Interest Rate	1.41%	3.01%
Financing Available	$ 600,000	$ 600,000
Borrowing Outstanding	0	0
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	0	0
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Financing Available	1,000,000	800,000
Borrowing Outstanding	78,000	30,000
Deferred Debt Issuance Cost	981	2,100
Outstanding Borrowings, net	$ 77,019	$ 27,900

Borrowings - Interest Expense o

Borrowings - Interest Expense on Broker-Dealer Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Line of Credit Facility [Line Items]
Interest expense	$ 20,358	$ 34,191	$ 67,764	$ 91,669
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Interest expense	315	465	1,651	1,081
Uncommitted facility
Line of Credit Facility [Line Items]
Interest expense	244	327	1,007	688
Committed facility
Line of Credit Facility [Line Items]
Interest expense	71	138	433	393
Demand Loan
Line of Credit Facility [Line Items]
Interest expense	$ 0	$ 0	$ 211	$ 0

Borrowings - Short-Term Bank Lo

Borrowings - Short-Term Bank Loans (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Short-term bank loans	$ 47	$ 45.6
Weighted average interest rate	2.00%	4.50%

Borrowings - First Lien Revolvi

Borrowings - First Lien Revolving Facility (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Mar. 01, 2019
Line of Credit Facility [Line Items]
Outstanding principal amount	$ 1,669,694,000		$ 1,669,694,000
Interest expense	20,358,000	$ 34,191,000	67,764,000	$ 91,669,000
Committed facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 50,000,000
Outstanding principal amount	0		0		$ 0
Interest expense	71,000	$ 138,000	433,000	$ 393,000
VFH
Line of Credit Facility [Line Items]
Outstanding principal amount	$ 0		0		$ 0
VFH | Committed facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 50,000,000
Interest expense			$ 400,000

Borrowings - Short-Term Credit

Borrowings - Short-Term Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Short-term Debt [Line Items]
Weighted Average Interest Rate	2.00%		2.00%		4.50%
Borrowing Outstanding	$ 1,669,694		$ 1,669,694
Interest expense	$ 20,358	$ 34,191	$ 67,764	$ 91,669
Short-Term Credit Facilities
Short-term Debt [Line Items]
Weighted Average Interest Rate	2.81%		2.81%		4.22%
Financing Available	$ 616,000		$ 616,000		$ 586,000
Borrowing Outstanding	163,592		163,592		$ 134,331
Interest expense	$ 1,200	$ 1,600	$ 3,800	$ 5,300

Borrowings - Long-Term Borrowin

Borrowings - Long-Term Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Oct. 09, 2019	Jun. 16, 2017
Line of Credit Facility [Line Items]
Outstanding Principal	$ 1,669,694
Deferred Debt Issuance Cost	(981)	$ (2,100)
Outstanding Borrowings, net	$ 1,636,829	$ 1,917,866
SBI Bonds
Line of Credit Facility [Line Items]
Interest Rate	5.00%	5.00%
Outstanding Principal	$ 33,182	$ 32,225
Discount	0	0
Deferred Debt Issuance Cost	(259)	(51)
Outstanding Borrowings, net	32,923	32,174
Total Long-term borrowings
Line of Credit Facility [Line Items]
Outstanding Principal	1,669,694	1,957,225
Discount	(4,953)	(6,795)
Deferred Debt Issuance Cost	(27,912)	(32,564)
Outstanding Borrowings, net	$ 1,636,829	$ 1,917,866
Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest Rate			6.75%	6.75%
Senior Secured Credit Facility | Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest Rate	3.15%	5.20%
Outstanding Principal	$ 1,636,512	$ 1,925,000
Discount	(4,953)	(6,795)
Deferred Debt Issuance Cost	(27,653)	(32,513)
Outstanding Borrowings, net	$ 1,603,906	$ 1,885,692

Borrowings - Credit Agreement (

Borrowings - Credit Agreement (Details) - USD ($)	Mar. 02, 2020	Jan. 29, 2020	Oct. 09, 2019	Mar. 01, 2019	Aug. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2019	Jun. 30, 2017	Jun. 16, 2017
Debt Instrument [Line Items]
Commitment fee (as a percent)							0.50%
Derivative contract term		5 years	5 years
Fixed interest rate percentage			4.30%
Outstanding principal amount							$ 1,669,694,000
Senior Secured Credit Facility Fourth Amendment
Debt Instrument [Line Items]
Outstanding principal amount									$ 1,150,000,000
Committed facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 50,000,000
Outstanding principal amount						$ 0	0	$ 0
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				5,000,000
Swingline Subfacility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 5,000,000
Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Debt amortization, percentage of original aggregate principal amount				1.00%
Senior Secured Second Lien Notes
Debt Instrument [Line Items]
Aggregate principal amount										$ 500,000,000
Aggregate principal amount of debt redeemed			$ 500,000,000
Interest rate			6.75%							6.75%
Senior Secured Second Lien Notes | Scenario 1
Debt Instrument [Line Items]
Commitment fee stepdown (as a percent)	0.375%
Senior Secured Second Lien Notes | Scenario 2
Debt Instrument [Line Items]
Commitment fee stepdown (as a percent)	0.25%
Amended Credit Agreement | Overnight Bank Funding Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Amended Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Amended Credit Agreement | LIBOR, Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%
Amended Credit Agreement | Scenario 1
Debt Instrument [Line Items]
Interest rate floor	1.00%
Amended Credit Agreement | Scenario 1 | Interest Rate Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%
Amended Credit Agreement | Scenario 2
Debt Instrument [Line Items]
Interest rate floor	0.00%
Amended Credit Agreement | Scenario 2 | Interest Rate Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.00%
VFH
Debt Instrument [Line Items]
Proceeds from borrowings				$ 404,500,000
Outstanding principal amount						$ 0	0	0
VFH | Committed facility
Debt Instrument [Line Items]
Maximum borrowing capacity				50,000,000
VFH | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				5,000,000
VFH | Swingline Subfacility
Debt Instrument [Line Items]
Maximum borrowing capacity				5,000,000
Acquisition Borrower
Debt Instrument [Line Items]
Proceeds from borrowings				1,095,000,000
Term Loan | First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount				$ 1,500,000,000
Repayments of debt					$ 100,000,000			100,000,000
Outstanding principal amount							$ 1,637,000,000
Term Loan | VFH | First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount			$ 525,000,000
January 2020 Interest Rate Swap
Debt Instrument [Line Items]
Derivative, notional amount		$ 1,000,000,000
Fixed interest rate percentage		4.40%
January 2020 Interest Rate Swap | Term Loan | VFH | First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,000,000,000
Interest rate swap
Debt Instrument [Line Items]
Derivative contract term		5 years				5 years
Derivative, notional amount		$ 1,000,000,000				$ 525,000,000		$ 525,000,000

Borrowings - Senior Secured Sec

Borrowings - Senior Secured Second Lien Notes (Details) - USD ($)	Oct. 09, 2019	Mar. 01, 2019	Jun. 16, 2017
Term Loan | First Lien Term Loan Facility
Debt Instrument [Line Items]
Face amount		$ 1,500,000,000
Term Loan | First Lien Term Loan Facility | VFH
Debt Instrument [Line Items]
Face amount	$ 525,000,000
Senior Secured Second Lien Notes
Debt Instrument [Line Items]
Face amount			$ 500,000,000
Interest rate	6.75%		6.75%

Borrowings - SBI Bonds (Details

Borrowings - SBI Bonds (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020JPY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2019JPY (¥)	Jul. 25, 2016USD ($)	Jul. 25, 2016JPY (¥)
Debt Instrument [Line Items]
Outstanding principal amount	$ 1,669,694,000		$ 1,669,694,000
SBI Bonds
Debt Instrument [Line Items]
Outstanding principal amount	33,182,000		33,182,000			$ 32,225,000
VFH
Debt Instrument [Line Items]
Outstanding principal amount	0		0			0
VFH | SBI Bonds
Debt Instrument [Line Items]
Face amount								$ 33,100,000	¥ 3,500,000,000
Outstanding principal amount	33,200,000		33,200,000		¥ 3,500,000,000	$ 32,200,000	¥ 3,500,000,000
Gain (loss) due to change in currency rates	$ (800,000)	$ 100,000	$ (1,000,000)	$ (500,000)

Borrowings - Future Minimum Pri

Borrowings - Future Minimum Principal Payments (Details) $ in Thousands	Sep. 30, 2020USD ($)
Debt Disclosure [Abstract]
2020	$ 0
2021	0
2022	0
2023	33,182
2024	0
Thereafter	1,636,512
Total principal of long-term borrowings	$ 1,669,694

Financial Assets and Liabilit_3

Financial Assets and Liabilities - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Assets
Financial instruments owned, at fair value	$ 2,208,147	$ 2,068,734
Financial instruments owned, at fair value, Counterparty and Cash Collateral Netting	(662,412)	(211,398)
Financial instruments owned, pledged as collateral	609,050	696,956
Other Assets	66,805	48,966
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,790,135	2,497,958
Financial instruments sold, not yet purchased, at fair value, Counterparty and Cash Collateral Netting	(654,672)	(196,535)
Payables to broker-dealers and clearing organizations	675,032	826,750
Interest rate swap
Liabilities
Payables to broker-dealers and clearing organizations	69,355
Equity securities
Assets
Financial instruments owned, at fair value	1,701,084	1,680,777
Financial instruments owned, pledged as collateral	599,350	654,366
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,294,088	2,186,702
U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	213,386	127,537
Financial instruments owned, pledged as collateral		0
Liabilities
Financial instruments sold, not yet purchased, at fair value	109,778	41,804
Corporate Bonds
Assets
Financial instruments owned, at fair value	248,789	171,591
Liabilities
Financial instruments sold, not yet purchased, at fair value	365,871	244,700
Exchange traded notes
Assets
Financial instruments owned, at fair value	17,937	49,137
Financial instruments owned, pledged as collateral	9,700	42,590
Liabilities
Financial instruments sold, not yet purchased, at fair value	6,220	21,646
Equity investment
Assets
Other Assets	64,703	46,245
Exchange stock
Assets
Other Assets	2,102	2,721
Currency forwards
Assets
Financial instruments owned, at fair value	13,121	31,154
Financial instruments owned, at fair value, Counterparty and Cash Collateral Netting	(662,412)	(211,398)
Liabilities
Financial instruments sold, not yet purchased, at fair value	(6)	19
Financial instruments sold, not yet purchased, at fair value, Counterparty and Cash Collateral Netting	(654,672)	(196,535)
Options
Assets
Financial instruments owned, at fair value	13,830	8,538
Liabilities
Financial instruments sold, not yet purchased, at fair value	14,184	3,087
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Financial instruments owned, at fair value	739,364	715,730
Financial instruments owned, pledged as collateral	285,903	362,451
Other Assets	2,102	2,721
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,156,043	1,065,007
Payables to broker-dealers and clearing organizations	(1,804)	49,514
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Interest rate swap
Liabilities
Payables to broker-dealers and clearing organizations	0
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Equity securities
Assets
Financial instruments owned, at fair value	547,871	600,259
Financial instruments owned, pledged as collateral	285,893	362,439
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,034,326	1,022,814
Quoted Prices in Active Markets for Identical Assets (Level 1)  | U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	177,614	106,690
Financial instruments owned, pledged as collateral		0
Liabilities
Financial instruments sold, not yet purchased, at fair value	107,513	39,091
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Corporate Bonds
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Exchange traded notes
Assets
Financial instruments owned, at fair value	49	243
Financial instruments owned, pledged as collateral	10	12
Liabilities
Financial instruments sold, not yet purchased, at fair value	20	15
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Equity investment
Assets
Other Assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Exchange stock
Assets
Other Assets	2,102	2,721
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Currency forwards
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Options
Assets
Financial instruments owned, at fair value	13,830	8,538
Liabilities
Financial instruments sold, not yet purchased, at fair value	14,184	3,087
Significant Other Observable Inputs (Level 2)
Assets
Financial instruments owned, at fair value	2,131,195	1,564,402
Financial instruments owned, pledged as collateral	323,147	334,505
Other Assets	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,288,764	1,629,486
Payables to broker-dealers and clearing organizations	676,836	777,236
Significant Other Observable Inputs (Level 2)  | Interest rate swap
Liabilities
Payables to broker-dealers and clearing organizations	69,355
Significant Other Observable Inputs (Level 2)  | Equity securities
Assets
Financial instruments owned, at fair value	1,153,213	1,080,518
Financial instruments owned, pledged as collateral	313,457	291,927
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,259,762	1,163,888
Significant Other Observable Inputs (Level 2)  | U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	35,772	20,847
Financial instruments owned, pledged as collateral		0
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,265	2,713
Significant Other Observable Inputs (Level 2)  | Corporate Bonds
Assets
Financial instruments owned, at fair value	248,789	171,591
Liabilities
Financial instruments sold, not yet purchased, at fair value	365,871	244,700
Significant Other Observable Inputs (Level 2)  | Exchange traded notes
Assets
Financial instruments owned, at fair value	17,888	48,894
Financial instruments owned, pledged as collateral	9,690	42,578
Liabilities
Financial instruments sold, not yet purchased, at fair value	6,200	21,631
Significant Other Observable Inputs (Level 2)  | Equity investment
Assets
Other Assets	0	0
Significant Other Observable Inputs (Level 2)  | Exchange stock
Assets
Other Assets	0	0
Significant Other Observable Inputs (Level 2)  | Currency forwards
Assets
Financial instruments owned, at fair value	675,533	242,552
Liabilities
Financial instruments sold, not yet purchased, at fair value	654,666	196,554
Significant Other Observable Inputs (Level 2)  | Options
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3)
Assets
Financial instruments owned, at fair value	0	0
Financial instruments owned, pledged as collateral	0	0
Other Assets	64,703	46,245
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Payables to broker-dealers and clearing organizations	0	0
Significant Unobservable Inputs (Level 3)  | Interest rate swap
Liabilities
Payables to broker-dealers and clearing organizations	0
Significant Unobservable Inputs (Level 3)  | Equity securities
Assets
Financial instruments owned, at fair value	0	0
Financial instruments owned, pledged as collateral	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	0	0
Financial instruments owned, pledged as collateral		0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Corporate Bonds
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Exchange traded notes
Assets
Financial instruments owned, at fair value	0	0
Financial instruments owned, pledged as collateral	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Equity investment
Assets
Other Assets	64,703	46,245
Significant Unobservable Inputs (Level 3)  | Exchange stock
Assets
Other Assets	0	0
Significant Unobservable Inputs (Level 3)  | Currency forwards
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Options
Assets
Financial instruments owned, at fair value	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	$ 0	$ 0

Financial Assets and Liabilit_4

Financial Assets and Liabilities - Fair Value Inputs (Details) $ in Thousands	Sep. 30, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 64,703
Weighted Average | Discounted cash flow | Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.076
Weighted Average | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.144
Weighted Average | Market | Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.00169
Minimum | Discounted cash flow | Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	(0.076)
Minimum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.144
Minimum | Market | Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.00129
Maximum | Discounted cash flow | Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.200
Maximum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.144
Maximum | Market | Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.00227

Financial Assets and Liabilit_5

Financial Assets and Liabilities - Level 3 financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 51,599	$ 46,351	$ 46,245	$ 45,856
Purchases	0	0	0	0
Total Realized and Unrealized Gains / (Losses)	13,104	(71)	18,458	424
Net Transfers into (out of) Level 3	0	0	0	0
Settlement	0	0	0	0
Ending Balance	64,703	46,280	64,703	46,280
Change in Net Unrealized Gains / (Losses) on Investments still held at end of period	13,104	(71)	18,458	424
Equity investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	51,599	46,351	46,245	45,856
Purchases	0	0	0	0
Total Realized and Unrealized Gains / (Losses)	13,104	(71)	18,458	424
Net Transfers into (out of) Level 3	0	0	0	0
Settlement	0	0	0	0
Ending Balance	64,703	46,280	64,703	46,280
Change in Net Unrealized Gains / (Losses) on Investments still held at end of period	$ 13,104	$ (71)	$ 18,458	$ 424

Financial Assets and Liabilit_6

Financial Assets and Liabilities - Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 567,677	$ 732,164
Cash restricted or segregated under regulations and other	98,285	41,116
Securities borrowed	1,325,843	1,928,763
Securities purchased under agreements to resell	17,413	143,032
Receivables from broker-dealers and clearing organizations	1,881,881	1,318,584
Receivables from customers	176,939	103,531
Total Assets	4,068,038	4,163,659
Liabilities
Short-term borrowings	124,974	75,586
Long-term borrowings	1,663,556	1,966,850
Securities loaned	705,789	1,600,099
Securities sold under agreements to repurchase	466,995	340,742
Payables to broker-dealers and clearing organizations	675,032	826,750
Payables to customers	141,980	89,719
Total Liabilities	3,778,326	4,810,027
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and cash equivalents	567,677	732,164
Cash restricted or segregated under regulations and other	98,285	41,116
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	481,664	40,842
Receivables from customers	0
Total Assets	1,147,626	814,122
Liabilities
Short-term borrowings	0	0
Long-term borrowings	0	0
Securities loaned	0	0
Securities sold under agreements to repurchase	0	0
Payables to broker-dealers and clearing organizations	(1,804)	49,514
Payables to customers	0
Total Liabilities	(1,804)	49,514
Significant Other Observable Inputs (Level 2)
Assets
Cash and cash equivalents	0	0
Cash restricted or segregated under regulations and other	0	0
Securities borrowed	1,325,843	1,928,763
Securities purchased under agreements to resell	17,413	143,032
Receivables from broker-dealers and clearing organizations	1,400,217	1,277,742
Receivables from customers	176,939
Total Assets	2,920,412	3,349,537
Liabilities
Short-term borrowings	124,974	75,586
Long-term borrowings	1,663,556	1,966,850
Securities loaned	705,789	1,600,099
Securities sold under agreements to repurchase	466,995	340,742
Payables to broker-dealers and clearing organizations	676,836	777,236
Payables to customers	141,980
Total Liabilities	3,780,130	4,760,513
Significant Unobservable Inputs (Level 3)
Assets
Cash and cash equivalents	0	0
Cash restricted or segregated under regulations and other	0	0
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	0	0
Receivables from customers	0
Total Assets	0	0
Liabilities
Short-term borrowings	0	0
Long-term borrowings	0	0
Securities loaned	0	0
Securities sold under agreements to repurchase	0	0
Payables to broker-dealers and clearing organizations	0	0
Payables to customers	0
Total Liabilities	0	0
Carrying Value
Assets
Cash and cash equivalents	567,677	732,164
Cash restricted or segregated under regulations and other	98,285	41,116
Securities borrowed	1,325,843	1,928,763
Securities purchased under agreements to resell	17,413	143,032
Receivables from broker-dealers and clearing organizations	1,881,881	1,318,584
Receivables from customers	176,939
Total Assets	4,068,038	4,163,659
Liabilities
Short-term borrowings	123,993	73,486
Long-term borrowings	1,636,829	1,917,866
Securities loaned	705,789	1,600,099
Securities sold under agreements to repurchase	466,995	340,742
Payables to broker-dealers and clearing organizations	675,032	826,750
Payables to customers	141,980
Total Liabilities	$ 3,750,618	$ 4,758,943

Financial Assets and Liabilit_7

Financial Assets and Liabilities - Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Securities borrowed
Gross Amounts of Recognized Assets	$ 1,325,843	$ 1,928,763
Net Amounts of Assets Presented in the Condensed Consolidated Statement of Financial Condition	1,325,843	1,928,763
Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition
Financial Instruments	(1,288,866)	(1,881,005)
Counterparty Netting/ Cash Collateral	(8,622)	(15,280)
Net Amount	28,355	32,478
Securities purchased under agreements to resell
Gross Amounts of Recognized Assets	17,413	143,032
Net Amounts of Assets Presented in the Condensed Consolidated Statement of Financial Condition	17,413	143,032
Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition
Financial Instruments	(17,397)	(142,922)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	16	110
Total
Gross Amounts of Recognized Assets	2,032,619	2,322,885
Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(662,412)	(211,398)
Net Amounts of Assets Presented in the Condensed Consolidated Statement of Financial Condition	1,370,207	2,111,487
Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition
Financial Instruments	(1,306,263)	(2,032,464)
Counterparty Netting/ Cash Collateral	(22,452)	(15,280)
Net Amount	41,492	63,743
Currency forwards
Trading assets, at fair value:
Gross Amounts of Recognized Assets	675,533	242,552
Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(662,412)	(211,398)
Net Amounts of Assets Presented in the Condensed Consolidated Statement of Financial Condition	13,121	31,154
Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	13,121	31,154
Options
Trading assets, at fair value:
Gross Amounts of Recognized Assets	13,830	8,538
Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statement of Financial Condition	13,830	8,538
Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition
Financial Instruments	0	(8,537)
Counterparty Netting/ Cash Collateral	(13,830)	0
Net Amount	$ 0	$ 1

Financial Assets and Liabilit_8

Financial Assets and Liabilities - Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Securities loaned
Gross Amounts of Recognized Liabilities	$ 705,789	$ 1,600,099
Net Amounts of Liabilities Presented in the Condensed Consolidated Statement of Financial Condition	705,789	1,600,099
Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition
Financial Instruments	(688,932)	(1,552,146)
Counterparty Netting/ Cash Collateral	(8,622)	(15,281)
Net Amount	8,235	32,672
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities	466,995	340,742
Net Amounts of Liabilities Presented in the Condensed Consolidated Statement of Financial Condition	466,995	340,742
Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition
Financial Instruments	(466,835)	(340,718)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	160	24
Total
Gross Amounts of Recognized Liabilities	1,910,989	2,140,482
Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(654,672)	(196,535)
Net Amounts of Liabilities Presented in the Condensed Consolidated Statement of Financial Condition	1,256,317	1,943,947
Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition
Financial Instruments	(1,155,767)	(1,895,951)
Counterparty Netting/ Cash Collateral	(91,349)	(15,281)
Net Amount	9,201	32,715
Interest rate swap
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	69,355
Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0
Net Amounts of Liabilities Presented in the Condensed Consolidated Statement of Financial Condition	69,355
Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition
Financial Instruments	0
Counterparty Netting/ Cash Collateral	(68,897)
Net Amount	458
Currency forwards
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	654,666	196,554
Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(654,672)	(196,535)
Net Amounts of Liabilities Presented in the Condensed Consolidated Statement of Financial Condition	(6)	19
Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	(6)	19
Options
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	14,184	3,087
Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Condensed Consolidated Statement of Financial Condition	14,184	3,087
Gross Amounts Not Offset in the Condensed Consolidated Statement of Financial Condition
Financial Instruments	0	(3,087)
Counterparty Netting/ Cash Collateral	(13,830)	0
Net Amount	$ 354	$ 0

Financial Assets and Liabilit_9

Financial Assets and Liabilities - Gross Obligations For Securities Lending Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 466,995	$ 340,742
Remaining contractual maturity for securities loaned	705,789	1,600,099
Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	141,995	65,742
Remaining contractual maturity for securities loaned	705,789	1,600,099
Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	75,000	75,000
Remaining contractual maturity for securities loaned	0	0
30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	50,000	50,000
Remaining contractual maturity for securities loaned	0	0
61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	150,000	150,000
Remaining contractual maturity for securities loaned	0	0
Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	50,000	0
Remaining contractual maturity for securities loaned	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	375,000	275,000
Remaining contractual maturity for securities loaned	705,789	1,600,099
Equity securities | Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	50,000	0
Remaining contractual maturity for securities loaned	705,789	1,600,099
Equity securities | Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	75,000	75,000
Remaining contractual maturity for securities loaned	0	0
Equity securities | 30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	50,000	50,000
Remaining contractual maturity for securities loaned	0	0
Equity securities | 61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	150,000	150,000
Remaining contractual maturity for securities loaned	0	0
Equity securities | Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	50,000	0
Remaining contractual maturity for securities loaned	0	0
U.S. and Non-U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	91,995	65,742
U.S. and Non-U.S. government obligations | Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	91,995	65,742
U.S. and Non-U.S. government obligations | Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase		0
U.S. and Non-U.S. government obligations | 30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase		0
U.S. and Non-U.S. government obligations | 61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase		0
U.S. and Non-U.S. government obligations | Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase		$ 0

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Equities futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	$ (524)	$ (1,366)
Notional	1,038,860	4,502,017
Equities futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(239)	751
Notional	62,069	83,803
Commodity futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	483,476	40,656
Notional	8,293,464	7,758,974
Commodity futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	1,456	(45,175)
Notional	81,624	3,604,979
Currency futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(4,443)	(2,860)
Notional	1,601,070	1,116,246
Currency futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	7,895	(23,223)
Notional	2,199,582	6,594,991
Fixed income futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(221)	47
Notional	666,668	155,697
Fixed income futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(2)	94
Notional	2,680	190,938
Options
Derivatives Assets
Fair Value	13,830	8,538
Derivatives Liabilities
Fair Value	14,184	3,087
Options | Derivative instruments not designated as hedging instruments | Financial instruments owned
Derivatives Assets
Fair Value	13,830	8,538
Notional	814,419	442,808
Options | Derivative instruments not designated as hedging instruments | Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	14,184	3,087
Notional	806,832	436,422
Currency forwards
Derivatives Assets
Fair Value	675,533	242,552
Derivatives Liabilities
Fair Value	654,666	196,554
Currency forwards | Derivative instruments not designated as hedging instruments | Financial instruments owned
Derivatives Assets
Fair Value	675,533	242,552
Notional	30,360,772	24,369,818
Currency forwards | Derivative instruments not designated as hedging instruments | Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	654,666	196,554
Notional	30,350,339	24,346,818
Interest rate swap
Derivatives Liabilities
Fair Value	69,355
Interest rate swap | Derivative instruments not designated as hedging instruments | Other assets
Derivatives Assets
Fair Value	0	8,976
Notional	0	525,000
Interest rate swap | Derivative instruments designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	69,355	0
Notional	$ 1,525,000	$ 0

Derivative Instruments - Gain (

Derivative Instruments - Gain (Loss) From Derivative Instruments (Details)	Jan. 29, 2020USD ($)instrument	Oct. 09, 2019	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract term	5 years	5 years
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net			$ 84,129,000		$ (79,909,000)	$ 326,710,000	$ 35,657,000
Futures | Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net			(12,262,000)		(109,912,000)	11,440,000	45,698,000
Currency forwards | Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net			62,465,000		38,738,000	255,044,000	(6,304,000)
Options | Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net			35,343,000		(8,735,000)	61,643,000	(3,737,000)
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract term	5 years			5 years
Derivative, notional amount	$ 1,000,000,000			$ 525,000,000
Number of interest rate swaps | instrument	2
Interest rate swap | Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net			(1,417,000)		0	(1,417,000)	0
Interest rate swap | Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income			$ 314,000		$ 0	$ (64,425,000)	$ 0

Revenues from Contracts with _3

Revenues from Contracts with Customers (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 133,853,000	$ 139,627,000	$ 452,333,000	$ 359,894,000
Total revenue	656,112,000	382,340,000	2,562,635,000	1,117,873,000
Revenue related to performance obligations satisfied in previous periods	600,000	300,000
Receivables related to revenue from contracts with customers	54,000,000		54,000,000		$ 53,600,000
Impairment losses on receivables			0
Deferred revenue related to contracts with customers	7,600,000		7,600,000		$ 8,600,000
Revenue recognized	8,600,000	8,100,000	23,600,000	23,100,000
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	637,450,000	362,835,000	2,506,697,000	1,071,320,000
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	18,662,000	19,505,000	55,938,000	46,553,000
Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	100,851,000	105,617,000	343,349,000	277,059,000
Workflow technology
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	23,044,000	24,041,000	78,376,000	58,369,000
Analytics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,958,000	9,969,000	30,608,000	24,466,000
Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	522,259,000	242,713,000	2,110,302,000	757,979,000
Operating Segments | Market Making
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,391,000	7,252,000	9,526,000	17,213,000
Total revenue	474,598,000	249,802,000	2,064,300,000	762,076,000
Operating Segments | Market Making | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	474,598,000	249,802,000	2,064,300,000	762,076,000
Operating Segments | Market Making | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Market Making | Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,391,000	7,252,000	9,526,000	17,213,000
Operating Segments | Market Making | Workflow technology
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Operating Segments | Market Making | Analytics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Operating Segments | Market Making | Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	465,207,000	242,550,000	2,054,774,000	744,863,000
Operating Segments | Execution Services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	124,462,000	132,375,000	442,807,000	342,681,000
Total revenue	182,680,000	133,805,000	500,621,000	358,325,000
Operating Segments | Execution Services | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	164,018,000	114,300,000	444,683,000	311,772,000
Operating Segments | Execution Services | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	18,662,000	19,505,000	55,938,000	46,553,000
Operating Segments | Execution Services | Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	91,460,000	98,365,000	333,823,000	259,846,000
Operating Segments | Execution Services | Workflow technology
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	23,044,000	24,041,000	78,376,000	58,369,000
Operating Segments | Execution Services | Analytics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,958,000	9,969,000	30,608,000	24,466,000
Operating Segments | Execution Services | Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	58,218,000	1,430,000	57,814,000	15,644,000
Corporate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Total revenue	(1,166,000)	(1,267,000)	(2,286,000)	(2,528,000)
Corporate | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	(1,166,000)	(1,267,000)	(2,286,000)	(2,528,000)
Corporate | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Corporate | Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Corporate | Workflow technology
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Corporate | Analytics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Corporate | Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	$ (1,166,000)	$ (1,267,000)	$ (2,286,000)	$ (2,528,000)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Tax Credit Carryforward [Line Items]
Provision for (benefit from) income taxes	$ 52,807	$ (644)	$ 200,044	$ (14,322)
Effective tax rate	20.90%	9.90%	17.80%	16.00%
Current income taxes receivable	$ 99,800		$ 99,800		$ 39,300
Current taxes payable	33,800		33,800		11,500
Operating loss carryforwards	0		0		91,300
Deferred tax asset, U.S. operating loss carryforward	0		0		19,200
Deferred tax asset, state and local operating loss carryforward	3,700		3,700
Unrecognized tax benefits that would impact effective tax rate	9,100		9,100
ITG
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	75,900		75,900		86,300
Deferred tax asset, non-U.S. operating loss carryforward	15,500		15,500		17,900
Valuation allowance on deferred taxes	15,200		15,200		15,600
KCG
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	239,000		239,000		239,000
Deferred tax asset, non-U.S. operating loss carryforward	$ 44,900		$ 44,900		$ 44,900

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Details) € in Millions, $ in Millions	Apr. 29, 2019lawsuit	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)
Loss Contingencies [Line Items]
Amount of fine		€ 3	$ 3.4	€ 3.3	$ 3.9	€ 5	$ 5.4
ProShares Trust II Securities Litigation, No. 19-cv-886-DLC
Loss Contingencies [Line Items]
Number of lawsuits consolidated	3

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lessee, Lease, Description [Line Items]
Termination of office leases		$ 1,300,000		$ 66,500,000
Impairments of ROU assets	$ 0	$ 1,185,000	$ 0	27,042,000
Write off of leasehold and fixed assets				37,900,000
Dilapidation charges				$ 1,500,000
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year		1 year
Sublease, term of contract			1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	15 years		15 years
Sublease, term of contract			12 years

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Operating leases
Operating lease right-of-use assets	$ 287,069	$ 314,526
Operating lease liabilities	330,626	365,364
Finance leases
Property and equipment, at cost	36,093	37,589
Accumulated depreciation	(21,888)	(24,579)
Finance lease liabilities	$ 14,425	$ 13,371
Finance lease, right-of-use asset, statement of financial position [extensible list]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Finance Lease, Liability, Statement of Financial Position [Extensible List]	virt:AccountsPayableAndAccruedExpensesAndOtherLiabilities	virt:AccountsPayableAndAccruedExpensesAndOtherLiabilities

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Sep. 30, 2020	Dec. 31, 2019
Weighted average remaining lease term
Operating leases	7 years 3 days	7 years 6 months
Finance leases	2 years 29 days	1 year 5 months 12 days
Weighted average discount rate
Operating leases	5.67%	5.70%
Finance leases	3.17%	3.52%

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating lease cost:
Fixed	$ 18,521,000	$ 18,637,000	$ 55,333,000	$ 52,722,000
Variable	2,393,000	2,352,000	6,614,000	6,365,000
Impairment of ROU Asset	0	1,185,000	0	27,042,000
Total Operating lease cost	20,914,000	22,174,000	61,947,000	86,129,000
Sublease income	4,399,000	3,024,000	11,994,000	8,939,000
Finance lease cost:
Amortization of right-of-use assets	2,668,000	3,277,000	8,838,000	9,329,000
Interest on lease liabilities	97,000	165,000	339,000	525,000
Total Finance lease cost	$ 2,765,000	$ 3,442,000	$ 9,177,000	$ 9,854,000

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Operating Leases
Remainder of 2020	$ 19,414
Year one	74,907	$ 76,118
Year two	68,629	73,062
Year three	65,048	66,850
Year four	34,779	63,676
After year four	141,713
Year five		32,144
After year five		141,371
Total lease payments	404,490	453,221
Less imputed interest	(73,864)	(87,857)
Total lease liability	330,626	365,364
Finance Leases
Remainder of 2020	3,040
Year one	6,774	10,929
Year two	4,035	3,305
Year three	1,438	565
Year four	0	0
After year four	0
Year five		0
After year five		0
Total lease payments	15,287	14,799
Less imputed interest	(862)	(1,428)
Total lease liability	$ 14,425	$ 13,371

Cash (Details)

Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 567,677	$ 732,164
Cash restricted or segregated under regulations and other	98,285	41,116
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 665,962	$ 773,280	$ 394,819	$ 736,047

Capital Structure - Additional

Capital Structure - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020voteclassshares	Sep. 30, 2019shares	Dec. 31, 2019shares
Class of Stock [Line Items]
Number of classes of common stock | class	4
Non-voting common interest units outstanding (in shares) | shares	5,499,713		7,919,952
Number of non-voting common interest units forfeited or repurchased (in shares) | shares	2,420,239	823,456
Class A common stock and Class C common stock
Class of Stock [Line Items]
Number of votes | vote	1
Class B common stock and Class D common stock
Class of Stock [Line Items]
Number of votes | vote	10

Capital Structure - Amended and

Capital Structure - Amended and Restated 2015 Management Incentive Plan (Details) - shares	Jun. 05, 2020	Jun. 30, 2017
2015 Management Incentive Plan | Class A common stock
Class of Stock [Line Items]
Number of shares of stock authorized (in shares)	21,000,000	16,000,000

Capital Structure - Amended a_2

Capital Structure - Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan (Details) - Assumed Awards - Class A common stock	Mar. 01, 2019shares
Class of Stock [Line Items]
Number of shares of stock authorized (in shares)	2,497,028
Number of shares remaining to be issued	1,230,406

Capital Structure - Acquisition

Capital Structure - Acquisition of KCG (Details) - KCG - Class A common stock $ in Millions	Jul. 20, 2017USD ($)shares
Aranda
Class of Stock [Line Items]
Number of shares of stock issued (in shares) | shares	8,012,821
Aggregate purchase price | $	$ 125
North Island Stockholder
Class of Stock [Line Items]
Number of shares of stock issued (in shares) | shares	40,064,103
Aggregate purchase price | $	$ 618.7

Capital Structure - Secondary O

Capital Structure - Secondary Offerings (Details) - Class A common stock	May 31, 2019$ / sharesshares
Class of Stock [Line Items]
Number of shares issued (in shares) | shares	9,000,000
Purchase price per share (in dollars per share) | $ / shares	$ 22

Capital Structure - Employee Ex

Capital Structure - Employee Exchanges (Details)	9 Months Ended
	Sep. 30, 2020shares	Sep. 30, 2019shares
Virtu Financial
Class of Stock [Line Items]
Ownership interest	64.20%
VFH
Class of Stock [Line Items]
Common stock exchange ratio	1
VFH | Class A common stock
Class of Stock [Line Items]
Issuance of common stock in connection with employee exchanges (in shares)	2,420,239	823,456

Capital Structure - Warrants (D

Capital Structure - Warrants (Details)	Mar. 20, 2020USD ($)$ / sharesshares
Class A Common Stock Warrants
Class of Warrant or Right [Line Items]
Number of shares available for purchase (in shares)	3,000,000
Exercise price of warrants (in dollars per share) | $ / shares	$ 22.98
Warrant, number of trading days	10 days
Class A Common Stock Warrants, Founder Member Facility
Class of Warrant or Right [Line Items]
Number of shares available for purchase (in shares)	10,000,000
Warrant, loan outstanding requirement | $	$ 100,000,000

Capital Structure - Schedule of

Capital Structure - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,701,007	$ 1,351,869	$ 1,228,936	$ 1,494,699
Balance at end of period	1,806,807	1,296,717	1,806,807	1,296,717
AOCI reclassified into earnings over next 12 months	13,200		13,200
Net change in unrealized cash flow hedges gains (losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(36,710)		0
Amounts reclassified from AOCI to income	1,948		5,846
Amounts recorded in AOCI	(1,797)		(42,405)
Balance at end of period	(36,559)		(36,559)
Foreign exchange translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(2,857)	(1,670)	(647)	(82)
Amounts reclassified from AOCI to income	0	0	0	0
Amounts recorded in AOCI	4,213	(4,316)	2,003	(5,904)
Balance at end of period	1,356	(5,986)	1,356	(5,986)
AOCI attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(39,567)	(1,670)	(647)	(82)
Amounts reclassified from AOCI to income	1,948	0	5,846	0
Amounts recorded in AOCI	2,416	(4,316)	(40,402)	(5,904)
Balance at end of period	$ (35,203)	$ (5,986)	$ (35,203)	$ (5,986)

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2015	Nov. 08, 2019	Mar. 01, 2019	Nov. 08, 2018
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			967,526	423,393
Increase (decrease) in accrued employee compensation expense	$ (11.4)	$ 5.9	$ 14.4	$ 8.4
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	50.6		$ 50.6		$ 43.4
Weighted average period for compensation expense expected to be recognized			1 year 2 months 4 days		2 years
RSUs | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee compensation expense	$ 9	$ 13	$ 25.8	$ 52.6
2015 Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			0	156,129
2015 Management Incentive Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						4 years
Expiration period						10 years
Employee compensation expense				$ 1.4
2015 Management Incentive Plan | RSUs and RSAs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Assumed Plan | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	1,230,406		1,230,406				1,230,406	2,497,028	2,497,028

Share-based Compensation - Summ

Share-based Compensation - Summary of Activity in Options (Details) - 2015 Management Incentive Plan - $ / shares	3 Months Ended		6 Months Ended	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2018	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Number of Options
Outstanding at beginning of period (in shares)	3,233,779	3,486,150		3,233,779	3,486,150
Granted (in shares)				0	156,129
Exercised (in shares)				(807,627)	(353,500)
Forfeited or expired (in shares)				0	(40,000)
Outstanding at end of period (in shares)				2,426,152	3,248,779
Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 18.74	$ 19		$ 18.74	$ 19
Granted (in dollars per share)				0	13.60
Exercised (in dollars per share)				17.96	19
Forfeited or expired (in dollars per share)			$ 0	0	0
Outstanding at end of period (in dollars per share)				$ 19	$ 18.74
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life	5 years 2 months 26 days	6 years 3 months 18 days		4 years 5 months 26 days	5 years 5 months 26 days
Weighted Average Remaining Contractual Life, Granted					4 years 10 months 13 days
Options Exercisable, Number of Options (in shares)				2,426,152	3,248,779	3,233,779	1,660,400
Options Granted, Number of Options (in shares)				0	156,129
Options Exercised, Number of Options Exercised (in shares)				(807,627)	(353,500)
Options Exercisable, Number of Options Forfeited or Expired (in shares)				0	0
Options Exercisable, Weighted Average Exercise Price (in dollars per share)				$ 19	$ 18.74	$ 18.74	$ 19

Share-based Compensation - Su_2

Share-based Compensation - Summary of Activity in RSUs and RSAs (Details) - 2015 Management Incentive Plan - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
RSUs and RSAs
Number of RSUs and RSAs
Outstanding at beginning of period (in shares)	2,993,489	1,378,922
Granted (in shares)	3,300,894	3,605,114
Forfeited or expired (in shares)	(391,223)	(326,458)
Vested (in shares)	(2,124,843)	(1,047,866)
Outstanding at end of period (in shares)	3,778,317	3,609,712
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)	$ 24.10	$ 20.03
Granted (in dollars per share)	17.15	25.07
Forfeited or expired (in dollars per share)	17.90	21.58
Vested (in dollars per share)	20.40	24.08
Outstanding at end of period (in dollars per share)	$ 20.77	$ 23.75
RSUs and RSAs, performance-based
Number of RSUs and RSAs
Granted (in shares)	400,000

Regulatory Requirement - Narrat

Regulatory Requirement - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Virtu Financial Capital Markets LLC
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Minimum capital required to be maintained in connection with the operation of the Company's DMM business	$ 1,000,000
Required amount under exchange rules	1,000,000
Required amount under exchange rules for every 0.1% NYSE transaction dollar volume	$ 75,000
Percentage of NYSE transaction dollar volume	0.10%
VAL
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Cash in special reserve bank accounts for the benefit of customers	$ 64,900,000	$ 22,300,000
Cash in reserve bank accounts for the benefit of proprietary accounts of brokers	$ 32,600,000	4,500,000
VITG
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Cash in special reserve bank accounts for the benefit of customers		7,400,000
Cash in reserve bank accounts for the benefit of proprietary accounts of brokers		$ 5,000,000

Regulatory Requirement - Regula

Regulatory Requirement - Regulatory Capital and Capital Requirements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Virtu Americas LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	$ 641,314	$ 257,452
Regulatory Capital Requirement	2,546	2,571
Excess Regulatory Capital	638,768	254,881
Virtu Financial BD LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		30,317
Regulatory Capital Requirement		1,000
Excess Regulatory Capital		29,317
Virtu Financial Capital Markets LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		3,710
Regulatory Capital Requirement		1,000
Excess Regulatory Capital		2,710
Virtu ITG LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		66,069
Regulatory Capital Requirement		1,000
Excess Regulatory Capital		65,069
Virtu Alternet Securities LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		1,931
Regulatory Capital Requirement		100
Excess Regulatory Capital		1,831
Virtu ITG Canada Corp
Public Utilities, General Disclosures [Line Items]
Deposit funds for trade	400	400
Virtu ITG Canada Corp | Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	12,252	13,029
Regulatory Capital Requirement	188	193
Excess Regulatory Capital	12,064	12,836
Virtu Financial Canada ULC | Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	2,139	2,459
Regulatory Capital Requirement	188	193
Excess Regulatory Capital	1,951	2,266
Virtu ITG Europe Limited
Public Utilities, General Disclosures [Line Items]
Deposit funds for trade	200	1,200
Virtu ITG Europe Limited | Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	53,402	54,129
Regulatory Capital Requirement	29,413	32,484
Excess Regulatory Capital	23,989	21,645
Virtu Financial Ireland Limited | Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	85,251	78,385
Regulatory Capital Requirement	40,474	43,233
Excess Regulatory Capital	44,777	35,152
Virtu ITG UK Limited | United Kingdom
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,251	1,378
Regulatory Capital Requirement	861	991
Excess Regulatory Capital	390	387
Virtu ITG Australia Limited | Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	27,945	24,574
Regulatory Capital Requirement	10,307	8,451
Excess Regulatory Capital	17,638	16,123
Virtu ITG Hong Kong Limited
Public Utilities, General Disclosures [Line Items]
Capital settlement	30	30
Virtu ITG Hong Kong Limited | Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,615	3,805
Regulatory Capital Requirement	522	539
Excess Regulatory Capital	1,093	3,266
Virtu ITG Singapore Pte Limited | Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	734	1,179
Regulatory Capital Requirement	73	72
Excess Regulatory Capital	$ 661	1,107
TriAct Canada Marketplace LP | Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		2,538
Regulatory Capital Requirement		193
Excess Regulatory Capital		$ 2,345

Geographic Information and Bu_3

Geographic Information and Business Segments - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues from External Customers [Line Items]
Total revenue	$ 656,112	$ 382,340	$ 2,562,635	$ 1,117,873
United States
Revenues from External Customers [Line Items]
Total revenue	484,594	277,855	2,045,330	837,350
Ireland
Revenues from External Customers [Line Items]
Total revenue	61,320	54,399	233,783	138,964
Singapore
Revenues from External Customers [Line Items]
Total revenue	26,630	26,260	140,492	82,805
Canada
Revenues from External Customers [Line Items]
Total revenue	71,268	14,739	103,331	35,039
Australia
Revenues from External Customers [Line Items]
Total revenue	10,107	9,504	32,186	23,397
United Kingdom
Revenues from External Customers [Line Items]
Total revenue	964	(1,334)	3,944	(1,867)
Others
Revenues from External Customers [Line Items]
Total revenue	$ 1,229	$ 917	$ 3,569	$ 2,185

Geographic Information and Bu_4

Geographic Information and Business Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 2020segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of non-operating segments	1

Geographic Information and Bu_5

Geographic Information and Business Segments - Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Total revenue	$ 656,112	$ 382,340	$ 2,562,635	$ 1,117,873
Income (loss) before income taxes and noncontrolling interest	252,515	(5,828)	1,123,272	(88,610)
Operating Segments | Market Making
Segment Reporting Information [Line Items]
Total revenue	474,598	249,802	2,064,300	762,076
Income (loss) before income taxes and noncontrolling interest	161,732	30,375	1,010,871	99,876
Operating Segments | Execution Services
Segment Reporting Information [Line Items]
Total revenue	182,680	133,805	500,621	358,325
Income (loss) before income taxes and noncontrolling interest	102,029	(29,202)	137,879	(95,303)
Segment Reconciling Items | Corporate
Segment Reporting Information [Line Items]
Total revenue	(1,166)	(1,267)	(2,286)	(2,528)
Income (loss) before income taxes and noncontrolling interest	$ (11,246)	$ (7,001)	$ (25,478)	$ (93,183)

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)joint_venture	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)joint_venture	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Due from Affiliates	$ 2,900		$ 2,900		$ 1,300
Microwave communication network JVs
Related Party Transaction [Line Items]
Payments to related party	$ 4,700	$ 5,200	$ 14,000	$ 15,600
Number of microwave communication network JVs the Company makes payments to | joint_venture	2		2
Level 3
Related Party Transaction [Line Items]
Payments for purchases	$ 400	300	$ 1,200	1,100
CSA | Temasek Investment
Related Party Transaction [Line Items]
Related party costs	13		200
SBI
Related Party Transaction [Line Items]
Payments to related party	$ 4,100	$ 4,000	$ 13,800	$ 10,200

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Nov. 06, 2020USD ($)$ / shares
Class A common stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24
Share repurchase program, authorized amount | $	$ 100,000,000
Class B common stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24