The following is a summary of the Virtu Financial, Inc. (VIRT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Virtu Financial reported adjusted EPS of $0.82 for Q3 2024.

• Adjusted net trading income was $6.1 million per day, with a 55% EBITDA margin and total EBITDA of $215 million.

• Market Making adjusted net trading income was $288 million, Execution Services adjusted net trading income was $100 million.

• Total trading capital at the end of Q3 stood at $1.8 billion.

Business Progress:

• Strong performance in crypto options and ETF block trading.

• Expansion efforts in the Middle East, India, and Japan.

• Implementation of Virtu Technology Solutions (VTS) to distribute scale technology to broker-dealers.

• Development and adoption of a new switcher algorithm with machine learning for trade execution.

Opportunities:

• Continued growth in ETFs and crypto market making, especially with the introduction of Ethereum ETFs and upcoming U.S. options on crypto ETFs.

• Expansion of Virtu Execution Services with new client wins and growing adoption of VTS.

• Focusing on regions and segments previously underpenetrated, like Japan and India.

Risks:

• Experienced a decline in Bitcoin ETF trading volumes which impacted sequential ANTI growth.

• Preliminary September 605 reports indicating a significant reduction in quoted spread opportunities, which might affect profitability in market making.

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