Virtu Financial (VIRT) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 03, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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	2021
Document Fiscal Period Focus	Q3
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		112,339,058
Class C common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,763,065
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, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 683,836	$ 889,559
Cash restricted or segregated under regulations and other	70,477	117,446
Securities borrowed	1,277,601	1,425,016
Securities purchased under agreements to resell	170,194	22,866
Receivables from broker-dealers and clearing organizations	1,452,426	1,684,006
Trading assets, at fair value:
Financial instruments owned	3,018,838	2,369,192
Financial instruments owned and pledged	959,056	746,539
Receivables from customers	414,244	214,478
Property, equipment and capitalized software (net of accumulated depreciation of $470,524 and $455,961 as of September 30, 2021 and December 31, 2020, respectively)	103,963	113,590
Operating lease right-of-use assets	247,531	268,864
Goodwill	1,148,926	1,148,926
Intangibles (net of accumulated amortization of $236,581 and $183,494 as of September 30, 2021 and December 31, 2020, respectively)	402,912	454,499
Deferred tax assets	176,279	193,070
Other assets ($87,926 and $68,316, at fair value, as of September 30, 2021 and December 31, 2020, respectively)	303,194	317,747
Total assets	10,429,477	9,965,798
Liabilities
Short-term borrowings	312,814	64,686
Securities loaned	1,017,436	948,256
Securities sold under agreements to repurchase	583,268	461,235
Payables to broker-dealers and clearing organizations	1,094,971	876,446
Payables to customers	182,939	118,826
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	2,871,649	2,923,708
Tax receivable agreement obligations	254,660	271,165
Accounts payable, accrued expenses and other liabilities	413,998	491,818
Operating lease liabilities	292,967	315,340
Long-term borrowings	1,604,062	1,639,280
Total liabilities	8,628,764	8,110,760
Commitments and Contingencies (Note 15)
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 14,652,441 and 3,615,097 shares at September 30, 2021 and December 31, 2020, respectively	(392,468)	(88,923)
Additional paid-in capital	1,209,064	1,160,567
Retained earnings (accumulated deficit)	690,568	422,381
Accumulated other comprehensive income (loss)	(21,838)	(25,487)
Total Virtu Financial Inc. stockholders' equity	1,485,328	1,468,540
Noncontrolling interest	315,385	386,498
Total equity	1,800,713	1,855,038
Total liabilities and equity	10,429,477	9,965,798
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, 2021	Dec. 31, 2020
Accumulated depreciation	$ 470,524	$ 455,961
Intangibles, accumulated amortization	236,581	183,494
Fair value of other assets	$ 87,926	$ 68,316
Treasury stock, shares (in shares)	14,652,441	3,615,097
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)	127,872,786	125,627,277
Common stock, shares outstanding (in shares)	113,220,345	122,012,180
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)	9,763,065	10,226,939
Common stock, shares outstanding (in shares)	9,763,065	10,226,939
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Trading income, net	$ 394,265	$ 441,295	$ 1,591,840	$ 1,987,756
Interest and dividends income	$ 9,704	$ 10,932	$ 26,246	$ 46,788
Revenue from contract with customer, product and service [Extensible Enumeration]	Commissions, Net and Technology Services [Member]	Commissions, Net and Technology Services [Member]	Commissions, Net and Technology Services [Member]	Commissions, Net and Technology Services [Member]
Commissions, net and technology services	$ 135,923	$ 133,853	$ 470,687	$ 452,333
Other, net	4,452	70,032	17,108	75,758
Total revenue	544,344	656,112	2,105,881	2,562,635
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	158,862	196,448	588,885	573,769
Communication and data processing	55,627	51,647	159,824	162,336
Employee compensation and payroll taxes	84,552	35,798	273,172	327,091
Interest and dividends expense	26,586	27,374	75,585	97,656
Operations and administrative	18,228	24,612	65,636	73,480
Depreciation and amortization	16,636	16,656	49,764	50,728
Amortization of purchased intangibles and acquired capitalized software	16,933	18,265	53,087	56,177
Termination of office leases	238	60	5,126	343
Debt issue cost related to debt refinancing, prepayment and commitment fees	1,237	9,916	4,981	27,282
Transaction advisory fees and expenses	167	2,463	150	2,737
Financing interest expense on long-term borrowings	20,179	20,358	59,784	67,764
Total operating expenses	399,245	403,597	1,335,994	1,439,363
Income before income taxes and noncontrolling interest	145,099	252,515	769,887	1,123,272
Provision for income taxes	21,961	52,807	128,611	200,044
Net income	123,138	199,708	641,276	923,228
Noncontrolling interest	(52,631)	(82,999)	(268,454)	(386,311)
Net income available for common stockholders	$ 70,507	$ 116,709	$ 372,822	$ 536,917
Earnings per share
Basic (in dollars per share)	$ 0.59	$ 0.92	$ 3.04	$ 4.31
Diluted (in dollars per share)	$ 0.59	$ 0.92	$ 3.01	$ 4.29
Weighted average common shares outstanding
Basic (in shares)	115,770,457	122,686,931	119,148,571	121,328,895
Diluted (in shares)	116,623,115	123,772,005	120,373,160	121,939,839
Net income	$ 123,138	$ 199,708	$ 641,276	$ 923,228
Other comprehensive income
Foreign exchange translation adjustment, net of taxes	(7,843)	7,812	(11,452)	3,860
Net change in unrealized cash flow hedges gain (loss), net of taxes	3,498	314	18,197	(64,425)
Comprehensive income	118,793	207,834	648,021	862,663
Less: Comprehensive income attributable to noncontrolling interest	(51,007)	(86,761)	(271,552)	(360,302)
Comprehensive income attributable to common stockholders	$ 67,786	$ 121,073	$ 376,469	$ 502,361

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	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	Noncontrolling Interest
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	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)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Unit and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(48,767)							(29,602)		(29,602)	(19,165)
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	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	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)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Unit and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(175,412)							(30,201)		(30,201)	(145,211)
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
Net income	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
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Unit and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(113,788)							(30,347)		(30,347)	(83,441)
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
Balance at beginning period (in shares) at Dec. 31, 2020			125,627,277	10,226,939	60,091,740	3,615,097
Balance at beginning of period at Dec. 31, 2020	1,855,038		$ 1	$ 0	$ 1	$ (88,923)	1,160,567	422,381	(25,487)	1,468,540	386,498
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)			1,896,407
Share based compensation	27,450						27,450			27,450
Treasury stock purchases (in shares)			(615,794)			(2,277,409)
Treasury stock purchases	(79,418)					$ (63,359)		(16,059)		(79,418)
Stock options exercised (in shares)			154,372
Stock options exercised	2,933						2,933			2,933
Net income	409,232							239,405		239,405	169,827
Foreign exchange translation adjustment	(3,676)								(2,165)	(2,165)	(1,511)
Net change in unrealized cash flow hedges gains (losses)	21,906								12,607	12,607	9,299
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Unit and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(189,386)							(30,147)		(30,147)	(159,239)
Issuance of common stock in connection with employee exchanges (in shares)			91,757
Repurchase of virtu financial units and corresponding number of Class C common stock in connection with employee exchanges (in shares)				(91,757)
Balance at end of period (in shares) at Mar. 31, 2021			127,154,019	10,135,182	60,091,740	5,892,506
Balance at end of period at Mar. 31, 2021	2,044,079		$ 1	$ 0	$ 1	$ (152,282)	1,190,950	615,580	(15,045)	1,639,205	404,874
Balance at beginning period (in shares) at Dec. 31, 2020			125,627,277	10,226,939	60,091,740	3,615,097
Balance at beginning of period at Dec. 31, 2020	1,855,038		$ 1	$ 0	$ 1	$ (88,923)	1,160,567	422,381	(25,487)	1,468,540	386,498
Increase (decrease) in stockholder's/members' equity
Repurchase of Class C common stock		$ (12,500)
Treasury stock purchases (in shares)		(132,500,000)
Treasury stock purchases	(337,500)
Net income	641,276
Foreign exchange translation adjustment	(11,452)
Net change in unrealized cash flow hedges gains (losses)	18,197
Balance at end of period (in shares) at Sep. 30, 2021			127,872,786	9,763,065	60,091,740	14,652,441
Balance at end of period at Sep. 30, 2021	1,800,713		$ 1	$ 0	$ 1	$ (392,468)	1,209,064	690,568	(21,838)	1,485,328	315,385
Balance at beginning period (in shares) at Mar. 31, 2021			127,154,019	10,135,182	60,091,740	5,892,506
Balance at beginning of period at Mar. 31, 2021	2,044,079		$ 1	$ 0	$ 1	$ (152,282)	1,190,950	615,580	(15,045)	1,639,205	404,874
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)			32,916
Share based compensation	7,444						7,444			7,444
Repurchase of Class C common stock (in shares)				(45,622)
Repurchase of Class C common stock	(1,323)						(1,323)			(1,323)
Treasury stock purchases (in shares)			(5,489)			(3,358,003)
Treasury stock purchases	(101,419)					$ (101,305)		(114)		(101,419)
Stock options exercised (in shares)			253,625
Stock options exercised	4,819						4,819			4,819
Net income	108,907							62,910		62,910	45,997
Foreign exchange translation adjustment	66								43	43	23
Net change in unrealized cash flow hedges gains (losses)	(7,206)								(4,115)	(4,115)	(3,091)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Unit and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(132,545)							(29,483)		(29,483)	(103,062)
Issuance of common stock in connection with employee exchanges (in shares)			290,524
Repurchase of virtu financial units and corresponding number of Class C common stock in connection with employee exchanges (in shares)				(290,524)
Balance at end of period (in shares) at Jun. 30, 2021			127,725,595	9,799,036	60,091,740	9,250,509
Balance at end of period at Jun. 30, 2021	1,922,822		$ 1	$ 0	$ 1	$ (253,587)	1,201,890	648,893	(19,117)	1,578,081	344,741
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)			103,154
Share based compensation	6,803						6,803			6,803
Repurchase of Class C common stock (in shares)				(12,980)
Repurchase of Class C common stock	(370)						(370)			(370)
Treasury stock purchases (in shares)			(17,954)			(5,401,932)
Treasury stock purchases	(139,377)					$ (138,881)		(496)		(139,377)
Stock options exercised (in shares)			39,000
Stock options exercised	741						741			741
Net income	123,138							70,507		70,507	52,631
Foreign exchange translation adjustment	(7,843)								(4,912)	(4,912)	(2,931)
Net change in unrealized cash flow hedges gains (losses)	3,498								2,191	2,191	1,307
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Unit and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(108,699)							(28,336)		(28,336)	(80,363)
Issuance of common stock in connection with employee exchanges (in shares)			22,991
Repurchase of virtu financial units and corresponding number of Class C common stock in connection with employee exchanges (in shares)				(22,991)
Balance at end of period (in shares) at Sep. 30, 2021			127,872,786	9,763,065	60,091,740	14,652,441
Balance at end of period at Sep. 30, 2021	$ 1,800,713		$ 1	$ 0	$ 1	$ (392,468)	$ 1,209,064	$ 690,568	$ (21,838)	$ 1,485,328	$ 315,385

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.24	$ 0.24	$ 0.24

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income	$ 641,276	$ 923,228
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	49,764	50,728
Amortization of purchased intangibles and acquired capitalized software	53,087	56,177
Debt issue cost related to debt refinancing and prepayment	649	7,555
Amortization of debt issuance costs and deferred financing fees	5,243	24,164
Termination of office leases	5,126	343
Share-based compensation	38,260	37,510
Deferred taxes	16,791	22,204
Gain on sale of MATCHNow	0	(58,652)
Other	(15,093)	(14,750)
Changes in operating assets and liabilities:
Securities borrowed	147,415	602,920
Securities purchased under agreements to resell	(147,328)	125,619
Receivables from broker-dealers and clearing organizations	231,580	(563,297)
Trading assets, at fair value	(862,163)	(51,507)
Receivables from customers	(199,766)	(73,408)
Operating lease right-of-use assets	20,135	27,457
Other assets	43,898	(67,469)
Securities loaned	69,180	(894,310)
Securities sold under agreements to repurchase	122,033	126,253
Payables to broker-dealers and clearing organizations	236,722	(216,143)
Payables to customers	64,113	52,261
Trading liabilities, at fair value	(52,059)	292,177
Operating lease liabilities	(22,373)	(34,738)
Accounts payable, accrued expenses and other liabilities	(71,968)	109,276
Net cash provided by operating activities	374,522	483,598
Cash flows from investing activities
Development of capitalized software	(30,154)	(27,463)
Acquisition of property and equipment	(16,326)	(21,717)
Proceeds from sale of MATCHNow	0	60,592
Other investing activities	(18,960)	(7,968)
Net cash provided by (used in) investing activities	(65,440)	3,444
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(430,630)	(337,966)
Repurchase of Class C common stock	(1,693)	0
Purchase of treasury stock	(320,214)	(12,579)
Stock options exercised	8,493	14,502
Short-term borrowings, net	249,622	49,388
Repayment of long term borrowings	(36,737)	(288,500)
Tax receivable agreement obligations	(16,505)	(13,286)
Debt issuance costs	(2,658)	(9,779)
Net cash used in financing activities	(550,322)	(598,220)
Effect of exchange rate changes on cash and cash equivalents	(11,452)	3,860
Net decrease in cash and cash equivalents	(252,692)	(107,318)
Cash, cash equivalents, and restricted or segregated cash, beginning of period	1,007,005	773,280
Cash, cash equivalents, and restricted or segregated cash, end of period	754,313	665,962
Supplementary disclosure of cash flow information
Cash paid for interest	115,890	137,750
Cash paid for taxes	130,565	207,387
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software	$ 12,935	$ 9,672

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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, 2021, VFI owned approximately 62.6% 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, Exchange-Traded Funds ("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. The Company has completed two significant acquisitions over the past five years that have expanded and complemented Virtu Financial's original electronic trading and marking making business. 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”). ITG's business contributes to the Company's Execution Services segment. Virtu Financial’s principal United States ("U.S.") subsidiary is Virtu Americas LLC (“VAL”), which is a U.S. broker-dealer. 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 ("VFIL") and Virtu ITG Europe Limited ("VIEL"), each formed in Ireland; Virtu ITG UK Limited ("VIUK"), formed in the United Kingdom; 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. 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, 2020. The condensed consolidated financial statements of the Company include its equity interests in Virtu Financial and its 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. Certain reclassifications have been made to the prior period's 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 March 31, 2021, the Company changed the presentation of its Condensed Consolidated Statements of Changes in Equity and Condensed Consolidated Statements of Cash Flows. As a result, the Company combined $30.3 million of Dividends to stockholders and $83.4 million of Distribution from Virtu Financial to noncontrolling interest, and $90.1 million of Dividends to stockholders and $247.8 million of Distribution from Virtu Financial to noncontrolling interest into one line, Dividends to stockholders and distribution from Virtu Financial to noncontrolling interest for the three and nine months ended September 30, 2020, respectively. Dividends and distributions from Virtu Financial to noncontrolling interest both represent cash payments by the Company to its equity owners which reduce Total equity.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies For a detailed discussion of the Company's significant accounting policies, see Note 2 "Summary of Significant Accounting Policies" in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020. Accounting Pronouncements, Recently Adopted Income Taxes - In December 2019, the FASB issued Accounting Standards Update ("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 Company adopted this ASU on January 1, 2021 and it did not have a material impact on its condensed consolidated financial statements. Accounting Pronouncements, Not Yet Adopted as of September 30, 2021 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which expands the scope of Topic 848 to include derivative instruments that are affected by changes in the interest rates used for margining, discounting or contract price alignment as part of the market transition to new reference rates (the "discounting transition"). The Company is evaluating the impact of these ASUs, 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 earnings per share ("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.

Sale of MATCHNow

Sale of MATCHNow	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Sale of MATCHNow	Sale of MATCHNowIn 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 Statements of Comprehensive Income. The Company recognized a gain on sale of $58.7 million, which was recorded in Other, net on the Condensed Consolidated Statements of Comprehensive Income for the year 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 may be earned based on the future performance of MATCHNow following the MATCHNow Closing Date. Deferred payments will be assessed quarterly until December 31, 2022 and recorded in Other, net on the Condensed Consolidated Statements 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 are recorded in Other, net on the Condensed Consolidated Statements 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, 2021
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) 2021 2020 2021 2020 Income before income taxes and noncontrolling interest $ 145,099 $ 252,515 $ 769,887 $ 1,123,272 Provision for income taxes 21,961 52,807 128,611 200,044 Net income 123,138 199,708 641,276 923,228 Noncontrolling interest (52,631) (82,999) (268,454) (386,311) Net income available for common stockholders $ 70,507 $ 116,709 $ 372,822 $ 536,917 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) 2021 2020 2021 2020 Basic earnings (loss) per share: Net income available for common stockholders $ 70,507 $ 116,709 $ 372,822 $ 536,917 Less: Dividends and undistributed earnings allocated to participating securities (2,222) (3,417) (10,335) (14,210) Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities 68,285 113,292 362,487 522,707 Weighted average shares of common stock outstanding: Class A 115,770,457 122,686,931 119,148,571 121,328,895 Basic earnings (loss) per share $ 0.59 $ 0.92 $ 3.04 $ 4.31 Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except for share or per share data) 2021 2020 2021 2020 Diluted earnings (loss) per share: Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities $ 68,285 $ 113,292 $ 362,487 $ 522,707 Weighted average shares of common stock outstanding: Class A Issued and outstanding 115,770,457 122,686,931 119,148,571 121,328,895 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 852,657 1,085,074 1,224,589 610,944 116,623,114 123,772,005 120,373,160 121,939,839 Diluted earnings (loss) per share $ 0.59 $ 0.92 $ 3.01 $ 4.29

Tax Receivable Agreements

Tax Receivable Agreements	9 Months Ended
	Sep. 30, 2021
Tax Receivable Agreements [Abstract]
Tax Receivable Agreements	Tax Receivable Agreements For a detailed discussion of the Company's tax receivable agreements, see Note 7 "Tax Receivable Agreements" in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020. For purposes of the tax receivable agreements, 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. The Company made its first payment of $7.0 million in February 2017, its second payment of $12.4 million in September 2018, its third payment of $13.3 million in March 2020, and its fourth payment of $16.5 million in April 2021. Tax receivable payments are expected to range from approximately $0.9 million to $21.7 million per year over the next 15 years. At September 30, 2021 and December 31, 2020, the Company’s remaining deferred tax assets that relate to the matters described above were approximately $184.3 million and $199.1 million, respectively, and the Company’s liabilities over the next 15 years pursuant to the tax receivable agreements were approximately $254.7 million and $271.2 million, respectively. The amounts recorded as of September 30, 2021 and December 31, 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.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020, 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, 2021 and 2020. The following table presents the details of goodwill by segment as of September 30, 2021 and December 31, 2020: (in thousands) Market Making Execution Services Corporate Total Balance as of period-end $ 755,292 $ 393,634 $ — $ 1,148,926 As of September 30, 2021 and December 31, 2020, the Company's total amount of intangible assets recorded was $402.9 million and $454.5 million, respectively. Acquired intangible assets consisted of the following as of September 30, 2021 and December 31, 2020: As of September 30, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships $ 486,600 $ (130,182) $ 356,418 10 to 12 Technology 136,000 (97,966) 38,034 1 to 6 Favorable occupancy leases 5,895 (3,433) 2,462 3 to 15 Exchange memberships 3,998 — 3,998 Indefinite Trade name 3,600 (3,100) 500 3 ETF issuer relationships 950 (950) — 9 ETF buyer relationships 950 (950) — 9 Other $ 1,500 $ — $ 1,500 Indefinite $ 639,493 $ (236,581) $ 402,912 As of December 31, 2020 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships $ 486,600 $ (94,299) $ 392,301 10 to 12 Technology 136,000 (82,403) 53,597 1 to 6 Favorable occupancy leases 5,895 (2,839) 3,056 3 to 15 Exchange memberships 3,998 — 3,998 Indefinite Trade name 3,600 (2,200) 1,400 3 ETF issuer relationships 950 (877) 73 9 ETF buyer relationships 950 (876) 74 9 Other $ — $ — $ — Indefinite $ 637,993 $ (183,494) $ 454,499 Amortization expense relating to finite-lived intangible assets was approximately $16.9 million and $18.3 million for the three months ended September 30, 2021 and 2020, respectfully, and $53.1 million and $56.2 million for the nine months ended September 30, 2021 and 2020, 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 the next five subsequent years: (in thousands) Remainder of 2021 $ 16,580 2022 64,852 2023 63,960 2024 50,845 2025 47,879 2026 47,879

Receivables from_Payables to Br

Receivables from/Payables to Broker-Dealers and Clearing Organizations	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020: (in thousands) September 30, 2021 December 31, 2020 Assets Due from prime brokers $ 557,316 $ 697,293 Deposits with clearing organizations 181,987 216,962 Net equity with futures commission merchants 239,697 248,943 Unsettled trades with clearing organizations 3,380 118,777 Securities failed to deliver 444,138 372,965 Commissions and fees 25,908 29,066 Total receivables from broker-dealers and clearing organizations $ 1,452,426 $ 1,684,006 Liabilities Due to prime brokers $ 606,840 $ 410,772 Net equity with futures commission merchants 69,147 77,257 Unsettled trades with clearing organizations 113,250 228,070 Securities failed to receive 304,598 156,804 Commissions and fees 1,136 3,543 Total payables to broker-dealers and clearing organizations $ 1,094,971 $ 876,446 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 9 "Borrowings") of approximately $202.5 million and $134.7 million as of September 30, 2021 and December 31, 2020, 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, 2021
Collateralized Agreements [Abstract]
Collateralized Transactions	Collateralized Transactions The Company is permitted to sell or repledge securities received as collateral and use these securities to secure repurchase agreements, enter into securities lending transactions or deliver these securities to counterparties or clearing organizations to cover short positions. At September 30, 2021 and December 31, 2020, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at September 30, 2021 and December 31, 2020 are summarized as follows: (in thousands) September 30, 2021 December 31, 2020 Securities received as collateral: Securities borrowed $ 1,221,032 $ 1,374,266 Securities purchased under agreements to resell 170,194 22,866 $ 1,391,226 $ 1,397,132 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, 2021 and December 31, 2020 consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Equities $ 947,661 $ 734,024 Exchange traded notes 11,395 12,515 $ 959,056 $ 746,539

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2021
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, 2021 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 178,000 $ (1,881) $ 176,119 Short-term bank loans 136,695 — 136,695 $ 314,695 $ (1,881) $ 312,814 December 31, 2020 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 36,400 $ (387) $ 36,013 Short-term bank loans 28,673 — 28,673 $ 65,073 $ (387) $ 64,686 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 $400 million, and is collateralized by VAL's trading and deposit account maintained at the financial institution. The second credit facility (the “Committed Facility”) with the same financial institution has a borrowing limit of $600 million. 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 bear interest at the adjusted LIBOR or base rate plus 1.25% per annum. 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, VAL 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 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 (as defined in the Founder Member Loan Facility) commitments under the Founder Member Loan Facility, 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 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 Statements of Financial Condition. At September 30, 2021 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility 1.25% $ 400,000 $ 178,000 $ (1,881) $ 176,119 Committed facility 2.61% 600,000 — — — $ 1,000,000 $ 178,000 $ (1,881) $ 176,119 At December 31, 2020 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility 1.25% $ 400,000 $ 36,400 $ (387) $ 36,013 Committed facility 1.40% 600,000 — — — $ 1,000,000 $ 36,400 $ (387) $ 36,013 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) 2021 2020 2021 2020 Broker-dealer credit facilities: Uncommitted facility $ 540 $ 244 $ 1,790 $ 1,007 Committed facility — 71 57 433 Demand Loan — — — 211 $ 540 $ 315 $ 1,847 $ 1,651 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, 2021, there was $136.7 million associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 1.2%. At December 31, 2020, there was $28.7 million associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 2.4%. These short-term bank loan balances are included within Short-term borrowings on the Condensed Consolidated Statements of Financial Condition. 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, 2021 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 2.78% $ 616,000 $ 202,480 $ 616,000 $ 202,480 At December 31, 2020 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 2.77% $ 616,000 $ 134,664 $ 616,000 $ 134,664 (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 $1.4 million and $1.2 million for the three months ended September 30, 2021 and 2020 , and $3.5 million and $3.8 million for the nine months ended September 30, 2021 and 2020, 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, 2021 (in thousands) Maturity Interest Outstanding Principal Discount Deferred Debt Issuance Cost Outstanding Borrowings, net Long-term borrowings: First Lien Term Loan Facility March 2026 3.08% $ 1,599,774 $ (3,949) $ (23,187) $ 1,572,638 SBI bonds January 2023 5.00% 31,450 — (26) 31,424 $ 1,631,224 $ (3,949) $ (23,213) $ 1,604,062 At December 31, 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 $ (4,723) $ (26,367) $ 1,605,422 SBI bonds January 2023 5.00% 33,898 — (40) 33,858 $ 1,670,410 $ (4,723) $ (26,407) $ 1,639,280 Credit Agreement 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, a subsidiary of the Company (the "Acquisition Borrower") entered into a Credit Agreement (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, of which amount approximately $404.5 million was borrowed by VFH to repay all amounts outstanding under a previous term loan facility and the remaining approximately $1,095 million was 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, VFH entered into an amendment (“Amendment No. 1”), which amended the Credit Agreement dated as of March 1, 2019 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 March 2, 2020, VFH entered into a second amendment (“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. 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, the 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. As of September 30, 2021, $1,600 million was outstanding under the First Lien Term Loan Facility. The revolving commitments will terminate on March 1, 2022. There were no outstanding borrowings under the First Lien Revolving Facility as of September 30, 2021 or December 31, 2020. 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. In October 2019, the Company entered into a five-year $525 million floating-to-fixed interest rate swap agreement. The Company also entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement in January 2020. As these two interest rate swaps met the criteria to be considered qualifying cash flow hedges under ASC 815 in 2020, they effectively fix interest payment obligations on $525.0 million and $1,000 million of principal under the First Lien Term Loan Facility at rates of 4.3% and 4.4% through September 2024 and January 2025, respectively, based on the interest rates set forth in the Amended Credit Agreement. In April 2021, each of the swap agreements described above was novated to another counterparty and amended in connection with such novation. The amendments included certain changes to collateral posting obligations, and also had the effect of increasing the effective fixed interest payment obligations to rates of 4.5%, with respect to the earlier maturing swap arrangement, and 4.6% with respect to the later maturing swap arrangement. 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 Japannext Co., Ltd. (as described in Note 10 "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 ($31.5 million) as of September 30, 2021 and ¥3.5 billion ($33.9 million) as of December 31, 2020. The Company had a gain of $0.1 million and a loss of $0.8 million during the three months ended September 30, 2021, and 2020, respectively, and a gain of $2.4 million and a loss of $1.0 million during the nine months ended September 30, 2021 and 2020, respectively, due to changes in foreign currency rates. As of September 30, 2021, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows: (in thousands) September 30, 2021 Remainder of 2021 $ — 2022 — 2023 31,450 2024 — 2025 — Thereafter 1,599,774 Total principal of long-term borrowings $ 1,631,224

Financial Assets and Liabilitie

Financial Assets and Liabilities	9 Months Ended
	Sep. 30, 2021
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, 2021: September 30, 2021 (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 $ 436,245 $ 2,117,572 $ — $ — $ 2,553,817 U.S. and Non-U.S. government obligations 216,125 19,947 — — 236,072 Corporate Bonds — 201,086 — — 201,086 Exchange traded notes 427 8,285 — — 8,712 Currency forwards — 311,230 — (300,399) 10,831 Options 8,320 — — — 8,320 $ 661,117 $ 2,658,120 $ — $ (300,399) $ 3,018,838 Financial instruments owned, pledged as collateral: Equity securities $ 576,478 $ 371,183 $ — $ — $ 947,661 Exchange traded notes 5,389 6,006 — — 11,395 $ 581,867 $ 377,189 $ — $ — $ 959,056 Other Assets Equity investment $ — $ — $ 85,317 $ — $ 85,317 Exchange stock 2,609 — — — 2,609 $ 2,609 $ — $ 85,317 $ — $ 87,926 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,336,070 $ 825,070 $ — $ — $ 2,161,140 U.S. and Non-U.S. government obligations 285,997 12,747 — — 298,744 Corporate Bonds — 349,299 — — 349,299 Exchange traded notes 835 4,750 — — 5,585 Currency forwards — 316,352 — (308,611) 7,741 Options 49,140 — — — 49,140 $ 1,672,042 $ 1,508,218 $ — $ (308,611) $ 2,871,649 Payables to broker dealers and clearing organizations: Interest rate swap $ — $ 43,608 $ — $ — $ 43,608 Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2020: December 31, 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 $ 761,484 $ 1,194,105 $ — $ — $ 1,955,589 U.S. and Non-U.S. government obligations 151,723 48,059 — — 199,782 Corporate Bonds — 135,518 — — 135,518 Exchange traded notes 106 19,721 — — 19,827 Currency forwards — 341,360 — (291,964) 49,396 Options 9,080 — — — 9,080 $ 922,393 $ 1,738,763 $ — $ (291,964) $ 2,369,192 Financial instruments owned, pledged as collateral: Equity securities $ 496,943 $ 237,081 $ — $ — $ 734,024 Exchange traded notes 2 12,513 — — 12,515 $ 496,945 $ 249,594 $ — $ — $ 746,539 Other Assets Equity investment $ — $ — $ 66,030 $ — $ 66,030 Exchange stock 2,286 — — — 2,286 $ 2,286 $ — $ 66,030 $ — $ 68,316 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,307,082 $ 1,137,968 $ — $ — $ 2,445,050 U.S. and Non-U.S. government obligations 83,173 19,984 — — 103,157 Corporate Bonds — 358,734 — — 358,734 Exchange traded notes — 7,431 — — 7,431 Currency forwards — 292,965 — (292,870) 95 Options 9,241 — — — 9,241 $ 1,399,496 $ 1,817,082 $ — $ (292,870) $ 2,923,708 Payables to broker dealers and clearing organizations: Interest rate swap $ — $ 63,513 $ — $ — $ 63,513 JNX Investment The Company has a minority investment (the “JNX Investment”) in Japannext Co., Ltd. (“JNX”), formerly known as SBI Japannext Co., Ltd., a proprietary trading system based in Tokyo. In connection with the JNX Investment, the Company issued the SBI Bonds (as described in Note 9 "Borrowings") and used the proceeds to partially finance the transaction. The JNX Investment is included within Level 3 of the fair value hierarchy. As of September 30, 2020 and 2021, the fair value of the JNX 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 JNX Investment: September 30, 2021 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 85,317 Discounted cash flow Estimated revenue growth 2.4% - 22.7% 8.5 % Discount rate 14.4% - 14.4% 14.4 % Market Future enterprise value/ EBIDTA ratio 9.8x - 44.5x 17.2x December 31, 2020 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 66,030 Discounted cash flow Estimated revenue growth (9.0)% - 39.0% 9.6 % Discount rate 14.4% - 14.4% 14.4 % Market Future enterprise value/ EBIDTA ratio 12.2x - 21.9x 13.8x Changes in the fair value of the JNX 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, 2021 (in thousands) Balance at June 30, 2021 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2021 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2021 Assets Other assets: Equity investment $ 78,313 $ — $ 7,004 $ — $ — $ 85,317 $ 7,004 Total $ 78,313 $ — $ 7,004 $ — $ — $ 85,317 $ 7,004 (1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 9 "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 JNX Investment. 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 9 "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 JNX Investment. Nine Months Ended September 30, 2021 (in thousands) Balance at December 31, 2020 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2021 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2021 Assets Other assets: Equity investment $ 66,030 $ — $ 19,287 $ — $ — $ 85,317 $ 19,287 Total $ 66,030 $ — $ 19,287 $ — $ — $ 85,317 $ 19,287 (1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 9 "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 JNX Investment. 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 9 "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 JNX Investment. 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 Statements 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, 2021: September 30, 2021 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 $ 683,836 $ 683,836 $ 683,836 $ — $ — Cash restricted or segregated under regulations and other 70,477 70,477 70,477 — — Securities borrowed 1,277,601 1,277,601 — 1,277,601 — Securities purchased under agreements to resell 170,194 170,194 — 170,194 — Receivables from broker-dealers and clearing organizations 1,452,426 1,452,426 415 1,452,011 — Receivables from customers 414,244 414,244 — 414,244 — Other assets (1) 14,427 14,427 — 14,427 — Total Assets $ 4,083,205 $ 4,083,205 $ 754,728 $ 3,328,477 $ — Liabilities Short-term borrowings $ 312,814 $ 314,695 $ — $ 314,695 $ — Long-term borrowings 1,604,062 1,629,224 — 1,629,224 — Securities loaned 1,017,436 1,017,436 — 1,017,436 — Securities sold under agreements to repurchase 583,268 583,268 — 583,268 — Payables to broker-dealers and clearing organizations (2) 1,094,971 1,094,971 532,533 562,438 — Payables to customers 182,939 182,939 — 182,939 — Other liabilities (3) 8,904 8,904 — 8,904 — Total Liabilities $ 4,804,394 $ 4,831,437 $ 532,533 $ 4,298,904 $ — (1) Includes cash collateral and deposits, and interest and dividends receivables. (2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value. (3) Includes deposits, interest and dividends payable. The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2020: December 31, 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 $ 889,559 $ 889,559 $ 889,559 $ — $ — Cash restricted or segregated under regulations and other 117,446 117,446 117,446 — — Securities borrowed 1,425,016 1,425,016 — 1,425,016 — Securities purchased under agreements to resell 22,866 22,866 — 22,866 — Receivables from broker-dealers and clearing organizations 1,684,006 1,684,006 173,578 1,510,428 — Receivables from customers 214,478 214,478 — 214,478 — Other assets (1) 21,735 21,735 — 21,735 — Total Assets $ 4,375,106 $ 4,375,106 $ 1,180,583 $ 3,194,523 $ — Liabilities Short-term borrowings 64,686 65,073 — 65,073 — Long-term borrowings 1,639,280 1,672,456 — 1,672,456 — Securities loaned 948,256 948,256 — 948,256 — Securities sold under agreements to repurchase 461,235 461,235 — 461,235 — Payables to broker dealer and clearing organizations (2) 876,446 876,446 3,517 872,929 — Payables to customers 118,826 118,826 — 118,826 — Other liabilities (3) 9,208 9,208 — 9,208 — Total Liabilities $ 4,117,937 $ 4,151,500 $ 3,517 $ 4,147,983 $ — (1) Includes cash collateral and deposits, and interest and dividends receivables. (2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value. (3) Includes deposits, interest and dividends payable. 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, 2021 and December 31, 2020: September 30, 2021 Gross Amounts of Recognized Assets Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition (in thousands) Financial Instrument Collateral Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Assets: Securities borrowed $ 1,277,601 $ — $ 1,277,601 $ (1,221,032) $ (8,097) $ 48,472 Securities purchased under agreements to resell 170,194 — 170,194 (170,194) — — Trading assets, at fair value: Currency forwards 311,230 (300,399) 10,831 — — 10,831 Options 8,320 — 8,320 — (8,320) — Total $ 1,767,345 $ (300,399) $ 1,466,946 $ (1,391,226) $ (16,417) $ 59,303 Gross Amounts of Recognized Liabilities Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 1,017,436 $ — $ 1,017,436 $ (995,181) $ (12,655) $ 9,600 Securities sold under agreements to repurchase 583,268 — 583,268 (583,268) — — Payable to broker-dealers and clearing organizations Interest rate swaps 43,608 — 43,608 — — 43,608 Trading liabilities, at fair value: Currency forwards 316,352 (308,611) 7,741 — — 7,741 Options 49,140 — 49,140 — (8,320) 40,820 Total $ 2,009,804 $ (308,611) $ 1,701,193 $ (1,578,449) $ (20,975) $ 101,769 December 31, 2020 Gross Amounts of Recognized Assets Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition (in thousands) Financial Instrument Collateral Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Assets: Securities borrowed $ 1,425,016 $ — $ 1,425,016 $ (1,374,266) $ (9,686) $ 41,064 Securities purchased under agreements to resell 22,866 — 22,866 (22,866) — — Trading assets, at fair value: Currency forwards 341,360 (291,964) 49,396 — — 49,396 Options 9,080 — 9,080 — (9,080) — Total $ 1,798,322 $ (291,964) $ 1,506,358 $ (1,397,132) $ (18,766) $ 90,460 Gross Amounts of Recognized Assets Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition (in thousands) Financial Instrument Collateral Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 948,256 $ — $ 948,256 $ (921,593) $ (17,800) $ 8,863 Securities sold under agreements to repurchase 461,235 — 461,235 (461,235) — — Interest rate swaps 63,513 — 63,513 — (63,162) 351 Trading liabilities, at fair value: Currency forwards 292,965 (292,870) 95 — — 95 Options 9,241 — 9,241 — (9,080) 161 Total $ 1,775,210 $ (292,870) $ 1,482,340 $ (1,382,828) $ (90,042) $ 9,470 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, 2021 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 $ — $ 125,000 $ 50,000 $ 160,000 $ 50,000 $ 385,000 U.S. and Non-U.S. government obligations 198,268 — — — 198,268 Total $ 198,268 $ 125,000 $ 50,000 $ 160,000 $ 50,000 $ 583,268 Securities loaned: Equity securities $ 1,017,436 $ — $ — $ — $ — $ 1,017,436 Total $ 1,017,436 $ — $ — $ — $ — $ 1,017,436 December 31, 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 $ — $ 125,000 $ 50,000 $ 200,000 $ — $ 375,000 U.S. and Non-U.S. government obligations 86,235 — — — — 86,235 Total $ 86,235 $ 125,000 $ 50,000 $ 200,000 $ — $ 461,235 Securities loaned: Equity securities 948,256 — — — — 948,256 Total $ 948,256 $ — $ — $ — $ — $ 948,256

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020: (in thousands) September 30, 2021 December 31, 2020 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 $ (753) $ 1,371,507 $ 4,669 $ 2,208,899 Commodity futures Receivables from broker-dealers and clearing organizations (217) 137,010 173,889 6,237,389 Currency futures Receivables from broker-dealers and clearing organizations 1,964 847,313 (11,736) 2,823,277 Fixed income futures Receivables from broker-dealers and clearing organizations 158 16,292 42 102,476 Options Financial instruments owned 8,320 934,627 9,080 746,723 Currency forwards Financial instruments owned 311,230 28,029,260 341,360 30,596,681 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 $ 1,240 $ 398,517 $ 31 $ 90,219 Commodity futures Payables to broker-dealers and clearing organizations (533,414) 9,633,999 (5,397) 27,287 Currency futures Payables to broker-dealers and clearing organizations (6,057) 2,664,776 3,598 2,269,898 Fixed income futures Payables to broker-dealers and clearing organizations 97 51,091 — 1,566 Options Financial instruments sold, not yet purchased 49,140 936,594 9,241 736,997 Currency forwards Financial instruments sold, not yet purchased 316,352 28,031,821 292,965 30,572,490 Derivative instruments designated as hedging instruments: Interest rate swaps Payables to broker-dealers and clearing organizations 43,608 1,525,000 63,513 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, 2021 and 2020. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) Financial Statements Location 2021 2020 2021 2020 Derivative instruments not designated as hedging instruments: Futures Trading income, net $ 84,875 $ (12,262) $ 213,569 $ 11,440 Currency forwards Trading income, net (49,599) 62,465 12,756 255,044 Options Trading income, net 9,455 35,343 63,016 61,643 Interest rate swap on term loan Other, net (474) (1,417) (1,397) (1,417) $ 44,257 $ 84,129 $ 287,944 $ 326,710 Derivative instruments designated as hedging instruments: Interest rate swaps (1) Other comprehensive income $ 4,112 $ 314 $ 21,453 $ (64,425) $ 4,112 $ 314 $ 21,453 $ (64,425) (1) The Company entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement in the first quarter of 2020 and 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 in the first quarter of 2020, and as such, the mark-to-market gains (losses) on the instruments were recorded within Other comprehensive income on the Condensed Consolidated Statements of Comprehensive Income beginning in the first quarter of 2020.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, 2021, 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, 2021, 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 U.S. As of September 30, 2021, the Company held approximately a 14.1% noncontrolling interest in this JV. The Company's four JVs meet the criteria to be considered VIEs, which it does not consolidate. 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 applicable JVs within Accounts payable, accrued expenses and other liabilities on the 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, 2021: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 30,388 $ — $ 30,388 $ 154,789 The following table presents the Company’s nonconsolidated VIEs at December 31, 2020: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 28,969 $ — $ 28,969 $ 175,547

Revenues from Contracts with Cu

Revenues from Contracts with Customers	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	Revenues from Contracts with Customers For more information on revenue recognition and the nature of services provided, see Note 2 "Summary of Significant Accounting Policies" and Note 14 "Revenues from Contracts with Customers" to the Consolidated Financial Statements of the Company's 2020 Annual Report on Form 10-K. Disaggregation of Revenues The following tables present the Company’s revenue from contracts with customers disaggregated by service, by timing of revenue recognition, reconciled to the Company’s segments, for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 8,894 $ 93,474 $ — $ 102,368 Workflow technology — 23,149 — 23,149 Analytics — 10,406 — 10,406 Total revenue from contracts with customers 8,894 127,029 — 135,923 Other sources of revenue 400,396 5,520 2,505 408,421 Total revenues $ 409,290 $ 132,549 $ 2,505 $ 544,344 Timing of revenue recognition: Services transferred at a point in time $ 409,290 $ 114,010 $ 2,505 $ 525,805 Services transferred over time — 18,539 — 18,539 Total revenues $ 409,290 $ 132,549 $ 2,505 $ 544,344 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 Nine Months Ended September 30, 2021 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 32,111 $ 332,000 $ — $ 364,111 Workflow technology — 75,572 — 75,572 Analytics — 31,004 — 31,004 Total revenue from contracts with customers 32,111 438,576 — 470,687 Other sources of revenue 1,603,444 21,342 10,408 1,635,194 Total revenues $ 1,635,555 $ 459,918 $ 10,408 $ 2,105,881 Timing of revenue recognition: Services transferred at a point in time $ 1,635,555 $ 404,371 $ 10,408 $ 2,050,334 Services transferred over time — 55,547 — 55,547 Total revenues $ 1,635,555 $ 459,918 $ 10,408 $ 2,105,881 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 Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations As of September 30, 2021 and 2020, the aggregate amount of the transaction price allocated to the performance obligations relating to workflow technology and analytics revenues that are unsatisfied (or partially unsatisfied) was not material. The Company recognized $0.5 million and $0.6 million of revenue related to performance obligations satisfied in previous period for the three months ended September 30, 2021 and 2020, 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 $49.1 million and $57.3 million as of September 30, 2021 and December 31, 2020, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of September 30, 2021. 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 $10.0 million and $9.3 million as of September 30, 2021 and December 31, 2020, respectively. The Company recognized revenue of $9.2 million and $8.6 million for the three months ended September 30, 2021 and 2020 respectively, and $24.4 million and $23.6 million during the nine months ended September 30, 2021 and 2020, 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, 2021
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, 2021 and 2020, 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 income taxes and effective tax rates were $22.0 million, 15.1%, and $52.8 million, 20.9% for the three months ended September 30, 2021 and 2020, respectively, and $128.6 million, 16.7% and $200.0 million, 17.8% for the nine months ended September 30, 2021 and 2020, 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, 2021 and December 31, 2020 are current income tax receivables of $49.8 million and $83.1 million, respectively. The balances at September 30, 2021 and December 31, 2020 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, 2021 and December 31, 2020 are current tax liabilities of $12.6 million and $37.9 million, respectively. The balances at September 30, 2021 and December 31, 2020 primarily comprise 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 5 "Tax Receivable Agreements"), the Acquisition of KCG and the 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, 2021 and December 31, 2020, the Company did not have any U.S. federal net operating loss carryforwards and therefore the Company did not record a deferred tax asset related to federal net operating loss carryforwards. At September 30, 2021 and December 31, 2020, the Company recorded deferred income taxes related to state and local net operating losses of $0.4 million. These net operating losses will begin to expire in 2039. 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, 2021 and December 31, 2020 of $71.6 million and $75.1 million, respectively, and recorded a related deferred tax asset of $14.3 million and $15.2 million, respectively. A valuation allowance of $14.3 million and $15.1 million was recorded against this deferred tax asset at September 30, 2021 and December 31, 2020, 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, 2021 and December 31, 2020 of $239.3 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, 2021 and December 31, 2020 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, 2021 and December 31, 2020 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, 2021, the Company’s tax years for 2015 through 2019 and 2017 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 Statements of Comprehensive Income, respectively. The Company had $8.3 million of unrecognized tax benefits as of September 30, 2021, 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, 2021.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	9 Months Ended
	Sep. 30, 2021
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 November 30, 2020, the Company was named as a defendant in In re United States Oil Fund, LP Securities Litigation , No. 20-cv-4740. The consolidated amended 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 trading in United States Oil Fund, LP, a crude oil ETF. The complaint also names the ETF, its sponsor, and related individuals as defendants. The complaint did not specify the amount of alleged damages. Defendants moved to dismiss the consolidated amended complaint on January 29, 2021 and plaintiffs subsequently filed its opposition to the motion on March 30, 2021. The Company believes that the claims are without merit and is defending itself vigorously. On August 31, 2021, the Company was named as a defendant in Alers v. Robinhood Financial, LLC et al No. 21-cv-61848. The complaint was filed in federal district court in Florida on behalf of a putative class, and asserts claims against the Company and numerous other financial institutions alleging a breach of fiduciary duty by Robinhood and aiding and abetting thereof by the Company and other market making firms. The complaint did not specify the amount of alleged damages. The Company believes that the claims are without merit and is defending itself vigorously. In October 2021, Robinhood and the market-maker defendants moved to transfer the case to the Northern District of California, or in the alternative, to dismiss the complaint. 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, the retail trading environment in the U.S. and relationships between retail broker-dealers and market making firms, 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 other payment and rebate structures and arrangements. From time to time, the Company is the subject of requests for information and documents from the SEC, the Financial Industry Regulatory Authority ("FINRA"), state attorneys general, and other regulators and governmental authorities. 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 state, federal and foreign regulators and SROs, including the SEC and FINRA. In some instances, these matters may result in a disciplinary action and/or a civil or administrative action. 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, including indemnification obligations in connection with the Acquisition of KCG and the ITG Acquisition. 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 indemnifications to its managers, officers, directors, employees, and agents against expenses, legal fees, judgments, fines, settlements, and other amounts actually and reasonably incurred by such persons under certain circumstances as more fully

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases The Company primarily enters into lessee arrangements for corporate office space, data centers, and technology equipment. For more information on lease accounting, see Note 2 "Summary of Significant Accounting Policies" and Note 17 "Leases" to the Consolidated Financial Statements of the Company's 2020 Annual Report on Form 10-K. Lease assets and liabilities are summarized as follows: (in thousands) Financial Statement Location September 30, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets Operating lease right-of-use assets $ 247,531 $ 268,864 Operating lease liabilities Operating lease liabilities 292,967 315,340 Finance leases Property and equipment, at cost Property, equipment, and capitalized software, net 18,479 36,093 Accumulated depreciation Property, equipment, and capitalized software, net (10,902) (24,585) Finance lease liabilities Accounts payable, accrued expenses, and other liabilities 7,705 11,687 Weighted average remaining lease term and discount rate are as follows: September 30, 2021 December 31, 2020 Weighted average remaining lease term Operating leases 6.68 years 6.9 years Finance leases 1.74 years 2.0 years Weighted average discount rate Operating leases 5.49 % 5.67 % Finance leases 2.41 % 3.13 % The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating lease cost: Fixed $ 18,994 $ 18,521 $ 56,772 $ 55,333 Variable 1,913 2,393 5,144 6,614 Impairment of ROU Asset — — 1,198 — Total Operating lease cost $ 20,907 $ 20,914 $ 63,114 $ 61,947 Sublease income 4,537 4,399 13,404 11,994 Finance lease cost: Amortization of ROU Asset $ 1,460 $ 2,668 $ 5,024 $ 8,838 Interest on lease liabilities 50 97 183 339 Total Finance lease cost $ 1,510 $ 2,765 $ 5,207 $ 9,177 Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2021, are as follows: (in thousands) Operating Leases Finance Leases 2021 $ 17,078 $ 1,468 2022 69,887 4,441 2023 68,128 1,818 2024 39,614 247 2025 31,859 — 2026 and thereafter 127,472 — Total lease payments $ 354,038 $ 7,974 Less imputed interest (61,071) (269) Total lease liability $ 292,967 $ 7,705
Leases	Leases The Company primarily enters into lessee arrangements for corporate office space, data centers, and technology equipment. For more information on lease accounting, see Note 2 "Summary of Significant Accounting Policies" and Note 17 "Leases" to the Consolidated Financial Statements of the Company's 2020 Annual Report on Form 10-K. Lease assets and liabilities are summarized as follows: (in thousands) Financial Statement Location September 30, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets Operating lease right-of-use assets $ 247,531 $ 268,864 Operating lease liabilities Operating lease liabilities 292,967 315,340 Finance leases Property and equipment, at cost Property, equipment, and capitalized software, net 18,479 36,093 Accumulated depreciation Property, equipment, and capitalized software, net (10,902) (24,585) Finance lease liabilities Accounts payable, accrued expenses, and other liabilities 7,705 11,687 Weighted average remaining lease term and discount rate are as follows: September 30, 2021 December 31, 2020 Weighted average remaining lease term Operating leases 6.68 years 6.9 years Finance leases 1.74 years 2.0 years Weighted average discount rate Operating leases 5.49 % 5.67 % Finance leases 2.41 % 3.13 % The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating lease cost: Fixed $ 18,994 $ 18,521 $ 56,772 $ 55,333 Variable 1,913 2,393 5,144 6,614 Impairment of ROU Asset — — 1,198 — Total Operating lease cost $ 20,907 $ 20,914 $ 63,114 $ 61,947 Sublease income 4,537 4,399 13,404 11,994 Finance lease cost: Amortization of ROU Asset $ 1,460 $ 2,668 $ 5,024 $ 8,838 Interest on lease liabilities 50 97 183 339 Total Finance lease cost $ 1,510 $ 2,765 $ 5,207 $ 9,177 Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2021, are as follows: (in thousands) Operating Leases Finance Leases 2021 $ 17,078 $ 1,468 2022 69,887 4,441 2023 68,128 1,818 2024 39,614 247 2025 31,859 — 2026 and thereafter 127,472 — Total lease payments $ 354,038 $ 7,974 Less imputed interest (61,071) (269) Total lease liability $ 292,967 $ 7,705

Cash

Cash	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 Cash and cash equivalents $ 683,836 $ 889,559 Cash restricted or segregated under regulations and other 70,477 117,446 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 754,313 $ 1,007,005

Capital Structure

Capital Structure	9 Months Ended
	Sep. 30, 2021
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. The Founder Member controls approximately 83.0% of the combined voting power of our common stock as a result of its ownership of our Class C and Class D Common Stock. The Company holds approximately a 62.6% interest in Virtu Financial at September 30, 2021. 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, 2021 and December 31, 2020, there were 4,795,839 and 5,259,713 Virtu Financial Units outstanding held by Employee Holdco (as defined below), respectively, and 463,874 and 2,420,239 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, 2021 and 2020, 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 21,000,000 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 November 13, 2020, the Company amended its form award agreement for the issuance of RSUs to provide for the continued vesting of outstanding RSU awards upon the occurrence of a qualified retirement (the "RSU Amendment"). A qualified retirement generally means a voluntary resignation by the participant (i) after five years of service, (ii) the participant attaining the age of 50 and (iii) the sum of the participant's age and service at the time of termination equaling or exceeding 65. Continued vesting is subject to the participant entering into a 2 year non-compete. The RSU Amendment was authorized and approved by the Compensation Committee of the Company's Board of Directors. As a result of the RSU Amendment, currently issued and outstanding RSUs held by the Company's employees, including its executive officers, shall be deemed to be subject to the amended terms of the form award agreement, and any future RSU awards shall also be governed by such amended terms. 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. Share Repurchase Program On May 4, 2021, the Company's Board of Directors authorized the expansion of the Company's share repurchase program, increasing the total authorized amount by $300 million to $470 million in Class A Common Stock and Virtu Financial Units and extending the duration of the program through May 4, 2022. The share repurchase program authorizes the Company to repurchase shares from time to time in open market transactions, privately negotiated transactions or by other means. Repurchases are also permitted to be made under Rule 10b5-1 plans. The timing and amount of repurchase transactions are determined by the Company's management based on its evaluation of market conditions, share price, cash sources, legal requirements and other factors. From the inception of the program through September 30, 2021, the Company repurchased approximately 12.5 million shares of Class A Common Stock and Virtu Financial Units for approximately $337.5 million. As of September 30, 2021, the Company has approximately $132.5 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program. Employee Exchanges During the nine months ended September 30, 2021 and 2020, 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 405,272 and 2,420,239 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. 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 9 "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 Loan 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 9 "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 of 1933, as amended (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 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 Statements of Financial Condition and as an increase to Additional paid-in capital on the Condensed Consolidated Statements 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 Statements 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, 2021 and 2020: Three Months Ended September 30, 2021 (in thousands) AOCI Beginning Balance Amounts recorded Amounts reclassified from AOCI to income AOCI Ending Balance Net change in unrealized cash flow hedges gains (losses) (1) $ (24,952) $ (1,612) $ 3,803 $ (22,761) Foreign exchange translation adjustment 5,835 (4,912) — 923 Total $ (19,117) $ (6,524) $ 3,803 $ (21,838) (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, 2021, the Company expects approximately $15.0 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, 2020 (in thousands) AOCI Beginning Balance Amounts recorded Amounts reclassified from AOCI to income AOCI Ending Balance Net change in unrealized cash flow hedges gains (losses) $ (36,710) $ (1,797) $ 1,948 $ (36,559) Foreign exchange translation adjustment (2,857) 4,213 — 1,356 Total $ (39,567) $ 2,416 $ 1,948 $ (35,203) Nine Months Ended September 30, 2021 (in thousands) AOCI Beginning Balance Amounts recorded Amounts reclassified from AOCI to income AOCI Ending Balance Net change in unrealized cash flow hedges gains (losses) (1) $ (33,444) $ (83) $ 10,766 $ (22,761) Foreign exchange translation adjustment 7,957 (7,034) — 923 Total $ (25,487) $ (7,117) $ 10,766 $ (21,838) (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. As of September 30, 2021, the Company expects approximately $15.0 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 recorded Amounts reclassified from AOCI to income AOCI Ending Balance Net change in unrealized cash flow hedges gains (losses) $ — $ (42,405) $ 5,846 $ (36,559) Foreign exchange translation adjustment (647) 2,003 — 1,356 Total $ (647) $ (40,402) $ 5,846 $ (35,203) (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income.

Share-based Compensation

Share-based Compensation	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020: 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, 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 At December 31, 2020 2,324,152 $ 19.00 4.24 2,324,152 $ 19.00 Granted — — — — — Exercised (446,997) 19.00 — (446,997) 19.00 Forfeited or expired — — — — — At September 30, 2021 1,877,155 $ 19.00 3.49 1,877,155 $ 19.00 The expected life was 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 stock options to purchase shares of Class A Common Stock were fully vested in 2019. 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, RSUs and 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, 2021 and 2020, respectively, there were 633,938 and 967,526 shares of immediately vested Class A Common Stock granted as part of year-end compensation. In addition, the Company accrued compensation expense of $6.3 million for the three months ended September 30, 2021 and reduced accrued compensation expense by $11.4 million for the three months ended September 30, 2020, and accrued compensation expense of $17.7 million and $14.4 million for the nine months ended September 30, 2021 and 2020, 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 RSUs (including the Assumed Awards) and RSAs for the nine months ended September 30, 2021 and 2020: Number of RSUs and RSAs Weighted At December 31, 2019 2,993,489 $ 24.10 Granted 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 At December 31, 2020 3,393,084 $ 21.35 Granted (1) 2,442,953 27.06 Forfeited (191,296) 22.97 Vested (2,032,477) 23.27 At September 30, 2021 3,612,264 $ 24.05 (1) Excluded in the number of RSUs and RSAs are 350,000 participating RSAs where the grant date has not been achieved because the performance conditions have not been met. The Company recognized $6.7 million and $9.0 million for the three months ended September 30, 2021 and 2020 and $20.5 million and $25.8 million for the nine months ended September 30, 2021 and 2020, respectively, of compensation expense in relation to RSUs. As of September 30, 2021 and December 31, 2020, total unrecognized share-based compensation expense related to unvested RSUs was $51.4 million and $37.1 million, respectively, and this amount is to be recognized over a weighted average period of 1.1 years and 1.0 year, respectively. Awards in which the specific performance conditions have not been met are not included in unrecognized share-based compensation expense. On November 13, 2020, the Company adopted the Virtu Financial, Inc. Deferred Compensation Plan (the "DCP"). The DCP permits eligible executive officers and other employees to defer cash or equity based compensation beginning in the calendar year ending December 31, 2021, subject to certain limitations and restrictions. Deferrals may also be directed to notional investments in certain of the employee investment opportunities. No amounts have been recognized as compensation cost under the DCP as of September 30, 2021.

Regulatory Requirement

Regulatory Requirement	9 Months Ended
	Sep. 30, 2021
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory Requirement	Regulatory Requirement U.S. Subsidiary 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 New York Stock Exchange ("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, 2021. 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. VAL's regulatory capital and regulatory capital requirements as of September 30, 2021 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 484,482 $ 1,725 $ 482,757 As of September 30, 2021, VAL had $60.9 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 $8.8 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers. The balances are included within Cash restricted or segregated under regulations and other on the Condensed Consolidated Statements of Financial Condition. VAL's regulatory capital and regulatory capital requirements as of December 31, 2020 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 621,253 $ 2,917 $ 618,336 As of December 31, 2020, VAL had $96.2 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 $20.4 million 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 ("CBI"), the Financial Conduct Authority ("FCA") in the United Kingdom, the Australian Securities and Investments Commission ("ASIC"), the Securities and Futures Commission in Hong Kong ("SFC"), and the Monetary Authority of Singapore ("MAS"). The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of September 30, 2021 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 16,911 $ 197 $ 16,714 Virtu Financial Canada ULC 200 197 3 Ireland Virtu ITG Europe Limited (1) 78,066 32,636 45,430 Virtu Financial Ireland Limited (1) 109,229 58,083 51,146 United Kingdom Virtu ITG UK Limited 1,057 846 211 Asia Pacific Virtu ITG Australia Limited 30,717 8,776 21,941 Virtu ITG Hong Kong Limited 2,902 513 2,389 Virtu ITG Singapore Pte Limited 845 74 771 (1) Preliminary As of September 30, 2021, 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, 2020 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 12,944 $ 196 $ 12,748 Virtu Financial Canada ULC 2,486 196 2,290 Ireland Virtu ITG Europe Limited 57,459 32,106 25,353 Virtu Financial Ireland Limited 94,528 41,038 53,490 United Kingdom Virtu ITG UK Limited 1,290 910 380 Asia Pacific Virtu ITG Australia Limited 30,606 12,729 17,877 Virtu ITG Hong Kong Limited 4,290 625 3,665 Virtu ITG Singapore Pte Limited 796 76 720 As of December 31, 2020, Virtu ITG Europe Limited and Virtu ITG Canada Corp had $0.2 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, 2021
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, Asia and Canada. 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, 2021 and 2020 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Revenues: United States $ 433,013 $ 484,594 $ 1,678,650 $ 2,045,330 Ireland 55,137 61,320 242,614 233,783 Singapore 30,696 26,630 102,965 140,492 Canada 13,955 71,268 43,924 103,331 Australia 9,982 10,107 31,868 32,186 United Kingdom — 964 1,745 3,944 Others 1,561 1,229 4,115 3,569 Total revenues $ 544,344 $ 656,112 $ 2,105,881 $ 2,562,635 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, 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, Electronic Communications Networks ("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 segment also includes the results of the Company's capital markets business, in which the Company act as an agent for issuers in connection with at-the-market offerings and buyback programs. 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, 2021 and 2020 and are summarized in the following table: (in thousands) Market Execution Corporate Consolidated 2021: Total revenue $ 409,290 $ 132,549 $ 2,505 $ 544,344 Income before income taxes and noncontrolling interest 135,875 7,532 1,692 145,099 2020: Total revenue 474,598 182,680 (1,166) 656,112 Income (loss) before income taxes and noncontrolling interest 161,732 102,029 (11,246) 252,515 The Company's Pre-tax earnings by segment for the nine months ended September 30, 2021 and 2020 are summarized in the following table: (in thousands) Market Making Execution Services Corporate Consolidated Total 2021 Total revenue $ 1,635,555 $ 459,918 $ 10,408 $ 2,105,881 Income (loss) before income taxes and noncontrolling interest 713,723 51,941 4,223 769,887 2020 Total revenue 2,064,300 500,621 (2,286) 2,562,635 Income (loss) before income taxes and noncontrolling interest 1,010,871 137,879 (25,478) 1,123,272

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
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, 2021, and December 31, 2020 the Company had net payables to its affiliates of $0.8 million and net receivables from its affiliates of $2.3 million, respectively. The Company has held a minority interest in JNX since 2016 (see Note 10 "Financial Assets and Liabilities"). The Company pays exchange fees to JNX for the trading activities conducted on its proprietary trading system. The Company paid $2.9 million and $4.1 million for the three months ended September 30, 2021 and 2020, respectively, and $9.1 million and $13.8 million for the nine months ended September 30, 2021 and 2020, respectively, to JNX for these trading activities. The Company makes payments to two JVs (see Note 12 "Variable Interest Entities") 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 $10.5 million and $4.7 million the three months ended September 30, 2021 and 2020, respectively, and $19.9 million and $14.0 million for the nine months ended September 30, 2021 and 2020, respectively, to these JVs. 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 $0.5 million and $0.4 million for the three months ended September 30, 2021 and 2020, respectively, and $1.2 million for both the nine months ended September 30, 2021 and 2020, 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. Payments for the three and nine months ended September 30, 2021 were immaterial. The Company made payments of $13.0 thousand and $0.2 million for the three and nine months ended September 30, 2020, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
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 3, 2021, 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, 2021 to holders of record as of December 1, 2021. On November 3, 2021, the Company's Board of Directors authorized the expansion of the Company's current share repurchase program, increasing the total authorized amount by $750 million to $1,220 million and extended the duration through November 3, 2023. Since the inception of the program through November 3, 2021, the company repurchased approximately 13.4 million shares of Class A Common Stock and Virtu Financial Units for approximately $361.4 million. As of November 3, 2021, the Company has approximately $858.6 million remaining capacity for future purchase of shares of Class A Common Stock and Virtu Financial Units under the program.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Accounting Pronouncements, Recently Adopted and Accounting Pronouncements, Not Yet Adopted	Accounting Pronouncements, Recently Adopted Income Taxes - In December 2019, the FASB issued Accounting Standards Update ("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 Company adopted this ASU on January 1, 2021 and it did not have a material impact on its condensed consolidated financial statements. Accounting Pronouncements, Not Yet Adopted as of September 30, 2021 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which expands the scope of Topic 848 to include derivative instruments that are affected by changes in the interest rates used for margining, discounting or contract price alignment as part of the market transition to new reference rates (the "discounting transition"). The Company is evaluating the impact of these ASUs, 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 earnings per share ("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.

Sale of MATCHNow (Tables)

Sale of MATCHNow (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021
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) 2021 2020 2021 2020 Income before income taxes and noncontrolling interest $ 145,099 $ 252,515 $ 769,887 $ 1,123,272 Provision for income taxes 21,961 52,807 128,611 200,044 Net income 123,138 199,708 641,276 923,228 Noncontrolling interest (52,631) (82,999) (268,454) (386,311) Net income available for common stockholders $ 70,507 $ 116,709 $ 372,822 $ 536,917
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) 2021 2020 2021 2020 Basic earnings (loss) per share: Net income available for common stockholders $ 70,507 $ 116,709 $ 372,822 $ 536,917 Less: Dividends and undistributed earnings allocated to participating securities (2,222) (3,417) (10,335) (14,210) Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities 68,285 113,292 362,487 522,707 Weighted average shares of common stock outstanding: Class A 115,770,457 122,686,931 119,148,571 121,328,895 Basic earnings (loss) per share $ 0.59 $ 0.92 $ 3.04 $ 4.31
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) 2021 2020 2021 2020 Diluted earnings (loss) per share: Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities $ 68,285 $ 113,292 $ 362,487 $ 522,707 Weighted average shares of common stock outstanding: Class A Issued and outstanding 115,770,457 122,686,931 119,148,571 121,328,895 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 852,657 1,085,074 1,224,589 610,944 116,623,114 123,772,005 120,373,160 121,939,839 Diluted earnings (loss) per share $ 0.59 $ 0.92 $ 3.01 $ 4.29

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020: (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, 2021 and December 31, 2020: As of September 30, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships $ 486,600 $ (130,182) $ 356,418 10 to 12 Technology 136,000 (97,966) 38,034 1 to 6 Favorable occupancy leases 5,895 (3,433) 2,462 3 to 15 Exchange memberships 3,998 — 3,998 Indefinite Trade name 3,600 (3,100) 500 3 ETF issuer relationships 950 (950) — 9 ETF buyer relationships 950 (950) — 9 Other $ 1,500 $ — $ 1,500 Indefinite $ 639,493 $ (236,581) $ 402,912 As of December 31, 2020 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships $ 486,600 $ (94,299) $ 392,301 10 to 12 Technology 136,000 (82,403) 53,597 1 to 6 Favorable occupancy leases 5,895 (2,839) 3,056 3 to 15 Exchange memberships 3,998 — 3,998 Indefinite Trade name 3,600 (2,200) 1,400 3 ETF issuer relationships 950 (877) 73 9 ETF buyer relationships 950 (876) 74 9 Other $ — $ — $ — Indefinite $ 637,993 $ (183,494) $ 454,499
Schedule of finite-lived intangible assets, future amortization expense	The Company expects to record amortization expense as follows over the remaining current year and the next five subsequent years: (in thousands) Remainder of 2021 $ 16,580 2022 64,852 2023 63,960 2024 50,845 2025 47,879 2026 47,879

Receivables from_Payables to _2

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020: (in thousands) September 30, 2021 December 31, 2020 Assets Due from prime brokers $ 557,316 $ 697,293 Deposits with clearing organizations 181,987 216,962 Net equity with futures commission merchants 239,697 248,943 Unsettled trades with clearing organizations 3,380 118,777 Securities failed to deliver 444,138 372,965 Commissions and fees 25,908 29,066 Total receivables from broker-dealers and clearing organizations $ 1,452,426 $ 1,684,006 Liabilities Due to prime brokers $ 606,840 $ 410,772 Net equity with futures commission merchants 69,147 77,257 Unsettled trades with clearing organizations 113,250 228,070 Securities failed to receive 304,598 156,804 Commissions and fees 1,136 3,543 Total payables to broker-dealers and clearing organizations $ 1,094,971 $ 876,446

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Collateralized Agreements [Abstract]
Summary of the fair value of collateralized transactions	The fair value of the collateralized transactions at September 30, 2021 and December 31, 2020 are summarized as follows: (in thousands) September 30, 2021 December 31, 2020 Securities received as collateral: Securities borrowed $ 1,221,032 $ 1,374,266 Securities purchased under agreements to resell 170,194 22,866 $ 1,391,226 $ 1,397,132
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, 2021 and December 31, 2020 consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Equities $ 947,661 $ 734,024 Exchange traded notes 11,395 12,515 $ 959,056 $ 746,539

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 178,000 $ (1,881) $ 176,119 Short-term bank loans 136,695 — 136,695 $ 314,695 $ (1,881) $ 312,814 December 31, 2020 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 36,400 $ (387) $ 36,013 Short-term bank loans 28,673 — 28,673 $ 65,073 $ (387) $ 64,686
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 Statements of Financial Condition. At September 30, 2021 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility 1.25% $ 400,000 $ 178,000 $ (1,881) $ 176,119 Committed facility 2.61% 600,000 — — — $ 1,000,000 $ 178,000 $ (1,881) $ 176,119 At December 31, 2020 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility 1.25% $ 400,000 $ 36,400 $ (387) $ 36,013 Committed facility 1.40% 600,000 — — — $ 1,000,000 $ 36,400 $ (387) $ 36,013
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) 2021 2020 2021 2020 Broker-dealer credit facilities: Uncommitted facility $ 540 $ 244 $ 1,790 $ 1,007 Committed facility — 71 57 433 Demand Loan — — — 211 $ 540 $ 315 $ 1,847 $ 1,651
Schedule of aggregate future required principal payments based on terms of loan	As of September 30, 2021, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows: (in thousands) September 30, 2021 Remainder of 2021 $ — 2022 — 2023 31,450 2024 — 2025 — Thereafter 1,599,774 Total principal of long-term borrowings $ 1,631,224
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, 2021 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 2.78% $ 616,000 $ 202,480 $ 616,000 $ 202,480 At December 31, 2020 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 2.77% $ 616,000 $ 134,664 $ 616,000 $ 134,664 (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, 2021 (in thousands) Maturity Interest Outstanding Principal Discount Deferred Debt Issuance Cost Outstanding Borrowings, net Long-term borrowings: First Lien Term Loan Facility March 2026 3.08% $ 1,599,774 $ (3,949) $ (23,187) $ 1,572,638 SBI bonds January 2023 5.00% 31,450 — (26) 31,424 $ 1,631,224 $ (3,949) $ (23,213) $ 1,604,062 At December 31, 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 $ (4,723) $ (26,367) $ 1,605,422 SBI bonds January 2023 5.00% 33,898 — (40) 33,858 $ 1,670,410 $ (4,723) $ (26,407) $ 1,639,280

Financial Assets and Liabilit_2

Financial Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021: September 30, 2021 (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 $ 436,245 $ 2,117,572 $ — $ — $ 2,553,817 U.S. and Non-U.S. government obligations 216,125 19,947 — — 236,072 Corporate Bonds — 201,086 — — 201,086 Exchange traded notes 427 8,285 — — 8,712 Currency forwards — 311,230 — (300,399) 10,831 Options 8,320 — — — 8,320 $ 661,117 $ 2,658,120 $ — $ (300,399) $ 3,018,838 Financial instruments owned, pledged as collateral: Equity securities $ 576,478 $ 371,183 $ — $ — $ 947,661 Exchange traded notes 5,389 6,006 — — 11,395 $ 581,867 $ 377,189 $ — $ — $ 959,056 Other Assets Equity investment $ — $ — $ 85,317 $ — $ 85,317 Exchange stock 2,609 — — — 2,609 $ 2,609 $ — $ 85,317 $ — $ 87,926 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,336,070 $ 825,070 $ — $ — $ 2,161,140 U.S. and Non-U.S. government obligations 285,997 12,747 — — 298,744 Corporate Bonds — 349,299 — — 349,299 Exchange traded notes 835 4,750 — — 5,585 Currency forwards — 316,352 — (308,611) 7,741 Options 49,140 — — — 49,140 $ 1,672,042 $ 1,508,218 $ — $ (308,611) $ 2,871,649 Payables to broker dealers and clearing organizations: Interest rate swap $ — $ 43,608 $ — $ — $ 43,608 Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2020: December 31, 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 $ 761,484 $ 1,194,105 $ — $ — $ 1,955,589 U.S. and Non-U.S. government obligations 151,723 48,059 — — 199,782 Corporate Bonds — 135,518 — — 135,518 Exchange traded notes 106 19,721 — — 19,827 Currency forwards — 341,360 — (291,964) 49,396 Options 9,080 — — — 9,080 $ 922,393 $ 1,738,763 $ — $ (291,964) $ 2,369,192 Financial instruments owned, pledged as collateral: Equity securities $ 496,943 $ 237,081 $ — $ — $ 734,024 Exchange traded notes 2 12,513 — — 12,515 $ 496,945 $ 249,594 $ — $ — $ 746,539 Other Assets Equity investment $ — $ — $ 66,030 $ — $ 66,030 Exchange stock 2,286 — — — 2,286 $ 2,286 $ — $ 66,030 $ — $ 68,316 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,307,082 $ 1,137,968 $ — $ — $ 2,445,050 U.S. and Non-U.S. government obligations 83,173 19,984 — — 103,157 Corporate Bonds — 358,734 — — 358,734 Exchange traded notes — 7,431 — — 7,431 Currency forwards — 292,965 — (292,870) 95 Options 9,241 — — — 9,241 $ 1,399,496 $ 1,817,082 $ — $ (292,870) $ 2,923,708 Payables to broker dealers and clearing organizations: Interest rate swap $ — $ 63,513 $ — $ — $ 63,513 The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of September 30, 2021: September 30, 2021 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 $ 683,836 $ 683,836 $ 683,836 $ — $ — Cash restricted or segregated under regulations and other 70,477 70,477 70,477 — — Securities borrowed 1,277,601 1,277,601 — 1,277,601 — Securities purchased under agreements to resell 170,194 170,194 — 170,194 — Receivables from broker-dealers and clearing organizations 1,452,426 1,452,426 415 1,452,011 — Receivables from customers 414,244 414,244 — 414,244 — Other assets (1) 14,427 14,427 — 14,427 — Total Assets $ 4,083,205 $ 4,083,205 $ 754,728 $ 3,328,477 $ — Liabilities Short-term borrowings $ 312,814 $ 314,695 $ — $ 314,695 $ — Long-term borrowings 1,604,062 1,629,224 — 1,629,224 — Securities loaned 1,017,436 1,017,436 — 1,017,436 — Securities sold under agreements to repurchase 583,268 583,268 — 583,268 — Payables to broker-dealers and clearing organizations (2) 1,094,971 1,094,971 532,533 562,438 — Payables to customers 182,939 182,939 — 182,939 — Other liabilities (3) 8,904 8,904 — 8,904 — Total Liabilities $ 4,804,394 $ 4,831,437 $ 532,533 $ 4,298,904 $ — (1) Includes cash collateral and deposits, and interest and dividends receivables. (2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value. (3) Includes deposits, interest and dividends payable. The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2020: December 31, 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 $ 889,559 $ 889,559 $ 889,559 $ — $ — Cash restricted or segregated under regulations and other 117,446 117,446 117,446 — — Securities borrowed 1,425,016 1,425,016 — 1,425,016 — Securities purchased under agreements to resell 22,866 22,866 — 22,866 — Receivables from broker-dealers and clearing organizations 1,684,006 1,684,006 173,578 1,510,428 — Receivables from customers 214,478 214,478 — 214,478 — Other assets (1) 21,735 21,735 — 21,735 — Total Assets $ 4,375,106 $ 4,375,106 $ 1,180,583 $ 3,194,523 $ — Liabilities Short-term borrowings 64,686 65,073 — 65,073 — Long-term borrowings 1,639,280 1,672,456 — 1,672,456 — Securities loaned 948,256 948,256 — 948,256 — Securities sold under agreements to repurchase 461,235 461,235 — 461,235 — Payables to broker dealer and clearing organizations (2) 876,446 876,446 3,517 872,929 — Payables to customers 118,826 118,826 — 118,826 — Other liabilities (3) 9,208 9,208 — 9,208 — Total Liabilities $ 4,117,937 $ 4,151,500 $ 3,517 $ 4,147,983 $ — (1) Includes cash collateral and deposits, and interest and dividends receivables. (2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value. (3) Includes deposits, interest and dividends payable.
Fair Value Measurement Inputs and Valuation Techniques	The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment: September 30, 2021 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 85,317 Discounted cash flow Estimated revenue growth 2.4% - 22.7% 8.5 % Discount rate 14.4% - 14.4% 14.4 % Market Future enterprise value/ EBIDTA ratio 9.8x - 44.5x 17.2x December 31, 2020 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 66,030 Discounted cash flow Estimated revenue growth (9.0)% - 39.0% 9.6 % Discount rate 14.4% - 14.4% 14.4 % Market Future enterprise value/ EBIDTA ratio 12.2x - 21.9x 13.8x
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, 2021 (in thousands) Balance at June 30, 2021 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2021 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2021 Assets Other assets: Equity investment $ 78,313 $ — $ 7,004 $ — $ — $ 85,317 $ 7,004 Total $ 78,313 $ — $ 7,004 $ — $ — $ 85,317 $ 7,004 (1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 9 "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 JNX Investment. 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 9 "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 JNX Investment. Nine Months Ended September 30, 2021 (in thousands) Balance at December 31, 2020 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2021 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2021 Assets Other assets: Equity investment $ 66,030 $ — $ 19,287 $ — $ — $ 85,317 $ 19,287 Total $ 66,030 $ — $ 19,287 $ — $ — $ 85,317 $ 19,287 (1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 9 "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 JNX Investment. 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 9 "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 JNX Investment.
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, 2021 and December 31, 2020: September 30, 2021 Gross Amounts of Recognized Assets Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition (in thousands) Financial Instrument Collateral Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Assets: Securities borrowed $ 1,277,601 $ — $ 1,277,601 $ (1,221,032) $ (8,097) $ 48,472 Securities purchased under agreements to resell 170,194 — 170,194 (170,194) — — Trading assets, at fair value: Currency forwards 311,230 (300,399) 10,831 — — 10,831 Options 8,320 — 8,320 — (8,320) — Total $ 1,767,345 $ (300,399) $ 1,466,946 $ (1,391,226) $ (16,417) $ 59,303 Gross Amounts of Recognized Liabilities Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 1,017,436 $ — $ 1,017,436 $ (995,181) $ (12,655) $ 9,600 Securities sold under agreements to repurchase 583,268 — 583,268 (583,268) — — Payable to broker-dealers and clearing organizations Interest rate swaps 43,608 — 43,608 — — 43,608 Trading liabilities, at fair value: Currency forwards 316,352 (308,611) 7,741 — — 7,741 Options 49,140 — 49,140 — (8,320) 40,820 Total $ 2,009,804 $ (308,611) $ 1,701,193 $ (1,578,449) $ (20,975) $ 101,769 December 31, 2020 Gross Amounts of Recognized Assets Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition (in thousands) Financial Instrument Collateral Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Assets: Securities borrowed $ 1,425,016 $ — $ 1,425,016 $ (1,374,266) $ (9,686) $ 41,064 Securities purchased under agreements to resell 22,866 — 22,866 (22,866) — — Trading assets, at fair value: Currency forwards 341,360 (291,964) 49,396 — — 49,396 Options 9,080 — 9,080 — (9,080) — Total $ 1,798,322 $ (291,964) $ 1,506,358 $ (1,397,132) $ (18,766) $ 90,460 Gross Amounts of Recognized Assets Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition (in thousands) Financial Instrument Collateral Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 948,256 $ — $ 948,256 $ (921,593) $ (17,800) $ 8,863 Securities sold under agreements to repurchase 461,235 — 461,235 (461,235) — — Interest rate swaps 63,513 — 63,513 — (63,162) 351 Trading liabilities, at fair value: Currency forwards 292,965 (292,870) 95 — — 95 Options 9,241 — 9,241 — (9,080) 161 Total $ 1,775,210 $ (292,870) $ 1,482,340 $ (1,382,828) $ (90,042) $ 9,470
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, 2021 and December 31, 2020: September 30, 2021 Gross Amounts of Recognized Assets Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition (in thousands) Financial Instrument Collateral Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Assets: Securities borrowed $ 1,277,601 $ — $ 1,277,601 $ (1,221,032) $ (8,097) $ 48,472 Securities purchased under agreements to resell 170,194 — 170,194 (170,194) — — Trading assets, at fair value: Currency forwards 311,230 (300,399) 10,831 — — 10,831 Options 8,320 — 8,320 — (8,320) — Total $ 1,767,345 $ (300,399) $ 1,466,946 $ (1,391,226) $ (16,417) $ 59,303 Gross Amounts of Recognized Liabilities Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition (in thousands) Financial Instruments Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 1,017,436 $ — $ 1,017,436 $ (995,181) $ (12,655) $ 9,600 Securities sold under agreements to repurchase 583,268 — 583,268 (583,268) — — Payable to broker-dealers and clearing organizations Interest rate swaps 43,608 — 43,608 — — 43,608 Trading liabilities, at fair value: Currency forwards 316,352 (308,611) 7,741 — — 7,741 Options 49,140 — 49,140 — (8,320) 40,820 Total $ 2,009,804 $ (308,611) $ 1,701,193 $ (1,578,449) $ (20,975) $ 101,769 December 31, 2020 Gross Amounts of Recognized Assets Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition (in thousands) Financial Instrument Collateral Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Assets: Securities borrowed $ 1,425,016 $ — $ 1,425,016 $ (1,374,266) $ (9,686) $ 41,064 Securities purchased under agreements to resell 22,866 — 22,866 (22,866) — — Trading assets, at fair value: Currency forwards 341,360 (291,964) 49,396 — — 49,396 Options 9,080 — 9,080 — (9,080) — Total $ 1,798,322 $ (291,964) $ 1,506,358 $ (1,397,132) $ (18,766) $ 90,460 Gross Amounts of Recognized Assets Amounts Offset in the Condensed Consolidated Statement of Financial Condition Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition (in thousands) Financial Instrument Collateral Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 948,256 $ — $ 948,256 $ (921,593) $ (17,800) $ 8,863 Securities sold under agreements to repurchase 461,235 — 461,235 (461,235) — — Interest rate swaps 63,513 — 63,513 — (63,162) 351 Trading liabilities, at fair value: Currency forwards 292,965 (292,870) 95 — — 95 Options 9,241 — 9,241 — (9,080) 161 Total $ 1,775,210 $ (292,870) $ 1,482,340 $ (1,382,828) $ (90,042) $ 9,470
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, 2021 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 $ — $ 125,000 $ 50,000 $ 160,000 $ 50,000 $ 385,000 U.S. and Non-U.S. government obligations 198,268 — — — 198,268 Total $ 198,268 $ 125,000 $ 50,000 $ 160,000 $ 50,000 $ 583,268 Securities loaned: Equity securities $ 1,017,436 $ — $ — $ — $ — $ 1,017,436 Total $ 1,017,436 $ — $ — $ — $ — $ 1,017,436 December 31, 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 $ — $ 125,000 $ 50,000 $ 200,000 $ — $ 375,000 U.S. and Non-U.S. government obligations 86,235 — — — — 86,235 Total $ 86,235 $ 125,000 $ 50,000 $ 200,000 $ — $ 461,235 Securities loaned: Equity securities 948,256 — — — — 948,256 Total $ 948,256 $ — $ — $ — $ — $ 948,256

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020: (in thousands) September 30, 2021 December 31, 2020 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 $ (753) $ 1,371,507 $ 4,669 $ 2,208,899 Commodity futures Receivables from broker-dealers and clearing organizations (217) 137,010 173,889 6,237,389 Currency futures Receivables from broker-dealers and clearing organizations 1,964 847,313 (11,736) 2,823,277 Fixed income futures Receivables from broker-dealers and clearing organizations 158 16,292 42 102,476 Options Financial instruments owned 8,320 934,627 9,080 746,723 Currency forwards Financial instruments owned 311,230 28,029,260 341,360 30,596,681 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 $ 1,240 $ 398,517 $ 31 $ 90,219 Commodity futures Payables to broker-dealers and clearing organizations (533,414) 9,633,999 (5,397) 27,287 Currency futures Payables to broker-dealers and clearing organizations (6,057) 2,664,776 3,598 2,269,898 Fixed income futures Payables to broker-dealers and clearing organizations 97 51,091 — 1,566 Options Financial instruments sold, not yet purchased 49,140 936,594 9,241 736,997 Currency forwards Financial instruments sold, not yet purchased 316,352 28,031,821 292,965 30,572,490 Derivative instruments designated as hedging instruments: Interest rate swaps Payables to broker-dealers and clearing organizations 43,608 1,525,000 63,513 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, 2021 and 2020. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) Financial Statements Location 2021 2020 2021 2020 Derivative instruments not designated as hedging instruments: Futures Trading income, net $ 84,875 $ (12,262) $ 213,569 $ 11,440 Currency forwards Trading income, net (49,599) 62,465 12,756 255,044 Options Trading income, net 9,455 35,343 63,016 61,643 Interest rate swap on term loan Other, net (474) (1,417) (1,397) (1,417) $ 44,257 $ 84,129 $ 287,944 $ 326,710 Derivative instruments designated as hedging instruments: Interest rate swaps (1) Other comprehensive income $ 4,112 $ 314 $ 21,453 $ (64,425) $ 4,112 $ 314 $ 21,453 $ (64,425) (1) The Company entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement in the first quarter of 2020 and 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 in the first quarter of 2020, and as such, the mark-to-market gains (losses) on the instruments were recorded within Other comprehensive income on the Condensed Consolidated Statements of Comprehensive Income beginning in the first quarter of 2020.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of nonconsolidated VIE	The following table presents the Company’s nonconsolidated VIEs at September 30, 2021: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 30,388 $ — $ 30,388 $ 154,789 The following table presents the Company’s nonconsolidated VIEs at December 31, 2020: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 28,969 $ — $ 28,969 $ 175,547

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following tables present the Company’s revenue from contracts with customers disaggregated by service, by timing of revenue recognition, reconciled to the Company’s segments, for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 8,894 $ 93,474 $ — $ 102,368 Workflow technology — 23,149 — 23,149 Analytics — 10,406 — 10,406 Total revenue from contracts with customers 8,894 127,029 — 135,923 Other sources of revenue 400,396 5,520 2,505 408,421 Total revenues $ 409,290 $ 132,549 $ 2,505 $ 544,344 Timing of revenue recognition: Services transferred at a point in time $ 409,290 $ 114,010 $ 2,505 $ 525,805 Services transferred over time — 18,539 — 18,539 Total revenues $ 409,290 $ 132,549 $ 2,505 $ 544,344 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 Nine Months Ended September 30, 2021 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 32,111 $ 332,000 $ — $ 364,111 Workflow technology — 75,572 — 75,572 Analytics — 31,004 — 31,004 Total revenue from contracts with customers 32,111 438,576 — 470,687 Other sources of revenue 1,603,444 21,342 10,408 1,635,194 Total revenues $ 1,635,555 $ 459,918 $ 10,408 $ 2,105,881 Timing of revenue recognition: Services transferred at a point in time $ 1,635,555 $ 404,371 $ 10,408 $ 2,050,334 Services transferred over time — 55,547 — 55,547 Total revenues $ 1,635,555 $ 459,918 $ 10,408 $ 2,105,881 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

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Lease assets and liabilities	Lease assets and liabilities are summarized as follows: (in thousands) Financial Statement Location September 30, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets Operating lease right-of-use assets $ 247,531 $ 268,864 Operating lease liabilities Operating lease liabilities 292,967 315,340 Finance leases Property and equipment, at cost Property, equipment, and capitalized software, net 18,479 36,093 Accumulated depreciation Property, equipment, and capitalized software, net (10,902) (24,585) Finance lease liabilities Accounts payable, accrued expenses, and other liabilities 7,705 11,687
Lease term, discount rate and components of lease expense	Weighted average remaining lease term and discount rate are as follows: September 30, 2021 December 31, 2020 Weighted average remaining lease term Operating leases 6.68 years 6.9 years Finance leases 1.74 years 2.0 years Weighted average discount rate Operating leases 5.49 % 5.67 % Finance leases 2.41 % 3.13 % The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating lease cost: Fixed $ 18,994 $ 18,521 $ 56,772 $ 55,333 Variable 1,913 2,393 5,144 6,614 Impairment of ROU Asset — — 1,198 — Total Operating lease cost $ 20,907 $ 20,914 $ 63,114 $ 61,947 Sublease income 4,537 4,399 13,404 11,994 Finance lease cost: Amortization of ROU Asset $ 1,460 $ 2,668 $ 5,024 $ 8,838 Interest on lease liabilities 50 97 183 339 Total Finance lease cost $ 1,510 $ 2,765 $ 5,207 $ 9,177
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, 2021, are as follows: (in thousands) Operating Leases Finance Leases 2021 $ 17,078 $ 1,468 2022 69,887 4,441 2023 68,128 1,818 2024 39,614 247 2025 31,859 — 2026 and thereafter 127,472 — Total lease payments $ 354,038 $ 7,974 Less imputed interest (61,071) (269) Total lease liability $ 292,967 $ 7,705
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, 2021, are as follows: (in thousands) Operating Leases Finance Leases 2021 $ 17,078 $ 1,468 2022 69,887 4,441 2023 68,128 1,818 2024 39,614 247 2025 31,859 — 2026 and thereafter 127,472 — Total lease payments $ 354,038 $ 7,974 Less imputed interest (61,071) (269) Total lease liability $ 292,967 $ 7,705

Cash (Tables)

Cash (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 Cash and cash equivalents $ 683,836 $ 889,559 Cash restricted or segregated under regulations and other 70,477 117,446 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 754,313 $ 1,007,005
Restrictions on segregated 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, 2021 December 31, 2020 Cash and cash equivalents $ 683,836 $ 889,559 Cash restricted or segregated under regulations and other 70,477 117,446 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 754,313 $ 1,007,005

Capital Structure (Tables)

Capital Structure (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020: Three Months Ended September 30, 2021 (in thousands) AOCI Beginning Balance Amounts recorded Amounts reclassified from AOCI to income AOCI Ending Balance Net change in unrealized cash flow hedges gains (losses) (1) $ (24,952) $ (1,612) $ 3,803 $ (22,761) Foreign exchange translation adjustment 5,835 (4,912) — 923 Total $ (19,117) $ (6,524) $ 3,803 $ (21,838) (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, 2021, the Company expects approximately $15.0 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, 2020 (in thousands) AOCI Beginning Balance Amounts recorded Amounts reclassified from AOCI to income AOCI Ending Balance Net change in unrealized cash flow hedges gains (losses) $ (36,710) $ (1,797) $ 1,948 $ (36,559) Foreign exchange translation adjustment (2,857) 4,213 — 1,356 Total $ (39,567) $ 2,416 $ 1,948 $ (35,203) Nine Months Ended September 30, 2021 (in thousands) AOCI Beginning Balance Amounts recorded Amounts reclassified from AOCI to income AOCI Ending Balance Net change in unrealized cash flow hedges gains (losses) (1) $ (33,444) $ (83) $ 10,766 $ (22,761) Foreign exchange translation adjustment 7,957 (7,034) — 923 Total $ (25,487) $ (7,117) $ 10,766 $ (21,838) (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. As of September 30, 2021, the Company expects approximately $15.0 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 recorded Amounts reclassified from AOCI to income AOCI Ending Balance Net change in unrealized cash flow hedges gains (losses) $ — $ (42,405) $ 5,846 $ (36,559) Foreign exchange translation adjustment (647) 2,003 — 1,356 Total $ (647) $ (40,402) $ 5,846 $ (35,203) (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income.

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020: 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, 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 At December 31, 2020 2,324,152 $ 19.00 4.24 2,324,152 $ 19.00 Granted — — — — — Exercised (446,997) 19.00 — (446,997) 19.00 Forfeited or expired — — — — — At September 30, 2021 1,877,155 $ 19.00 3.49 1,877,155 $ 19.00
Schedule of activity related to restricted stock units	The following table summarizes activity related to RSUs (including the Assumed Awards) and RSAs for the nine months ended September 30, 2021 and 2020: Number of RSUs and RSAs Weighted At December 31, 2019 2,993,489 $ 24.10 Granted 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 At December 31, 2020 3,393,084 $ 21.35 Granted (1) 2,442,953 27.06 Forfeited (191,296) 22.97 Vested (2,032,477) 23.27 At September 30, 2021 3,612,264 $ 24.05 (1) Excluded in the number of RSUs and RSAs are 350,000 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, 2021
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Schedule of regulatory capital and regulatory capital requirements	VAL's regulatory capital and regulatory capital requirements as of September 30, 2021 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 484,482 $ 1,725 $ 482,757 As of September 30, 2021, VAL had $60.9 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 $8.8 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers. The balances are included within Cash restricted or segregated under regulations and other on the Condensed Consolidated Statements of Financial Condition. VAL's regulatory capital and regulatory capital requirements as of December 31, 2020 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 621,253 $ 2,917 $ 618,336 The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of September 30, 2021 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 16,911 $ 197 $ 16,714 Virtu Financial Canada ULC 200 197 3 Ireland Virtu ITG Europe Limited (1) 78,066 32,636 45,430 Virtu Financial Ireland Limited (1) 109,229 58,083 51,146 United Kingdom Virtu ITG UK Limited 1,057 846 211 Asia Pacific Virtu ITG Australia Limited 30,717 8,776 21,941 Virtu ITG Hong Kong Limited 2,902 513 2,389 Virtu ITG Singapore Pte Limited 845 74 771 (1) Preliminary The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2020 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 12,944 $ 196 $ 12,748 Virtu Financial Canada ULC 2,486 196 2,290 Ireland Virtu ITG Europe Limited 57,459 32,106 25,353 Virtu Financial Ireland Limited 94,528 41,038 53,490 United Kingdom Virtu ITG UK Limited 1,290 910 380 Asia Pacific Virtu ITG Australia Limited 30,606 12,729 17,877 Virtu ITG Hong Kong Limited 4,290 625 3,665 Virtu ITG Singapore Pte Limited 796 76 720

Geographic Information and Bu_2

Geographic Information and Business Segments (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Revenues: United States $ 433,013 $ 484,594 $ 1,678,650 $ 2,045,330 Ireland 55,137 61,320 242,614 233,783 Singapore 30,696 26,630 102,965 140,492 Canada 13,955 71,268 43,924 103,331 Australia 9,982 10,107 31,868 32,186 United Kingdom — 964 1,745 3,944 Others 1,561 1,229 4,115 3,569 Total revenues $ 544,344 $ 656,112 $ 2,105,881 $ 2,562,635
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, 2021 and 2020 and are summarized in the following table: (in thousands) Market Execution Corporate Consolidated 2021: Total revenue $ 409,290 $ 132,549 $ 2,505 $ 544,344 Income before income taxes and noncontrolling interest 135,875 7,532 1,692 145,099 2020: Total revenue 474,598 182,680 (1,166) 656,112 Income (loss) before income taxes and noncontrolling interest 161,732 102,029 (11,246) 252,515 The Company's Pre-tax earnings by segment for the nine months ended September 30, 2021 and 2020 are summarized in the following table: (in thousands) Market Making Execution Services Corporate Consolidated Total 2021 Total revenue $ 1,635,555 $ 459,918 $ 10,408 $ 2,105,881 Income (loss) before income taxes and noncontrolling interest 713,723 51,941 4,223 769,887 2020 Total revenue 2,064,300 500,621 (2,286) 2,562,635 Income (loss) before income taxes and noncontrolling interest 1,010,871 137,879 (25,478) 1,123,272

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)countryvenueacquisitioninstrument$ / shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)countrysegmentvenueacquisitioninstrument$ / shares	Sep. 30, 2020USD ($)
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of financial instruments | instrument	25,000		25,000
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
Number of significant acquisitions | acquisition	2		2
Number of operating segments | segment			2
Number of non-operating segments | segment			1
Dividends to stockholders	$ 90.1	$ 30.3
Distribution from non controlling interest			$ 247.8	$ 83.4
ITG
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Acquisition value (in dollars per share) | $ / shares	$ 30.30		$ 30.30
Total cash consideration			$ 1,000
Virtu Financial
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Ownership interest	62.60%		62.60%

Sale of MATCHNow - Narrative (D

Sale of MATCHNow - Narrative (Details) - USD ($)	Aug. 04, 2020	May 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received			$ 0	$ 60,592,000
MATCHNow
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment					$ 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%
Total sale proceeds received	$ 60,592,000
Contingent consideration (up to)	23,000,000
Transaction costs	2,453,000
Gain on sale of MATCHNow	$ 58,652,000

Sale of MATCHNow - Summary of t

Sale of MATCHNow - Summary of the Carrying Value of MATCHNow and Gain on Sale (Details) - USD ($) $ in Thousands	Aug. 04, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received		$ 0	$ 60,592
Gain on sale of MATCHNow, net of transaction costs		$ 0	$ 58,652
Disposal Group, Disposed of by Sale, Not Discontinued Operations | MATCHNow
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, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Income before income taxes and noncontrolling interest	$ 145,099			$ 252,515			$ 769,887	$ 1,123,272
Provision for income taxes	21,961			52,807			128,611	200,044
Net income	123,138	$ 108,907	$ 409,232	199,708	$ 335,285	$ 388,238	641,276	923,228
Noncontrolling interest	(52,631)			(82,999)			(268,454)	(386,311)
Net income available for common stockholders	$ 70,507			$ 116,709			$ 372,822	$ 536,917

Earnings per Share - Basic (Det

Earnings per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic earnings (loss) per share:
Net income available for common stockholders	$ 70,507	$ 116,709	$ 372,822	$ 536,917
Less: Dividends and undistributed earnings allocated to participating securities	(2,222)	(3,417)	(10,335)	(14,210)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 68,285	$ 113,292	$ 362,487	$ 522,707
Weighted average shares of common stock outstanding:
Class A (in shares)	115,770,457	122,686,931	119,148,571	121,328,895
Basic earnings (loss) per share (in dollars per share)	$ 0.59	$ 0.92	$ 3.04	$ 4.31
Class A common stock
Weighted average shares of common stock outstanding:
Class A (in shares)	115,770,457	122,686,931	119,148,571	121,328,895

Earnings per Share - Diluted (D

Earnings per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Diluted earnings (loss) per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 68,285	$ 113,292	$ 362,487	$ 522,707
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	115,770,457	122,686,931	119,148,571	121,328,895
Weighted average shares of common stock outstanding (in shares)	116,623,115	123,772,005	120,373,160	121,939,839
Diluted earnings (loss) per share (in dollars per share)	$ 0.59	$ 0.92	$ 3.01	$ 4.29
Class A common stock
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	115,770,457	122,686,931	119,148,571	121,328,895
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)	852,657	1,085,074	1,224,589	610,944
Weighted average shares of common stock outstanding (in shares)	116,623,114	123,772,005	120,373,160	121,939,839

Tax Receivable Agreements (Deta

Tax Receivable Agreements (Details) - USD ($) $ in Thousands	1 Months Ended				9 Months Ended
	Apr. 30, 2021	Mar. 31, 2020	Sep. 30, 2018	Feb. 28, 2017	Sep. 30, 2021	Dec. 31, 2020
Tax Receivable Agreements [Abstract]
First payment made	$ 16,500	$ 13,300	$ 12,400	$ 7,000
Minimum tax receivable agreement obligation over the agreed period					$ 900
Maximum tax receivable agreement obligation over the agreed period					$ 21,700
Period over which the obligations are to be settled					15 years
Deferred tax assets					$ 184,300	$ 199,100
Tax receivable agreement obligations					$ 254,660	$ 271,165

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
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
Intangible assets	402,912,000		402,912,000		$ 454,499,000
Amortization expense relating to finite-lived intangible assets	$ 16,933,000	$ 18,265,000	$ 53,087,000	$ 56,177,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 1,148,926	$ 1,148,926
Operating Segments | Market Making
Goodwill [Line Items]
Goodwill	755,292	755,292
Operating Segments | Execution Services
Goodwill [Line Items]
Goodwill	393,634	393,634
Corporate
Goodwill [Line Items]
Goodwill	$ 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, 2021	Dec. 31, 2020
Acquired Intangible Assets [Line Items]
Accumulated Amortization	$ (236,581)	$ (183,494)
Gross Carrying Amount	639,493	637,993
Net Carrying Amount	402,912	454,499
Exchange memberships
Acquired Intangible Assets [Line Items]
Exchange memberships	3,998	3,998
Customer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	486,600	486,600
Accumulated Amortization	(130,182)	(94,299)
Net Carrying Amount	$ 356,418	$ 392,301
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	(97,966)	(82,403)
Net Carrying Amount	$ 38,034	$ 53,597
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
Favorable occupancy leases
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,895	$ 5,895
Accumulated Amortization	(3,433)	(2,839)
Net Carrying Amount	$ 2,462	$ 3,056
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	(3,100)	(2,200)
Net Carrying Amount	$ 500	$ 1,400
Useful Lives (Years)	3 years	3 years
ETF issuer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(950)	(877)
Net Carrying Amount	$ 0	$ 73
Useful Lives (Years)	9 years	9 years
ETF buyer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(950)	(876)
Net Carrying Amount	$ 0	$ 74
Useful Lives (Years)	9 years	9 years
Other
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,500	$ 0
Accumulated Amortization	0	0
Net Carrying Amount	$ 1,500	$ 0

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Expects Amortization Expense (Details) $ in Thousands	Sep. 30, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 16,580
2022	64,852
2023	63,960
2024	50,845
2025	47,879
2026	$ 47,879

Receivables from_Payables to _3

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Due from prime brokers	$ 557,316	$ 697,293
Deposits with clearing organizations	181,987	216,962
Net equity with futures commission merchants	239,697	248,943
Unsettled trades with clearing organizations	3,380	118,777
Securities failed to deliver	444,138	372,965
Commissions and fees	25,908	29,066
Total receivables from broker-dealers and clearing organizations	1,452,426	1,684,006
Liabilities
Due to prime brokers	606,840	410,772
Net equity with futures commission merchants	69,147	77,257
Unsettled trades with clearing organizations	113,250	228,070
Securities failed to receive	304,598	156,804
Commissions and fees	1,136	3,543
Total payables to broker-dealers and clearing organizations	1,094,971	876,446
Outstanding principal balance	$ 202,500	$ 134,700

Collateralized Transactions (De

Collateralized Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Securities received as collateral:
Securities borrowed	$ 1,221,032	$ 1,374,266
Securities purchased under agreements to resell	170,194	22,866
Securities received as collateral	1,391,226	1,397,132
Financial instruments owned and pledged	959,056	746,539
Equities
Securities received as collateral:
Financial instruments owned and pledged	947,661	734,024
Exchange traded notes
Securities received as collateral:
Financial instruments owned and pledged	$ 11,395	$ 12,515

Borrowings - Short-term Borrowi

Borrowings - Short-term Borrowings, net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Borrowing Outstanding	$ 314,695	$ 65,073
Deferred Debt Issuance Cost	(1,881)	(387)
Short-term Borrowings, net	312,814	64,686
Short-term bank loans
Short-term Debt [Line Items]
Borrowing Outstanding	136,695	28,673
Deferred Debt Issuance Cost	0	0
Short-term Borrowings, net	136,695	28,673
Broker-dealer credit facilities
Short-term Debt [Line Items]
Borrowing Outstanding	178,000	36,400
Deferred Debt Issuance Cost	(1,881)	(387)
Short-term Borrowings, net	$ 176,119	$ 36,013

Borrowings - Broker-Dealer Cred

Borrowings - Broker-Dealer Credit Facilities (Details)	Mar. 10, 2020USD ($)	Mar. 02, 2020	Sep. 30, 2021USD ($)debt_instrumentborrowing_base	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Mar. 20, 2020USD ($)
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	$ 1,000,000,000
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					$ 400,000,000
Financing Available			$ 400,000,000	$ 400,000,000
Interest rate			1.25%	1.25%
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, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Borrowing Outstanding	$ 1,631,224
Deferred Debt Issuance Cost	(1,881)	$ (387)
Outstanding Borrowings, net	$ 1,604,062	$ 1,639,280
Uncommitted facility
Line of Credit Facility [Line Items]
Interest Rate	1.25%	1.25%
Financing Available	$ 400,000	$ 400,000
Borrowing Outstanding	178,000	36,400
Deferred Debt Issuance Cost	(1,881)	(387)
Outstanding Borrowings, net	$ 176,119	$ 36,013
Committed facility
Line of Credit Facility [Line Items]
Interest Rate	2.61%	1.40%
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	1,000,000
Borrowing Outstanding	178,000	36,400
Deferred Debt Issuance Cost	(1,881)	(387)
Outstanding Borrowings, net	$ 176,119	$ 36,013

Borrowings - Interest Expense o

Borrowings - Interest Expense on Broker-Dealer Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Line of Credit Facility [Line Items]
Interest expense	$ 20,179	$ 20,358	$ 59,784	$ 67,764
Uncommitted facility
Line of Credit Facility [Line Items]
Interest expense	540	244	1,790	1,007
Committed facility
Line of Credit Facility [Line Items]
Interest expense	0	71	57	433
Demand Loan
Line of Credit Facility [Line Items]
Interest expense	0	0	0	211
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Interest expense	$ 540	$ 315	$ 1,847	$ 1,651

Borrowings - Short-Term Bank Lo

Borrowings - Short-Term Bank Loans (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Short-term bank loans	$ 136.7	$ 28.7
Weighted average interest rate	1.20%	2.40%

Borrowings - Prime Brokerage Cr

Borrowings - Prime Brokerage Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Short-term Debt [Line Items]
Weighted Average Interest Rate	1.20%		1.20%		2.40%
Borrowing Outstanding	$ 1,631,224		$ 1,631,224
Interest expense	$ 20,179	$ 20,358	$ 59,784	$ 67,764
Short-Term Credit Facilities
Short-term Debt [Line Items]
Weighted Average Interest Rate	2.78%		2.78%		2.77%
Financing Available	$ 616,000		$ 616,000		$ 616,000
Borrowing Outstanding	202,480		202,480		$ 134,664
Interest expense	$ 1,400	$ 1,200	$ 3,500	$ 3,800

Borrowings - Long-Term Borrowin

Borrowings - Long-Term Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Outstanding Principal	$ 1,631,224
Deferred Debt Issuance Cost	(1,881)	$ (387)
Outstanding Borrowings, net	$ 1,604,062	$ 1,639,280
SBI Bonds
Line of Credit Facility [Line Items]
Interest Rate	5.00%	5.00%
Outstanding Principal	$ 31,450	$ 33,898
Discount	0	0
Deferred Debt Issuance Cost	(26)	(40)
Outstanding Borrowings, net	31,424	33,858
Total Long-term borrowings
Line of Credit Facility [Line Items]
Outstanding Principal	1,631,224	1,670,410
Discount	(3,949)	(4,723)
Deferred Debt Issuance Cost	(23,213)	(26,407)
Outstanding Borrowings, net	$ 1,604,062	$ 1,639,280
Senior Secured Credit Facility | Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest Rate	3.08%	3.15%
Outstanding Principal	$ 1,599,774	$ 1,636,512
Discount	(3,949)	(4,723)
Deferred Debt Issuance Cost	(23,187)	(26,367)
Outstanding Borrowings, net	$ 1,572,638	$ 1,605,422

Borrowings - Credit Agreement (

Borrowings - Credit Agreement (Details) - USD ($)	Mar. 02, 2020	Mar. 01, 2019	Jan. 31, 2020	Oct. 31, 2019	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2021	Apr. 30, 2021	Dec. 31, 2020	Oct. 09, 2019
Debt Instrument [Line Items]
Commitment fee (as a percent)	0.50%
Outstanding principal amount							$ 1,631,224,000
Fixed interest rate percentage				4.30%
Committed facility
Debt Instrument [Line Items]
Outstanding principal amount							0		$ 0
Amended Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
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, 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%
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%
Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Debt amortization, percentage of original aggregate principal amount	1.00%
VFH
Debt Instrument [Line Items]
Proceeds from borrowings		$ 404,500,000
VFH | Committed facility
Debt Instrument [Line Items]
Maximum borrowing capacity		50,000,000
Outstanding principal amount							0		$ 0
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
Outstanding principal amount							$ 1,600,000,000
Term Loan | VFH | First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount				$ 525,000,000						$ 525,000,000
Interest rate swap
Debt Instrument [Line Items]
Derivative contract term				5 years	5 years	5 years
Derivative, notional amount					$ 1,000,000,000	$ 525,000,000
Fixed interest rate percentage								4.50%
January 2020 Interest Rate Swap
Debt Instrument [Line Items]
Derivative contract term			5 years
Derivative, notional amount			$ 1,000,000,000
Fixed interest rate percentage			4.40%					4.60%
January 2020 Interest Rate Swap | Term Loan | VFH | First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000,000,000

Borrowings - SBI Bonds (Details

Borrowings - SBI Bonds (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021JPY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2020JPY (¥)	Jul. 25, 2016USD ($)	Jul. 25, 2016JPY (¥)
Debt Instrument [Line Items]
Outstanding principal amount	$ 1,631,224,000		$ 1,631,224,000
SBI Bonds
Debt Instrument [Line Items]
Outstanding principal amount	31,450,000		31,450,000			$ 33,898,000
VFH | SBI Bonds
Debt Instrument [Line Items]
Face amount								$ 33,100,000	¥ 3,500,000,000
Outstanding principal amount	31,500,000		31,500,000		¥ 3,500,000,000	$ 33,900,000	¥ 3,500,000,000
Gain (loss) due to change in currency rates	$ 100,000	$ (800,000)	$ 2,400,000	$ (1,000,000)

Borrowings - Future Minimum Pri

Borrowings - Future Minimum Principal Payments (Details) $ in Thousands	Sep. 30, 2021USD ($)
Debt Disclosure [Abstract]
Remainder of 2021	$ 0
2022	0
2023	31,450
2024	0
2025	0
Thereafter	1,599,774
Total principal of long-term borrowings	$ 1,631,224

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, 2021	Dec. 31, 2020
Assets
Financial instruments owned, at fair value	$ 3,018,838	$ 2,369,192
Financial instruments owned, at fair value, counterparty and cash collateral netting	(300,399)	(291,964)
Financial instruments owned, pledged as collateral	959,056	746,539
Other Assets	87,926	68,316
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,871,649	2,923,708
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting	(308,611)	(292,870)
Payables to broker-dealers and clearing organizations	1,094,971	876,446
Interest rate swap
Liabilities
Payables to broker-dealers and clearing organizations	43,608	63,513
Equity securities
Assets
Financial instruments owned, at fair value	2,553,817	1,955,589
Financial instruments owned, pledged as collateral	947,661	734,024
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,161,140	2,445,050
U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	236,072	199,782
Liabilities
Financial instruments sold, not yet purchased, at fair value	298,744	103,157
Corporate Bonds
Assets
Financial instruments owned, at fair value	201,086	135,518
Liabilities
Financial instruments sold, not yet purchased, at fair value	349,299	358,734
Exchange traded notes
Assets
Financial instruments owned, at fair value	8,712	19,827
Financial instruments owned, pledged as collateral	11,395	12,515
Liabilities
Financial instruments sold, not yet purchased, at fair value	5,585	7,431
Equity investment
Assets
Other Assets	85,317	66,030
Exchange stock
Assets
Other Assets	2,609	2,286
Currency forwards
Assets
Financial instruments owned, at fair value	10,831	49,396
Financial instruments owned, at fair value, counterparty and cash collateral netting	(300,399)	(291,964)
Liabilities
Financial instruments sold, not yet purchased, at fair value	7,741	95
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting	(308,611)	(292,870)
Options
Assets
Financial instruments owned, at fair value	8,320	9,080
Liabilities
Financial instruments sold, not yet purchased, at fair value	49,140	9,241
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Financial instruments owned, at fair value	661,117	922,393
Financial instruments owned, pledged as collateral	581,867	496,945
Other Assets	2,609	2,286
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,672,042	1,399,496
Payables to broker-dealers and clearing organizations	532,533	3,517
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Interest rate swap
Liabilities
Payables to broker-dealers and clearing organizations	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Equity securities
Assets
Financial instruments owned, at fair value	436,245	761,484
Financial instruments owned, pledged as collateral	576,478	496,943
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,336,070	1,307,082
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	216,125	151,723
Liabilities
Financial instruments sold, not yet purchased, at fair value	285,997	83,173
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	427	106
Financial instruments owned, pledged as collateral	5,389	2
Liabilities
Financial instruments sold, not yet purchased, at fair value	835	0
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	2,609	2,286
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	8,320	9,080
Liabilities
Financial instruments sold, not yet purchased, at fair value	49,140	9,241
Significant Other Observable Inputs (Level 2)
Assets
Financial instruments owned, at fair value	2,658,120	1,738,763
Financial instruments owned, pledged as collateral	377,189	249,594
Other Assets	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,508,218	1,817,082
Payables to broker-dealers and clearing organizations	562,438	872,929
Significant Other Observable Inputs (Level 2)  | Interest rate swap
Liabilities
Payables to broker-dealers and clearing organizations	43,608	63,513
Significant Other Observable Inputs (Level 2)  | Equity securities
Assets
Financial instruments owned, at fair value	2,117,572	1,194,105
Financial instruments owned, pledged as collateral	371,183	237,081
Liabilities
Financial instruments sold, not yet purchased, at fair value	825,070	1,137,968
Significant Other Observable Inputs (Level 2)  | U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	19,947	48,059
Liabilities
Financial instruments sold, not yet purchased, at fair value	12,747	19,984
Significant Other Observable Inputs (Level 2)  | Corporate Bonds
Assets
Financial instruments owned, at fair value	201,086	135,518
Liabilities
Financial instruments sold, not yet purchased, at fair value	349,299	358,734
Significant Other Observable Inputs (Level 2)  | Exchange traded notes
Assets
Financial instruments owned, at fair value	8,285	19,721
Financial instruments owned, pledged as collateral	6,006	12,513
Liabilities
Financial instruments sold, not yet purchased, at fair value	4,750	7,431
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	311,230	341,360
Liabilities
Financial instruments sold, not yet purchased, at fair value	316,352	292,965
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	85,317	66,030
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	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
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	85,317	66,030
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, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 85,317	$ 66,030
Minimum | Discounted cash flow | Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.024	(0.090)
Minimum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.144	0.144
Minimum | Market | Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00098	0.00122
Maximum | Discounted cash flow | Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.227	0.390
Maximum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.144	0.144
Maximum | Market | Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00445	0.00219
Weighted Average | Discounted cash flow | Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.085	0.096
Weighted Average | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.144	0.144
Weighted Average | Market | Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00172	0.00138

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 78,313	$ 51,599	$ 66,030	$ 46,245
Purchases	0	0	0	0
Total realized and unrealized gains / (losses)	7,004	13,104	19,287	18,458
Net Transfers into (out of) Level 3	0	0	0	0
Settlement	0	0	0	0
Ending balance	85,317	64,703	85,317	64,703
Change in net unrealized gains / (losses) on investments still held at end of period	7,004	13,104	19,287	18,458
Equity investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	78,313	51,599	66,030	46,245
Purchases	0	0	0	0
Total realized and unrealized gains / (losses)	7,004	13,104	19,287	18,458
Net Transfers into (out of) Level 3	0	0	0	0
Settlement	0	0	0	0
Ending balance	85,317	64,703	85,317	64,703
Change in net unrealized gains / (losses) on investments still held at end of period	$ 7,004	$ 13,104	$ 19,287	$ 18,458

Financial Assets and Liabilit_6

Financial Assets and Liabilities - Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash restricted or segregated under regulations and other	$ 70,477	$ 117,446
Receivables from broker-dealers and clearing organizations	1,452,426	1,684,006
Receivables from customers	414,244	214,478
Other assets	303,194	317,747
Liabilities
Payables to broker-dealers and clearing organizations	1,094,971	876,446
Payables to customers	182,939	118,826
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and cash equivalents	683,836	889,559
Cash restricted or segregated under regulations and other	70,477	117,446
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	415	173,578
Receivables from customers	0	0
Other assets	0	0
Total Assets	754,728	1,180,583
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	532,533	3,517
Payables to customers	0	0
Other liabilities	0	0
Total Liabilities	532,533	3,517
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	1,277,601	1,425,016
Securities purchased under agreements to resell	170,194	22,866
Receivables from broker-dealers and clearing organizations	1,452,011	1,510,428
Receivables from customers	414,244	214,478
Other assets	14,427	21,735
Total Assets	3,328,477	3,194,523
Liabilities
Short-term borrowings	314,695	65,073
Long-term borrowings	1,629,224	1,672,456
Securities loaned	1,017,436	948,256
Securities sold under agreements to repurchase	583,268	461,235
Payables to broker-dealers and clearing organizations	562,438	872,929
Payables to customers	182,939	118,826
Other liabilities	8,904	9,208
Total Liabilities	4,298,904	4,147,983
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	0
Other assets	0	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	0
Other liabilities	0	0
Total Liabilities	0	0
Reported Value Measurement
Assets
Cash and cash equivalents	683,836	889,559
Cash restricted or segregated under regulations and other	70,477	117,446
Securities borrowed	1,277,601	1,425,016
Securities purchased under agreements to resell	170,194	22,866
Receivables from broker-dealers and clearing organizations	1,452,426	1,684,006
Receivables from customers	414,244	214,478
Other assets	14,427	21,735
Total Assets	4,083,205	4,375,106
Liabilities
Short-term borrowings	312,814	64,686
Long-term borrowings	1,604,062	1,639,280
Securities loaned	1,017,436	948,256
Securities sold under agreements to repurchase	583,268	461,235
Payables to broker-dealers and clearing organizations	1,094,971	876,446
Payables to customers	182,939	118,826
Other liabilities	8,904	9,208
Total Liabilities	4,804,394	4,117,937
Estimate of Fair Value Measurement
Assets
Cash and cash equivalents	683,836	889,559
Cash restricted or segregated under regulations and other	70,477	117,446
Securities borrowed	1,277,601	1,425,016
Securities purchased under agreements to resell	170,194	22,866
Receivables from broker-dealers and clearing organizations	1,452,426	1,684,006
Receivables from customers	414,244	214,478
Other assets	14,427	21,735
Total Assets	4,083,205	4,375,106
Liabilities
Short-term borrowings	314,695	65,073
Long-term borrowings	1,629,224	1,672,456
Securities loaned	1,017,436	948,256
Securities sold under agreements to repurchase	583,268	461,235
Payables to broker-dealers and clearing organizations	1,094,971	876,446
Payables to customers	182,939	118,826
Other liabilities	8,904	9,208
Total Liabilities	$ 4,831,437	$ 4,151,500

Financial Assets and Liabilit_7

Financial Assets and Liabilities - Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Securities borrowed
Gross Amounts of Recognized Assets	$ 1,277,601	$ 1,425,016
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	1,277,601	1,425,016
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,221,032)	(1,374,266)
Counterparty Netting/ Cash Collateral	(8,097)	(9,686)
Net Amount	48,472	41,064
Securities purchased under agreements to resell
Gross Amounts of Recognized Assets	170,194	22,866
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	170,194	22,866
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(170,194)	(22,866)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	0
Trading assets, at fair value:
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Total
Gross Amounts of Recognized Assets	1,767,345	1,798,322
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(300,399)	(291,964)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	1,466,946	1,506,358
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,391,226)	(1,397,132)
Counterparty Netting/ Cash Collateral	(16,417)	(18,766)
Net Amount	59,303	90,460
Currency forwards
Securities borrowed
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(300,399)	(291,964)
Trading assets, at fair value:
Gross Amounts of Recognized Assets	311,230	341,360
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(300,399)	(291,964)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	10,831	49,396
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	10,831	49,396
Options
Securities borrowed
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Trading assets, at fair value:
Gross Amounts of Recognized Assets	8,320	9,080
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	8,320	9,080
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	(8,320)	(9,080)
Net Amount	$ 0	$ 0

Financial Assets and Liabilit_8

Financial Assets and Liabilities - Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Securities loaned
Gross Amounts of Recognized Liabilities	$ 1,017,436	$ 948,256
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,017,436	948,256
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(995,181)	(921,593)
Counterparty Netting/ Cash Collateral	(12,655)	(17,800)
Net Amount	9,600	8,863
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities	583,268	461,235
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	583,268	461,235
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(583,268)	(461,235)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	0
Trading liabilities, at fair value:
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Total
Gross Amounts of Recognized Liabilities	2,009,804	1,775,210
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(308,611)	(292,870)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,701,193	1,482,340
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(1,578,449)	(1,382,828)
Counterparty Netting/ Cash Collateral	(20,975)	(90,042)
Net Amount	101,769	9,470
Interest rate swap
Securities loaned
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities		63,513
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition		63,513
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments		0
Counterparty Netting/ Cash Collateral		(63,162)
Net Amount		351
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	43,608
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	43,608
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0
Counterparty Netting/ Cash Collateral	0
Net Amount	43,608
Currency forwards
Securities loaned
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(308,611)	(292,870)
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	316,352	292,965
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(308,611)	(292,870)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	7,741	95
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	7,741	95
Options
Securities loaned
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	49,140	9,241
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	49,140	9,241
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	(8,320)	(9,080)
Net Amount	$ 40,820	$ 161

Financial Assets and Liabilit_9

Financial Assets and Liabilities - Gross Obligations For Securities Lending Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 583,268	$ 461,235
Remaining contractual maturity for securities loaned	1,017,436	948,256
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	198,268	86,235
Remaining contractual maturity for securities loaned	1,017,436	948,256
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	125,000	125,000
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	160,000	200,000
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	385,000	375,000
Remaining contractual maturity for securities loaned	1,017,436	948,256
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	0	0
Remaining contractual maturity for securities loaned	1,017,436	948,256
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	125,000	125,000
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	160,000	200,000
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	198,268	86,235
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	198,268	86,235
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	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	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	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, 2021	Dec. 31, 2020
Equities futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	$ (753)	$ 4,669
Notional	1,371,507	2,208,899
Equities futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	1,240	31
Notional	398,517	90,219
Commodity futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(217)	173,889
Notional	137,010	6,237,389
Commodity futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(533,414)	(5,397)
Notional	9,633,999	27,287
Currency futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	1,964	(11,736)
Notional	847,313	2,823,277
Currency futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(6,057)	3,598
Notional	2,664,776	2,269,898
Fixed income futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	158	42
Notional	16,292	102,476
Fixed income futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	97	0
Notional	51,091	1,566
Options
Derivatives Assets
Fair Value	8,320	9,080
Derivatives Liabilities
Fair Value	49,140	9,241
Options | Derivative instruments not designated as hedging instruments | Financial instruments owned
Derivatives Assets
Fair Value	8,320	9,080
Notional	934,627	746,723
Options | Derivative instruments not designated as hedging instruments | Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	49,140	9,241
Notional	936,594	736,997
Currency forwards
Derivatives Assets
Fair Value	311,230	341,360
Derivatives Liabilities
Fair Value	316,352	292,965
Currency forwards | Derivative instruments not designated as hedging instruments | Financial instruments owned
Derivatives Assets
Fair Value	311,230	341,360
Notional	28,029,260	30,596,681
Currency forwards | Derivative instruments not designated as hedging instruments | Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	316,352	292,965
Notional	28,031,821	30,572,490
Interest rate swap
Derivatives Liabilities
Fair Value	43,608
Interest rate swap | Derivative instruments designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	43,608	63,513
Notional	$ 1,525,000	$ 1,525,000

Derivative Instruments - Gain (

Derivative Instruments - Gain (Loss) From Derivative Instruments (Details)	1 Months Ended	3 Months Ended				9 Months Ended
	Oct. 31, 2019	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)instrument	Dec. 31, 2019USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		$ 44,257,000	$ 84,129,000			$ 287,944,000	$ 326,710,000
Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income		4,112,000	314,000			21,453,000	(64,425,000)
Futures | Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		84,875,000	(12,262,000)			213,569,000	11,440,000
Currency forwards | Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		(49,599,000)	62,465,000			12,756,000	255,044,000
Options | Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		9,455,000	35,343,000			63,016,000	61,643,000
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract term	5 years			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		(474,000)	(1,417,000)			(1,397,000)	(1,417,000)
Interest rate swap | Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income		$ 4,112,000	$ 314,000			$ 21,453,000	$ (64,425,000)

Variable Interest Entities- Add

Variable Interest Entities- Additional Information (Details)	9 Months Ended
	Sep. 30, 2021joint_venture
Variable Interest Entity [Line Items]
Number of joint ventures considered as VIEs	4
JV building microwave communication networks in US, Europe and Asia
Variable Interest Entity [Line Items]
Number of joint ventures	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%

Variable Interest Entities - No

Variable Interest Entities - Nonconsolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Asset	$ 10,429,477	$ 9,965,798
Liability	8,628,764	8,110,760
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Asset	30,388	28,969
Liability	0	0
Maximum Exposure to Loss	30,388	28,969
VIEs' assets	$ 154,789	$ 175,547

Revenues from Contracts with _3

Revenues from Contracts with Customers (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 135,923,000	$ 133,853,000	$ 470,687,000	$ 452,333,000
Total revenue	544,344,000	656,112,000	2,105,881,000	2,562,635,000
Revenue related to performance obligations satisfied in previous periods	500,000	600,000
Revenue related to performance obligation	49,100,000		49,100,000		$ 57,300,000
Impairment losses on receivables			0
Deferred revenue related to contracts with customers	10,000,000		10,000,000		$ 9,300,000
Revenue recognized	9,200,000	8,600,000		23,600,000
New contract revenue, recognized			24,400,000
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	525,805,000	637,450,000	2,050,334,000	2,506,697,000
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	18,539,000	18,662,000	55,547,000	55,938,000
Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	102,368,000	100,851,000	364,111,000	343,349,000
Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	23,149,000	23,044,000	75,572,000	78,376,000
Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	10,406,000	9,958,000	31,004,000	30,608,000
Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	408,421,000	522,259,000	1,635,194,000	2,110,302,000
Operating Segments | Market Making
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	8,894,000	9,391,000	32,111,000	9,526,000
Total revenue	409,290,000	474,598,000	1,635,555,000	2,064,300,000
Operating Segments | Market Making | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	409,290,000	474,598,000	1,635,555,000	2,064,300,000
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]
Total revenue from contracts with customers	8,894,000	9,391,000	32,111,000	9,526,000
Operating Segments | Market Making | Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating Segments | Market Making | Analytics
Disaggregation of Revenue [Line Items]
Total revenue 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	400,396,000	465,207,000	1,603,444,000	2,054,774,000
Operating Segments | Execution Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	127,029,000	124,462,000	438,576,000	442,807,000
Total revenue	132,549,000	182,680,000	459,918,000	500,621,000
Operating Segments | Execution Services | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	114,010,000	164,018,000	404,371,000	444,683,000
Operating Segments | Execution Services | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	18,539,000	18,662,000	55,547,000	55,938,000
Operating Segments | Execution Services | Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	93,474,000	91,460,000	332,000,000	333,823,000
Operating Segments | Execution Services | Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	23,149,000	23,044,000	75,572,000	78,376,000
Operating Segments | Execution Services | Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	10,406,000	9,958,000	31,004,000	30,608,000
Operating Segments | Execution Services | Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	5,520,000	58,218,000	21,342,000	57,814,000
Corporate
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Total revenue	2,505,000	(1,166,000)	10,408,000	(2,286,000)
Corporate | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	2,505,000	(1,166,000)	10,408,000	(2,286,000)
Corporate | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Corporate | Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Corporate | Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Corporate | Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0
Corporate | Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	$ 2,505,000	$ (1,166,000)	$ 10,408,000	$ (2,286,000)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Provision for income taxes	$ 21,961	$ 52,807	$ 128,611	$ 200,044
Effective tax rate	15.10%	20.90%	16.70%	1780.00%
Current income taxes receivable	$ 49,800		$ 49,800		$ 83,100
Current taxes payable	12,600		12,600		37,900
Deferred tax asset, state and local operating loss carryforward	400		400		400
Unrecognized tax benefits that would impact effective tax rate	8,300		8,300
ITG
Tax Credit Carryforward [Line Items]
Deferred tax asset, non-U.S. operating loss carryforward	14,300		14,300		15,200
Operating loss carryforwards	71,600		71,600		75,100
Valuation allowance on deferred taxes	14,300		14,300		15,100
KCG
Tax Credit Carryforward [Line Items]
Deferred tax asset, non-U.S. operating loss carryforward	44,900		44,900		44,900
Operating loss carryforwards	$ 239,300		$ 239,300		$ 239,000

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating leases
Operating lease right-of-use assets	$ 247,531	$ 268,864
Operating lease liabilities	292,967	315,340
Finance leases
Property and equipment, at cost	18,479	36,093
Accumulated depreciation	(10,902)	(24,585)
Finance lease liabilities	$ 7,705	$ 11,687
Finance lease, liability, noncurrent, statement of financial position [extensible list]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Sep. 30, 2021	Dec. 31, 2020
Weighted average remaining lease term
Operating leases	6 years 8 months 4 days	6 years 10 months 24 days
Finance leases	1 year 8 months 26 days	2 years
Weighted average discount rate
Operating leases	5.49%	5.67%
Finance leases	2.41%	3.13%

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating lease cost:
Fixed	$ 18,994	$ 18,521	$ 56,772	$ 55,333
Variable	1,913	2,393	5,144	6,614
Impairment of ROU Asset	0	0	1,198	0
Total Operating lease cost	20,907	20,914	63,114	61,947
Sublease income	4,537	4,399	13,404	11,994
Finance lease cost:
Amortization of ROU Asset	1,460	2,668	5,024	8,838
Interest on lease liabilities	50	97	183	339
Total Finance lease cost	$ 1,510	$ 2,765	$ 5,207	$ 9,177

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating Leases
2021	$ 17,078
2022	69,887
2023	68,128
2024	39,614
2025	31,859
2026 and thereafter	127,472
Total lease payments	354,038
Less imputed interest	(61,071)
Total lease liability	292,967	$ 315,340
Finance Leases
2021	1,468
2022	4,441
2023	1,818
2024	247
2025	0
2026 and thereafter	0
Total lease payments	7,974
Less imputed interest	(269)
Total lease liability	$ 7,705

Cash (Details)

Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 683,836	$ 889,559
Cash restricted or segregated under regulations and other	70,477	117,446
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 754,313	$ 1,007,005	$ 665,962	$ 773,280

Capital Structure - Additional

Capital Structure - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021voteclassshares	Sep. 30, 2020shares	Dec. 31, 2020shares
Class of Stock [Line Items]
Number of classes of common stock | class	4
Non-voting common interest units outstanding (in shares) | shares	4,795,839		5,259,713
Number of non-voting common interest units forfeited or repurchased (in shares) | shares	463,874	2,420,239
Virtu Financial
Class of Stock [Line Items]
Ownership interest	62.60%
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
Class C common stock and class D common stock | Founder
Class of Stock [Line Items]
Ownership interest	83.00%

Capital Structure - Amended and

Capital Structure - Amended and Restated 2015 Management Incentive Plan (Details) - 2015 Management Incentive Plan - Class A common stock - shares	Nov. 13, 2020	Sep. 30, 2017
Class of Stock [Line Items]
Number of shares of stock authorized (in shares)		21,000,000
Service period	5 years

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 (in shares)	1,230,406

Capital Structure - Share Repur

Capital Structure - Share Repurchase Program (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	May 04, 2021
Class of Stock [Line Items]
Stock repurchased during period, value	$ 370	$ 1,323
Value of shares repurchased	139,377	$ 101,419	$ 79,418	$ 2,418	$ 360	$ 9,801	$ 337,500
Class A common stock
Class of Stock [Line Items]
Share repurchase authorized amount	$ 470,000						470,000	$ 300,000
Stock repurchased during period, value							$ 12,500
Number of shares repurchased (in shares)							132.5

Capital Structure - Employee Ex

Capital Structure - Employee Exchanges (Details) - VFH	9 Months Ended
	Sep. 30, 2021shares	Sep. 30, 2020shares
Class of Stock [Line Items]
Common stock exchange ratio	1
Class A common stock
Class of Stock [Line Items]
Issuance of common stock in connection with employee exchanges (in shares)	405,272	2,420,239

Capital Structure - Warrant Iss

Capital Structure - Warrant Issuance (Details) $ / shares in Units, $ in Millions	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

Capital Structure - Schedule of

Capital Structure - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,922,822	$ 1,701,007	$ 1,855,038	$ 1,228,936
Balance at end of period	1,800,713	1,806,807	1,800,713	1,806,807
AOCI reclassified into earnings over next 12 months	15,000		15,000
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	(24,952)	(36,710)	(33,444)	0
Amounts recorded in AOCI	(1,612)	(1,797)	(83)	(42,405)
Amounts reclassified from AOCI to income	3,803	1,948	10,766	5,846
Balance at end of period	(22,761)	(36,559)	(22,761)	(36,559)
Foreign exchange translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	5,835	(2,857)	7,957	(647)
Amounts recorded in AOCI	(4,912)	4,213	(7,034)	2,003
Amounts reclassified from AOCI to income	0	0	0	0
Balance at end of period	923	1,356	923	1,356
AOCI attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(19,117)	(39,567)	(25,487)	(647)
Amounts recorded in AOCI	(6,524)	2,416	(7,117)	(40,402)
Amounts reclassified from AOCI to income	3,803	1,948	10,766	5,846
Balance at end of period	$ (21,838)	$ (35,203)	$ (21,838)	$ (35,203)

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Mar. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in accrued employee compensation expense			$ 17.7
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			633,938	967,526
Increase (decrease) in accrued employee compensation expense	$ 6.3	$ 11.4		$ 14.4
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee compensation expense			$ 20.5
Unrecognized share-based compensation expense	51.4		$ 51.4		$ 37.1
Weighted average period for compensation expense expected to be recognized			1 year 1 month 6 days	1 year
RSUs | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee compensation expense	$ 6.7	$ 9		$ 25.8
2015 Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			0	0
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
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)						2,497,028
Invetment Technology Group | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)						1,230,406

Share-based Compensation - Summ

Share-based Compensation - Summary of Activity in Options (Details) - 2015 Management Incentive Plan - $ / shares	6 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2019	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Number of Options
Outstanding at beginning of period (in shares)		2,324,152	3,233,779	3,233,779
Granted (in shares)		0	0
Exercised (in shares)		(446,997)	(807,627)
Forfeited or expired (in shares)		0	0
Outstanding at end of period (in shares)		1,877,155	2,426,152	2,324,152	3,233,779
Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)		$ 19	$ 18.74	$ 18.74
Granted (in dollars per share)		0	0
Exercised (in dollars per share)		19	17.96
Forfeited or expired (in dollars per share)	$ 0	0	0
Outstanding at end of period (in dollars per share)		$ 19	$ 19	$ 19	$ 18.74
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life		3 years 5 months 26 days	4 years 5 months 26 days	4 years 2 months 26 days	5 years 2 months 26 days
Options exercisable, number of options (in shares)		1,877,155	2,426,152	2,324,152	3,233,779
Options granted, number of options (in shares)		0	0
Options exercised, number of options exercised (in shares)		(446,997)	(807,627)
Options exercisable, number of options forfeited or expired (in shares)		0	0
Options exercisable, weighted average exercise price (in dollars per share)		$ 19	$ 19	$ 19	$ 18.74

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, 2021	Sep. 30, 2020
RSUs and RSAs
Number of RSUs and RSAs
Outstanding at beginning of period (in shares)	3,393,084	2,993,489
Granted (in shares)	2,442,953	3,300,894
Forfeited (in shares)	(191,296)	(391,223)
Vested (in shares)	(2,032,477)	(2,124,843)
Outstanding at end of period (in shares)	3,612,264	3,778,317
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)	$ 21.35	$ 24.10
Granted (in dollars per share)	27.06	17.15
Forfeited (in dollars per share)	22.97	17.90
Vested (in dollars per share)	23.27	20.40
Outstanding at end of period (in dollars per share)	$ 24.05	$ 20.77
RSUs and RSAs, performance-based
Number of RSUs and RSAs
Granted (in shares)	350,000

Regulatory Requirement - Narrat

Regulatory Requirement - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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	$ 60,900,000	$ 96,200,000
Cash in reserve bank accounts for the benefit of proprietary accounts of brokers	$ 8,800,000	$ 20,400,000

Regulatory Requirement - Regula

Regulatory Requirement - Regulatory Capital and Capital Requirements (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Virtu Americas LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	$ 484,482	$ 621,253
Regulatory Capital Requirement	1,725	2,917
Excess Regulatory Capital	482,757	618,336
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	16,911	12,944
Regulatory Capital Requirement	197	196
Excess Regulatory Capital	16,714	12,748
Virtu Financial Canada ULC | Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	200	2,486
Regulatory Capital Requirement	197	196
Excess Regulatory Capital	3	2,290
Virtu ITG Europe Limited (1)
Public Utilities, General Disclosures [Line Items]
Deposit funds for trade	200	200
Virtu ITG Europe Limited (1) | Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	78,066	57,459
Regulatory Capital Requirement	32,636	32,106
Excess Regulatory Capital	45,430	25,353
Virtu Financial Ireland Limited | Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	109,229	94,528
Regulatory Capital Requirement	58,083	41,038
Excess Regulatory Capital	51,146	53,490
Virtu ITG UK Limited | United Kingdom
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,057	1,290
Regulatory Capital Requirement	846	910
Excess Regulatory Capital	211	380
Virtu ITG Australia Limited | Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	30,717	30,606
Regulatory Capital Requirement	8,776	12,729
Excess Regulatory Capital	21,941	17,877
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	2,902	4,290
Regulatory Capital Requirement	513	625
Excess Regulatory Capital	2,389	3,665
Virtu ITG Singapore Pte Limited | Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	845	796
Regulatory Capital Requirement	74	76
Excess Regulatory Capital	$ 771	$ 720

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues from External Customers [Line Items]
Total revenue	$ 544,344	$ 656,112	$ 2,105,881	$ 2,562,635
United States
Revenues from External Customers [Line Items]
Total revenue	433,013	484,594	1,678,650	2,045,330
Ireland
Revenues from External Customers [Line Items]
Total revenue	55,137	61,320	242,614	233,783
Singapore
Revenues from External Customers [Line Items]
Total revenue	30,696	26,630	102,965	140,492
Canada
Revenues from External Customers [Line Items]
Total revenue	13,955	71,268	43,924	103,331
Australia
Revenues from External Customers [Line Items]
Total revenue	9,982	10,107	31,868	32,186
United Kingdom
Revenues from External Customers [Line Items]
Total revenue	0	964	1,745	3,944
Others
Revenues from External Customers [Line Items]
Total revenue	$ 1,561	$ 1,229	$ 4,115	$ 3,569

Geographic Information and Bu_4

Geographic Information and Business Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 2021segment
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total revenue	$ 544,344	$ 656,112	$ 2,105,881	$ 2,562,635
Income (loss) before income taxes and noncontrolling interest	145,099	252,515	769,887	1,123,272
Operating Segments | Market Making
Segment Reporting Information [Line Items]
Total revenue	409,290	474,598	1,635,555	2,064,300
Income (loss) before income taxes and noncontrolling interest	135,875	161,732	713,723	1,010,871
Operating Segments | Execution Services
Segment Reporting Information [Line Items]
Total revenue	132,549	182,680	459,918	500,621
Income (loss) before income taxes and noncontrolling interest	7,532	102,029	51,941	137,879
Segment Reconciling Items | Corporate
Segment Reporting Information [Line Items]
Total revenue	2,505	(1,166)	10,408	(2,286)
Income (loss) before income taxes and noncontrolling interest	$ 1,692	$ (11,246)	$ 4,223	$ (25,478)

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands, shares in Millions	Aug. 12, 2021USD ($)shares	Sep. 30, 2021USD ($)joint_venture	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)joint_venture	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Due from related parties		$ 800						$ 800		$ 2,300
Value of shares repurchased		139,377	$ 101,419	$ 79,418	$ 2,418	$ 360	$ 9,801	337,500
Ordinal Holdings I, LP
Related Party Transaction [Line Items]
Number of shares repurchased (in shares) | shares	1.5
Value of shares repurchased	$ 39,200
Microwave communication network JVs
Related Party Transaction [Line Items]
Payments to related party		$ 10,500			4,700			$ 19,900	$ 14,000
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		$ 500			400			$ 1,200	1,200
CSA | Temasek Investment
Related Party Transaction [Line Items]
Related party costs					13				200
SBI
Related Party Transaction [Line Items]
Payments to related party		$ 2,900			$ 4,100			$ 9,100	$ 13,800

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Nov. 03, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	May 04, 2021
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.24	$ 0.24		$ 0.24
Value of shares repurchased		$ 139,377	$ 101,419	$ 79,418	$ 2,418	$ 360	$ 9,801	$ 337,500
Subsequent Event
Subsequent Event [Line Items]
Increase in authorized repurchase amount	$ 750,000
Share repurchase authorized amount	$ 1,220,000
Class A common stock
Subsequent Event [Line Items]
Share repurchase authorized amount		$ 470,000						$ 470,000	$ 300,000
Number of shares repurchased (in shares)								132.5
Class A common stock | Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24
Number of shares repurchased (in shares)	13.4
Value of shares repurchased	$ 361,400
Capital expenditures incurred but not yet paid	$ 858,600