Market Overview

Virtu Financial Reports Q4 EPS Miss, Trading Revs Down 18%; Sets Aside $5.4 Million For 'Legal Matter'


Virtu Financial Inc (NASDAQ: VIRT) on Thursday morning reported Q4 earnings of $0.27 vs. estimates of $0.30. The market maker who is well-known for having only one day of trading losses since inception saw Q4 trading revenues fall 18 percent to $166.90 million.

CEO Doug Cifu said the firm has "benefited from the sustained elevated volatility and volume levels seen in January" and is pleased thus far with the start of 2016.
Virtu also set aside $5.44 million during Q4 as a Reserve For Legal Matters.

Virtu operates many entities, one of which is Madison Tyler Holding LLC (MTH), the entity that is being taken to French courts over possible manipulation. The French authorities are seeking EUR$5 Million from Virtu as reported in Section 12 of the Nov 2015 10-K, to wit:

"The AMF board referred the matter to the AMF enforcement committee, which conducted a hearing on November 4, 2015 at which the board sought a penalty of at least €5,000,000 based on its allegations that the subsidiary of MTH engaged in price manipulation and violations of the AMF General Regulation and Euronext Market Rules."

Virtu shares closed Wednesday at $23.48 and were nearly unchanged in Thursday's pre-market session

Editor's note: A previous version of this headline incorrectly stated the company reported a "Q4 EPS Loss"

Posted-In: Earnings News Legal


Related Articles (VIRT)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

GoPro Poll: 76% Expect Stock To Open Under $8 Following Big Earnings Miss

Dan Nathan Sees Unusual Options Activity In Lowe's Companies