Q1 2025 Virtu Financial Inc Earnings Call Transcript
Key Points
- Virtu Financial Inc (VIRT) reported a strong first quarter with $1.30 of normalized EPS and total adjusted net trading income per day of $8.3 million.
- The company's Market Making segment had its best quarter since 2021, driven by strong performances in global equities, digital assets, and ETF block Market Making.
- Virtu Execution Services (VES) achieved its seventh consecutive quarter of increasing net trading income, indicating strong growth potential.
- The company has successfully expanded its listed options business in Asia, India, and Japan, and is making strides in expanding its ETF Block business in Europe.
- Virtu Financial Inc (VIRT) continues to maintain an efficient cost structure and disciplined expense management, which has helped control operating expenses during an inflationary environment.
- Despite strong performance, the company acknowledges the inherent volatility in its business, which can impact future results.
- There is ongoing debate about the sustainability of retail participation, which could affect future market activity and revenue.
- The company faces competition in the outsourced trading business from firms like Citadel Securities and Jane Street, which could impact its market share.
- Virtu Financial Inc (VIRT) does not break out customer versus non-customer Market Making, making it difficult to assess the specific performance of these segments.
- The company's reliance on market volumes and volatility means that external factors beyond its control can significantly impact financial performance.
Ladies and gentlemen, thank you for standing by and welcome to Virtu Financial 2025 first-quarter results. (Operator Instructions)
Please be advised that today's conference is being recorded. I would like now to turn the conference over to Andrew Smith, Head of Investor Relations. Please go ahead.
Thank you, Michel, and good morning, everyone. Thank you for joining us. Our first-quarter of 2025 results were released this morning and are available on our website. With us today on this morning's call, we have Mr. Douglas Cifu, our Chief Executive Officer; Mr. Joseph Molluso, our Co-President and Co-Chief Operating Officer; and Ms. Cindy Lee, our Chief Financial Officer.
We'll begin with prepared remarks and then take your questions. First, a few reminders. Today's call may include forward-looking statements, which represent Virtu's current belief regarding future events and are, therefore, subject to risks, assumptions and uncertainties, which may be
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