Virtu Financial (VIRT) 10-Q 2 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	1633 Broadway
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
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	2022
Document Fiscal Period Focus	Q2
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		103,041,858
Class C common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,030,066
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	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 810,649	$ 1,071,463
Cash restricted or segregated under regulations and other	39,121	49,490
Securities borrowed	1,369,616	1,349,322
Securities purchased under agreements to resell	122,766	119,453
Receivables from broker-dealers and clearing organizations	1,419,628	1,026,807
Trading assets, at fair value:
Receivables from customers	226,933	146,476
Property, equipment and capitalized software (net of accumulated depreciation of $496,229 and $472,155 as of June 30, 2022 and December 31, 2021, respectively)	86,056	89,595
Operating lease right-of-use assets	208,476	225,328
Goodwill	1,148,926	1,148,926
Intangibles (net of accumulated amortization of $285,918 and $253,161 as of June 30, 2022 and December 31, 2021, respectively)	353,575	386,332
Deferred tax assets	141,922	158,518
Other assets ($80,143 and $84,378, at fair value, as of June 30, 2022 and December 31, 2021, respectively)	307,225	291,306
Total assets	11,415,614	10,319,971
Liabilities
Short-term borrowings	157,114	61,510
Securities loaned	1,049,609	1,142,048
Securities sold under agreements to repurchase	501,193	514,325
Payables to broker-dealers and clearing organizations	704,897	571,526
Payables to customers	106,969	54,999
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	4,471,229	3,510,779
Tax receivable agreement obligations	237,938	259,282
Deferred tax liabilities	73	65
Accounts payable, accrued expenses and other liabilities	396,128	457,942
Operating lease liabilities	257,673	278,745
Long-term borrowings	1,792,383	1,605,132
Total liabilities	9,675,206	8,456,353
Commitments and Contingencies (Note 14)
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 28,998,163 and 18,326,863 shares at June 30, 2022 and December 31, 2021, respectively	(828,772)	(494,075)
Additional paid-in capital	1,256,760	1,223,119
Retained earnings (accumulated deficit)	956,487	830,538
Accumulated other comprehensive income (loss)	13,826	(10,196)
Total Virtu Financial Inc. stockholders' equity	1,398,303	1,549,388
Noncontrolling interest	342,105	314,230
Total equity	1,740,408	1,863,618
Total liabilities and equity	11,415,614	10,319,971
Not Pledged
Trading assets, at fair value:
Financial instruments owned	4,101,897	3,238,995
Pledged
Trading assets, at fair value:
Financial instruments owned	1,078,824	1,017,960
Class A common stock
Virtu Financial Inc. Stockholders' equity
Common stock	1	1
Class B common stock
Virtu Financial Inc. Stockholders' equity
Common stock	0	0
Class C common stock
Virtu Financial Inc. Stockholders' equity
Common stock	0	0
Class D common stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1	$ 1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accumulated depreciation	$ 496,229	$ 472,155
Intangibles, accumulated amortization	285,918	253,161
Fair value of other assets	$ 80,143	$ 84,378
Treasury stock, shares (in shares)	28,998,163	18,326,863
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)	132,915,640	131,497,645
Common stock, shares outstanding (in shares)	103,917,477	113,170,782
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)	9,030,066	9,359,065
Common stock, shares outstanding (in shares)	9,030,066	9,359,065
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Trading income, net	$ 395,928	$ 384,832	$ 918,235	$ 1,197,576
Interest and dividends income	$ 30,792	$ 9,545	$ 51,804	$ 16,541
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	$ 136,340	$ 143,115	$ 290,995	$ 334,764
Other, net	41,678	11,473	44,966	12,656
Total revenue	604,738	548,965	1,306,000	1,561,537
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	156,986	170,691	307,366	430,023
Communication and data processing	55,699	52,507	111,534	104,197
Employee compensation and payroll taxes	98,604	83,849	202,084	188,620
Interest and dividends expense	48,716	24,971	91,254	48,999
Operations and administrative	13,577	21,753	38,792	47,408
Depreciation and amortization	16,334	16,349	33,812	33,127
Amortization of purchased intangibles and acquired capitalized software	16,277	18,077	32,757	36,154
Termination of office leases	677	3,667	1,384	4,888
Debt issue cost related to debt refinancing, prepayment and commitment fees	1,437	1,989	27,121	3,744
Transaction advisory fees and expenses	558	(3)	980	(17)
Financing interest expense on long-term borrowings	22,089	20,113	43,422	39,605
Total operating expenses	430,954	413,963	890,506	936,748
Income before income taxes and noncontrolling interest	173,784	135,002	415,494	624,789
Provision for income taxes	24,888	26,095	66,674	106,650
Net income	148,896	108,907	348,820	518,139
Noncontrolling interest	(63,729)	(45,997)	(151,397)	(215,824)
Net income available for common stockholders	$ 85,167	$ 62,910	$ 197,423	$ 302,315
Earnings per share
Basic (in dollars per share)	$ 0.78	$ 0.51	$ 1.78	$ 2.43
Diluted (in dollars per share)	$ 0.78	$ 0.50	$ 1.77	$ 2.41
Weighted average common shares outstanding
Basic (in shares)	104,960,826	119,681,845	107,133,079	120,865,624
Diluted (in shares)	105,478,278	121,181,392	107,759,784	122,279,261
Net income	$ 148,896	$ 108,907	$ 348,820	$ 518,139
Other comprehensive income
Foreign exchange translation adjustment, net of taxes	(19,810)	66	(24,978)	(3,610)
Net change in unrealized cash flow hedges gain (loss), net of taxes	14,062	(7,206)	61,935	14,700
Comprehensive income	143,148	101,767	385,777	529,229
Less: Comprehensive income attributable to noncontrolling interest	(60,173)	(42,929)	(164,332)	(220,545)
Comprehensive income attributable to common stockholders	$ 82,975	$ 58,838	$ 221,445	$ 308,684

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Class C Common Stock	Class D Common Stock	Common Stock Class A Common Stock	Common Stock Class C Common Stock	Common Stock Class 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, 2020					125,627,277	10,226,939	60,091,740
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
Balance at beginning period (in shares) at Dec. 31, 2020								(3,615,097)
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	21,906										12,607	12,607	9,299
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(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
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 end of period (in shares) at Mar. 31, 2021								(5,892,506)
Balance at beginning period (in shares) at Dec. 31, 2020					125,627,277	10,226,939	60,091,740
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
Balance at beginning period (in shares) at Dec. 31, 2020								(3,615,097)
Increase (decrease) in stockholder's/members' equity
Net income	518,139
Foreign exchange translation adjustment	(3,610)
Net change in unrealized cash flow hedges gains	14,700
Balance at end of period (in shares) at Jun. 30, 2021					127,725,595	9,799,036	60,091,740
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
Balance at end of period (in shares) at Jun. 30, 2021								(9,250,509)
Balance at beginning period (in shares) at Mar. 31, 2021					127,154,019	10,135,182	60,091,740
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
Balance at beginning period (in shares) at Mar. 31, 2021								(5,892,506)
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	(7,206)										(4,115)	(4,115)	(3,091)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(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
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
Balance at end of period (in shares) at Jun. 30, 2021								(9,250,509)
Balance at beginning period (in shares) at Dec. 31, 2021		113,170,782	9,359,065	60,091,740	131,497,645	9,359,065	60,091,740
Balance at beginning of period at Dec. 31, 2021	$ 1,863,618				$ 1	$ 0	$ 1	$ (494,075)	1,223,119	830,538	(10,196)	1,549,388	314,230
Balance at beginning period (in shares) at Dec. 31, 2021	(18,326,863)							(18,326,863)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)					1,669,030
Share based compensation	$ 27,377								27,377			27,377
Repurchase of Class C common stock (in shares)						(234,269)
Repurchase of Class C common stock	(8,204)								(8,204)			(8,204)
Treasury stock purchases (in shares)					(612,844)			(8,908,544)
Treasury stock purchases	(305,565)							$ (287,211)		(18,354)		(305,565)
Stock options exercised (in shares)					246,879
Stock options exercised	4,691								4,691			4,691
Net income	199,925									112,257		112,257	87,668
Foreign exchange translation adjustment	(5,168)										(3,172)	(3,172)	(1,996)
Net change in unrealized cash flow hedges gains	47,873										29,387	29,387	18,486
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(125,805)									(27,054)		(27,054)	(98,751)
Issuance of common stock in connection with employee exchanges (in shares)					71,641
Repurchase of virtu financial units and corresponding number of Class C common stock in connection with employee exchanges (in shares)						(71,641)
Balance at end of period (in shares) at Mar. 31, 2022					132,872,351	9,053,155	60,091,740
Balance at end of period at Mar. 31, 2022	1,698,742				$ 1	$ 0	$ 1	$ (781,286)	1,246,983	897,387	16,019	1,379,105	319,637
Balance at end of period (in shares) at Mar. 31, 2022								(27,235,407)
Balance at beginning period (in shares) at Dec. 31, 2021		113,170,782	9,359,065	60,091,740	131,497,645	9,359,065	60,091,740
Balance at beginning of period at Dec. 31, 2021	$ 1,863,618				$ 1	$ 0	$ 1	$ (494,075)	1,223,119	830,538	(10,196)	1,549,388	314,230
Balance at beginning period (in shares) at Dec. 31, 2021	(18,326,863)							(18,326,863)
Increase (decrease) in stockholder's/members' equity
Repurchase of Class C common stock		$ (26,800)
Treasury stock purchases		$ (773,800)
Net income	$ 348,820
Foreign exchange translation adjustment	(24,978)
Net change in unrealized cash flow hedges gains	61,935
Balance at end of period (in shares) at Jun. 30, 2022		103,917,477	9,030,066	60,091,740	132,915,640	9,030,066	60,091,740
Balance at end of period at Jun. 30, 2022	$ 1,740,408				$ 1	$ 0	$ 1	$ (828,772)	1,256,760	956,487	13,826	1,398,303	342,105
Balance at end of period (in shares) at Jun. 30, 2022	(28,998,163)							(28,998,163)
Balance at beginning period (in shares) at Mar. 31, 2022					132,872,351	9,053,155	60,091,740
Balance at beginning of period at Mar. 31, 2022	$ 1,698,742				$ 1	$ 0	$ 1	$ (781,286)	1,246,983	897,387	16,019	1,379,105	319,637
Balance at beginning period (in shares) at Mar. 31, 2022								(27,235,407)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)					0
Share based compensation	9,411								9,411			9,411
Repurchase of Class C common stock (in shares)						(1,800)
Repurchase of Class C common stock	(52)								(52)			(52)
Treasury stock purchases (in shares)					0			(1,762,756)
Treasury stock purchases	(47,486)							$ (47,486)		0		(47,486)
Stock options exercised (in shares)					22,000
Stock options exercised	418								418			418
Net income	148,896									85,167		85,167	63,729
Foreign exchange translation adjustment	(19,810)										(10,773)	(10,773)	(9,037)
Net change in unrealized cash flow hedges gains	14,062										8,580	8,580	5,482
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(102,973)									(26,067)		(26,067)	(76,906)
Issuance of common stock in connection with employee exchanges (in shares)					21,289
Repurchase of virtu financial units and corresponding number of Class C common stock in connection with employee exchanges (in shares)						(21,289)
Contributions from noncontrolling interests	39,200												39,200
Balance at end of period (in shares) at Jun. 30, 2022		103,917,477	9,030,066	60,091,740	132,915,640	9,030,066	60,091,740
Balance at end of period at Jun. 30, 2022	$ 1,740,408				$ 1	$ 0	$ 1	$ (828,772)	$ 1,256,760	$ 956,487	$ 13,826	$ 1,398,303	$ 342,105
Balance at end of period (in shares) at Jun. 30, 2022	(28,998,163)							(28,998,163)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.24	$ 0.24	$ 0.24	$ 0.24

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income	$ 348,820	$ 518,139
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,812	33,127
Amortization of purchased intangibles and acquired capitalized software	32,757	36,154
Debt issue cost related to debt refinancing and prepayment	24,316	649
Amortization of debt issuance costs and deferred financing fees	4,184	3,547
Termination of office leases	1,384	4,888
Share-based compensation	32,709	25,330
Deferred taxes	16,604	12,714
Other	5,335	(9,013)
Changes in operating assets and liabilities:
Securities borrowed	(20,294)	(110,281)
Securities purchased under agreements to resell	(3,313)	(31,689)
Receivables from broker-dealers and clearing organizations	(392,821)	74,941
Trading assets, at fair value	(923,766)	(526,615)
Receivables from customers	(80,457)	6,231
Operating lease right-of-use assets	16,852	27,472
Other assets	(71,206)	47,750
Securities loaned	(92,439)	194,485
Securities sold under agreements to repurchase	(13,132)	29,644
Payables to broker-dealers and clearing organizations	195,306	(85,160)
Payables to customers	51,970	9,033
Trading liabilities, at fair value	960,450	199,680
Operating lease liabilities	(21,072)	(29,005)
Accounts payable, accrued expenses and other liabilities	(48,377)	(76,580)
Net cash provided by operating activities	57,622	355,441
Cash flows from investing activities
Development of capitalized software	(26,769)	(25,193)
Acquisition of property and equipment	(14,246)	(12,589)
Other investing activities	45,018	(4,956)
Net cash provided by (used in) investing activities	4,003	(42,738)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(228,778)	(321,931)
Repurchase of Class C common stock	(8,256)	(1,323)
Purchase of treasury stock	(353,051)	(180,837)
Stock options exercised	5,109	7,752
Short-term borrowings, net	94,945	151,396
Proceeds from long-term borrowings	1,800,000	0
Repayment of long term borrowings	(1,599,774)	(36,737)
Tax receivable agreement obligations	(21,343)	(16,505)
Debt issuance costs	(35,882)	(2,658)
Contributions from noncontrolling interests	39,200	0
Net cash used in financing activities	(307,830)	(400,843)
Effect of exchange rate changes on cash and cash equivalents	(24,978)	(3,610)
Net decrease in cash and cash equivalents	(271,183)	(91,750)
Cash, cash equivalents, and restricted or segregated cash, beginning of period	1,120,953	1,007,005
Cash, cash equivalents, and restricted or segregated cash, end of period	849,770	915,255
Supplementary disclosure of cash flow information
Cash paid for interest	104,765	75,548
Cash paid for taxes	86,495	103,083
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software	$ 8,234	$ 8,680

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022, VFI owned approximately 61.0% 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, cryptocurrencies, 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 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 (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 20 "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, 2021. 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

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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, 2021. Accounting Pronouncements Recently Adopted 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 Company adopted this ASU on January 1, 2022 and it did not have a material impact on its condensed consolidated financial statements. 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 adopted these ASUs on April 1, 2022, and this did not have a material impact on its condensed consolidated financial statements and related disclosures. Financial Instruments - Credit Losses - In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) . The ASU eliminates the accounting guidance for trouble debt restructurings by creditors in Subtopic 310-40, and enhances the disclosure requirements for modifications of loans to borrowers experiencing financial difficulty. Additionally, the ASU requires disclosure of gross writeoffs of receivables by year of origination for receivables within the scope of Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost . This ASU is effective for periods beginning after December 15, 2022. The Company adopted this ASU on April 1, 2022 and it did not have a material impact on its condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted as of June 30, 2022 Derivatives and Hedging - In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging - Fair Value Hedging - Portfolio Layer Method (Topic 815) . The ASU expands the scope of permissible hedging, and permits the use of different derivative structures as hedging instruments. The ASU also clarifies the certain terms for partial-term fair value hedges of interest rate risk. This ASU is effective for periods beginning after December 15, 2022. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its condensed consolidated financial statements. Fair Value Measurement - In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 326) . The ASU clarifies the impact of contractual sale restrictions on the fair value of an equity security. Additionally, this ASU requires disclosure of the nature and remaining duration of the sale restriction. This ASU is effective for periods beginning after December 15, 2023. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its condensed consolidated financial statements.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The below table contains a reconciliation of Net income before income taxes and noncontrolling interest to Net income available for common stockholders: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Income before income taxes and noncontrolling interest $ 173,784 $ 135,002 $ 415,494 $ 624,789 Provision for income taxes 24,888 26,095 66,674 106,650 Net income 148,896 108,907 348,820 518,139 Noncontrolling interest (63,729) (45,997) (151,397) (215,824) Net income available for common stockholders $ 85,167 $ 62,910 $ 197,423 $ 302,315 The calculation of basic and diluted earnings per share is presented below: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except for share or per share data) 2022 2021 2022 2021 Basic earnings per share: Net income available for common stockholders $ 85,167 $ 62,910 $ 197,423 $ 302,315 Less: Dividends and undistributed earnings allocated to participating securities (3,305) (1,801) (7,164) (8,113) Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities 81,862 61,109 190,259 294,202 Weighted average shares of common stock outstanding: Class A 104,960,826 119,681,845 107,133,079 120,865,624 Basic earnings per share $ 0.78 $ 0.51 $ 1.78 $ 2.43 Three Months Ended June 30, Six Months Ended June 30, (in thousands, except for share or per share data) 2022 2021 2022 2021 Diluted earnings per share: Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities $ 81,862 $ 61,109 $ 190,259 $ 294,202 Weighted average shares of common stock outstanding: Class A Issued and outstanding 104,960,826 119,681,845 107,133,079 120,865,624 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 517,452 1,499,547 626,705 1,413,637 105,478,278 121,181,392 107,759,784 122,279,261 Diluted earnings per share $ 0.78 $ 0.50 $ 1.77 $ 2.41

Tax Receivable Agreements

Tax Receivable Agreements	6 Months Ended
	Jun. 30, 2022
Tax Receivable Agreements [Abstract]
Tax Receivable Agreements	Tax Receivable Agreements For a detailed discussion of the Company's tax receivable agreements, see Note 6 "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, 2021. For the purposes of the tax receivable agreements discussed above, the cash savings realized by the Company are computed by comparing the actual income tax liability of the Company to the amount of such taxes the Company would have been required to pay had there been (i) no increase to the tax basis of the assets of Virtu Financial as a result of the purchase or exchange of Virtu Financial Units, (ii) no tax benefit from the tax basis in the intangible assets of Virtu Financial on the date of the IPO and (iii) no tax benefit as a result of the Net Operating Losses (“NOLs”) and other tax attributes of Virtu Financial. Subsequent adjustments of the tax receivable agreements obligations due to certain events (e.g., changes to the expected realization of NOLs or changes in tax rates) will be recognized within income before taxes and noncontrolling interests in the Condensed Consolidated Statements of Comprehensive Income. 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, its fourth payment of $16.5 million in April 2021, and its fifth payment of $21.3 million in March 2022. Tax receivable payments are expected to range from approximately $0.4 million to $22.0 million per year over the next 15 years. At June 30, 2022 and December 31, 2021, the Company’s remaining deferred tax assets that relate to the matters described above were approximately $170.5 million and $180.4 million, respectively, and the Company’s liabilities over the next 15 years pursuant to the tax receivable agreements were approximately $237.9 million and $259.3 million, respectively. The amounts recorded as of June 30, 2022 and December 31, 2021 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	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The Company has two operating segments: (i) Market Making; and (ii) Execution Services; and one non-operating segment: Corporate. As of June 30, 2022 and December 31, 2021, the Company’s total amount of goodwill recorded was $1,148.9 million. No goodwill impairment was recognized during the three and six months ended June 30, 2022 and 2021. The following table presents the details of goodwill by segment as of June 30, 2022 and December 31, 2021: (in thousands) Market Making Execution Services Corporate Total Balance as of period-end $ 755,292 $ 393,634 $ — $ 1,148,926 As of June 30, 2022 and December 31, 2021, the Company's total amount of intangible assets recorded was $353.6 million and $386.3 million, respectively. Acquired intangible assets consisted of the following as of June 30, 2022 and December 31, 2021: As of June 30, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships $ 486,600 $ (166,063) $ 320,537 10 to 12 Technology 136,000 (110,332) 25,668 1 to 6 Favorable occupancy leases 5,895 (4,023) 1,872 3 to 15 Exchange memberships 3,998 — 3,998 Indefinite Trade name 3,600 (3,600) — 3 ETF issuer relationships 950 (950) — 9 ETF buyer relationships 950 (950) — 9 Other $ 1,500 $ — $ 1,500 Indefinite $ 639,493 $ (285,918) $ 353,575 As of December 31, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships $ 486,600 $ (142,142) $ 344,458 10 to 12 Technology 136,000 (102,088) 33,912 1 to 6 Favorable occupancy leases 5,895 (3,631) 2,264 3 to 15 Exchange memberships 3,998 — 3,998 Indefinite Trade name 3,600 (3,400) 200 3 ETF issuer relationships 950 (950) — 9 ETF buyer relationships 950 (950) — 9 Other $ 1,500 $ — $ 1,500 Indefinite $ 639,493 $ (253,161) $ 386,332 Amortization expense relating to finite-lived intangible assets was approximately $16.3 million and $18.1 million for the three months ended June 30, 2022 and 2021, respectively, and $32.8 million and $36.2 million for the six months ended June 30, 2022 and 2021, 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 next five subsequent years: (in thousands) Remainder of 2022 $ 32,094 2023 63,960 2024 50,845 2025 47,879 2026 47,879 2027 47,879

Receivables from_Payables to Br

Receivables from/Payables to Broker-Dealers and Clearing Organizations	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021: (in thousands) June 30, 2022 December 31, 2021 Assets Due from prime brokers $ 797,705 $ 287,991 Deposits with clearing organizations 186,805 161,928 Net equity with futures commission merchants 138,040 98,302 Unsettled trades with clearing organizations 11,695 164,195 Securities failed to deliver 257,934 290,207 Commissions and fees 27,449 24,184 Total receivables from broker-dealers and clearing organizations $ 1,419,628 $ 1,026,807 Liabilities Due to prime brokers $ 415,750 $ 497,972 Net equity with futures commission merchants (1) (19,893) (57,226) Unsettled trades with clearing organizations 125,553 828 Securities failed to receive 180,806 128,392 Commissions and fees 2,681 1,560 Total payables to broker-dealers and clearing organizations $ 704,897 $ 571,526 (1) The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met . 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 8 "Borrowings") of approximately $218.4 million and $177.1 million as of June 30, 2022 and December 31, 2021, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company’s ordinary course futures and other trading positions, which are held in the Company’s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company’s trading accounts and deposit accounts with these financial institutions. “Securities failed to deliver” and “Securities failed to receive” include amounts with a clearing organization and other broker-dealers.

Collateralized Transactions

Collateralized Transactions	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at June 30, 2022 and December 31, 2021 are summarized as follows: (in thousands) June 30, 2022 December 31, 2021 Securities received as collateral: Securities borrowed $ 1,314,536 $ 1,299,270 Securities purchased under agreements to resell 122,766 119,453 $ 1,437,302 $ 1,418,723 In the normal course of business, the Company pledges qualified securities with clearing organizations to satisfy daily margin and clearing fund requirements. Financial instruments owned and pledged, where the counterparty has the right to repledge, at June 30, 2022 and December 31, 2021 consisted of the following: (in thousands) June 30, 2022 December 31, 2021 Equities $ 1,061,602 $ 1,012,569 Exchange traded notes 17,222 5,391 $ 1,078,824 $ 1,017,960

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2022
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. June 30, 2022 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 158,000 $ (886) $ 157,114 $ 158,000 $ (886) $ 157,114 December 31, 2021 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 58,000 $ (1,546) $ 56,454 Short-term bank loans 5,056 — 5,056 $ 63,056 $ (1,546) $ 61,510 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 $650 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 $650 million and bear interest at the adjusted SOFR 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 SOFR 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 May 25, 2022, Virtu Financial Singapore Pte. Ltd. entered into a revolving credit facility with a financial institution (the "Overdraft Facility") to provide a source of short-term financing. The facility has an aggregate borrowing limit of $10 million, and bears interest at the adjusted SOFR or base rate plus 3.5% per annum. There were no outstanding borrowings under the Overdraft Facility as of June 30, 2022. 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 17 "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 June 30, 2022 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility 2.80% $ 400,000 $ 158,000 $ (886) $ 157,114 Committed facility 4.50% 650,000 — — — Overdraft facility 5.00% 10,000 — — — $ 1,060,000 $ 158,000 $ (886) $ 157,114 At December 31, 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 $ 58,000 $ (1,546) $ 56,454 Committed facility 3.78% 600,000 — — — $ 1,000,000 $ 58,000 $ (1,546) $ 56,454 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 June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Broker-dealer credit facilities: Uncommitted facility $ 789 $ 625 $ 1,293 $ 1,250 Committed facility 23 — 38 57 $ 812 $ 625 $ 1,331 $ 1,307 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 June 30, 2022, there was no balance associated with international settlement activities outstanding under these facilities. At December 31, 2021, there was $5.1 million associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 4.2%. 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 June 30, 2022 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 4.71% $ 616,000 $ 218,398 $ 616,000 $ 218,398 At December 31, 2021 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 2.91% $ 616,000 $ 177,080 $ 616,000 $ 177,080 (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 $1.7 million and $1.1 million for the three months ended June 30, 2022 and 2021, and $3.3 million and $2.1 million for the six months ended June 30, 2022 and 2021, respectively. Long-Term Borrowings The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable: At June 30, 2022 (in thousands) Maturity Interest Outstanding Principal Discount Deferred Debt Issuance Cost Outstanding Borrowings, net Long-term borrowings: First Lien Term Loan Facility January 2029 4.43% $ 1,800,000 $ (4,204) $ (29,190) $ 1,766,606 SBI bonds January 2023 5.00% 25,788 — (11) 25,777 $ 1,825,788 $ (4,204) $ (29,201) $ 1,792,383 At December 31, 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 3.10% $ 1,599,774 $ (3,723) $ (21,620) $ 1,574,431 SBI bonds January 2023 5.00% 30,722 — (21) 30,701 $ 1,630,496 $ (3,723) $ (21,641) $ 1,605,132 Credit Agreements In connection with the ITG Acquisition, Virtu Financial, VFH, and Impala Borrower LLC (the "Acquisition Borrower") entered into a 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 "Acquisition Credit Agreement"). The Acquisition Credit Agreement provided (i) a senior secured first lien term loan (together with the Acquisition Incremental Term Loans, as defined below; the “Acquisition 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 Impala Borrower LLC (the "Acquisition Borrower"), to finance the consideration and fees and expenses paid in connection with the ITG Acquisition, and (ii) a $50.0 million senior secured first lien revolving facility to VFH, with a $5.0 million letter of credit subfacility and a $5.0 million swingline subfacility. After the 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, which amended the Acquisition 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 “Acquisition Incremental Term Loans”), and amend the related collateral agreement. On March 2, 2020, VFH entered into a second amendment, which further amended the Acquisition 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 step-down in the spread based on VFH's first lien leverage ratio. On January 13, 2022 (the “Credit Agreement Closing Date”), Virtu Financial, VFH Parent LLC, a Delaware limited liability company and a subsidiary of Virtu Financial (“VFH”), entered into the Credit Agreement, with the lenders party thereto, JPMorgan Chase Bank, N.A. as administrative agent and JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, RBC Capital Markets, Barclays Bank plc, Jefferies Finance LLC, BMO Capital Markets Corp., and CIBC World Markets Corp., as joint lead arrangers and bookrunners (the “Credit Agreement”). The Credit Agreement provides (i) a senior secured first lien term loan in an aggregate principal amount of $1,800.0 million, drawn in its entirety on the Credit Agreement Closing Date, the proceeds of which were used by VFH to repay all amounts outstanding under the Acquisition Credit Agreement, to pay fees and expenses in connection therewith, to fund share repurchases under the Company’s repurchase program and for general corporate purposes, and (ii) a $250.0 million senior secured first lien revolving facility to VFH, with a $20.0 million letter of credit subfacility and a $20.0 million swingline subfacility. The term loan borrowings and revolver borrowings under the 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 term SOFR rate with an interest period of one month plus 1.00% and (d)(1) in the case of term loan borrowings, 1.50% and (2) in the case of revolver borrowings, 1.00%, plus, (x) in the case of term loan borrowings, 2.00% and (y) in the case of revolver borrowings, 1.50%, or (ii) the greater of (a) an adjusted term SOFR rate for the interest period in effect and (b) (1) in the case of term loan borrowings, 0.50% and (2) in the case of revolver borrowings, 0.00%, plus, (x) in the case of term loan borrowings, 3.00% and (y) in the case of revolver borrowings, 2.50%. In addition, a commitment fee accrues at a rate of 0.50% per annum on the average daily unused amount of the revolving facility, with step-downs to 0.375% and 0.25% per annum based on VFH’s first lien leverage ratio, and is payable quarterly in arrears. The revolving facility under the 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 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. The 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 Credit Agreement will be entitled to take various actions, including the acceleration of amounts outstanding under the Credit Agreement and all actions permitted to be taken by a secured creditor in respect of the collateral securing the obligations under the Credit Agreement. Under the Credit Agreement, the term loans will mature on January 13, 2029. The term loans amortize in annual installments equal to 1.0% of the original aggregate principal amount of the term loans. The revolving commitments will terminate on January 13, 2025. As of June 30, 2022, $1,800 million was outstanding under the term loans, and there were no amounts outstanding under the first lien revolving facility. In October 2019, the Company entered into a five-year $525 million floating-to-fixed interest rate swap agreement. In January 2020, the Company also entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement. These two interest rate swaps met the criteria to be considered and were designated qualifying cash flow hedges under ASC 815 in the first quarter of 2020, and they effectively fixed interest payment obligations on $525.0 million and $1,000 million of principal under the Acquisition 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 Acquisition 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. In January 2022, in order to align the swap agreements with the Credit Agreement, the Company amended each of the swap agreements to align the floating rate term of such swap agreements to SOFR. The effective fixed interest payment obligations remained at 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 9 "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 ($25.8 million) as of June 30, 2022 and ¥3.5 billion ($30.7 million) as of December 31, 2021. The Company had a gain $3.0 million and a gain of $0.1 million during the three months ended June 30, 2022 and 2021, and a gain of $4.9 million, and a gain of $2.4 million, during the six months ended June 30, 2022 and 2021, respectively, due to changes in foreign currency rates. As of June 30, 2022, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows: (in thousands) June 30, 2022 2022 — 2023 43,788 2024 18,000 2025 18,000 2026 18,000 Thereafter 1,728,000 Total principal of long-term borrowings $ 1,825,788

Financial Assets and Liabilitie

Financial Assets and Liabilities	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022: June 30, 2022 (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 $ 953,663 $ 1,872,668 $ — $ — $ 2,826,331 U.S. and Non-U.S. government obligations 509,396 27,024 — — 536,420 Corporate Bonds — 722,866 — — 722,866 Exchange traded notes 26 2,995 — — 3,021 Currency forwards — 349,791 — (347,871) 1,920 Options 11,339 — — — 11,339 $ 1,474,424 $ 2,975,344 $ — $ (347,871) $ 4,101,897 Financial instruments owned, pledged as collateral: Equity securities $ 632,311 $ 429,291 $ — $ — $ 1,061,602 Exchange traded notes 19 17,203 — — 17,222 $ 632,330 $ 446,494 $ — $ — $ 1,078,824 Other Assets Equity investment $ — $ — $ 77,562 $ — $ 77,562 Exchange stock 2,581 — — — 2,581 $ 2,581 $ — $ 77,562 $ — $ 80,143 Receivables from broker dealers and clearing organizations: Interest rate swap $ — $ 51,634 $ — $ — $ 51,634 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,471,443 $ 1,170,977 $ — $ — $ 2,642,420 U.S. and Non-U.S. government obligations 669,422 19,371 — — 688,793 Corporate Bonds — 1,105,471 — — 1,105,471 Exchange traded notes 31 11,493 — — 11,524 Currency forwards — 366,947 — (366,934) 13 Options 23,008 — — — 23,008 $ 2,163,904 $ 2,674,259 $ — $ (366,934) $ 4,471,229 Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2021: December 31, 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 $ 572,567 $ 1,700,470 $ — $ — $ 2,273,037 U.S. and Non-U.S. government obligations 337,350 18,519 — — 355,869 Corporate Bonds — 598,944 — — 598,944 Exchange traded notes 10 2,459 — — 2,469 Currency forwards — 206,258 — (206,125) 133 Options 8,543 — — — 8,543 $ 918,470 $ 2,526,650 $ — $ (206,125) $ 3,238,995 Financial instruments owned, pledged as collateral: Equity securities $ 670,277 $ 342,292 $ — $ — $ 1,012,569 Exchange traded notes — 5,391 — — 5,391 $ 670,277 $ 347,683 $ — $ — $ 1,017,960 Other Assets Equity investment $ — $ — $ 81,358 $ — $ 81,358 Exchange stock 3,020 — — — 3,020 $ 3,020 $ — $ 81,358 $ — $ 84,378 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,482,386 $ 807,631 $ — $ — $ 2,290,017 U.S. and Non-U.S. government obligations 330,765 9,955 — — 340,720 Corporate Bonds — 851,871 — — 851,871 Exchange traded notes — 22,962 — — 22,962 Currency forwards — 208,357 — (208,356) 1 Options 5,208 — — — 5,208 $ 1,818,359 $ 1,900,776 $ — $ (208,356) $ 3,510,779 Payables to broker dealers and clearing organizations: Interest rate swap $ — $ 21,037 $ — $ — $ 21,037 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 8 "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 June 30, 2022 and December 31, 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: June 30, 2022 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 77,562 Discounted cash flow Estimated revenue growth 1.5% - 5.0% 3.5 % Discount rate 14.8% - 14.8% 14.8 % Market Future enterprise value/ EBIDTA ratio (4.8)x - 23.9x 12.5x December 31, 2021 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 81,358 Discounted cash flow Estimated revenue growth 2.5% - 32.6% 10.6 % Discount rate 14.4% - 14.4% 14.4 % Market Future enterprise value/ EBIDTA ratio 8.7x - 21.1x 14.0x 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 June 30, 2022 (in thousands) Balance at March 31, 2022 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at June 30, 2022 Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2022 Assets Other assets: Equity investment $ 84,482 $ — $ (6,920) $ — $ — $ 77,562 $ (6,920) Total $ 84,482 $ — $ (6,920) $ — $ — $ 77,562 $ (6,920) (1) Total realized and unrealized gains/(losses) includes gains and losses 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 June 30, 2021 (in thousands) Balance at March 31, 2021 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at June 30, 2021 Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2021 Assets Other assets: Equity investment $ 66,192 $ — $ 12,121 $ — $ — $ 78,313 $ 12,121 Total $ 66,192 $ — $ 12,121 $ — $ — $ 78,313 $ 12,121 (1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment. Six Months Ended June 30, 2022 (in thousands) Balance at December 31, 2021 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at June 30, 2022 Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2022 Assets Other assets: Equity investment $ 81,358 $ — $ (3,796) $ — $ — $ 77,562 $ (3,796) Total $ 81,358 $ — $ (3,796) $ — $ — $ 77,562 $ (3,796) (1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment. Six Months Ended June 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 June 30, 2021 Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2021 Assets Other assets: Equity investment $ 66,030 $ — $ 12,283 $ — $ — $ 78,313 $ 12,283 Total $ 66,030 $ — $ 12,283 $ — $ — $ 78,313 $ 12,283 (1) Total realized and unrealized gains/(losses) includes gains and losses 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 June 30, 2022: June 30, 2022 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 $ 810,649 $ 810,649 $ 810,649 $ — $ — Cash restricted or segregated under regulations and other 39,121 39,121 39,121 — — Securities borrowed 1,369,616 1,369,616 — 1,369,616 — Securities purchased under agreements to resell 122,766 122,766 — 122,766 — Receivables from broker-dealers and clearing organizations (2) 1,419,628 1,419,628 (39,350) 1,458,978 — Receivables from customers 226,933 226,933 — 226,933 — Other assets (1) 24,657 24,657 — 24,657 — Total Assets $ 4,013,370 $ 4,013,370 $ 810,420 $ 3,202,950 $ — Liabilities Short-term borrowings $ 157,114 $ 158,000 $ — $ 158,000 $ — Long-term borrowings 1,792,383 1,736,922 — 1,736,922 — Securities loaned 1,049,609 1,049,609 — 1,049,609 — Securities sold under agreements to repurchase 501,193 501,193 — 501,193 — Payables to broker-dealers and clearing organizations 704,897 704,897 (227) 705,124 — Payables to customers 106,969 106,969 — 106,969 — Other liabilities (3) 15,111 15,111 — 15,111 — Total Liabilities $ 4,327,276 $ 4,272,701 $ (227) $ 4,272,928 $ — (1) Includes cash collateral and deposits, and interest and dividends receivables. (2) Receivables from 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, 2021: December 31, 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 $ 1,071,463 $ 1,071,463 $ 1,071,463 $ — $ — Cash restricted or segregated under regulations and other 49,490 49,490 49,490 — — Securities borrowed 1,349,322 1,349,322 — 1,349,322 — Securities purchased under agreements to resell 119,453 119,453 — 119,453 — Receivables from broker-dealers and clearing organizations 1,026,807 1,026,807 (24,037) 1,050,844 — Receivables from customers 146,476 146,476 — 146,476 — Other assets (1) 20,266 20,266 — 20,266 — Total Assets $ 3,783,277 $ 3,783,277 $ 1,096,916 $ 2,686,361 $ — Liabilities Short-term borrowings 61,510 63,046 — 63,046 — Long-term borrowings 1,605,132 1,628,497 — 1,628,497 — Securities loaned 1,142,048 1,142,048 — 1,142,048 — Securities sold under agreements to repurchase 514,325 514,325 — 514,325 — Payables to broker dealer and clearing organizations (2) 571,526 571,526 235 571,291 — Payables to customers 54,999 54,999 — 54,999 — Other liabilities (3) 9,414 9,414 — 9,414 — Total Liabilities $ 3,958,954 $ 3,983,855 $ 235 $ 3,983,620 $ — (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 June 30, 2022 and December 31, 2021: June 30, 2022 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 $ 1,369,616 $ — $ 1,369,616 $ (1,314,536) $ (17,691) $ 37,389 Securities purchased under agreements to resell 122,766 — 122,766 (122,766) — — Trading assets, at fair value: Currency forwards 349,791 (347,871) 1,920 — — 1,920 Options 11,339 — 11,339 — (11,339) — Total $ 1,853,512 $ (347,871) $ 1,505,641 $ (1,437,302) $ (29,030) $ 39,309 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 $ 1,049,609 $ — $ 1,049,609 $ (1,014,541) $ (17,691) $ 17,377 Securities sold under agreements to repurchase 501,193 — 501,193 (501,193) — — Payable to broker-dealers and clearing organizations Interest rate swaps — — — — — — Trading liabilities, at fair value: Currency forwards 366,947 (366,934) 13 — — 13 Options 23,008 — 23,008 — (11,339) 11,669 Total $ 1,940,757 $ (366,934) $ 1,573,823 $ (1,515,734) $ (29,030) $ 29,059 December 31, 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 $ 1,349,322 $ — $ 1,349,322 $ (1,299,270) $ (5,054) $ 44,998 Securities purchased under agreements to resell 119,453 — 119,453 (119,453) — — Trading assets, at fair value: Currency forwards 206,258 (206,125) 133 — — 133 Options 8,543 — 8,543 — (5,208) 3,335 Total $ 1,683,576 $ (206,125) $ 1,477,451 $ (1,418,723) $ (10,262) $ 48,466 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 $ 1,142,048 $ — $ 1,142,048 $ (1,107,688) $ (17,272) $ 17,088 Securities sold under agreements to repurchase 514,325 — 514,325 (514,325) — — Interest rate swaps 21,037 — 21,037 — — 21,037 Trading liabilities, at fair value: Currency forwards 208,357 (208,356) 1 — — 1 Options 5,208 — 5,208 — (5,208) — Total $ 1,890,975 $ (208,356) $ 1,682,619 $ (1,622,013) $ (22,480) $ 38,126 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: June 30, 2022 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 $ — $ 140,000 $ 50,000 $ 160,000 $ 50,000 $ 400,000 U.S. and Non-U.S. government obligations 101,193 — — — 101,193 Total $ 101,193 $ 140,000 $ 50,000 $ 160,000 $ 50,000 $ 501,193 Securities loaned: Equity securities $ 1,049,609 $ — $ — $ — $ — $ 1,049,609 Total $ 1,049,609 $ — $ — $ — $ — $ 1,049,609 December 31, 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 $ — $ 140,000 $ 50,000 $ 210,000 $ — $ 400,000 U.S. and Non-U.S. government obligations 114,325 — — — — 114,325 Total $ 114,325 $ 140,000 $ 50,000 $ 210,000 $ — $ 514,325 Securities loaned: Equity securities 1,142,048 — — — — 1,142,048 Total $ 1,142,048 $ — $ — $ — $ — $ 1,142,048

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021: (in thousands) June 30, 2022 December 31, 2021 Derivatives Assets Financial Statement Location Fair Value Notional Fair Value Notional Derivative instruments not designated as hedging instruments: Equities futures Receivables from broker-dealers and clearing organizations $ 39,436 $ 1,270,805 $ 1,619 $ 406,420 Commodity futures Receivables from broker-dealers and clearing organizations (40,651) 9,999,771 (24,405) 5,285,216 Currency futures Receivables from broker-dealers and clearing organizations (7,645) 2,720,588 (8,205) 4,760,173 Fixed income futures Receivables from broker-dealers and clearing organizations 165 243,267 147 8,489 Options Financial instruments owned 11,339 1,424,612 8,543 1,063,686 Currency forwards Financial instruments owned 349,791 24,702,505 206,258 21,445,374 Derivative instruments designated as hedging instruments: Interest rate swap Receivables from broker-dealers and clearing organizations 51,634 1,525,000 — — Derivatives Liabilities Financial Statement Location Fair Value Notional Fair Value Notional Derivative instruments not designated as hedging instruments: Equities futures Payables to broker-dealers and clearing organizations $ (336) $ 487,400 $ 791 $ 1,362,684 Commodity futures Payables to broker-dealers and clearing organizations 60 42,553 (49) 27,224 Currency futures Payables to broker-dealers and clearing organizations (275) 272,595 1,671 725,162 Fixed income futures Payables to broker-dealers and clearing organizations (75) 24,521 (161) 120,212 Options Financial instruments sold, not yet purchased 23,008 1,360,143 5,208 1,066,801 Currency forwards Financial instruments sold, not yet purchased 366,947 24,711,084 208,357 21,446,422 Derivative instruments designated as hedging instruments: Interest rate swaps Payables to broker-dealers and clearing organizations — — 21,037 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 initially recorded in other comprehensive income in the accompanying Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022, and 2021. Three Months Ended June 30, Six Months Ended June 30, (in thousands) Financial Statements Location 2022 2021 2022 2021 Derivative instruments not designated as hedging instruments: Futures Trading income, net $ 118,455 $ 81,471 $ 195,801 $ 128,694 Currency forwards Trading income, net (44,665) (47,034) (35,754) 62,355 Options Trading income, net 157 4,825 (938) 53,561 Interest rate swap on term loan Other, net (469) (923) (932) (1,396) $ 73,478 $ 38,339 $ 158,177 $ 243,214 Derivative instruments designated as hedging instruments: Interest rate swaps (1) Other comprehensive income $ 16,430 $ (8,485) $ 72,575 $ 17,341 $ 16,430 $ (8,485) $ 72,575 $ 17,341 (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 deferred 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	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022, the Company held noncontrolling interests of 10.0% and 50.0%, 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 June 30, 2022, the Company held approximately a 9.8% noncontrolling interest in this JV. The Company has an interest in a JV that operates 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 June 30, 2022, the Company held approximately a 14.9% noncontrolling interest in this JV. In the second quarter of 2022, the Company invested in a JV that was formed for the purpose of developing and operating a cryptocurrency trading platform with the goal of increasing competition and transparency, while improving trading performance and reducing operational risk. As of June 30, 2022, the Company held approximately a 10.0% noncontrolling interest in this JV. The Company's five JVs noted above 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 June 30, 2022: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 39,755 $ — $ 39,755 $ 225,929 The following table presents the Company’s nonconsolidated VIEs at December 31, 2021: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 38,319 $ — $ 38,319 $ 136,378 During the second quarter of 2022, the Company formed a JV that was formed to support the growth and expansion of a multi-asset request-for-quote communication platform. As of June 30, 2022, the Company held a 51% controlling interest in this entity. Based on the standard for control set forth above, this JV meets the criteria to be considered a VIE, and the Company consolidates this entity and records the interest that the Company does not own as noncontrolling interest in the condensed consolidated statement of changes in equity.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	Jun. 30, 2022
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 2021 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 six months ended June 30, 2022, and 2021: Three Months Ended June 30, 2022 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 11,145 $ 90,998 $ — $ 102,143 Workflow technology — 24,334 — 24,334 Analytics — 9,863 — 9,863 Total revenue from contracts with customers 11,145 125,195 — 136,340 Other sources of revenue 421,450 5,802 41,146 468,398 Total revenues $ 432,595 $ 130,997 $ 41,146 $ 604,738 Timing of revenue recognition: Services transferred at a point in time $ 432,595 $ 112,989 $ 41,146 $ 586,730 Services transferred over time — 18,008 — 18,008 Total revenues $ 432,595 $ 130,997 $ 41,146 $ 604,738 Three Months Ended June 30, 2021 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 9,087 $ 98,076 $ — $ 107,163 Workflow technology — 25,850 — 25,850 Analytics — 10,102 — 10,102 Total revenue from contracts with customers 9,087 134,028 — 143,115 Other sources of revenue 393,454 4,102 8,294 405,850 Total revenues $ 402,541 $ 138,130 $ 8,294 $ 548,965 Timing of revenue recognition: Services transferred at a point in time $ 402,541 $ 119,821 $ 8,294 $ 530,656 Services transferred over time — 18,309 — 18,309 Total revenues $ 402,541 $ 138,130 $ 8,294 $ 548,965 Six Months Ended June 30, 2022 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 20,194 $ 199,187 $ — $ 219,381 Workflow technology — 51,270 — 51,270 Analytics — 20,344 — 20,344 Total revenue from contracts with customers 20,194 270,801 — 290,995 Other sources of revenue 958,964 11,941 44,100 1,015,005 Total revenues $ 979,158 $ 282,742 $ 44,100 $ 1,306,000 Timing of revenue recognition: Services transferred at a point in time $ 979,158 $ 246,303 $ 44,100 $ 1,269,561 Services transferred over time — 36,439 — 36,439 Total revenues $ 979,158 $ 282,742 $ 44,100 $ 1,306,000 Six Months Ended June 30, 2021 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 23,217 $ 238,524 $ — $ 261,741 Workflow technology — 52,424 — 52,424 Analytics — 20,599 20,599 Total revenue from contracts with customers 23,217 311,547 — 334,764 Other sources of revenue 1,203,048 15,822 7,903 1,226,773 Total revenues $ 1,226,265 $ 327,369 $ 7,903 $ 1,561,537 Timing of revenue recognition: Services transferred at a point in time $ 1,226,265 $ 290,359 $ 7,903 $ 1,524,527 Services transferred over time — 37,010 — 37,010 Total revenues $ 1,226,265 $ 327,369 $ 7,903 $ 1,561,537 Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations As of June 30, 2022 and 2021, 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. 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 $58.7 million and $51.5 million as of June 30, 2022 and December 31, 2021, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of June 30, 2022. 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 $11.5 million and $9.2 million as of June 30, 2022 and December 31, 2021, respectively. The Company recognized the full amount of revenue during the six months ended June 30, 2022 and 2021, that had been recorded as deferred revenue in the respective prior year. The Company has not identified any costs to obtain or fulfill its contracts under ASC 606.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021, 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 non-U.S. subsidiaries are subject to foreign income taxes in the jurisdictions in which they operate. The Company’s provisions for income taxes and effective tax rates were $24.9 million, 14.3%, and $26.1 million, 19.3% for the three months ended June 30, 2022 and 2021, respectively and $66.7 million, 16.0% and $106.7 million, 17.1% for the for the six months ended June 30, 2022 and 2021, 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 June 30, 2022 and December 31, 2021 are current income tax receivables of $61.1 million and $37.2 million, respectively. The balances at June 30, 2022 and December 31, 2021 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 June 30, 2022 and December 31, 2021 are current tax liabilities of $15.8 million and $16.8 million, respectively. The balances at June 30, 2022 and December 31, 2021 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 4 "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 June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021 of $66.5 million and $67.2 million, respectively, and recorded a related deferred tax asset of $12.9 million and $13.4 million, respectively. A valuation allowance of $12.9 million and $13.3 million was recorded against this deferred tax asset at June 30, 2022 and December 31, 2021, respectively as it is more likely than not that a substantial 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 June 30, 2022 and December 31, 2021 of $239.3 million, and recorded a related deferred tax asset of $44.9 million in both years. A full valuation allowance was also recorded against this deferred tax asset at both June 30, 2022 and December 31, 2021 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 June 30, 2022 and December 31, 2021 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 June 30, 2022, the Company’s tax years for 2015 through 2020 and 2016 through 2020 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 2020. 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 $6.4 million of unrecognized tax benefits as of June 30, 2022, 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 June 30, 2022.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	6 Months Ended
	Jun. 30, 2022
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 their 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. On December 31, 2021, plaintiffs filed an amended complaint, after which, on January 21, 2022, Robinhood and the market-maker defendants moved to transfer the case to the Northern District of California, or in the alternative, to dismiss the amended complaint. The motion for transfer was granted on July 1, 2022. The Company believes that the claims are without merit and is defending itself vigorously. On March 7, 2022, the Company was named as a defendant in Iron Workers Local No. 55 Pension Fund v. Virtu Financial, Inc. , No. 2022-0211-PAF pending in the Court of Chancery of the State of Delaware. The complaint, filed by a purported stockholder, seeks to compel the inspection of certain Company books and records pursuant to Section 220 of the Delaware General Corporation Law. The complaint alleges that the stockholder seeks Company information to investigate (a) whether wrongdoing or mismanagement occurred in connection with distributions made to the partners of Virtu Financial pursuant to the Company’s Up-C corporate structure; (b) the independence and disinterestedness of the Company’s directors and/or officers and whether the directors breached their fiduciary duties; and (c) potential damages relating thereto. The Company believes that the claims are without merit and is defending itself vigorously. Other Legal and Regulatory Matters The Company owns subsidiaries including regulated entities that are subject to extensive oversight under federal, state and applicable international laws as well as self-regulatory organization (“SRO”) rules. Changes in market structure and the need to remain competitive require constant changes to the Company's systems, order routing and order handling procedures. The Company makes these changes while continuously endeavoring to comply with many complex laws and rules. Compliance, surveillance and trading issues common in the securities industry are monitored by, reported to, and/or reviewed in the ordinary course of business by the Company's regulators in the U.S. and abroad. As a major order flow execution destination, the Company is named from time to time in, or is asked to respond to a number of regulatory matters brought by U.S. regulators, foreign regulators, SROs, as well as actions brought by private plaintiffs, which arise from its business activities. There has recently been an increased focus by regulators on Anti-Money Laundering and sanctions compliance by broker-dealers and similar entities, as well as an enhanced interest on suspicious activity reporting and transactions involving microcap and low-priced securities. In addition, there has been increased regulatory, congressional and media scrutiny of U.S. equities market structure, the retail trading environment in the U.S., wholesale market making and the relationships between retail broker-dealers and market making firms, including but not limited to payment for order flow arrangements, other remuneration arrangements such as profit-sharing relationships and exchange fee and rebate structures, alternative trading systems and off-exchange trading more generally, high frequency trading, short selling, market fragmentation, colocation, and access to market data feeds. 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. 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 disclosed in its operating agreement. The overall maximum amount of the obligations (if any) cannot reasonably be estimated as it will depend on the facts and circumstances that give rise to any future claims.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
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 2021 Annual Report on Form 10-K. Lease assets and liabilities are summarized as follows: (in thousands) Financial Statement Location June 30, 2022 December 31, 2021 Operating leases Operating lease right-of-use assets Operating lease right-of-use assets $ 208,476 $ 225,328 Operating lease liabilities Operating lease liabilities 257,673 278,745 Finance leases Property and equipment, at cost Property, equipment, and capitalized software, net 29,924 18,965 Accumulated depreciation Property, equipment, and capitalized software, net (16,359) (12,465) Finance lease liabilities Accounts payable, accrued expenses, and other liabilities 13,694 6,612 Weighted average remaining lease term and discount rate are as follows: June 30, 2022 December 31, 2021 Weighted average remaining lease term Operating leases 6.41 years 6.68 years Finance leases 2.23 years 1.62 years Weighted average discount rate Operating leases 5.40 % 5.47 % Finance leases 2.75 % 2.38 % The components of lease expense are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Operating lease cost: Fixed $ 18,426 $ 18,676 $ 36,494 $ 37,776 Variable 1,349 1,766 3,245 3,231 Impairment of ROU Asset — — — 1,198 Total Operating lease cost $ 19,775 $ 20,442 $ 39,739 $ 42,205 Sublease income 4,923 4,425 9,846 8,868 Finance lease cost: Amortization of ROU Asset $ 1,986 $ 1,431 $ 3,894 $ 3,564 Interest on lease liabilities 96 59 174 133 Total Finance lease cost $ 2,082 $ 1,490 $ 4,068 $ 3,697 Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of June 30, 2022, are as follows: (in thousands) Operating Leases Finance Leases 2022 $ 39,970 $ 4,069 2023 65,275 6,076 2024 62,675 4,465 2025 34,200 600 2026 29,708 — 2027 and thereafter 98,435 — Total lease payments $ 330,263 $ 15,210 Less imputed interest (72,590) (1,516) Total lease liability $ 257,673 $ 13,694
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 2021 Annual Report on Form 10-K. Lease assets and liabilities are summarized as follows: (in thousands) Financial Statement Location June 30, 2022 December 31, 2021 Operating leases Operating lease right-of-use assets Operating lease right-of-use assets $ 208,476 $ 225,328 Operating lease liabilities Operating lease liabilities 257,673 278,745 Finance leases Property and equipment, at cost Property, equipment, and capitalized software, net 29,924 18,965 Accumulated depreciation Property, equipment, and capitalized software, net (16,359) (12,465) Finance lease liabilities Accounts payable, accrued expenses, and other liabilities 13,694 6,612 Weighted average remaining lease term and discount rate are as follows: June 30, 2022 December 31, 2021 Weighted average remaining lease term Operating leases 6.41 years 6.68 years Finance leases 2.23 years 1.62 years Weighted average discount rate Operating leases 5.40 % 5.47 % Finance leases 2.75 % 2.38 % The components of lease expense are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Operating lease cost: Fixed $ 18,426 $ 18,676 $ 36,494 $ 37,776 Variable 1,349 1,766 3,245 3,231 Impairment of ROU Asset — — — 1,198 Total Operating lease cost $ 19,775 $ 20,442 $ 39,739 $ 42,205 Sublease income 4,923 4,425 9,846 8,868 Finance lease cost: Amortization of ROU Asset $ 1,986 $ 1,431 $ 3,894 $ 3,564 Interest on lease liabilities 96 59 174 133 Total Finance lease cost $ 2,082 $ 1,490 $ 4,068 $ 3,697 Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of June 30, 2022, are as follows: (in thousands) Operating Leases Finance Leases 2022 $ 39,970 $ 4,069 2023 65,275 6,076 2024 62,675 4,465 2025 34,200 600 2026 29,708 — 2027 and thereafter 98,435 — Total lease payments $ 330,263 $ 15,210 Less imputed interest (72,590) (1,516) Total lease liability $ 257,673 $ 13,694

Cash

Cash	6 Months Ended
	Jun. 30, 2022
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) June 30, 2022 December 31, 2021 Cash and cash equivalents $ 810,649 $ 1,071,463 Cash restricted or segregated under regulations and other 39,121 49,490 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 849,770 $ 1,120,953

Capital Structure

Capital Structure	6 Months Ended
	Jun. 30, 2022
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 84.6% of the combined voting power of our common stock as a result of its ownership of our Class A, Class C and Class D Common Stock. The Company holds approximately a 61.0% interest in Virtu Financial at June 30, 2022. During the period prior to certain 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 these reorganization transactions, all Class A-2 profits interests and Class B interests were reclassified into Virtu Financial Units. As of June 30, 2022 and December 31, 2021, there were 4,462,840 and 4,791,839 Virtu Financial Units outstanding held by Employee Holdco (as defined below), respectively, and 328,999 and 427,903 of such Virtu Financial Units and corresponding Class C Common Stock were exchanged into Class A Common Stock, forfeited or repurchased during the six months ended June 30, 2022 and 2021 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, June 5, 2020 and June 2, 2022. 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 26,000,000 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 November 6, 2020, the Company's Board of Directors authorized a new share repurchase program of up to $100.0 million in Class A common stock and Virtu Financial Units by December 31, 2021. On February 11, 2021, the Company's Board of Directors authorized the expansion of the program by an additional $70 million in Class A Common Stock and Virtu Financial Units. 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. Additionally, on November 3, 2021 the Company's Board of Directors authorized the expansion of the program by an additional $750 million to $1,220 million and extending the duration of the program through November 3, 2023. 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 June 30, 2022, the Company repurchased approximately 26.8 million shares of Class A Common Stock and Virtu Financial Units for approximately $773.8 million. As of June 30, 2022, the Company has approximately $446.2 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program. Employee Exchanges During the six months ended June 30, 2022, and 2021, 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 92,930, and 382,281 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 8 "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 was entitled to purchase up to 3,000,000 shares of Class A Common Stock on or after May 22, 2020 up to and including January 15, 2022. 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 8 "Borrowings"). The exercise price per share of the Class A Common Stock issuable pursuant to the Warrant was $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. On December 17, 2021, the Founder Member exercised in full the Warrant to purchase 3,000,000 shares of the Company's Class A Common Stock. The Warrant and Class A Common Stock issued pursuant to the Warrant were offered, 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. Upon issuance, 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 The following table presents the changes in Other Comprehensive Income for the three and six months ended June 30, 2022, and 2021: Three Months Ended June 30, 2022 (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) $ 18,906 $ 6,391 $ 2,189 $ 27,486 Foreign exchange translation adjustment (2,887) (10,773) — (13,660) Total $ 16,019 $ (4,382) $ 2,189 $ 13,826 (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 June 30, 2022, the Company expects approximately $9.0 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 June 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) $ (20,837) $ (7,872) $ 3,757 $ (24,952) Foreign exchange translation adjustment 5,792 43 — 5,835 Total $ (15,045) $ (7,829) $ 3,757 $ (19,117) (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. Six Months Ended June 30, 2022 (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) $ (10,481) $ 32,797 $ 5,170 $ 27,486 Foreign exchange translation adjustment 285 (13,945) — (13,660) Total $ (10,196) $ 18,852 $ 5,170 $ 13,826 (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 June 30, 2022, the Company expects approximately $9.0 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. Six Months Ended June 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) $ 1,424 $ 7,068 $ (24,952) Foreign exchange translation adjustment 7,957 (2,122) — 5,835 Total $ (25,487) $ (698) $ 7,068 $ (19,117) (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	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation Pursuant to the Amended and Restated 2015 Management Incentive Plan as described in Note 17 "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 six months ended June 30, 2022, and 2021: 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, 2020 2,324,152 $ 19.00 4.24 2,324,152 $ 19.00 Granted — — — — — Exercised (407,997) 19.00 — (407,997) 19.00 Forfeited or expired — — — — — At June 30, 2021 1,916,155 $ 19.00 3.74 1,916,155 $ 19.00 At December 31, 2021 1,795,655 $ 19.00 3.24 1,795,655 $ 19.00 Granted — — — — — Exercised (268,879) 19.00 — (268,879) 19.00 Forfeited or expired (5,000) — — (5,000) — At June 30, 2022 1,521,776 $ 19.00 2.74 1,521,776 $ 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. 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 17 "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 six months ended June 30, 2022, and 2021, respectively, there were 580,710, and 633,938 shares of immediately vested Class A Common Stock granted as part of year-end compensation. In addition, the Company accrued compensation expense of $9.6 million and $6.5 million for the three months ended June 30, 2022, and 2021, respectively, and $15.5 million, and $11.5 million for the six months ended June 30, 2022, and 2021, 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 six months ended June 30, 2022, and 2021: Number of RSUs and RSAs Weighted At December 31, 2020 3,393,084 $ 21.35 Granted 2,106,795 27.35 Forfeited (112,060) 22.63 Vested (1,929,323) 23.27 At June 30, 2021 3,458,496 $ 23.89 At December 31, 2021 3,224,447 $ 24.30 Granted (1) 2,951,863 30.03 Forfeited (322,220) 25.47 Vested (1,669,030) 25.07 At June 30, 2022 4,185,060 $ 27.94 (1) Excluded in the number of RSUs and RSAs are 75,000 participating RSAs where the grant date has not been achieved because the performance conditions have not been met. The Company recognized $9.5 million and $6.1 million for the three months ended June 30, 2022, and 2021, respectively, and $18.1 million, and $13.9 million for the six months ended June 30, 2022, and 2021, respectively, of compensation expense in relation to RSUs. As of June 30, 2022 and December 31, 2021, total unrecognized share-based compensation expense related to unvested RSUs was $79.5 million and $41.9 million, respectively, and this amount is to be recognized over a weighted average period of 1.5 years and 0.9 years, 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 of cash compensation may also be directed to notional investments in certain of the employee investment opportunities. The Company recognized $7.3 million as compensation cost under the DCP as of June 30, 2022.

Regulatory Requirement

Regulatory Requirement	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022. 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 June 30, 2022 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 523,360 $ 2,393 $ 520,967 As of June 30, 2022, VAL had $32.6 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 $5.8 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, 2021 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 536,647 $ 1,194 $ 535,453 As of December 31, 2021, VAL had $43.0 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 $5.8 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 June 30, 2022 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 12,865 $ 194 $ 12,671 Virtu Financial Canada ULC 197 194 3 Ireland Virtu ITG Europe Limited (1) 125,052 29,266 95,786 Virtu Financial Ireland Limited (1) 88,081 44,142 43,939 United Kingdom Virtu ITG UK Limited (1) 1,028 747 281 Asia Pacific Virtu ITG Australia Limited 32,692 13,168 19,524 Virtu ITG Hong Kong Limited 4,188 400 3,788 Virtu ITG Singapore Pte Limited 916 72 844 Virtu Financial Singapore Pte. Ltd. 135,281 62,129 73,152 (1) Preliminary As of June 30, 2022, 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, 2021 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 15,482 $ 198 $ 15,284 Virtu Financial Canada ULC 200 198 2 Ireland Virtu ITG Europe Limited 79,087 39,331 39,756 Virtu Financial Ireland Limited 107,293 47,872 59,421 United Kingdom Virtu ITG UK Limited 1,142 830 312 Asia Pacific Virtu ITG Australia Limited 32,186 7,164 25,022 Virtu ITG Hong Kong Limited 4,514 529 3,985 Virtu ITG Singapore Pte Limited 897 74 823 As of December 31, 2021, Virtu ITG Europe Limited and Virtu ITG Canada Corp had $0.1 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	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022, and 2021 : Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Revenues: United States $ 485,744 $ 429,588 $ 1,035,193 $ 1,245,641 Ireland 58,072 66,106 136,030 187,475 Singapore 31,043 29,420 77,320 72,268 Canada 21,514 12,938 38,711 29,968 Australia 7,347 9,218 16,268 21,885 Others 1,018 1,695 2,478 4,300 Total revenues $ 604,738 $ 548,965 $ 1,306,000 $ 1,561,537 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 alternative trading systems ("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 acts 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 June 30, 2022 and 2021 and are summarized in the following table: (in thousands) Market Execution Corporate Consolidated 2022: Total revenue $ 432,595 $ 130,997 $ 41,146 $ 604,738 Income before income taxes and noncontrolling interest 125,446 7,887 40,451 173,784 2021: Total revenue 402,541 138,130 8,294 548,965 Income (loss) before income taxes and noncontrolling interest 124,571 4,058 6,373 135,002 The Company's Pre-tax earnings by segment for the six months ended June 30, 2022, and 2021 are summarized in the following table: (in thousands) Market Making Execution Services Corporate Consolidated Total 2022 Total revenue $ 979,158 $ 282,742 $ 44,100 $ 1,306,000 Income before income taxes and noncontrolling interest 349,668 23,013 42,813 415,494 2021 Total revenue 1,226,265 327,369 7,903 1,561,537 Income before income taxes and noncontrolling interest 577,848 44,409 2,532 624,789

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022, and December 31, 2021 the Company had net receivables from its affiliates of $7.5 million and $2.2 million, respectively. The Company has held a minority interest in JNX since 2016 (see Note 9 "Financial Assets and Liabilities"). The Company pays exchange fees to JNX for the trading activities conducted on its proprietary trading system. The Company paid $3.7 million and $3.4 million for the three months ended June 30, 2022 and 2021, respectively, $7.5 million and $6.3 million for the six months ended June 30, 2022 and 2021, respectively, to JNX for these trading activities. The Company pays monthly use fees to two JVs in which it holds interests (see Note 11 "Variable Interest Entities"). These monthly fees are for the use of microwave communication networks operated by each of these JVs and are recorded within Communications and data processing on the Condensed Consolidated Statements of Comprehensive Income. The Company made payments to these JVs of $5.5 million and $4.7 million for the three months ended June 30, 2022 and 2021, respectively, and $10.9 million and $9.3 million for the six months ended June 30, 2022 and 2021, respectively. The Company purchases network connections services from affiliates of Level 3 Communications (“Level 3”). Temasek and its affiliates have a significant ownership interest in Level 3. The Company made payments to Level 3 for these services of $0.2 million and $0.3 million for the three months ended June 30, 2022 and 2021, respectively, and $0.5 million and $0.7 million for the six months ended June 30, 2022 and 2021, respectively. 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 made for the three and six months ended June 30, 2022 and 2021 were immaterial. The Company has an interest in Members Exchange, a member-owned equities exchange. The Company pays regulatory and transaction fees and receives rebates from trading activities. The Company received rebates of $6.2 million and made payments of $0.1 million for the three months ended June 30, 2022 and 2021, respectively, and received rebates of $12.8 million and $0.7 million for the six months ended June 30, 2022 and 2021, respectively. In the second quarter of 2022, the Company formed a JV to support the growth and expansion of a multi-asset request-for-quote communication platform. The Company consolidates this JV, and recorded noncontrolling interest of $39.2 million in the condensed consolidated statement of changes in equity as of June 30, 2022. Refer to Note 11 "Variable Interest Entities" for further details.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
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 July 27, 2022, 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 September 15, 2022 to holders of record as of September 1, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Accounting Pronouncements, Recently Adopted and Accounting Pronouncements, Not Yet Adopted	Accounting Pronouncements Recently Adopted 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 Company adopted this ASU on January 1, 2022 and it did not have a material impact on its condensed consolidated financial statements. 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 adopted these ASUs on April 1, 2022, and this did not have a material impact on its condensed consolidated financial statements and related disclosures. Financial Instruments - Credit Losses - In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) . The ASU eliminates the accounting guidance for trouble debt restructurings by creditors in Subtopic 310-40, and enhances the disclosure requirements for modifications of loans to borrowers experiencing financial difficulty. Additionally, the ASU requires disclosure of gross writeoffs of receivables by year of origination for receivables within the scope of Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost . This ASU is effective for periods beginning after December 15, 2022. The Company adopted this ASU on April 1, 2022 and it did not have a material impact on its condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted as of June 30, 2022 Derivatives and Hedging - In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging - Fair Value Hedging - Portfolio Layer Method (Topic 815) . The ASU expands the scope of permissible hedging, and permits the use of different derivative structures as hedging instruments. The ASU also clarifies the certain terms for partial-term fair value hedges of interest rate risk. This ASU is effective for periods beginning after December 15, 2022. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its condensed consolidated financial statements. Fair Value Measurement - In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 326) . The ASU clarifies the impact of contractual sale restrictions on the fair value of an equity security. Additionally, this ASU requires disclosure of the nature and remaining duration of the sale restriction. This ASU is effective for periods beginning after December 15, 2023. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its condensed consolidated financial statements.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2022
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 before income taxes and noncontrolling interest to Net income available for common stockholders: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Income before income taxes and noncontrolling interest $ 173,784 $ 135,002 $ 415,494 $ 624,789 Provision for income taxes 24,888 26,095 66,674 106,650 Net income 148,896 108,907 348,820 518,139 Noncontrolling interest (63,729) (45,997) (151,397) (215,824) Net income available for common stockholders $ 85,167 $ 62,910 $ 197,423 $ 302,315
Schedule of basic earnings per share	The calculation of basic and diluted earnings per share is presented below: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except for share or per share data) 2022 2021 2022 2021 Basic earnings per share: Net income available for common stockholders $ 85,167 $ 62,910 $ 197,423 $ 302,315 Less: Dividends and undistributed earnings allocated to participating securities (3,305) (1,801) (7,164) (8,113) Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities 81,862 61,109 190,259 294,202 Weighted average shares of common stock outstanding: Class A 104,960,826 119,681,845 107,133,079 120,865,624 Basic earnings per share $ 0.78 $ 0.51 $ 1.78 $ 2.43
Schedule of diluted earnings per share	Three Months Ended June 30, Six Months Ended June 30, (in thousands, except for share or per share data) 2022 2021 2022 2021 Diluted earnings per share: Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities $ 81,862 $ 61,109 $ 190,259 $ 294,202 Weighted average shares of common stock outstanding: Class A Issued and outstanding 104,960,826 119,681,845 107,133,079 120,865,624 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 517,452 1,499,547 626,705 1,413,637 105,478,278 121,181,392 107,759,784 122,279,261 Diluted earnings per share $ 0.78 $ 0.50 $ 1.77 $ 2.41

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill by segment	The following table presents the details of goodwill by segment as of June 30, 2022 and December 31, 2021: (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 June 30, 2022 and December 31, 2021: As of June 30, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships $ 486,600 $ (166,063) $ 320,537 10 to 12 Technology 136,000 (110,332) 25,668 1 to 6 Favorable occupancy leases 5,895 (4,023) 1,872 3 to 15 Exchange memberships 3,998 — 3,998 Indefinite Trade name 3,600 (3,600) — 3 ETF issuer relationships 950 (950) — 9 ETF buyer relationships 950 (950) — 9 Other $ 1,500 $ — $ 1,500 Indefinite $ 639,493 $ (285,918) $ 353,575 As of December 31, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships $ 486,600 $ (142,142) $ 344,458 10 to 12 Technology 136,000 (102,088) 33,912 1 to 6 Favorable occupancy leases 5,895 (3,631) 2,264 3 to 15 Exchange memberships 3,998 — 3,998 Indefinite Trade name 3,600 (3,400) 200 3 ETF issuer relationships 950 (950) — 9 ETF buyer relationships 950 (950) — 9 Other $ 1,500 $ — $ 1,500 Indefinite $ 639,493 $ (253,161) $ 386,332
Schedule of finite-lived intangible assets, future amortization expense	The Company expects to record amortization expense as follows over the next five subsequent years: (in thousands) Remainder of 2022 $ 32,094 2023 63,960 2024 50,845 2025 47,879 2026 47,879 2027 47,879

Receivables from_Payables to _2

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021: (in thousands) June 30, 2022 December 31, 2021 Assets Due from prime brokers $ 797,705 $ 287,991 Deposits with clearing organizations 186,805 161,928 Net equity with futures commission merchants 138,040 98,302 Unsettled trades with clearing organizations 11,695 164,195 Securities failed to deliver 257,934 290,207 Commissions and fees 27,449 24,184 Total receivables from broker-dealers and clearing organizations $ 1,419,628 $ 1,026,807 Liabilities Due to prime brokers $ 415,750 $ 497,972 Net equity with futures commission merchants (1) (19,893) (57,226) Unsettled trades with clearing organizations 125,553 828 Securities failed to receive 180,806 128,392 Commissions and fees 2,681 1,560 Total payables to broker-dealers and clearing organizations $ 704,897 $ 571,526 (1) The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met .

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	6 Months Ended
	Jun. 30, 2022
Collateralized Agreements [Abstract]
Summary of the fair value of collateralized transactions	The fair value of the collateralized transactions at June 30, 2022 and December 31, 2021 are summarized as follows: (in thousands) June 30, 2022 December 31, 2021 Securities received as collateral: Securities borrowed $ 1,314,536 $ 1,299,270 Securities purchased under agreements to resell 122,766 119,453 $ 1,437,302 $ 1,418,723
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 June 30, 2022 and December 31, 2021 consisted of the following: (in thousands) June 30, 2022 December 31, 2021 Equities $ 1,061,602 $ 1,012,569 Exchange traded notes 17,222 5,391 $ 1,078,824 $ 1,017,960

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2022
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. June 30, 2022 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 158,000 $ (886) $ 157,114 $ 158,000 $ (886) $ 157,114 December 31, 2021 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 58,000 $ (1,546) $ 56,454 Short-term bank loans 5,056 — 5,056 $ 63,056 $ (1,546) $ 61,510
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 June 30, 2022 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility 2.80% $ 400,000 $ 158,000 $ (886) $ 157,114 Committed facility 4.50% 650,000 — — — Overdraft facility 5.00% 10,000 — — — $ 1,060,000 $ 158,000 $ (886) $ 157,114 At December 31, 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 $ 58,000 $ (1,546) $ 56,454 Committed facility 3.78% 600,000 — — — $ 1,000,000 $ 58,000 $ (1,546) $ 56,454
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 June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Broker-dealer credit facilities: Uncommitted facility $ 789 $ 625 $ 1,293 $ 1,250 Committed facility 23 — 38 57 $ 812 $ 625 $ 1,331 $ 1,307
Schedule of aggregate future required principal payments based on terms of loan	As of June 30, 2022, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows: (in thousands) June 30, 2022 2022 — 2023 43,788 2024 18,000 2025 18,000 2026 18,000 Thereafter 1,728,000 Total principal of long-term borrowings $ 1,825,788
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 June 30, 2022 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 4.71% $ 616,000 $ 218,398 $ 616,000 $ 218,398 At December 31, 2021 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 2.91% $ 616,000 $ 177,080 $ 616,000 $ 177,080 (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 June 30, 2022 (in thousands) Maturity Interest Outstanding Principal Discount Deferred Debt Issuance Cost Outstanding Borrowings, net Long-term borrowings: First Lien Term Loan Facility January 2029 4.43% $ 1,800,000 $ (4,204) $ (29,190) $ 1,766,606 SBI bonds January 2023 5.00% 25,788 — (11) 25,777 $ 1,825,788 $ (4,204) $ (29,201) $ 1,792,383 At December 31, 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 3.10% $ 1,599,774 $ (3,723) $ (21,620) $ 1,574,431 SBI bonds January 2023 5.00% 30,722 — (21) 30,701 $ 1,630,496 $ (3,723) $ (21,641) $ 1,605,132

Financial Assets and Liabilit_2

Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022: June 30, 2022 (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 $ 953,663 $ 1,872,668 $ — $ — $ 2,826,331 U.S. and Non-U.S. government obligations 509,396 27,024 — — 536,420 Corporate Bonds — 722,866 — — 722,866 Exchange traded notes 26 2,995 — — 3,021 Currency forwards — 349,791 — (347,871) 1,920 Options 11,339 — — — 11,339 $ 1,474,424 $ 2,975,344 $ — $ (347,871) $ 4,101,897 Financial instruments owned, pledged as collateral: Equity securities $ 632,311 $ 429,291 $ — $ — $ 1,061,602 Exchange traded notes 19 17,203 — — 17,222 $ 632,330 $ 446,494 $ — $ — $ 1,078,824 Other Assets Equity investment $ — $ — $ 77,562 $ — $ 77,562 Exchange stock 2,581 — — — 2,581 $ 2,581 $ — $ 77,562 $ — $ 80,143 Receivables from broker dealers and clearing organizations: Interest rate swap $ — $ 51,634 $ — $ — $ 51,634 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,471,443 $ 1,170,977 $ — $ — $ 2,642,420 U.S. and Non-U.S. government obligations 669,422 19,371 — — 688,793 Corporate Bonds — 1,105,471 — — 1,105,471 Exchange traded notes 31 11,493 — — 11,524 Currency forwards — 366,947 — (366,934) 13 Options 23,008 — — — 23,008 $ 2,163,904 $ 2,674,259 $ — $ (366,934) $ 4,471,229 Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2021: December 31, 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 $ 572,567 $ 1,700,470 $ — $ — $ 2,273,037 U.S. and Non-U.S. government obligations 337,350 18,519 — — 355,869 Corporate Bonds — 598,944 — — 598,944 Exchange traded notes 10 2,459 — — 2,469 Currency forwards — 206,258 — (206,125) 133 Options 8,543 — — — 8,543 $ 918,470 $ 2,526,650 $ — $ (206,125) $ 3,238,995 Financial instruments owned, pledged as collateral: Equity securities $ 670,277 $ 342,292 $ — $ — $ 1,012,569 Exchange traded notes — 5,391 — — 5,391 $ 670,277 $ 347,683 $ — $ — $ 1,017,960 Other Assets Equity investment $ — $ — $ 81,358 $ — $ 81,358 Exchange stock 3,020 — — — 3,020 $ 3,020 $ — $ 81,358 $ — $ 84,378 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,482,386 $ 807,631 $ — $ — $ 2,290,017 U.S. and Non-U.S. government obligations 330,765 9,955 — — 340,720 Corporate Bonds — 851,871 — — 851,871 Exchange traded notes — 22,962 — — 22,962 Currency forwards — 208,357 — (208,356) 1 Options 5,208 — — — 5,208 $ 1,818,359 $ 1,900,776 $ — $ (208,356) $ 3,510,779 Payables to broker dealers and clearing organizations: Interest rate swap $ — $ 21,037 $ — $ — $ 21,037 The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of June 30, 2022: June 30, 2022 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 $ 810,649 $ 810,649 $ 810,649 $ — $ — Cash restricted or segregated under regulations and other 39,121 39,121 39,121 — — Securities borrowed 1,369,616 1,369,616 — 1,369,616 — Securities purchased under agreements to resell 122,766 122,766 — 122,766 — Receivables from broker-dealers and clearing organizations (2) 1,419,628 1,419,628 (39,350) 1,458,978 — Receivables from customers 226,933 226,933 — 226,933 — Other assets (1) 24,657 24,657 — 24,657 — Total Assets $ 4,013,370 $ 4,013,370 $ 810,420 $ 3,202,950 $ — Liabilities Short-term borrowings $ 157,114 $ 158,000 $ — $ 158,000 $ — Long-term borrowings 1,792,383 1,736,922 — 1,736,922 — Securities loaned 1,049,609 1,049,609 — 1,049,609 — Securities sold under agreements to repurchase 501,193 501,193 — 501,193 — Payables to broker-dealers and clearing organizations 704,897 704,897 (227) 705,124 — Payables to customers 106,969 106,969 — 106,969 — Other liabilities (3) 15,111 15,111 — 15,111 — Total Liabilities $ 4,327,276 $ 4,272,701 $ (227) $ 4,272,928 $ — (1) Includes cash collateral and deposits, and interest and dividends receivables. (2) Receivables from 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, 2021: December 31, 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 $ 1,071,463 $ 1,071,463 $ 1,071,463 $ — $ — Cash restricted or segregated under regulations and other 49,490 49,490 49,490 — — Securities borrowed 1,349,322 1,349,322 — 1,349,322 — Securities purchased under agreements to resell 119,453 119,453 — 119,453 — Receivables from broker-dealers and clearing organizations 1,026,807 1,026,807 (24,037) 1,050,844 — Receivables from customers 146,476 146,476 — 146,476 — Other assets (1) 20,266 20,266 — 20,266 — Total Assets $ 3,783,277 $ 3,783,277 $ 1,096,916 $ 2,686,361 $ — Liabilities Short-term borrowings 61,510 63,046 — 63,046 — Long-term borrowings 1,605,132 1,628,497 — 1,628,497 — Securities loaned 1,142,048 1,142,048 — 1,142,048 — Securities sold under agreements to repurchase 514,325 514,325 — 514,325 — Payables to broker dealer and clearing organizations (2) 571,526 571,526 235 571,291 — Payables to customers 54,999 54,999 — 54,999 — Other liabilities (3) 9,414 9,414 — 9,414 — Total Liabilities $ 3,958,954 $ 3,983,855 $ 235 $ 3,983,620 $ — (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: June 30, 2022 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 77,562 Discounted cash flow Estimated revenue growth 1.5% - 5.0% 3.5 % Discount rate 14.8% - 14.8% 14.8 % Market Future enterprise value/ EBIDTA ratio (4.8)x - 23.9x 12.5x December 31, 2021 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 81,358 Discounted cash flow Estimated revenue growth 2.5% - 32.6% 10.6 % Discount rate 14.4% - 14.4% 14.4 % Market Future enterprise value/ EBIDTA ratio 8.7x - 21.1x 14.0x
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 June 30, 2022 (in thousands) Balance at March 31, 2022 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at June 30, 2022 Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2022 Assets Other assets: Equity investment $ 84,482 $ — $ (6,920) $ — $ — $ 77,562 $ (6,920) Total $ 84,482 $ — $ (6,920) $ — $ — $ 77,562 $ (6,920) (1) Total realized and unrealized gains/(losses) includes gains and losses 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 June 30, 2021 (in thousands) Balance at March 31, 2021 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at June 30, 2021 Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2021 Assets Other assets: Equity investment $ 66,192 $ — $ 12,121 $ — $ — $ 78,313 $ 12,121 Total $ 66,192 $ — $ 12,121 $ — $ — $ 78,313 $ 12,121 (1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment. Six Months Ended June 30, 2022 (in thousands) Balance at December 31, 2021 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at June 30, 2022 Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2022 Assets Other assets: Equity investment $ 81,358 $ — $ (3,796) $ — $ — $ 77,562 $ (3,796) Total $ 81,358 $ — $ (3,796) $ — $ — $ 77,562 $ (3,796) (1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment. Six Months Ended June 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 June 30, 2021 Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2021 Assets Other assets: Equity investment $ 66,030 $ — $ 12,283 $ — $ — $ 78,313 $ 12,283 Total $ 66,030 $ — $ 12,283 $ — $ — $ 78,313 $ 12,283 (1) Total realized and unrealized gains/(losses) includes gains and losses 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 June 30, 2022 and December 31, 2021: June 30, 2022 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 $ 1,369,616 $ — $ 1,369,616 $ (1,314,536) $ (17,691) $ 37,389 Securities purchased under agreements to resell 122,766 — 122,766 (122,766) — — Trading assets, at fair value: Currency forwards 349,791 (347,871) 1,920 — — 1,920 Options 11,339 — 11,339 — (11,339) — Total $ 1,853,512 $ (347,871) $ 1,505,641 $ (1,437,302) $ (29,030) $ 39,309 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 $ 1,049,609 $ — $ 1,049,609 $ (1,014,541) $ (17,691) $ 17,377 Securities sold under agreements to repurchase 501,193 — 501,193 (501,193) — — Payable to broker-dealers and clearing organizations Interest rate swaps — — — — — — Trading liabilities, at fair value: Currency forwards 366,947 (366,934) 13 — — 13 Options 23,008 — 23,008 — (11,339) 11,669 Total $ 1,940,757 $ (366,934) $ 1,573,823 $ (1,515,734) $ (29,030) $ 29,059 December 31, 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 $ 1,349,322 $ — $ 1,349,322 $ (1,299,270) $ (5,054) $ 44,998 Securities purchased under agreements to resell 119,453 — 119,453 (119,453) — — Trading assets, at fair value: Currency forwards 206,258 (206,125) 133 — — 133 Options 8,543 — 8,543 — (5,208) 3,335 Total $ 1,683,576 $ (206,125) $ 1,477,451 $ (1,418,723) $ (10,262) $ 48,466 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 $ 1,142,048 $ — $ 1,142,048 $ (1,107,688) $ (17,272) $ 17,088 Securities sold under agreements to repurchase 514,325 — 514,325 (514,325) — — Interest rate swaps 21,037 — 21,037 — — 21,037 Trading liabilities, at fair value: Currency forwards 208,357 (208,356) 1 — — 1 Options 5,208 — 5,208 — (5,208) — Total $ 1,890,975 $ (208,356) $ 1,682,619 $ (1,622,013) $ (22,480) $ 38,126
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 June 30, 2022 and December 31, 2021: June 30, 2022 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 $ 1,369,616 $ — $ 1,369,616 $ (1,314,536) $ (17,691) $ 37,389 Securities purchased under agreements to resell 122,766 — 122,766 (122,766) — — Trading assets, at fair value: Currency forwards 349,791 (347,871) 1,920 — — 1,920 Options 11,339 — 11,339 — (11,339) — Total $ 1,853,512 $ (347,871) $ 1,505,641 $ (1,437,302) $ (29,030) $ 39,309 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 $ 1,049,609 $ — $ 1,049,609 $ (1,014,541) $ (17,691) $ 17,377 Securities sold under agreements to repurchase 501,193 — 501,193 (501,193) — — Payable to broker-dealers and clearing organizations Interest rate swaps — — — — — — Trading liabilities, at fair value: Currency forwards 366,947 (366,934) 13 — — 13 Options 23,008 — 23,008 — (11,339) 11,669 Total $ 1,940,757 $ (366,934) $ 1,573,823 $ (1,515,734) $ (29,030) $ 29,059 December 31, 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 $ 1,349,322 $ — $ 1,349,322 $ (1,299,270) $ (5,054) $ 44,998 Securities purchased under agreements to resell 119,453 — 119,453 (119,453) — — Trading assets, at fair value: Currency forwards 206,258 (206,125) 133 — — 133 Options 8,543 — 8,543 — (5,208) 3,335 Total $ 1,683,576 $ (206,125) $ 1,477,451 $ (1,418,723) $ (10,262) $ 48,466 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 $ 1,142,048 $ — $ 1,142,048 $ (1,107,688) $ (17,272) $ 17,088 Securities sold under agreements to repurchase 514,325 — 514,325 (514,325) — — Interest rate swaps 21,037 — 21,037 — — 21,037 Trading liabilities, at fair value: Currency forwards 208,357 (208,356) 1 — — 1 Options 5,208 — 5,208 — (5,208) — Total $ 1,890,975 $ (208,356) $ 1,682,619 $ (1,622,013) $ (22,480) $ 38,126
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: June 30, 2022 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 $ — $ 140,000 $ 50,000 $ 160,000 $ 50,000 $ 400,000 U.S. and Non-U.S. government obligations 101,193 — — — 101,193 Total $ 101,193 $ 140,000 $ 50,000 $ 160,000 $ 50,000 $ 501,193 Securities loaned: Equity securities $ 1,049,609 $ — $ — $ — $ — $ 1,049,609 Total $ 1,049,609 $ — $ — $ — $ — $ 1,049,609 December 31, 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 $ — $ 140,000 $ 50,000 $ 210,000 $ — $ 400,000 U.S. and Non-U.S. government obligations 114,325 — — — — 114,325 Total $ 114,325 $ 140,000 $ 50,000 $ 210,000 $ — $ 514,325 Securities loaned: Equity securities 1,142,048 — — — — 1,142,048 Total $ 1,142,048 $ — $ — $ — $ — $ 1,142,048

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021: (in thousands) June 30, 2022 December 31, 2021 Derivatives Assets Financial Statement Location Fair Value Notional Fair Value Notional Derivative instruments not designated as hedging instruments: Equities futures Receivables from broker-dealers and clearing organizations $ 39,436 $ 1,270,805 $ 1,619 $ 406,420 Commodity futures Receivables from broker-dealers and clearing organizations (40,651) 9,999,771 (24,405) 5,285,216 Currency futures Receivables from broker-dealers and clearing organizations (7,645) 2,720,588 (8,205) 4,760,173 Fixed income futures Receivables from broker-dealers and clearing organizations 165 243,267 147 8,489 Options Financial instruments owned 11,339 1,424,612 8,543 1,063,686 Currency forwards Financial instruments owned 349,791 24,702,505 206,258 21,445,374 Derivative instruments designated as hedging instruments: Interest rate swap Receivables from broker-dealers and clearing organizations 51,634 1,525,000 — — Derivatives Liabilities Financial Statement Location Fair Value Notional Fair Value Notional Derivative instruments not designated as hedging instruments: Equities futures Payables to broker-dealers and clearing organizations $ (336) $ 487,400 $ 791 $ 1,362,684 Commodity futures Payables to broker-dealers and clearing organizations 60 42,553 (49) 27,224 Currency futures Payables to broker-dealers and clearing organizations (275) 272,595 1,671 725,162 Fixed income futures Payables to broker-dealers and clearing organizations (75) 24,521 (161) 120,212 Options Financial instruments sold, not yet purchased 23,008 1,360,143 5,208 1,066,801 Currency forwards Financial instruments sold, not yet purchased 366,947 24,711,084 208,357 21,446,422 Derivative instruments designated as hedging instruments: Interest rate swaps Payables to broker-dealers and clearing organizations — — 21,037 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 initially recorded in other comprehensive income in the accompanying Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022, and 2021. Three Months Ended June 30, Six Months Ended June 30, (in thousands) Financial Statements Location 2022 2021 2022 2021 Derivative instruments not designated as hedging instruments: Futures Trading income, net $ 118,455 $ 81,471 $ 195,801 $ 128,694 Currency forwards Trading income, net (44,665) (47,034) (35,754) 62,355 Options Trading income, net 157 4,825 (938) 53,561 Interest rate swap on term loan Other, net (469) (923) (932) (1,396) $ 73,478 $ 38,339 $ 158,177 $ 243,214 Derivative instruments designated as hedging instruments: Interest rate swaps (1) Other comprehensive income $ 16,430 $ (8,485) $ 72,575 $ 17,341 $ 16,430 $ (8,485) $ 72,575 $ 17,341 (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 deferred 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)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of nonconsolidated VIE	The following table presents the Company’s nonconsolidated VIEs at June 30, 2022: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 39,755 $ — $ 39,755 $ 225,929 The following table presents the Company’s nonconsolidated VIEs at December 31, 2021: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 38,319 $ — $ 38,319 $ 136,378

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022, and 2021: Three Months Ended June 30, 2022 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 11,145 $ 90,998 $ — $ 102,143 Workflow technology — 24,334 — 24,334 Analytics — 9,863 — 9,863 Total revenue from contracts with customers 11,145 125,195 — 136,340 Other sources of revenue 421,450 5,802 41,146 468,398 Total revenues $ 432,595 $ 130,997 $ 41,146 $ 604,738 Timing of revenue recognition: Services transferred at a point in time $ 432,595 $ 112,989 $ 41,146 $ 586,730 Services transferred over time — 18,008 — 18,008 Total revenues $ 432,595 $ 130,997 $ 41,146 $ 604,738 Three Months Ended June 30, 2021 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 9,087 $ 98,076 $ — $ 107,163 Workflow technology — 25,850 — 25,850 Analytics — 10,102 — 10,102 Total revenue from contracts with customers 9,087 134,028 — 143,115 Other sources of revenue 393,454 4,102 8,294 405,850 Total revenues $ 402,541 $ 138,130 $ 8,294 $ 548,965 Timing of revenue recognition: Services transferred at a point in time $ 402,541 $ 119,821 $ 8,294 $ 530,656 Services transferred over time — 18,309 — 18,309 Total revenues $ 402,541 $ 138,130 $ 8,294 $ 548,965 Six Months Ended June 30, 2022 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 20,194 $ 199,187 $ — $ 219,381 Workflow technology — 51,270 — 51,270 Analytics — 20,344 — 20,344 Total revenue from contracts with customers 20,194 270,801 — 290,995 Other sources of revenue 958,964 11,941 44,100 1,015,005 Total revenues $ 979,158 $ 282,742 $ 44,100 $ 1,306,000 Timing of revenue recognition: Services transferred at a point in time $ 979,158 $ 246,303 $ 44,100 $ 1,269,561 Services transferred over time — 36,439 — 36,439 Total revenues $ 979,158 $ 282,742 $ 44,100 $ 1,306,000 Six Months Ended June 30, 2021 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 23,217 $ 238,524 $ — $ 261,741 Workflow technology — 52,424 — 52,424 Analytics — 20,599 20,599 Total revenue from contracts with customers 23,217 311,547 — 334,764 Other sources of revenue 1,203,048 15,822 7,903 1,226,773 Total revenues $ 1,226,265 $ 327,369 $ 7,903 $ 1,561,537 Timing of revenue recognition: Services transferred at a point in time $ 1,226,265 $ 290,359 $ 7,903 $ 1,524,527 Services transferred over time — 37,010 — 37,010 Total revenues $ 1,226,265 $ 327,369 $ 7,903 $ 1,561,537

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Lease assets and liabilities	Lease assets and liabilities are summarized as follows: (in thousands) Financial Statement Location June 30, 2022 December 31, 2021 Operating leases Operating lease right-of-use assets Operating lease right-of-use assets $ 208,476 $ 225,328 Operating lease liabilities Operating lease liabilities 257,673 278,745 Finance leases Property and equipment, at cost Property, equipment, and capitalized software, net 29,924 18,965 Accumulated depreciation Property, equipment, and capitalized software, net (16,359) (12,465) Finance lease liabilities Accounts payable, accrued expenses, and other liabilities 13,694 6,612
Lease term, discount rate and components of lease expense	Weighted average remaining lease term and discount rate are as follows: June 30, 2022 December 31, 2021 Weighted average remaining lease term Operating leases 6.41 years 6.68 years Finance leases 2.23 years 1.62 years Weighted average discount rate Operating leases 5.40 % 5.47 % Finance leases 2.75 % 2.38 % The components of lease expense are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Operating lease cost: Fixed $ 18,426 $ 18,676 $ 36,494 $ 37,776 Variable 1,349 1,766 3,245 3,231 Impairment of ROU Asset — — — 1,198 Total Operating lease cost $ 19,775 $ 20,442 $ 39,739 $ 42,205 Sublease income 4,923 4,425 9,846 8,868 Finance lease cost: Amortization of ROU Asset $ 1,986 $ 1,431 $ 3,894 $ 3,564 Interest on lease liabilities 96 59 174 133 Total Finance lease cost $ 2,082 $ 1,490 $ 4,068 $ 3,697
Future minimum lease payments under operating leases	Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of June 30, 2022, are as follows: (in thousands) Operating Leases Finance Leases 2022 $ 39,970 $ 4,069 2023 65,275 6,076 2024 62,675 4,465 2025 34,200 600 2026 29,708 — 2027 and thereafter 98,435 — Total lease payments $ 330,263 $ 15,210 Less imputed interest (72,590) (1,516) Total lease liability $ 257,673 $ 13,694
Future minimum lease payments under finance leases	Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of June 30, 2022, are as follows: (in thousands) Operating Leases Finance Leases 2022 $ 39,970 $ 4,069 2023 65,275 6,076 2024 62,675 4,465 2025 34,200 600 2026 29,708 — 2027 and thereafter 98,435 — Total lease payments $ 330,263 $ 15,210 Less imputed interest (72,590) (1,516) Total lease liability $ 257,673 $ 13,694

Cash (Tables)

Cash (Tables)	6 Months Ended
	Jun. 30, 2022
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) June 30, 2022 December 31, 2021 Cash and cash equivalents $ 810,649 $ 1,071,463 Cash restricted or segregated under regulations and other 39,121 49,490 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 849,770 $ 1,120,953
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) June 30, 2022 December 31, 2021 Cash and cash equivalents $ 810,649 $ 1,071,463 Cash restricted or segregated under regulations and other 39,121 49,490 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 849,770 $ 1,120,953

Capital Structure (Tables)

Capital Structure (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following table presents the changes in Other Comprehensive Income for the three and six months ended June 30, 2022, and 2021: Three Months Ended June 30, 2022 (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) $ 18,906 $ 6,391 $ 2,189 $ 27,486 Foreign exchange translation adjustment (2,887) (10,773) — (13,660) Total $ 16,019 $ (4,382) $ 2,189 $ 13,826 (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 June 30, 2022, the Company expects approximately $9.0 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 June 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) $ (20,837) $ (7,872) $ 3,757 $ (24,952) Foreign exchange translation adjustment 5,792 43 — 5,835 Total $ (15,045) $ (7,829) $ 3,757 $ (19,117) (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. Six Months Ended June 30, 2022 (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) $ (10,481) $ 32,797 $ 5,170 $ 27,486 Foreign exchange translation adjustment 285 (13,945) — (13,660) Total $ (10,196) $ 18,852 $ 5,170 $ 13,826 (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 June 30, 2022, the Company expects approximately $9.0 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. Six Months Ended June 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) $ 1,424 $ 7,068 $ (24,952) Foreign exchange translation adjustment 7,957 (2,122) — 5,835 Total $ (25,487) $ (698) $ 7,068 $ (19,117) (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)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of stock options activity	The following table summarizes activity related to stock options for the six months ended June 30, 2022, and 2021: 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, 2020 2,324,152 $ 19.00 4.24 2,324,152 $ 19.00 Granted — — — — — Exercised (407,997) 19.00 — (407,997) 19.00 Forfeited or expired — — — — — At June 30, 2021 1,916,155 $ 19.00 3.74 1,916,155 $ 19.00 At December 31, 2021 1,795,655 $ 19.00 3.24 1,795,655 $ 19.00 Granted — — — — — Exercised (268,879) 19.00 — (268,879) 19.00 Forfeited or expired (5,000) — — (5,000) — At June 30, 2022 1,521,776 $ 19.00 2.74 1,521,776 $ 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 six months ended June 30, 2022, and 2021: Number of RSUs and RSAs Weighted At December 31, 2020 3,393,084 $ 21.35 Granted 2,106,795 27.35 Forfeited (112,060) 22.63 Vested (1,929,323) 23.27 At June 30, 2021 3,458,496 $ 23.89 At December 31, 2021 3,224,447 $ 24.30 Granted (1) 2,951,863 30.03 Forfeited (322,220) 25.47 Vested (1,669,030) 25.07 At June 30, 2022 4,185,060 $ 27.94 (1) Excluded in the number of RSUs and RSAs are 75,000 participating RSAs where the grant date has not been achieved because the performance conditions have not been met.

Regulatory Requirement (Tables)

Regulatory Requirement (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 523,360 $ 2,393 $ 520,967 VAL's regulatory capital and regulatory capital requirements as of December 31, 2021 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 536,647 $ 1,194 $ 535,453 The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of June 30, 2022 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 12,865 $ 194 $ 12,671 Virtu Financial Canada ULC 197 194 3 Ireland Virtu ITG Europe Limited (1) 125,052 29,266 95,786 Virtu Financial Ireland Limited (1) 88,081 44,142 43,939 United Kingdom Virtu ITG UK Limited (1) 1,028 747 281 Asia Pacific Virtu ITG Australia Limited 32,692 13,168 19,524 Virtu ITG Hong Kong Limited 4,188 400 3,788 Virtu ITG Singapore Pte Limited 916 72 844 Virtu Financial Singapore Pte. Ltd. 135,281 62,129 73,152 (1) Preliminary The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2021 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 15,482 $ 198 $ 15,284 Virtu Financial Canada ULC 200 198 2 Ireland Virtu ITG Europe Limited 79,087 39,331 39,756 Virtu Financial Ireland Limited 107,293 47,872 59,421 United Kingdom Virtu ITG UK Limited 1,142 830 312 Asia Pacific Virtu ITG Australia Limited 32,186 7,164 25,022 Virtu ITG Hong Kong Limited 4,514 529 3,985 Virtu ITG Singapore Pte Limited 897 74 823

Geographic Information and Bu_2

Geographic Information and Business Segments (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of total revenues by geographic area	The following table presents total revenues by geographic area for the three and six months ended June 30, 2022, and 2021: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Revenues: United States $ 485,744 $ 429,588 $ 1,035,193 $ 1,245,641 Ireland 58,072 66,106 136,030 187,475 Singapore 31,043 29,420 77,320 72,268 Canada 21,514 12,938 38,711 29,968 Australia 7,347 9,218 16,268 21,885 Others 1,018 1,695 2,478 4,300 Total revenues $ 604,738 $ 548,965 $ 1,306,000 $ 1,561,537
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 June 30, 2022 and 2021 and are summarized in the following table: (in thousands) Market Execution Corporate Consolidated 2022: Total revenue $ 432,595 $ 130,997 $ 41,146 $ 604,738 Income before income taxes and noncontrolling interest 125,446 7,887 40,451 173,784 2021: Total revenue 402,541 138,130 8,294 548,965 Income (loss) before income taxes and noncontrolling interest 124,571 4,058 6,373 135,002 The Company's Pre-tax earnings by segment for the six months ended June 30, 2022, and 2021 are summarized in the following table: (in thousands) Market Making Execution Services Corporate Consolidated Total 2022 Total revenue $ 979,158 $ 282,742 $ 44,100 $ 1,306,000 Income before income taxes and noncontrolling interest 349,668 23,013 42,813 415,494 2021 Total revenue 1,226,265 327,369 7,903 1,561,537 Income before income taxes and noncontrolling interest 577,848 44,409 2,532 624,789

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) instrument in Thousands	6 Months Ended
	Jun. 30, 2022 segment venue acquisition instrument country
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of financial instruments | instrument	25
Number of venues | venue	235
Number of countries in which entity operates | country	36
Company’s product offering in number of counties (over) | country	50
Number of significant acquisitions | acquisition	2
Number of operating segments | segment	2
Number of non-operating segments | segment	1
Virtu Financial
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Ownership interest	61%

Earnings per Share - Reconcilia

Earnings per Share - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Income before income taxes and noncontrolling interest	$ 173,784		$ 135,002		$ 415,494	$ 624,789
Provision for income taxes	24,888		26,095		66,674	106,650
Net income	148,896	$ 199,925	108,907	$ 409,232	348,820	518,139
Noncontrolling interest	(63,729)		(45,997)		(151,397)	(215,824)
Net income available for common stockholders	$ 85,167		$ 62,910		$ 197,423	$ 302,315

Earnings per Share - Basic (Det

Earnings per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic earnings per share:
Net income available for common stockholders	$ 85,167	$ 62,910	$ 197,423	$ 302,315
Less: Dividends and undistributed earnings allocated to participating securities	(3,305)	(1,801)	(7,164)	(8,113)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 81,862	$ 61,109	$ 190,259	$ 294,202
Weighted average shares of common stock outstanding:
Class A (in shares)	104,960,826	119,681,845	107,133,079	120,865,624
Basic earnings per share (in dollars per share)	$ 0.78	$ 0.51	$ 1.78	$ 2.43
Class A common stock
Weighted average shares of common stock outstanding:
Class A (in shares)	104,960,826	119,681,845	107,133,079	120,865,624

Earnings per Share - Diluted (D

Earnings per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 81,862	$ 61,109	$ 190,259	$ 294,202
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	104,960,826	119,681,845	107,133,079	120,865,624
Weighted average shares of common stock outstanding (in shares)	105,478,278	121,181,392	107,759,784	122,279,261
Diluted earnings per share (in dollars per share)	$ 0.78	$ 0.50	$ 1.77	$ 2.41
Class A common stock
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	104,960,826	119,681,845	107,133,079	120,865,624
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)	517,452	1,499,547	626,705	1,413,637
Weighted average shares of common stock outstanding (in shares)	105,478,278	121,181,392	107,759,784	122,279,261

Tax Receivable Agreements (Deta

Tax Receivable Agreements (Details) - USD ($) $ in Thousands	1 Months Ended					6 Months Ended	12 Months Ended
	Mar. 31, 2022	Apr. 30, 2021	Mar. 31, 2020	Sep. 30, 2018	Feb. 28, 2017	Jun. 30, 2022	Dec. 31, 2021
Tax Receivable Agreements [Abstract]
First payment made	$ 21,300	$ 16,500	$ 13,300	$ 12,400	$ 7,000
Minimum tax receivable agreement obligation over the agreed period						$ 400
Maximum tax receivable agreement obligation over the agreed period						$ 22,000
Period over which the obligations are to be settled						15 years	15 years
Deferred tax assets						$ 170,500	$ 180,400
Tax receivable agreement obligations						$ 237,938	$ 259,282

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
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	353,575,000		353,575,000		$ 386,332,000
Amortization expense relating to finite-lived intangible assets	$ 16,277,000	$ 18,077,000	$ 32,757,000	$ 36,154,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
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	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Acquired Intangible Assets [Line Items]
Accumulated Amortization	$ (285,918)	$ (253,161)
Gross Carrying Amount	639,493	639,493
Net Carrying Amount	353,575	386,332
Exchange memberships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	3,998	3,998
Other
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	1,500	1,500
Customer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	486,600	486,600
Accumulated Amortization	(166,063)	(142,142)
Net Carrying Amount	$ 320,537	$ 344,458
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	(110,332)	(102,088)
Net Carrying Amount	$ 25,668	$ 33,912
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	(4,023)	(3,631)
Net Carrying Amount	$ 1,872	$ 2,264
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	(3,600)	(3,400)
Net Carrying Amount	$ 0	$ 200
Useful Lives (Years)	3 years	3 years
ETF issuer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(950)	(950)
Net Carrying Amount	$ 0	$ 0
Useful Lives (Years)	9 years	9 years
ETF buyer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(950)	(950)
Net Carrying Amount	$ 0	$ 0
Useful Lives (Years)	9 years	9 years

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Expects Amortization Expense (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 32,094
2023	63,960
2024	50,845
2025	47,879
2026	47,879
2027	$ 47,879

Receivables from_Payables to _3

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Due from prime brokers	$ 797,705	$ 287,991
Deposits with clearing organizations	186,805	161,928
Net equity with futures commission merchants	138,040	98,302
Unsettled trades with clearing organizations	11,695	164,195
Securities failed to deliver	257,934	290,207
Commissions and fees	27,449	24,184
Total receivables from broker-dealers and clearing organizations	1,419,628	1,026,807
Liabilities
Due to prime brokers	415,750	497,972
Net equity with futures commission merchants	(19,893)	(57,226)
Unsettled trades with clearing organizations	125,553	828
Securities failed to receive	180,806	128,392
Commissions and fees	2,681	1,560
Total payables to broker-dealers and clearing organizations	704,897	571,526
Outstanding principal balance	$ 218,400	$ 177,100

Collateralized Transactions (De

Collateralized Transactions (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Securities received as collateral:
Securities borrowed	$ 1,314,536	$ 1,299,270
Securities purchased under agreements to resell	122,766	119,453
Securities received as collateral	1,437,302	1,418,723
Pledged
Securities received as collateral:
Financial instruments owned	1,078,824	1,017,960
Equities | Pledged
Securities received as collateral:
Financial instruments owned	1,061,602	1,012,569
Exchange traded notes | Pledged
Securities received as collateral:
Financial instruments owned	$ 17,222	$ 5,391

Borrowings - Short-term Borrowi

Borrowings - Short-term Borrowings, net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Deferred Debt Issuance Cost	$ (29,201)	$ (21,641)
Short-term bank loans
Short-term Debt [Line Items]
Borrowing Outstanding		5,056
Deferred Debt Issuance Cost		0
Short-term Borrowings, net		5,056
Loans Payable
Short-term Debt [Line Items]
Borrowing Outstanding	158,000	63,056
Deferred Debt Issuance Cost	(886)	(1,546)
Short-term Borrowings, net	157,114	61,510
Broker-dealer credit facilities
Short-term Debt [Line Items]
Borrowing Outstanding	158,000	58,000
Deferred Debt Issuance Cost	(886)	(1,546)
Short-term Borrowings, net	$ 157,114	$ 56,454

Borrowings - Broker-Dealer Cred

Borrowings - Broker-Dealer Credit Facilities (Details)		6 Months Ended
	May 25, 2022 USD ($)	Jun. 30, 2022 USD ($) instrument base	Dec. 31, 2021 USD ($)	Mar. 20, 2020 USD ($)
Line of Credit Facility [Line Items]
Number of borrowing bases | base		2
Outstanding principal amount		$ 1,825,788,000	$ 1,630,496,000
Commitment fee (as a percent)		0.50%
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Number of secured credit facilities | instrument		2
Maximum borrowing capacity		$ 650,000,000
Outstanding principal amount		$ 158,000,000	58,000,000
Commitment fee (as a percent)		0.50%
Broker-dealer credit facilities | Borrowing Base A Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 650,000,000
Broker-dealer credit facilities | Borrowing Base A Loan | SOFR
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 | SOFR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		2.50%
Broker-dealer credit facilities | Virtu Financial Singapore Pte. Ltd.
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000,000
Outstanding principal amount	$ 0
Broker-dealer credit facilities | Virtu Financial Singapore Pte. Ltd. | SOFR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	3.50%
Broker-dealer credit facility on an uncommitted basis
Line of Credit Facility [Line Items]
Number of secured credit facilities | instrument		1
Maximum borrowing capacity		$ 400,000,000
Outstanding principal amount		$ 158,000,000	$ 58,000,000
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	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Total principal of long-term borrowings	$ 1,825,788	$ 1,630,496
Deferred Debt Issuance Cost	(29,201)	(21,641)
Outstanding Borrowings, net	$ 1,792,383	$ 1,605,132
Uncommitted facility
Line of Credit Facility [Line Items]
Interest Rate	2.80%	1.25%
Financing Available	$ 400,000	$ 400,000
Total principal of long-term borrowings	158,000	58,000
Deferred Debt Issuance Cost	(886)	(1,546)
Outstanding Borrowings, net	$ 157,114	$ 56,454
Committed facility
Line of Credit Facility [Line Items]
Interest Rate	4.50%	3.78%
Financing Available	$ 650,000	$ 600,000
Total principal of long-term borrowings	0	0
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	$ 0	0
Overdraft facility
Line of Credit Facility [Line Items]
Interest Rate	5%
Financing Available	$ 10,000
Total principal of long-term borrowings	0
Deferred Debt Issuance Cost	0
Outstanding Borrowings, net	0
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Financing Available	1,060,000	1,000,000
Total principal of long-term borrowings	158,000	58,000
Deferred Debt Issuance Cost	(886)	(1,546)
Outstanding Borrowings, net	$ 157,114	$ 56,454

Borrowings - Interest Expense o

Borrowings - Interest Expense on Broker-Dealer Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Line of Credit Facility [Line Items]
Interest expense	$ 22,089	$ 20,113	$ 43,422	$ 39,605
Uncommitted facility
Line of Credit Facility [Line Items]
Interest expense	789	625	1,293	1,250
Committed facility
Line of Credit Facility [Line Items]
Interest expense	23	0	38	57
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Interest expense	$ 812	$ 625	$ 1,331	$ 1,307

Borrowings - Short-Term Bank Lo

Borrowings - Short-Term Bank Loans (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Short-term bank loans	$ 0	$ 5,100,000
Weighted average interest rate		4.20%

Borrowings - Prime Brokerage Cr

Borrowings - Prime Brokerage Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Short-term Debt [Line Items]
Weighted Average Interest Rate					4.20%
Total principal of long-term borrowings	$ 1,825,788		$ 1,825,788		$ 1,630,496
Interest expense	$ 22,089	$ 20,113	$ 43,422	$ 39,605
Short-Term Credit Facilities
Short-term Debt [Line Items]
Weighted Average Interest Rate	4.71%		4.71%		2.91%
Financing Available	$ 616,000		$ 616,000		$ 616,000
Total principal of long-term borrowings	218,398		218,398		$ 177,080
Interest expense	$ 1,700	$ 1,100	$ 3,300	$ 2,100

Borrowings - Long-Term Borrowin

Borrowings - Long-Term Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Outstanding Principal	$ 1,825,788	$ 1,630,496
Discount	(4,204)	(3,723)
Deferred Debt Issuance Cost	(29,201)	(21,641)
Outstanding Borrowings, net	$ 1,792,383	$ 1,605,132
SBI bonds
Line of Credit Facility [Line Items]
Interest Rate	5%	5%
Outstanding Principal	$ 25,788	$ 30,722
Discount	0	0
Deferred Debt Issuance Cost	(11)	(21)
Outstanding Borrowings, net	$ 25,777	$ 30,701
Senior Secured Credit Facility | Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest Rate	4.43%	3.10%
Outstanding Principal	$ 1,800,000	$ 1,599,774
Discount	(4,204)	(3,723)
Deferred Debt Issuance Cost	(29,190)	(21,620)
Outstanding Borrowings, net	$ 1,766,606	$ 1,574,431

Borrowings - Credit Agreement (

Borrowings - Credit Agreement (Details)			1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 02, 2020	Mar. 01, 2019 USD ($)	Jan. 31, 2020 USD ($) swap	Oct. 31, 2019 USD ($)	Mar. 31, 2020 USD ($) instrument	Dec. 31, 2019 USD ($)	Jun. 30, 2022 USD ($)	Jan. 13, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 30, 2021	Oct. 09, 2019 USD ($)
Debt Instrument [Line Items]
Outstanding principal amount							$ 1,825,788,000		$ 1,630,496,000
Commitment fee (as a percent)							0.50%
Fixed interest rate percentage				4.30%
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
Number of interest rate swaps | instrument					2
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
Number of interest rate swaps | swap			2
Fixed interest rate percentage			4.40%							4.60%
Committed facility
Debt Instrument [Line Items]
Outstanding principal amount							$ 0		$ 0
Committed facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							2.50%
Committed facility | Scenario 1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							1%
Committed facility | Scenario 2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							1.50%
Committed facility | Scenario 2 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							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 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							1%
Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Debt amortization, percentage of original aggregate principal amount	1%
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%
VFH
Debt Instrument [Line Items]
Proceeds from borrowings		$ 404,500,000
VFH | Committed facility
Debt Instrument [Line Items]
Maximum borrowing capacity		50,000,000						$ 250,000,000
VFH | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		5,000,000						20,000,000
VFH | Swingline Subfacility
Debt Instrument [Line Items]
Maximum borrowing capacity		5,000,000						20,000,000
Acquisition Borrower
Debt Instrument [Line Items]
Proceeds from borrowings		1,095,000,000
Term Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							3%
Term Loan | Scenario 1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							1.50%
Term Loan | Scenario 1 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							0.50%
Term Loan | Scenario 2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							2%
Term Loan | First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,500,000,000
Outstanding principal amount							$ 1,800,000,000
Term Loan | VFH | First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount				$ 525,000,000							$ 525,000,000
Term Loan | VFH | First Lien Term Loan Facility | January 2020 Interest Rate Swap
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000,000,000
Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Aggregate principal amount								$ 1,800,000,000

Borrowings - SBI Bonds (Details

Borrowings - SBI Bonds (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 JPY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 JPY (¥)	Jul. 25, 2016 USD ($)	Jul. 25, 2016 JPY (¥)
Debt Instrument [Line Items]
Outstanding principal amount	$ 1,825,788,000		$ 1,825,788,000			$ 1,630,496,000
SBI bonds
Debt Instrument [Line Items]
Outstanding principal amount	25,788,000		25,788,000			30,722,000
VFH | SBI bonds
Debt Instrument [Line Items]
Face amount								$ 33,100,000	¥ 3,500,000,000
Outstanding principal amount	25,800,000		25,800,000		¥ 3,500,000,000	$ 30,700,000	¥ 3,500,000,000
Gain on due to change in currency rates	$ 3,000,000	$ 100,000	$ 4,900,000	$ 2,400,000

Borrowings - Future Minimum Pri

Borrowings - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022	$ 0
2023	43,788
2024	18,000
2025	18,000
2026	18,000
Thereafter	1,728,000
Total principal of long-term borrowings	$ 1,825,788	$ 1,630,496

Financial Assets and Liabilit_3

Financial Assets and Liabilities - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Assets
Other Assets	$ 80,143	$ 84,378
Receivables from broker-dealers and clearing organizations	1,419,628	1,026,807
Liabilities
Financial instruments sold, not yet purchased, at fair value	4,471,229	3,510,779
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting	(366,934)	(208,356)
Payables to broker-dealers and clearing organizations	704,897	571,526
Interest rate swap
Assets
Receivables from broker-dealers and clearing organizations	51,634
Liabilities
Payables to broker-dealers and clearing organizations		21,037
Not Pledged
Assets
Financial instruments owned, at fair value	4,101,897	3,238,995
Financial instruments owned, at fair value, counterparty and cash collateral netting	(347,871)	(206,125)
Pledged
Assets
Financial instruments owned, at fair value	1,078,824	1,017,960
Equity securities
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,642,420	2,290,017
Equity securities | Not Pledged
Assets
Financial instruments owned, at fair value	2,826,331	2,273,037
Equity securities | Pledged
Assets
Financial instruments owned, at fair value	1,061,602	1,012,569
U.S. and Non-U.S. government obligations
Liabilities
Financial instruments sold, not yet purchased, at fair value	688,793	340,720
U.S. and Non-U.S. government obligations | Not Pledged
Assets
Financial instruments owned, at fair value	536,420	355,869
Corporate Bonds
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,105,471	851,871
Corporate Bonds | Not Pledged
Assets
Financial instruments owned, at fair value	722,866	598,944
Exchange traded notes
Liabilities
Financial instruments sold, not yet purchased, at fair value	11,524	22,962
Exchange traded notes | Not Pledged
Assets
Financial instruments owned, at fair value	3,021	2,469
Exchange traded notes | Pledged
Assets
Financial instruments owned, at fair value	17,222	5,391
Equity investment
Assets
Other Assets	77,562	81,358
Exchange stock
Assets
Other Assets	2,581	3,020
Currency forwards
Liabilities
Financial instruments sold, not yet purchased, at fair value	13	1
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting	(366,934)	(208,356)
Currency forwards | Not Pledged
Assets
Financial instruments owned, at fair value	1,920	133
Financial instruments owned, at fair value, counterparty and cash collateral netting	(347,871)	(206,125)
Options
Liabilities
Financial instruments sold, not yet purchased, at fair value	23,008	5,208
Options | Not Pledged
Assets
Financial instruments owned, at fair value	11,339	8,543
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other Assets	2,581	3,020
Receivables from broker-dealers and clearing organizations	(39,350)	(24,037)
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,163,904	1,818,359
Payables to broker-dealers and clearing organizations	(227)	235
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Interest rate swap
Assets
Receivables from broker-dealers and clearing organizations	0
Liabilities
Payables to broker-dealers and clearing organizations		0
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Not Pledged
Assets
Financial instruments owned, at fair value	1,474,424	918,470
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Pledged
Assets
Financial instruments owned, at fair value	632,330	670,277
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Equity securities
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,471,443	1,482,386
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Equity securities | Not Pledged
Assets
Financial instruments owned, at fair value	953,663	572,567
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Equity securities | Pledged
Assets
Financial instruments owned, at fair value	632,311	670,277
Quoted Prices in Active Markets for Identical Assets (Level 1)  | U.S. and Non-U.S. government obligations
Liabilities
Financial instruments sold, not yet purchased, at fair value	669,422	330,765
Quoted Prices in Active Markets for Identical Assets (Level 1)  | U.S. and Non-U.S. government obligations | Not Pledged
Assets
Financial instruments owned, at fair value	509,396	337,350
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Corporate Bonds
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Corporate Bonds | Not Pledged
Assets
Financial instruments owned, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Exchange traded notes
Liabilities
Financial instruments sold, not yet purchased, at fair value	31	0
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Exchange traded notes | Not Pledged
Assets
Financial instruments owned, at fair value	26	10
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Exchange traded notes | Pledged
Assets
Financial instruments owned, at fair value	19	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	2,581	3,020
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Currency forwards
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Currency forwards | Not Pledged
Assets
Financial instruments owned, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Options
Liabilities
Financial instruments sold, not yet purchased, at fair value	23,008	5,208
Quoted Prices in Active Markets for Identical Assets (Level 1)  | Options | Not Pledged
Assets
Financial instruments owned, at fair value	11,339	8,543
Significant Other Observable Inputs (Level 2)
Assets
Other Assets	0	0
Receivables from broker-dealers and clearing organizations	1,458,978	1,050,844
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,674,259	1,900,776
Payables to broker-dealers and clearing organizations	705,124	571,291
Significant Other Observable Inputs (Level 2)  | Interest rate swap
Assets
Receivables from broker-dealers and clearing organizations	51,634
Liabilities
Payables to broker-dealers and clearing organizations		21,037
Significant Other Observable Inputs (Level 2)  | Not Pledged
Assets
Financial instruments owned, at fair value	2,975,344	2,526,650
Significant Other Observable Inputs (Level 2)  | Pledged
Assets
Financial instruments owned, at fair value	446,494	347,683
Significant Other Observable Inputs (Level 2)  | Equity securities
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,170,977	807,631
Significant Other Observable Inputs (Level 2)  | Equity securities | Not Pledged
Assets
Financial instruments owned, at fair value	1,872,668	1,700,470
Significant Other Observable Inputs (Level 2)  | Equity securities | Pledged
Assets
Financial instruments owned, at fair value	429,291	342,292
Significant Other Observable Inputs (Level 2)  | U.S. and Non-U.S. government obligations
Liabilities
Financial instruments sold, not yet purchased, at fair value	19,371	9,955
Significant Other Observable Inputs (Level 2)  | U.S. and Non-U.S. government obligations | Not Pledged
Assets
Financial instruments owned, at fair value	27,024	18,519
Significant Other Observable Inputs (Level 2)  | Corporate Bonds
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,105,471	851,871
Significant Other Observable Inputs (Level 2)  | Corporate Bonds | Not Pledged
Assets
Financial instruments owned, at fair value	722,866	598,944
Significant Other Observable Inputs (Level 2)  | Exchange traded notes
Liabilities
Financial instruments sold, not yet purchased, at fair value	11,493	22,962
Significant Other Observable Inputs (Level 2)  | Exchange traded notes | Not Pledged
Assets
Financial instruments owned, at fair value	2,995	2,459
Significant Other Observable Inputs (Level 2)  | Exchange traded notes | Pledged
Assets
Financial instruments owned, at fair value	17,203	5,391
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
Liabilities
Financial instruments sold, not yet purchased, at fair value	366,947	208,357
Significant Other Observable Inputs (Level 2)  | Currency forwards | Not Pledged
Assets
Financial instruments owned, at fair value	349,791	206,258
Significant Other Observable Inputs (Level 2)  | Options
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Other Observable Inputs (Level 2)  | Options | Not Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3)
Assets
Other Assets	77,562	81,358
Receivables from broker-dealers and clearing organizations	0	0
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
Assets
Receivables from broker-dealers and clearing organizations	0
Liabilities
Payables to broker-dealers and clearing organizations		0
Significant Unobservable Inputs (Level 3)  | Not Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Equity securities
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Equity securities | Not Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Equity securities | Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | U.S. and Non-U.S. government obligations
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 | Not Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Corporate Bonds
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Corporate Bonds | Not Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Exchange traded notes
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Exchange traded notes | Not Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Exchange traded notes | Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Equity investment
Assets
Other Assets	77,562	81,358
Significant Unobservable Inputs (Level 3)  | Exchange stock
Assets
Other Assets	0	0
Significant Unobservable Inputs (Level 3)  | Currency forwards
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Currency forwards | Not Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Options
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3)  | Options | Not Pledged
Assets
Financial instruments owned, at fair value	$ 0	$ 0

Financial Assets and Liabilit_4

Financial Assets and Liabilities - Fair Value Inputs (Details) $ in Thousands	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 77,562	$ 81,358
Minimum | Discounted cash flow | Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.015	0.025
Minimum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.148	0.144
Minimum | Market | Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	(0.00048)	0.00087
Maximum | Discounted cash flow | Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.050	0.326
Maximum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.148	0.144
Maximum | Market | Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00239	0.00211
Weighted Average | Discounted cash flow | Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.035	0.106
Weighted Average | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.148	0.144
Weighted Average | Market | Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00125	0.00140

Financial Assets and Liabilit_5

Financial Assets and Liabilities - Level 3 financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 84,482	$ 66,192	$ 81,358	$ 66,030
Purchases	0	0	0	0
Total realized and unrealized gains / (losses)	(6,920)	12,121	(3,796)	12,283
Net Transfers into (out of) Level 3	0	0	0	0
Settlement	0	0	0	0
Ending balance	77,562	78,313	77,562	78,313
Change in net unrealized gains / (losses) on investments still held at end of period	(6,920)	12,121	(3,796)	12,283
Equity investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	84,482	66,192	81,358	66,030
Purchases	0	0	0	0
Total realized and unrealized gains / (losses)	(6,920)	12,121	(3,796)	12,283
Net Transfers into (out of) Level 3	0	0	0	0
Settlement	0	0	0	0
Ending balance	77,562	78,313	77,562	78,313
Change in net unrealized gains / (losses) on investments still held at end of period	$ (6,920)	$ 12,121	$ (3,796)	$ 12,283

Financial Assets and Liabilit_6

Financial Assets and Liabilities - Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash restricted or segregated under regulations and other	$ 39,121	$ 49,490
Receivables from broker-dealers and clearing organizations	1,419,628	1,026,807
Receivables from customers	226,933	146,476
Other assets	307,225	291,306
Liabilities
Payables to broker-dealers and clearing organizations	704,897	571,526
Payables to customers	106,969	54,999
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and cash equivalents	810,649	1,071,463
Cash restricted or segregated under regulations and other	39,121	49,490
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	(39,350)	(24,037)
Receivables from customers	0	0
Other assets	0	0
Total Assets	810,420	1,096,916
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	(227)	235
Payables to customers	0	0
Other liabilities	0	0
Total Liabilities	(227)	235
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	1,369,616	1,349,322
Securities purchased under agreements to resell	122,766	119,453
Receivables from broker-dealers and clearing organizations	1,458,978	1,050,844
Receivables from customers	226,933	146,476
Other assets	24,657	20,266
Total Assets	3,202,950	2,686,361
Liabilities
Short-term borrowings	158,000	63,046
Long-term borrowings	1,736,922	1,628,497
Securities loaned	1,049,609	1,142,048
Securities sold under agreements to repurchase	501,193	514,325
Payables to broker-dealers and clearing organizations	705,124	571,291
Payables to customers	106,969	54,999
Other liabilities	15,111	9,414
Total Liabilities	4,272,928	3,983,620
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
Carrying Value
Assets
Cash and cash equivalents	810,649	1,071,463
Cash restricted or segregated under regulations and other	39,121	49,490
Securities borrowed	1,369,616	1,349,322
Securities purchased under agreements to resell	122,766	119,453
Receivables from broker-dealers and clearing organizations	1,419,628	1,026,807
Receivables from customers	226,933	146,476
Other assets	24,657	20,266
Total Assets	4,013,370	3,783,277
Liabilities
Short-term borrowings	157,114	61,510
Long-term borrowings	1,792,383	1,605,132
Securities loaned	1,049,609	1,142,048
Securities sold under agreements to repurchase	501,193	514,325
Payables to broker-dealers and clearing organizations	704,897	571,526
Payables to customers	106,969	54,999
Other liabilities	15,111	9,414
Total Liabilities	4,327,276	3,958,954
Fair Value
Assets
Cash and cash equivalents	810,649	1,071,463
Cash restricted or segregated under regulations and other	39,121	49,490
Securities borrowed	1,369,616	1,349,322
Securities purchased under agreements to resell	122,766	119,453
Receivables from broker-dealers and clearing organizations	1,419,628	1,026,807
Receivables from customers	226,933	146,476
Other assets	24,657	20,266
Total Assets	4,013,370	3,783,277
Liabilities
Short-term borrowings	158,000	63,046
Long-term borrowings	1,736,922	1,628,497
Securities loaned	1,049,609	1,142,048
Securities sold under agreements to repurchase	501,193	514,325
Payables to broker-dealers and clearing organizations	704,897	571,526
Payables to customers	106,969	54,999
Other liabilities	15,111	9,414
Total Liabilities	$ 4,272,701	$ 3,983,855

Financial Assets and Liabilit_7

Financial Assets and Liabilities - Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Securities borrowed
Gross Amounts of Recognized Assets	$ 1,369,616	$ 1,349,322
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	1,369,616	1,349,322
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,314,536)	(1,299,270)
Counterparty Netting/ Cash Collateral	(17,691)	(5,054)
Net Amount	37,389	44,998
Securities purchased under agreements to resell
Gross Amounts of Recognized Assets	122,766	119,453
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	122,766	119,453
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(122,766)	(119,453)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	0
Total
Gross Amounts of Recognized Assets	1,853,512	1,683,576
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(347,871)	(206,125)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	1,505,641	1,477,451
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,437,302)	(1,418,723)
Counterparty Netting/ Cash Collateral	(29,030)	(10,262)
Net Amount	39,309	48,466
Currency forwards
Trading assets, at fair value:
Gross Amounts of Recognized Assets	349,791	206,258
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(347,871)	(206,125)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	1,920	133
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	1,920	133
Options
Trading assets, at fair value:
Gross Amounts of Recognized Assets	11,339	8,543
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	11,339	8,543
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	(11,339)	(5,208)
Net Amount	$ 0	$ 3,335

Financial Assets and Liabilit_8

Financial Assets and Liabilities - Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Securities loaned
Gross Amounts of Recognized Liabilities	$ 1,049,609	$ 1,142,048
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,049,609	1,142,048
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(1,014,541)	(1,107,688)
Counterparty Netting/ Cash Collateral	(17,691)	(17,272)
Net Amount	17,377	17,088
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities	501,193	514,325
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	501,193	514,325
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(501,193)	(514,325)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	0
Total
Gross Amounts of Recognized Liabilities	1,940,757	1,890,975
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(366,934)	(208,356)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,573,823	1,682,619
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(1,515,734)	(1,622,013)
Counterparty Netting/ Cash Collateral	(29,030)	(22,480)
Net Amount	29,059	38,126
Interest rate swap
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	0	21,037
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	0	21,037
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	21,037
Currency forwards
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	366,947	208,357
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(366,934)	(208,356)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	13	1
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	13	1
Options
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	23,008	5,208
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	23,008	5,208
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	(11,339)	(5,208)
Net Amount	$ 11,669	$ 0

Financial Assets and Liabilit_9

Financial Assets and Liabilities - Gross Obligations For Securities Lending Transactions (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 501,193	$ 514,325
Remaining contractual maturity for securities loaned	1,049,609	1,142,048
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	101,193	114,325
Remaining contractual maturity for securities loaned	1,049,609	1,142,048
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	140,000	140,000
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	210,000
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	400,000	400,000
Remaining contractual maturity for securities loaned	1,049,609	1,142,048
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	1,049,609	1,142,048
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	140,000	140,000
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	210,000
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	101,193	114,325
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	101,193	114,325
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	Jun. 30, 2022	Dec. 31, 2021
Equities futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	$ 39,436	$ 1,619
Notional	1,270,805	406,420
Equities futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(336)	791
Notional	487,400	1,362,684
Commodity futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(40,651)	(24,405)
Notional	9,999,771	5,285,216
Commodity futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	60	(49)
Notional	42,553	27,224
Currency futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(7,645)	(8,205)
Notional	2,720,588	4,760,173
Currency futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(275)	1,671
Notional	272,595	725,162
Fixed income futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	165	147
Notional	243,267	8,489
Fixed income futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(75)	(161)
Notional	24,521	120,212
Options
Derivatives Assets
Fair Value	11,339	8,543
Derivatives Liabilities
Fair Value	23,008	5,208
Options | Derivative instruments not designated as hedging instruments | Financial instruments owned
Derivatives Assets
Fair Value	11,339	8,543
Notional	1,424,612	1,063,686
Options | Derivative instruments not designated as hedging instruments | Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	23,008	5,208
Notional	1,360,143	1,066,801
Currency forwards
Derivatives Assets
Fair Value	349,791	206,258
Derivatives Liabilities
Fair Value	366,947	208,357
Currency forwards | Derivative instruments not designated as hedging instruments | Financial instruments owned
Derivatives Assets
Fair Value	349,791	206,258
Notional	24,702,505	21,445,374
Currency forwards | Derivative instruments not designated as hedging instruments | Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	366,947	208,357
Notional	24,711,084	21,446,422
Interest rate swap
Derivatives Liabilities
Fair Value	0	21,037
Interest rate swap | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	51,634	0
Notional	1,525,000	0
Interest rate swap | Derivative instruments designated as hedging instruments | Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	0	21,037
Notional	$ 0	$ 1,525,000

Derivative Instruments - Gain (

Derivative Instruments - Gain (Loss) From Derivative Instruments (Details) $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Oct. 31, 2019	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2020 USD ($) instrument	Dec. 31, 2019 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		$ 73,478	$ 38,339			$ 158,177	$ 243,214
Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income		16,430	(8,485)			72,575	17,341
Futures | Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		118,455	81,471			195,801	128,694
Currency forwards | Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		(44,665)	(47,034)			(35,754)	62,355
Options | Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		157	4,825			(938)	53,561
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract term	5 years			5 years	5 years
Derivative, notional amount				$ 1,000,000	$ 525,000
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		(469)	(923)			(932)	(1,396)
Interest rate swap | Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income		$ 16,430	$ (8,485)			$ 72,575	$ 17,341

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 venture
Variable Interest Entity [Line Items]
Number of joint ventures considered as VIEs	5
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%
JV building microwave communication networks in US and Europe
Variable Interest Entity [Line Items]
Ownership interest	50%
JV offering derivatives trading technology and execution services
Variable Interest Entity [Line Items]
Ownership interest	9.80%
JV developing a member-owned equities exchange with the goal of increasing competition
Variable Interest Entity [Line Items]
Ownership interest	14.90%
JV developing and operating cryptocurrency trading platform
Variable Interest Entity [Line Items]
Ownership interest	10%
JV Growth and expansion of multi-asset request-for-quote communication platform
Variable Interest Entity [Line Items]
Ownership interest	51%

Variable Interest Entities - No

Variable Interest Entities - Nonconsolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Asset	$ 11,415,614	$ 10,319,971
Liability	9,675,206	8,456,353
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Asset	39,755	38,319
Liability	0	0
Maximum Exposure to Loss	39,755	38,319
VIEs' assets	$ 225,929	$ 136,378

Revenues from Contracts with _3

Revenues from Contracts with Customers (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 136,340,000	$ 143,115,000	$ 290,995,000	$ 334,764,000
Total revenue	604,738,000	548,965,000	1,306,000,000	1,561,537,000
Revenue related to performance obligation	58,700,000		58,700,000		$ 51,500,000
Impairment losses on receivables			0
Deferred revenue related to contracts with customers	11,500,000		11,500,000		$ 9,200,000
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	586,730,000	530,656,000	1,269,561,000	1,524,527,000
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	18,008,000	18,309,000	36,439,000	37,010,000
Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	102,143,000	107,163,000	219,381,000	261,741,000
Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	24,334,000	25,850,000	51,270,000	52,424,000
Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	9,863,000	10,102,000	20,344,000	20,599,000
Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	468,398,000	405,850,000	1,015,005,000	1,226,773,000
Operating Segments | Market Making
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	11,145,000	9,087,000	20,194,000	23,217,000
Total revenue	432,595,000	402,541,000	979,158,000	1,226,265,000
Operating Segments | Market Making | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	432,595,000	402,541,000	979,158,000	1,226,265,000
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	11,145,000	9,087,000	20,194,000	23,217,000
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	421,450,000	393,454,000	958,964,000	1,203,048,000
Operating Segments | Execution Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	125,195,000	134,028,000	270,801,000	311,547,000
Total revenue	130,997,000	138,130,000	282,742,000	327,369,000
Operating Segments | Execution Services | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	112,989,000	119,821,000	246,303,000	290,359,000
Operating Segments | Execution Services | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	18,008,000	18,309,000	36,439,000	37,010,000
Operating Segments | Execution Services | Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	90,998,000	98,076,000	199,187,000	238,524,000
Operating Segments | Execution Services | Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	24,334,000	25,850,000	51,270,000	52,424,000
Operating Segments | Execution Services | Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	9,863,000	10,102,000	20,344,000	20,599,000
Operating Segments | Execution Services | Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	5,802,000	4,102,000	11,941,000	15,822,000
Corporate
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Total revenue	41,146,000	8,294,000	44,100,000	7,903,000
Corporate | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	41,146,000	8,294,000	44,100,000	7,903,000
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	$ 41,146,000	$ 8,294,000	$ 44,100,000	$ 7,903,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Tax Credit Carryforward [Line Items]
Provision for income taxes	$ 24,888	$ 26,095	$ 66,674	$ 106,650
Effective tax rate	14.30%	19.30%	16%	17.10%
Current income taxes receivable	$ 61,100		$ 61,100		$ 37,200
Current taxes payable	15,800		15,800		16,800
Deferred tax asset, state and local operating loss carryforward	400		400		400
Unrecognized tax benefits that would impact effective tax rate	6,400		6,400
ITG
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	66,500		66,500		67,200
Deferred tax asset, non-U.S. operating loss carryforward	12,900		12,900		13,400
Valuation allowance on deferred taxes	12,900		12,900		13,300
KCG
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	239,300		239,300		239,300
Deferred tax asset, non-U.S. operating loss carryforward	$ 44,900		$ 44,900		$ 44,900

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Operating leases
Operating lease right-of-use assets	$ 208,476	$ 225,328
Operating lease liabilities	257,673	278,745
Finance leases
Property and equipment, at cost	29,924	18,965
Accumulated depreciation	$ (16,359)	$ (12,465)
Finance lease, liability, noncurrent, statement of financial position [extensible list]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Finance lease liabilities	$ 13,694	$ 6,612

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Jun. 30, 2022	Dec. 31, 2021
Weighted average remaining lease term
Operating leases	6 years 4 months 28 days	6 years 8 months 4 days
Finance leases	2 years 2 months 23 days	1 year 7 months 13 days
Weighted average discount rate
Operating leases	5.40%	5.47%
Finance leases	2.75%	2.38%

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating lease cost:
Fixed	$ 18,426	$ 18,676	$ 36,494	$ 37,776
Variable	1,349	1,766	3,245	3,231
Impairment of ROU Asset	0	0	0	1,198
Total Operating lease cost	19,775	20,442	39,739	42,205
Sublease income	4,923	4,425	9,846	8,868
Finance lease cost:
Amortization of ROU Asset	1,986	1,431	3,894	3,564
Interest on lease liabilities	96	59	174	133
Total Finance lease cost	$ 2,082	$ 1,490	$ 4,068	$ 3,697

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Operating Leases
2022	$ 39,970
2023	65,275
2024	62,675
2025	34,200
2026	29,708
2027 and thereafter	98,435
Total lease payments	330,263
Less imputed interest	(72,590)
Total lease liability	257,673	$ 278,745
Finance Leases
2022	4,069
2023	6,076
2024	4,465
2025	600
2026	0
2027 and thereafter	0
Total lease payments	15,210
Less imputed interest	(1,516)
Total lease liability	$ 13,694

Cash (Details)

Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 810,649	$ 1,071,463
Cash restricted or segregated under regulations and other	39,121	49,490
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 849,770	$ 1,120,953	$ 915,255	$ 1,007,005

Capital Structure - Additional

Capital Structure - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 class vote shares	Jun. 30, 2021 shares	Dec. 31, 2021 shares
Class of Stock [Line Items]
Number of classes of common stock | class	4
Non-voting common interest units outstanding (in shares) | shares	4,462,840		4,791,839
Number of non-voting common interest units forfeited or repurchased (in shares) | shares	328,999	427,903
Virtu Financial
Class of Stock [Line Items]
Ownership interest	61%
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	84.60%

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	Jun. 05, 2020
Class of Stock [Line Items]
Number of shares of stock authorized (in shares)		26,000,000
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, 2019 shares
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	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Nov. 03, 2021	May 04, 2021	Feb. 11, 2021	Nov. 06, 2020
Class of Stock [Line Items]
Stock repurchased during period, value	$ 52	$ 8,204	$ 1,323
Value of shares repurchased	47,486	$ 305,565	$ 101,419	$ 79,418
Class A common stock
Class of Stock [Line Items]
Share repurchase authorized amount	470,000				$ 470,000	$ 1,220,000	$ 300,000		$ 100,000
Stock repurchase program, remaining authorized repurchase amount	$ 446,200				446,200	$ 750,000		$ 70,000
Stock repurchased during period, value					26,800
Value of shares repurchased					$ 773,800

Capital Structure - Employee Ex

Capital Structure - Employee Exchanges (Details) - VFH	6 Months Ended
	Jun. 30, 2022 shares	Jun. 30, 2021 shares
Class of Stock [Line Items]
Common stock exchange ratio	1	1
Class A common stock
Class of Stock [Line Items]
Issuance of common stock in connection with employee exchanges (in shares)	92,930	382,281

Capital Structure - Warrant Iss

Capital Structure - Warrant Issuance (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 20, 2020	Dec. 17, 2021
Class A Common Stock Warrants
Class of Warrant or Right [Line Items]
Number of shares available for purchase (in shares)	3,000,000	3,000,000
Exercise price of warrants (in dollars per share)	$ 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,698,742	$ 2,044,079	$ 1,863,618	$ 1,855,038
Balance at end of period	1,740,408	1,922,822	1,740,408	1,922,822
AOCI reclassified into earnings over next 12 months	9,000		9,000
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	18,906	(20,837)	(10,481)	(33,444)
Amounts recorded in AOCI	6,391	(7,872)	32,797	1,424
Amounts reclassified from AOCI to income	2,189	3,757	5,170	7,068
Balance at end of period	27,486	(24,952)	27,486	(24,952)
Foreign exchange translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(2,887)	5,792	285	7,957
Amounts recorded in AOCI	(10,773)	43	(13,945)	(2,122)
Amounts reclassified from AOCI to income	0	0	0	0
Balance at end of period	(13,660)	5,835	(13,660)	5,835
AOCI attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	16,019	(15,045)	(10,196)	(25,487)
Amounts recorded in AOCI	(4,382)	(7,829)	18,852	(698)
Amounts reclassified from AOCI to income	2,189	3,757	5,170	7,068
Balance at end of period	$ 13,826	$ (19,117)	$ 13,826	$ (19,117)

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Mar. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized under DCP			$ 7.3
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			580,710	633,938
Increase (decrease) in accrued employee compensation expense	$ 9.6	$ 6.5	$ 15.5	$ 11.5
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized	9.5	$ 6.1	18.1	$ 13.9
Unrecognized share-based compensation expense	$ 79.5		$ 79.5		$ 41.9
Weighted average period for compensation expense expected to be recognized			1 year 6 months		10 months 24 days
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		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Outstanding at beginning of period (in shares)	1,795,655	2,324,152	2,324,152
Granted (in shares)	0	0
Exercised (in shares)	(268,879)	(407,997)
Forfeited or expired (in shares)	(5,000)	0
Outstanding at end of period (in shares)	1,521,776	1,916,155	1,795,655	2,324,152
Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 19	$ 19	$ 19
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	19	19
Forfeited or expired (in dollars per share)	0	0
Outstanding at end of period (in dollars per share)	$ 19	$ 19	$ 19	$ 19
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life	2 years 8 months 26 days	3 years 8 months 26 days	3 years 2 months 26 days	4 years 2 months 26 days
Options exercisable, number of options (in shares)	1,521,776	1,916,155	1,795,655	2,324,152
Options granted, number of options (in shares)	0	0
Options exercised, number of options exercised (in shares)	(268,879)	(407,997)
Options exercisable, number of options forfeited or expired (in shares)	(5,000)	0
Options exercisable, weighted average exercise price (in dollars per share)	$ 19	$ 19	$ 19	$ 19

Share-based Compensation - Su_2

Share-based Compensation - Summary of Activity in RSUs and RSAs (Details) - 2015 Management Incentive Plan - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
RSUs and RSAs
Number of RSUs and RSAs
Outstanding at beginning of period (in shares)	3,224,447	3,393,084
Granted (in shares)	2,951,863	2,106,795
Forfeited (in shares)	(322,220)	(112,060)
Vested (in shares)	(1,669,030)	(1,929,323)
Outstanding at end of period (in shares)	4,185,060	3,458,496
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)	$ 24.30	$ 21.35
Granted (in dollars per share)	30.03	27.35
Forfeited (in dollars per share)	25.47	22.63
Vested (in dollars per share)	25.07	23.27
Outstanding at end of period (in dollars per share)	$ 27.94	$ 23.89
RSUs and RSAs, performance-based
Number of RSUs and RSAs
Granted (in shares)	75,000

Regulatory Requirement - Narrat

Regulatory Requirement - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
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	$ 32,600,000	$ 43,000,000
Cash in reserve bank accounts for the benefit of proprietary accounts of brokers	$ 5,800,000	$ 5,800,000

Regulatory Requirement - Regula

Regulatory Requirement - Regulatory Capital and Capital Requirements (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Virtu Americas LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	$ 523,360	$ 536,647
Regulatory Capital Requirement	2,393	1,194
Excess Regulatory Capital	520,967	535,453
Virtu ITG Canada Corp
Public Utilities, General Disclosures [Line Items]
Deposit funds for trade	400	400
Virtu ITG Canada Corp | Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	12,865	15,482
Regulatory Capital Requirement	194	198
Excess Regulatory Capital	12,671	15,284
Virtu Financial Canada ULC | Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	197	200
Regulatory Capital Requirement	194	198
Excess Regulatory Capital	3	2
Virtu ITG Europe Limited
Public Utilities, General Disclosures [Line Items]
Deposit funds for trade	200	100
Virtu ITG Europe Limited | Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	125,052	79,087
Regulatory Capital Requirement	29,266	39,331
Excess Regulatory Capital	95,786	39,756
Virtu Financial Ireland Ltd | Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	88,081	107,293
Regulatory Capital Requirement	44,142	47,872
Excess Regulatory Capital	43,939	59,421
Virtu ITG UK Limited | United Kingdom
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,028	1,142
Regulatory Capital Requirement	747	830
Excess Regulatory Capital	281	312
Virtu ITG Australia Limited | Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	32,692	32,186
Regulatory Capital Requirement	13,168	7,164
Excess Regulatory Capital	19,524	25,022
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	4,188	4,514
Regulatory Capital Requirement	400	529
Excess Regulatory Capital	3,788	3,985
Virtu ITG Singapore Pte Limited | Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	916	897
Regulatory Capital Requirement	72	74
Excess Regulatory Capital	844	$ 823
Virtu Financial Singapore Pte. Ltd. | Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	135,281
Regulatory Capital Requirement	62,129
Excess Regulatory Capital	$ 73,152

Geographic Information and Bu_3

Geographic Information and Business Segments - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues from External Customers [Line Items]
Total revenue	$ 604,738	$ 548,965	$ 1,306,000	$ 1,561,537
United States
Revenues from External Customers [Line Items]
Total revenue	485,744	429,588	1,035,193	1,245,641
Ireland
Revenues from External Customers [Line Items]
Total revenue	58,072	66,106	136,030	187,475
Singapore
Revenues from External Customers [Line Items]
Total revenue	31,043	29,420	77,320	72,268
Canada
Revenues from External Customers [Line Items]
Total revenue	21,514	12,938	38,711	29,968
Australia
Revenues from External Customers [Line Items]
Total revenue	7,347	9,218	16,268	21,885
Others
Revenues from External Customers [Line Items]
Total revenue	$ 1,018	$ 1,695	$ 2,478	$ 4,300

Geographic Information and Bu_4

Geographic Information and Business Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2022 segment
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 604,738	$ 548,965	$ 1,306,000	$ 1,561,537
Income before income taxes and noncontrolling interest	173,784	135,002	415,494	624,789
Operating Segments | Market Making
Segment Reporting Information [Line Items]
Total revenue	432,595	402,541	979,158	1,226,265
Income before income taxes and noncontrolling interest	125,446	124,571	349,668	577,848
Operating Segments | Execution Services
Segment Reporting Information [Line Items]
Total revenue	130,997	138,130	282,742	327,369
Income before income taxes and noncontrolling interest	7,887	4,058	23,013	44,409
Segment Reconciling Items | Corporate
Segment Reporting Information [Line Items]
Total revenue	41,146	8,294	44,100	7,903
Income before income taxes and noncontrolling interest	$ 40,451	$ 6,373	$ 42,813	$ 2,532

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) venture	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) venture	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Due from related parties	$ 7,500		$ 7,500		$ 2,200
Accounts receivable, related parties	6,200	$ 100	6,200	$ 100	$ 12,800	$ 700
Noncontrolling interests	39,200
Noncontrolling Interest
Related Party Transaction [Line Items]
Noncontrolling interests	39,200
Microwave communication network JVs
Related Party Transaction [Line Items]
Payments to related party	$ 5,500	4,700	$ 10,900	9,300
Number of microwave communication network JVs the company makes payments to | venture	2		2
Level 3
Related Party Transaction [Line Items]
Payments for purchases	$ 200	300	$ 500	700
SBI
Related Party Transaction [Line Items]
Payments to related party	$ 3,700	$ 3,400	$ 7,500	$ 6,300

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended
	Jul. 27, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.24	$ 0.24	$ 0.24	$ 0.24
Subsequent Event | Class A common stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24