Virtu Financial (VIRT) 10-Q2 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 02, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		90,476,855
Class C common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		8,607,998
Class D common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		60,091,740

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 688,790	$ 981,580
Cash restricted or segregated under regulations and other	37,565	56,662
Securities borrowed	1,524,177	1,187,674
Securities purchased under agreements to resell	3,127,072	336,999
Receivables from broker-dealers and clearing organizations	1,696,495	1,115,185
Trading assets, at fair value:
Receivables from customers	148,445	80,830
Property, equipment and capitalized software (net of accumulated depreciation of $350,220 and $460,763 as of September 30, 2023 and December 31, 2022, respectively)	92,124	85,194
Operating lease right-of-use assets	161,811	187,442
Goodwill	1,148,926	1,148,926
Intangibles (net of accumulated amortization of $366,020 and $318,013 as of September 30, 2023 and December 31, 2022, respectively)	273,473	321,480
Deferred tax assets	132,361	146,801
Other assets ($74,911 and $78,965, at fair value, as of September 30, 2023 and December 31, 2022, respectively)	299,664	303,916
Total assets	17,618,428	10,583,241
Liabilities
Short-term borrowings	97,217	3,944
Securities loaned	1,459,980	1,060,432
Securities sold under agreements to repurchase	3,376,948	627,549
Payables to broker-dealers and clearing organizations	540,464	273,843
Payables to customers	74,374	46,525
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	7,941,472	4,196,974
Tax receivable agreement obligations	215,483	238,758
Accounts payable, accrued expenses and other liabilities	411,848	448,635
Operating lease liabilities	211,249	239,202
Long-term borrowings	1,778,743	1,795,952
Total liabilities	16,107,778	8,931,814
Commitments and Contingencies (Note 14)
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 43,410,532 and 34,522,290 shares at September 30, 2023 and December 31, 2022, respectively	(1,120,501)	(954,637)
Additional paid-in capital	1,343,307	1,292,613
Retained earnings (accumulated deficit)	1,018,201	972,317
Accumulated other comprehensive income (loss)	24,327	31,604
Total Virtu Financial Inc. stockholders' equity	1,265,336	1,341,899
Noncontrolling interest	245,314	309,528
Total equity	1,510,650	1,651,427
Total liabilities and equity	17,618,428	10,583,241
Class A
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
Not Pledged
Trading assets, at fair value:
Financial instruments owned	6,889,825	3,667,481
Pledged
Trading assets, at fair value:
Financial instruments owned	$ 1,397,700	$ 963,071

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accumulated depreciation	$ 350,220	$ 460,763
Intangibles, accumulated amortization	366,020	318,013
Fair value of other assets	$ 74,911	$ 78,965
Treasury stock, shares (in shares)	43,410,532	34,522,290
Class A
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)	134,865,978	133,071,754
Common stock, shares outstanding (in shares)	91,455,446	98,549,464
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)	8,607,998	9,030,066
Common stock, shares outstanding (in shares)	8,607,998	9,030,066
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 (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Trading income, net	$ 316,085	$ 397,383	$ 1,034,764	$ 1,315,618
Interest and dividends income	127,693	43,631	$ 307,916	$ 95,435
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	110,276	120,986	$ 341,223	$ 411,981
Other, net	76,110	(956)	73,493	44,010
Total revenue	630,164	561,044	1,757,396	1,867,044
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	123,245	168,869	391,238	476,235
Communication and data processing	57,066	52,907	170,837	164,441
Employee compensation and payroll taxes	97,221	103,254	296,214	305,338
Interest and dividends expense	132,802	61,989	342,896	153,243
Operations and administrative	22,416	14,319	72,204	53,110
Depreciation and amortization	15,815	16,658	47,076	50,470
Amortization of purchased intangibles and acquired capitalized software	15,967	16,060	48,007	48,817
Termination of office leases	364	361	314	1,744
Debt issue cost related to debt refinancing, prepayment and commitment fees	1,796	1,404	5,744	28,525
Transaction advisory fees and expenses	6	134	30	1,113
Financing interest expense on long-term borrowings	25,361	23,483	74,499	66,905
Total operating expenses	492,059	459,438	1,449,059	1,349,941
Income before income taxes and noncontrolling interest	138,105	101,606	308,337	517,103
Provision for income taxes	20,512	21,732	51,117	88,405
Net income	117,593	79,874	257,220	428,698
Noncontrolling interest	(55,678)	(39,867)	(120,722)	(191,264)
Net income available for common stockholders	$ 61,915	$ 40,007	$ 136,498	$ 237,434
Earnings per share
Basic (in dollars per share)	$ 0.63	$ 0.38	$ 1.36	$ 2.17
Diluted (in dollars per share)	$ 0.63	$ 0.37	$ 1.36	$ 2.16
Weighted average common shares outstanding
Basic (in shares)	93,408,537	102,289,172	95,376,590	105,500,700
Diluted (in shares)	93,408,537	102,550,852	95,376,590	106,004,393
Net Income	$ 117,593	$ 79,874	$ 257,220	$ 428,698
Other comprehensive income
Foreign exchange translation adjustment, net of taxes	(4,005)	(18,527)	170	(43,505)
Net change in unrealized cash flow hedges gain (loss), net of taxes	(7,646)	30,731	(12,612)	92,666
Comprehensive income	105,942	92,078	244,778	477,859
Less: Comprehensive income attributable to noncontrolling interest	(50,832)	(44,719)	(115,557)	(209,051)
Comprehensive income attributable to common stockholders	$ 55,110	$ 47,359	$ 129,221	$ 268,808

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	Total Virtu Financial Inc. Stockholders' Equity	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)	Noncontrolling Interest
Balance at beginning period (in shares) at Dec. 31, 2021						131,497,645	9,359,065	60,091,740
Balance at beginning of period at Dec. 31, 2021	$ 1,863,618				$ 1,549,388	$ 1	$ 0	$ 1	$ (494,075)	$ 1,223,119	$ 830,538	$ (10,196)	$ 314,230
Balance at beginning period (in shares) at Dec. 31, 2021									(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)				(305,565)				$ (287,211)		(18,354)
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 (losses)	47,873				29,387							29,387	18,486
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(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				1,379,105	$ 1	$ 0	$ 1	$ (781,286)	1,246,983	897,387	16,019	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						131,497,645	9,359,065	60,091,740
Balance at beginning of period at Dec. 31, 2021	1,863,618				1,549,388	$ 1	$ 0	$ 1	$ (494,075)	1,223,119	830,538	(10,196)	314,230
Balance at beginning period (in shares) at Dec. 31, 2021									(18,326,863)
Increase (decrease) in stockholder's/members' equity
Net Income	428,698
Foreign exchange translation adjustment	(43,505)
Net change in unrealized cash flow hedges gains (losses)	92,666
Balance at end of period (in shares) at Sep. 30, 2022						133,012,526	9,030,066	60,091,740
Balance at end of period at Sep. 30, 2022	1,672,908				1,348,065	$ 1	$ 0	$ 1	$ (909,368)	1,265,919	970,334	21,178	324,843
Balance at end of period (in shares) at Sep. 30, 2022									(32,437,976)
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				1,379,105	$ 1	$ 0	$ 1	$ (781,286)	1,246,983	897,387	16,019	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	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)									(1,762,756)
Treasury stock purchases	(47,486)				(47,486)				$ (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 (losses)	14,062				8,580							8,580	5,482
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(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						132,915,640	9,030,066	60,091,740
Balance at end of period at Jun. 30, 2022	1,740,408				1,398,303	$ 1	$ 0	$ 1	$ (828,772)	1,256,760	956,487	13,826	342,105
Balance at end of period (in shares) at Jun. 30, 2022									(28,998,163)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)						131,892
Share based compensation	9,159				9,159					9,159
Treasury stock purchases (in shares)						(35,006)			(3,439,813)
Treasury stock purchases	(81,419)				(81,419)				$ (80,596)		(823)
Net Income	79,874				40,007						40,007		39,867
Foreign exchange translation adjustment	(18,527)				(11,161)							(11,161)	(7,366)
Net change in unrealized cash flow hedges gains (losses)	30,731				18,513							18,513	12,218
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(87,318)				(25,337)						(25,337)		(61,981)
Contributions from noncontrolling interests													39,200
Balance at end of period (in shares) at Sep. 30, 2022						133,012,526	9,030,066	60,091,740
Balance at end of period at Sep. 30, 2022	1,672,908				1,348,065	$ 1	$ 0	$ 1	$ (909,368)	1,265,919	970,334	21,178	324,843
Balance at end of period (in shares) at Sep. 30, 2022									(32,437,976)
Balance at beginning period (in shares) at Dec. 31, 2022		98,549,464	9,030,066	60,091,740		133,071,754	9,030,066	60,091,740
Balance at beginning of period at Dec. 31, 2022	$ 1,651,427				1,341,899	$ 1	$ 0	$ 1	$ (954,637)	1,292,613	972,317	31,604	309,528
Balance at beginning period (in shares) at Dec. 31, 2022	(34,522,290)								(34,522,290)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)						2,393,550
Share based compensation	$ 31,030				31,030					31,030
Repurchase of Class C common stock (in shares)							(21,498)
Repurchase of Class C common stock	(424)				(424)					(424)
Treasury stock purchases (in shares)						(902,947)			(3,932,499)
Treasury stock purchases	(93,218)				(93,218)				$ (75,568)		(17,650)
Net Income	110,083				57,881						57,881		52,202
Foreign exchange translation adjustment	1,648				980							980	668
Net change in unrealized cash flow hedges gains (losses)	(13,168)				(7,834)							(7,834)	(5,334)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(52,004)				(24,696)						(24,696)		(27,308)
Issuance of common stock in connection with employee exchanges (in shares)						152,037
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)							(152,037)
Balance at end of period (in shares) at Mar. 31, 2023						134,714,394	8,856,531	60,091,740
Balance at end of period at Mar. 31, 2023	1,635,374				1,305,618	$ 1	$ 0	$ 1	$ (1,030,205)	1,323,219	987,852	24,750	329,756
Balance at end of period (in shares) at Mar. 31, 2023									(38,454,789)
Balance at beginning period (in shares) at Dec. 31, 2022		98,549,464	9,030,066	60,091,740		133,071,754	9,030,066	60,091,740
Balance at beginning of period at Dec. 31, 2022	$ 1,651,427				1,341,899	$ 1	$ 0	$ 1	$ (954,637)	1,292,613	972,317	31,604	309,528
Balance at beginning period (in shares) at Dec. 31, 2022	(34,522,290)								(34,522,290)
Increase (decrease) in stockholder's/members' equity
Net Income	$ 257,220
Foreign exchange translation adjustment	170
Net change in unrealized cash flow hedges gains (losses)	(12,612)
Balance at end of period (in shares) at Sep. 30, 2023		91,455,446	8,607,998	60,091,740		134,865,978	8,607,998	60,091,740
Balance at end of period at Sep. 30, 2023	$ 1,510,650				1,265,336		$ 0	$ 1	$ (1,120,501)	1,343,307	1,018,201	24,327	245,314
Balance at end of period (in shares) at Sep. 30, 2023	(43,410,532)								(43,410,532)
Balance at beginning period (in shares) at Mar. 31, 2023						134,714,394	8,856,531	60,091,740
Balance at beginning of period at Mar. 31, 2023	$ 1,635,374				1,305,618	$ 1	$ 0	$ 1	$ (1,030,205)	1,323,219	987,852	24,750	329,756
Balance at beginning period (in shares) at Mar. 31, 2023									(38,454,789)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)						20,000
Share based compensation	12,050				12,050					12,050
Treasury stock purchases (in shares)						(9,147)			(2,265,811)
Treasury stock purchases	(41,744)				(41,744)				$ (41,579)		(165)
Net Income	29,544				16,702						16,702		12,842
Foreign exchange translation adjustment	2,527				1,503							1,503	1,024
Net change in unrealized cash flow hedges gains (losses)	8,202				4,879							4,879	3,323
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(93,652)				(23,908)						(23,908)		(69,744)
Balance at end of period (in shares) at Jun. 30, 2023						134,725,247	8,856,531	60,091,740
Balance at end of period at Jun. 30, 2023	1,552,301				1,275,100	$ 1	$ 0	$ 1	$ (1,071,784)	1,335,269	980,481	31,132	277,201
Balance at end of period (in shares) at Jun. 30, 2023									(40,720,600)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)						144,783
Share based compensation	11,634				11,634					11,634
Repurchase of Class C common stock (in shares)							(214,176)
Repurchase of Class C common stock	(3,596)				(3,596)					(3,596)
Treasury stock purchases (in shares)						(38,409)			(2,689,932)
Treasury stock purchases	(49,420)				(49,420)				$ (48,717)		(703)
Net Income	117,593				61,915						61,915		55,678
Foreign exchange translation adjustment	(4,005)				(2,339)							(2,339)	(1,666)
Net change in unrealized cash flow hedges gains (losses)	(7,646)				(4,466)							(4,466)	(3,180)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(106,211)				(23,492)						(23,492)		(82,719)
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)						34,357	0
Issuance of tax receivable agreements in connection with employee exchange (in shares)							(34,357)
Issuance of tax receivable agreements in connection with employee exchange	0
Balance at end of period (in shares) at Sep. 30, 2023		91,455,446	8,607,998	60,091,740		134,865,978	8,607,998	60,091,740
Balance at end of period at Sep. 30, 2023	$ 1,510,650				$ 1,265,336		$ 0	$ 1	$ (1,120,501)	$ 1,343,307	$ 1,018,201	$ 24,327	$ 245,314
Balance at end of period (in shares) at Sep. 30, 2023	(43,410,532)								(43,410,532)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net Income	$ 257,220	$ 428,698
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization	47,076	50,470
Amortization of purchased intangibles and acquired capitalized software	48,007	48,817
Debt issue cost related to debt refinancing and prepayment	306	24,316
Amortization of debt issuance costs and deferred financing fees	5,260	5,738
Termination of office leases	314	1,744
Share-based compensation	47,108	50,841
Deferred taxes	16,566	9,013
Other	1,794	10,786
Changes in operating assets and liabilities:
Securities borrowed	(336,503)	84,772
Securities purchased under agreements to resell	(2,790,073)	72,779
Receivables from broker-dealers and clearing organizations	(596,916)	(399,890)
Trading assets, at fair value	(3,656,973)	(546,393)
Receivables from customers	(67,615)	(101,016)
Operating lease right-of-use assets	25,631	25,386
Other assets	13,795	(67,931)
Securities loaned	399,548	(153,079)
Securities sold under agreements to repurchase	2,749,399	(68,247)
Payables to broker-dealers and clearing organizations	266,621	130,040
Payables to customers	27,849	41,932
Trading liabilities, at fair value	3,744,498	689,059
Operating lease liabilities	(27,953)	(30,044)
Accounts payable, accrued expenses and other liabilities	(31,268)	(17,329)
Net cash provided by operating activities	143,691	290,462
Cash flows from investing activities
Development of capitalized software	(31,961)	(31,294)
Acquisition of property and equipment	(24,292)	(18,354)
Other investing activities	(14,210)	38,668
Net cash used in investing activities	(70,463)	(10,980)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(251,867)	(316,096)
Repurchase of Class C common stock	0	(8,256)
Purchase of treasury stock	(184,382)	(434,470)
Stock options exercised	0	5,109
Short-term borrowings, net	96,056	104,945
Proceeds from long-term borrowings	0	1,800,000
Repayment of long term borrowings	(18,000)	(1,599,774)
Payment of tax receivable agreement obligations	(23,275)	(21,343)
Debt issuance costs	(3,817)	(35,813)
Contributions from noncontrolling interests	0	39,200
Net cash used in financing activities	(385,285)	(466,498)
Effect of exchange rate changes on cash and cash equivalents	170	(43,490)
Net decrease in cash and cash equivalents	(311,887)	(230,506)
Cash, cash equivalents, and restricted or segregated cash, beginning of period	1,038,242	1,120,953
Cash, cash equivalents, and restricted or segregated cash, end of period	726,355	890,447
Supplementary disclosure of cash flow information
Cash paid for interest	370,761	168,739
Cash paid for taxes	33,595	100,844
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software	14,665	12,863
Non-cash financing activities
Repurchase of Class C common stock	$ (4,020)	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization The accompanying Condensed Consolidated Financial Statements include the accounts and operations of Virtu Financial, Inc. (“VFI” or, collectively with its wholly owned or controlled subsidiaries, “Virtu” or the “Company”). VFI is a Delaware corporation whose primary asset is its ownership interest in Virtu Financial LLC (“Virtu Financial”). As of September 30, 2023, VFI owned approximately 58.4% 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"), options, 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 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”). 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 Europe Trading Limited (“VETL”) (f/k/a Virtu ITG Europe Limited), each formed in Ireland; Virtu ITG UK Limited (“VIUK”), formed in the United Kingdom; Virtu Canada Corp (f/k/a Virtu ITG Canada Corp.), 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 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

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
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, 2022. Goodwill Goodwill represents the excess of the purchase price over the underlying net tangible and intangible assets of the Company’s acquisitions. Goodwill is not amortized but is assessed for impairment on an annual basis and between annual assessments whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company assesses goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events occur or certain circumstances exist. In its impairment assessment as of July 1, 2023, the Company performed a quantitative assessment of each reporting unit and the estimated fair value of each of the reporting units exceeded its respective carrying value, and therefore goodwill was not impaired. The estimated fair value of each reporting unit was based on valuation techniques the firm believes market participants would use to value these reporting units, and allocated the enterprise value to each reporting unit based on an estimate of relative fair value for each reporting unit. The carrying value of each reporting unit reflects an allocation of total shareholders’ equity and represents the estimated amount of total shareholders’ equity required to support the activities of the applicable reporting unit under currently applicable regulatory capital requirements. Accounting Pronouncements Recently Adopted 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 Company adopted this ASU on January 1, 2023 and it did not have a material impact on its condensed consolidated financial statements. Liabilities - Supplier Finance Programs - In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50) . This ASU requires new quantitative and qualitative disclosure requirements for a buyer who enters into supplier financing programs. The Company adopted this ASU on January 1, 2023 and it did not have a material impact on its condensed consolidated financial statements. The FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock (SEC Update) in July 2023, and ASU 2023-04, Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121 (SEC Update) in August 2023. These ASUs amend and supersede various SEC paragraphs across multiple topics within the Codification to conform to past SEC announcements and guidance issued by the SEC. As the ASUs do not provide any new accounting standards, no transition or effective dates are associated with them. As such, the Company considers these adopted as of September 30, 2023 with no material impact on its condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted as of September 30, 2023 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. Leases - Common Control Arrangements - In March 2023, the FASB issued ASU 2023-01, Leases—Common Control Arrangements (Topic 842) . This ASU provides updated guidance for accounting for common control leases and leasehold improvements. 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. Investments - Equity Method and Joint Ventures - In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323) . This ASU provides updated guidance for accounting for investments in tax credit structures. 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. Business Combinations—Joint Venture Formations - In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60) . This ASU provides updated guidance on accounting for the formation of joint ventures. This ASU is effective prospectively for joint ventures formed on or after January 1, 2025.. 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	9 Months Ended
Earnings per Share	Sep. 30, 2023
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 September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Income before income taxes and noncontrolling interest $ 138,105 $ 101,606 $ 308,337 $ 517,103 Provision for income taxes 20,512 21,732 51,117 88,405 Net income 117,593 79,874 257,220 428,698 Noncontrolling interest (55,678) (39,867) (120,722) (191,264) Net income available for common stockholders $ 61,915 $ 40,007 $ 136,498 $ 237,434 The calculation of basic and diluted earnings per share is presented below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except for share or per share data) 2023 2022 2023 2022 Basic earnings per share: Net income available for common stockholders $ 61,915 $ 40,007 $ 136,498 $ 237,434 Less: Dividends and undistributed earnings allocated to participating securities (3,111) (1,562) (6,964) (8,726) Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities 58,804 38,445 129,534 228,708 Weighted average shares of common stock outstanding: Class A 93,408,537 102,289,172 95,376,590 105,500,700 Basic earnings per share $ 0.63 $ 0.38 $ 1.36 $ 2.17 Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except for share or per share data) 2023 2022 2023 2022 Diluted earnings per share: Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities $ 58,804 $ 38,445 $ 129,534 $ 228,708 Weighted average shares of common stock outstanding: Class A Issued and outstanding 93,408,537 102,289,172 95,376,590 105,500,700 Issuable pursuant to Amended and Restated 2015 Management Incentive Plan — 261,680 — 503,693 93,408,537 102,550,852 95,376,590 106,004,393 Diluted earnings per share (1) $ 0.63 $ 0.37 $ 1.36 $ 2.16 (1) The dilutive impact of unexercised stock options excludes from the computation of EPS 68,988 options for the three months ended September 30, 2023, and 34,622 options for the nine months ended September 30, 2023 because inclusion of the options would have been anti-dilutive.

Tax Receivable Agreements

Tax Receivable Agreements	9 Months Ended
Tax Receivable Agreements	Sep. 30, 2023
Tax Receivable Agreements [Abstract]
Tax Receivable Agreements	Tax Receivable Agreements For a detailed discussion of the Company's tax receivable agreements, see Note 5 "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, 2022. 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, and subsequent payments of $12.4 million in September 2018, $13.3 million in March 2020, $16.5 million in April 2021, $21.3 million in March 2022, and $23.3 million in April 2023. Tax receivable payments are expected to range from approximately $36.4 thousand to $22.0 million per year over the next 15 years. At September 30, 2023 and December 31, 2022, the Company’s remaining deferred tax assets that relate to the matters described above were approximately $146.5 million and $162.1 million, respectively, and the Company’s liabilities over the next 15 years pursuant to the tax receivable agreements were approximately $215.5 million and $238.8 million for September 30, 2023 and December 31, 2022, respectively. The amounts recorded as of September 30, 2023 and December 31, 2022 are based on best estimates available at the respective dates and may be subject to change after the filing of the Company’s U.S. federal and state income tax returns for the years in which tax savings were realized.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
Goodwill and Intangible Assets	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022, the Company’s total amount of goodwill recorded was $1,148.9 million. No goodwill impairment was recognized during the three and nine months ended September 30, 2023 and 2022. The following table presents the details of goodwill by segment as of September 30, 2023 and December 31, 2022: (in thousands) Market Making Execution Services Corporate Total Balance as of period-end $ 755,292 $ 393,634 $ — $ 1,148,926 As of September 30, 2023 and December 31, 2022, the Company's total amount of intangible assets recorded was $273.5 million and $321.5 million, respectively. Acquired intangible assets consisted of the following as of September 30, 2023 and December 31, 2022: As of September 30, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships $ 486,600 $ (225,868) $ 260,732 10 to 12 Technology 136,000 (129,667) 6,333 1 to 6 Favorable occupancy leases 5,895 (4,985) 910 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 $ (366,020) $ 273,473 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships $ 486,600 $ (189,986) $ 296,614 10 to 12 Technology 136,000 (118,119) 17,881 1 to 6 Favorable occupancy leases 5,895 (4,408) 1,487 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 $ (318,013) $ 321,480 Amortization expense relating to finite-lived intangible assets was approximately $16.0 million and $16.1 million for the three months ended September 30, 2023, and 2022, respectively, and $48.0 million, and $48.8 million for the nine months ended September 30, 2023, and 2022, 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 2023 $ 15,953 2024 50,845 2025 47,879 2026 47,879 2027 47,879 2028 47,879

Receivables from_Payables to Br

Receivables from/Payables to Broker-Dealers and Clearing Organizations	9 Months Ended
	Sep. 30, 2023
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Receivables from/Payables to Broker-Dealers and Clearing Organizations	Receivables from/Payables to Broker-Dealers and Clearing Organizations The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at September 30, 2023 and December 31, 2022: (in thousands) September 30, 2023 December 31, 2022 Assets Due from prime brokers $ 1,089,555 $ 560,111 Deposits with clearing organizations 179,059 146,927 Net equity with futures commission merchants 157,973 137,312 Unsettled trades with clearing organizations 70,160 87,145 Securities failed to deliver 170,226 149,747 Commissions and fees 29,522 33,943 Total receivables from broker-dealers and clearing organizations $ 1,696,495 $ 1,115,185 Liabilities Due to prime brokers $ 378,909 $ 229,424 Net equity with futures commission merchants (1) 6,264 (32,381) Unsettled trades with clearing organizations 35 38 Securities failed to receive 150,647 70,576 Commissions and fees 4,609 6,186 Total payables to broker-dealers and clearing organizations $ 540,464 $ 273,843 (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 $93.6 million and $212.9 million as of September 30, 2023 and December 31, 2022, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company’s ordinary course futures and other trading positions, which are held in the Company’s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company’s trading accounts and deposit accounts with these financial institutions. “Securities failed to deliver” and “Securities failed to receive” include amounts with a clearing organization and other broker-dealers.

Collateralized Transactions

Collateralized Transactions	9 Months Ended
Collateralized Transactions	Sep. 30, 2023
Collateralized Agreements [Abstract]
Collateralized Transactions	Collateralized Transactions The Company is permitted to sell or repledge securities received as collateral and use these securities to secure repurchase agreements, enter into securities lending transactions or deliver these securities to counterparties or clearing organizations to cover short positions. At September 30, 2023 and December 31, 2022, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at September 30, 2023 and December 31, 2022 are summarized as follows: (in thousands) September 30, 2023 December 31, 2022 Securities received as collateral: Securities borrowed $ 1,471,459 $ 1,148,238 Securities purchased under agreements to resell 3,127,072 336,849 $ 4,598,531 $ 1,485,087 In the normal course of business, the Company pledges qualified securities with clearing organizations to satisfy daily margin and clearing fund requirements. Financial instruments owned and pledged, where the counterparty has the right to repledge, at September 30, 2023 and December 31, 2022 consisted of the following: (in thousands) September 30, 2023 December 31, 2022 Equities $ 1,386,049 $ 957,443 Exchange traded notes 11,651 5,628 $ 1,397,700 $ 963,071

Borrowings

Borrowings	9 Months Ended
Borrowings	Sep. 30, 2023
Debt Disclosure [Abstract]
Borrowings	Borrowings Short-term Borrowings, net The following summarizes the Company's short-term borrowing balances outstanding, net of related debt issuance costs, with each described in further detail below. September 30, 2023 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 100,000 $ (2,783) $ 97,217 $ 100,000 $ (2,783) $ 97,217 December 31, 2022 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Short-term bank loans 3,944 — 3,944 $ 3,944 $ — $ 3,944 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 Secured Overnight Financing Rate ("SOFR") or base rate plus 1.25% per annum. Borrowing Base B Loans are subject to a sublimit of $300 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. 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 September 30, 2023 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility 6.50% $ 400,000 $ 100,000 $ (2,783) $ 97,217 Committed facility 6.75% 650,000 — — — Overdraft facility 8.81% 10,000 — — — $ 1,060,000 $ 100,000 $ (2,783) $ 97,217 At December 31, 2022 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility (1) 5.50% $ 400,000 $ — $ — $ — Committed facility 7.67% 650,000 — — — Overdraft facility 7.80% 10,000 — — — $ 1,060,000 $ — $ — $ — (1) $0.2 million of deferred debt issuance costs are included within Other assets on the consolidated statement of financial condition. The following summarizes interest expense for the broker-dealer facilities. Interest expense is included within Interest and dividends expense in the accompanying Condensed Consolidated Statements of Comprehensive Income. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Broker-dealer credit facilities: Uncommitted facility $ 1,829 $ 1,476 $ 5,377 $ 2,769 Committed facility 23 — 23 38 Overdraft facility $ 62 13 272 13 $ 1,914 $ 1,489 $ 5,672 $ 2,820 Short-Term Bank Loans The Company’s international securities clearance and settlement activities are funded with operating cash or with short-term bank loans in the form of overdraft facilities. At September 30, 2023, there was no balance associated with international settlement activities outstanding under these facilities. At December 31, 2022, there was $3.9 million associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 3.8%. These short-term bank loan balances are included within Short-term borrowings on the condensed consolidated statements of financial condition. Prime Brokerage Credit Facilities The Company maintains short-term credit facilities with various prime brokers and other financial institutions from which it receives execution or clearing services. The proceeds of these facilities are used to meet margin requirements associated with the products traded by the Company in the ordinary course, and amounts borrowed are collateralized by the Company’s trading accounts with the applicable financial institution. At September 30, 2023 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 8.09% $ 591,000 $ 93,612 $ 591,000 $ 93,612 At December 31, 2022 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 7.42% $ 591,000 $ 212,912 $ 591,000 $ 212,912 (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 $3.3 million and $2.6 million for the three months ended September 30, 2023 and 2022, respectively, and $10.4 million and $5.9 million for the nine months ended September 30, 2023 and 2022, respectively. Long-Term Borrowings The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable: At September 30, 2023 (in thousands) Maturity Interest Outstanding Principal Discount Deferred Debt Issuance Cost Outstanding Borrowings, net Long-term borrowings: First Lien Term Loan Facility January 2029 8.42% $ 1,782,000 $ (3,366) $ (23,323) $ 1,755,311 SBI bonds January 2026 5.00% 23,432 — — 23,432 $ 1,805,432 $ (3,366) $ (23,323) $ 1,778,743 At December 31, 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 7.42% $ 1,800,000 $ (3,881) $ (26,858) $ 1,769,261 SBI bonds January 2026 5.00% 26,693 — (2) 26,691 $ 1,826,693 $ (3,881) $ (26,860) $ 1,795,952 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"). 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 a 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 and the Company repaid $18.0 million on January 13, 2023. The revolving commitments will terminate on January 13, 2025. As of September 30, 2023, $1,782 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 2022, the maturity of the SBI Bonds was extended to 2026. The principal balance was ¥3.5 billion ($23.4 million) as of September 30, 2023 and ¥3.5 billion ($26.7 million) as of December 31, 2022. The Company had a gain of $0.8 million and a gain of $1.6 million for the three months ended September 30, 2023 and 2022, respectively, and a gain of $3.3 million, and a gain of $6.5 million, during the nine months ended September 30, 2023 and 2022, respectively, due to changes in foreign currency rates. As of September 30, 2023, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows: (in thousands) September 30, 2023 Remainder of 2023 $ — 2024 18,000 2025 18,000 2026 41,432 2027 18,000 2028 18,000 Thereafter 1,692,000 Total principal of long-term borrowings $ 1,805,432

Financial Assets and Liabilitie

Financial Assets and Liabilities	9 Months Ended
Financial Assets and Liabilities	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities	Financial Assets and Liabilities Financial Instruments Measured at Fair Value The fair value of equities, options, on-the-run U.S. government obligations and exchange traded notes is estimated using recently executed transactions and market price quotations in active markets and are categorized as Level 1 with the exception of inactively traded equities and certain other financial instruments, which are categorized as Level 2. The Company’s corporate bonds, derivative contracts and other U.S. and non-U.S. government obligations have been categorized as Level 2. Fair value of the Company’s derivative contracts is based on the indicative prices obtained from a number of banks and broker-dealers, as well as management’s own analyses. The indicative prices have been independently validated through the Company’s risk management systems, which are designed to check prices with information independently obtained from exchanges and venues where such financial instruments are listed or to compare prices of similar instruments with similar maturities for listed financial futures in foreign exchange. The Company prices certain financial instruments held for trading at fair value based on theoretical prices, which can differ from quoted market prices. The theoretical prices reflect price adjustments primarily caused by the fact that the Company continuously prices its financial instruments based on all available information. This information includes prices for identical and near-identical positions, as well as the prices for securities underlying the Company’s positions, on other exchanges that are open after the exchange on which the financial instruments is traded closes. The Company validates that all price adjustments can be substantiated with market inputs and checks the theoretical prices independently. Consequently, such financial instruments are classified as Level 2. Fair value measurements for those items measured on a recurring basis are summarized below as of September 30, 2023: September 30, 2023 (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 $ 780,542 $ 1,700,896 $ — $ — $ 2,481,438 U.S. and Non-U.S. government obligations 297,010 2,757,901 — — 3,054,911 Corporate Bonds — 1,332,802 — — 1,332,802 Exchange traded notes 11 10,296 — — 10,307 Currency forwards — 361,076 — (357,664) 3,412 Options 6,955 — — — 6,955 $ 1,084,518 $ 6,162,971 $ — $ (357,664) $ 6,889,825 Financial instruments owned, pledged as collateral: Equity securities $ 803,883 $ 582,166 $ — $ — $ 1,386,049 Exchange traded notes 279 11,372 — — 11,651 $ 804,162 $ 593,538 $ — $ — $ 1,397,700 Other Assets Equity investment $ — $ — $ 72,399 $ — $ 72,399 Exchange stock 2,512 — — — 2,512 $ 2,512 $ — $ 72,399 $ — $ 74,911 Receivables from broker dealers and clearing organizations: Interest rate swap $ — $ 71,662 $ — $ — $ 71,662 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,526,139 $ 1,262,717 $ — $ — $ 2,788,856 U.S. and Non-U.S. government obligations 274,223 3,585,904 — — 3,860,127 Corporate Bonds — 1,231,572 — — 1,231,572 Exchange traded notes — 56,589 — — 56,589 Currency forwards — 361,910 (361,910) — Options 4,328 — 4,328 $ 1,804,690 $ 6,498,692 $ — $ (361,910) $ 7,941,472 Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2022: December 31, 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 $ 461,487 $ 1,545,116 $ — $ — $ 2,006,603 U.S. and Non-U.S. government obligations 251,708 575,946 — — 827,654 Corporate Bonds — 803,880 — — 803,880 Exchange traded notes 51 16,777 — — 16,828 Currency forwards — 500,553 — (493,237) 7,316 Options 5,200 — — — 5,200 $ 718,446 $ 3,442,272 $ — $ (493,237) $ 3,667,481 Financial instruments owned, pledged as collateral: Equity securities $ 552,641 $ 404,802 $ — $ — $ 957,443 Exchange traded notes 6 5,622 — — 5,628 $ 552,647 $ 410,424 $ — $ — $ 963,071 Other Assets Equity investment $ — $ — $ 76,613 $ — $ 76,613 Exchange stock 2,352 — — — 2,352 $ 2,352 $ — $ 76,613 $ — $ 78,965 Receivables from broker dealers and clearing organizations: Interest rate swap — 87,268 — — 87,268 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,146,701 $ 1,016,893 $ — $ — $ 2,163,594 U.S. and Non-U.S. government obligations 147,418 690,480 — — 837,898 Corporate Bonds — 1,183,394 — — 1,183,394 Exchange traded notes — 8,199 — — 8,199 Currency forwards — 497,799 — (497,799) — Options 3,889 — — — 3,889 $ 1,298,008 $ 3,396,765 $ — $ (497,799) $ 4,196,974 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 September 30, 2023 and December 31, 2022, the fair value of the JNX Investment was determined using a weighted average of valuations using 1) the discounted cash flow method, an income approach; 2) a market approach based on average enterprise value/EBITDA ratios of comparable companies; and to a lesser extent 3) a transaction approach based on transaction values of comparable companies. The fair value measurement is highly sensitive to significant changes in the unobservable inputs, and significant increases (decreases) in discount rate or decreases (increases) in enterprise value/EBITDA multiples would result in a significantly lower (higher) fair value measurement. The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment: September 30, 2023 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 72,399 Discounted cash flow Estimated revenue growth 3.7% - 6.4% 4.1 % Discount rate 16.3% - 16.3% 16.3 % Market Future enterprise value/ EBIDTA ratio 8.6x - 17.6x 11.8x December 31, 2022 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 76,613 Discounted cash flow Estimated revenue growth (5.7)% - 5.0% 3.1 % Discount rate 15.5% - 15.5% 15.5 % Market Future enterprise value/ EBIDTA ratio (1.2)x - 18.1x 12.2x Changes in the fair value of the JNX Investment are included within Other, net The following presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis: Three Months Ended September 30, 2023 (in thousands) Balance at June 30, 2023 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2023 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2023 Assets Other assets: Equity investment $ 71,059 $ — $ 1,340 $ — $ — $ 72,399 $ 1,340 Total $ 71,059 $ — $ 1,340 $ — $ — $ 72,399 $ 1,340 (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 September 30, 2022 (in thousands) Balance at June 30, 2022 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2022 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2022 Assets Other assets: Equity investment $ 77,562 $ — $ (5,937) $ — $ — $ 71,625 $ (5,937) Total $ 77,562 $ — $ (5,937) $ — $ — $ 71,625 $ (5,937) (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. Nine Months Ended September 30, 2023 (in thousands) Balance at December 31, 2022 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2023 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2023 Assets Other assets: Equity investment $ 76,613 $ — $ (4,214) $ — $ — $ 72,399 $ (4,214) Total $ 76,613 $ — $ (4,214) $ — $ — $ 72,399 $ (4,214) (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. Nine Months Ended September 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 September 30, 2022 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2022 Assets Other assets: Equity investment $ 81,358 $ — $ (9,733) $ — $ — $ 71,625 $ (9,733) Total $ 81,358 $ — $ (9,733) $ — $ — $ 71,625 $ (9,733) (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 September 30, 2023: September 30, 2023 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 $ 688,790 $ 688,790 $ 688,790 $ — $ — Cash restricted or segregated under regulations and other 37,565 37,565 37,565 — — Securities borrowed 1,524,177 1,524,177 — 1,524,177 — Securities purchased under agreements to resell 3,127,072 3,127,072 — 3,127,072 — Receivables from broker-dealers and clearing organizations 1,624,833 1,624,833 — 1,624,833 — Receivables from customers 148,445 148,445 — 148,445 — Other assets (1) 30,446 30,446 10,707 19,739 — Total Assets $ 7,181,328 $ 7,181,328 $ 737,062 $ 6,444,266 $ — Liabilities Short-term borrowings $ 97,217 $ 100,000 $ — $ 100,000 $ — Long-term borrowings 1,778,743 1,796,522 — 1,796,522 — Securities loaned 1,459,980 1,459,980 — 1,459,980 — Securities sold under agreements to repurchase 3,376,948 3,376,948 — 3,376,948 — Payables to broker-dealers and clearing organizations 540,464 540,464 — 540,464 — Payables to customers 74,374 74,374 — 74,374 — Other liabilities (2) 21,910 21,910 — 21,910 — Total Liabilities $ 7,349,636 $ 7,370,198 $ — $ 7,370,198 $ — (1) Includes cash collateral and deposits, and interest and dividends receivables. (2) 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, 2022: December 31, 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 $ 981,580 $ 981,580 $ 981,580 $ — $ — Cash restricted or segregated under regulations and other 56,662 56,662 56,662 — — Securities borrowed 1,187,674 1,187,674 — 1,187,674 — Securities purchased under agreements to resell 336,999 336,999 — 336,999 — Receivables from broker-dealers and clearing organizations 1,027,917 1,027,917 — 1,027,917 — Receivables from customers 80,830 80,830 — 80,830 — Other assets (1) 30,579 30,579 — 30,579 — Total Assets $ 3,702,241 $ 3,702,241 $ 1,038,242 $ 2,663,999 $ — Liabilities Short-term borrowings 3,944 3,944 — 3,944 — Long-term borrowings 1,795,952 1,783,943 — 1,783,943 — Securities loaned 1,060,432 1,060,432 — 1,060,432 — Securities sold under agreements to repurchase 627,549 627,549 — 627,549 — Payables to broker dealer and clearing organizations 273,843 273,843 — 273,843 — Payables to customers 46,525 46,525 — 46,525 — Other liabilities (2) 23,776 23,776 — 23,776 — Total Liabilities $ 3,832,021 $ 3,820,012 $ — $ 3,820,012 $ — (1) Includes cash collateral and deposits, and interest and dividends receivables. (2) Includes deposits, interest and dividends payable. Offsetting of Financial Assets and Liabilities The Company does not net securities borrowed and securities loaned, or securities purchased under agreements to resell and securities sold under agreements to repurchase. These financial instruments are presented on a gross basis in the Condensed Consolidated Statements of Financial Condition. In the tables below, the amounts of financial instruments owned that are not offset in the Condensed Consolidated Statements of Financial Condition, but could be netted against financial liabilities with specific counterparties under legally enforceable master netting agreements in the event of default, are presented to provide financial statement readers with the Company’s estimate of its net exposure to counterparties for these financial instruments. The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of September 30, 2023 and December 31, 2022: September 30, 2023 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 $ 1,524,177 $ — $ 1,524,177 $ (1,471,459) $ (11,907) $ 40,811 Securities purchased under agreements to resell 3,127,072 — 3,127,072 (3,127,072) — — Receivables from broker-dealers and clearing organizations: Interest rate swaps 71,662 — 71,662 — — 71,662 Trading assets, at fair value: Currency forwards 361,076 (357,664) 3,412 — — 3,412 Options 6,955 — 6,955 — (4,285) 2,670 Total $ 5,090,942 $ (357,664) $ 4,733,278 $ (4,598,531) $ (16,192) $ 118,555 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 $ 1,459,980 $ — $ 1,459,980 $ (1,423,820) $ (15,163) $ 20,997 Securities sold under agreements to repurchase 3,376,948 — 3,376,948 (3,376,948) — — Trading liabilities, at fair value: Currency forwards 361,910 (361,910) — — — — Options 4,328 — 4,328 — (4,285) 43 Total $ 5,203,166 $ (361,910) $ 4,841,256 $ (4,800,768) $ (19,448) $ 21,040 December 31, 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 $ 1,187,674 $ — $ 1,187,674 $ (1,148,238) $ (5,138) $ 34,298 Securities purchased under agreements to resell 336,999 — 336,999 (336,849) — 150 Receivables from broker-dealers and clearing organizations Interest rate swaps 87,268 — 87,268 — — 87,268 Trading assets, at fair value: Currency forwards 500,553 (493,237) 7,316 — — 7,316 Options 5,200 — 5,200 — (3,889) 1,311 Total $ 2,117,694 $ (493,237) $ 1,624,457 $ (1,485,087) $ (9,027) $ 130,343 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 Instrument Collateral Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 1,060,432 $ — $ 1,060,432 $ (1,027,062) $ (9,100) $ 24,270 Securities sold under agreements to repurchase 627,549 — 627,549 (627,388) — 161 Trading liabilities, at fair value: Currency forwards 497,799 (497,799) — — — — Options 3,889 — 3,889 — (3,889) — Total $ 2,189,669 $ (497,799) $ 1,691,870 $ (1,654,450) $ (12,989) $ 24,431 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 as of September 30, 2023 and December 31, 2022: September 30, 2023 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 $ 185,000 $ 75,000 $ — $ 400,000 U.S. and Non-U.S. government obligations 2,976,948 — — — — 2,976,948 Total $ 2,976,948 $ 140,000 $ 185,000 $ 75,000 $ — $ 3,376,948 Securities loaned: Equity securities $ 1,459,980 $ — $ — $ — $ — $ 1,459,980 Total $ 1,459,980 $ — $ — $ — $ — $ 1,459,980 December 31, 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 $ — $ 250,000 $ 100,000 $ 50,000 $ — $ 400,000 U.S. and Non-U.S. government obligations 227,549 — — — — 227,549 Total $ 227,549 $ 250,000 $ 100,000 $ 50,000 $ — $ 627,549 Securities loaned: Equity securities 1,060,432 — — — — 1,060,432 Total $ 1,060,432 $ — $ — $ — $ — $ 1,060,432

Derivative Instruments

Derivative Instruments	9 Months Ended
Derivative Instruments	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The fair value of the Company’s derivative instruments on a gross basis consisted of the following at September 30, 2023 and December 31, 2022: (in thousands) September 30, 2023 December 31, 2022 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 $ 1,003 $ 1,876,199 $ (575) $ 663,110 Commodity futures Receivables from broker-dealers and clearing organizations 28,188 6,796,487 (31,007) 7,597,057 Currency futures Receivables from broker-dealers and clearing organizations 1,751 6,723,854 (24,023) 7,460,531 Fixed income futures Receivables from broker-dealers and clearing organizations (9) 11,659 (360) 30,292 Options Financial instruments owned 6,955 1,041,790 5,200 691,737 Currency forwards Financial instruments owned 361,076 35,857,456 500,553 30,286,330 Derivative instruments designated as hedging instruments: Interest rate swap Receivables from broker-dealers and clearing organizations 71,662 1,525,000 87,268 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 $ (102) $ 98,233 $ 1,819 $ 3,238,651 Commodity futures Payables to broker-dealers and clearing organizations 564 25,191 597 39,046 Currency futures Payables to broker-dealers and clearing organizations (180) 13,170 8 6,386 Fixed income futures Payables to broker-dealers and clearing organizations 220 111,852 (264) 123,043 Options Financial instruments sold, not yet purchased 4,328 1,007,927 3,889 742,531 Currency forwards Financial instruments sold, not yet purchased 361,910 35,857,874 497,799 30,284,952 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 nine months ended September 30, 2023 and 2022. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) Financial Statements Location 2023 2022 2023 2022 Derivative instruments not designated as hedging instruments: Futures Trading income, net $ 84,911 $ 9,760 $ 204,928 $ 205,561 Currency forwards Trading income, net (45,165) 21,276 (91,352) (14,478) Options Trading income, net 5,737 4,367 6,882 3,430 Interest rate swap on term loan Other, net (474) (474) (1,406) (1,406) $ 45,009 $ 34,929 $ 119,052 $ 193,107 Derivative instruments designated as hedging instruments: Interest rate swaps (1) Other comprehensive income $ (8,859) $ 35,852 $ (14,738) $ 108,427 $ (8,859) $ 35,852 $ (14,738) $ 108,427 (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	9 Months Ended
Variable Interest Entities	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities A variable interest entity (“VIE”) is an entity that lacks one or more of the following characteristics: (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The Company will be considered to have a controlling financial interest and will consolidate a VIE if it has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company has interests in two joint ventures (“JV”) that build and maintain microwave communication networks in the U.S., Europe, and Asia. The Company and its JV partners each pay monthly fees for the use of the microwave communication networks in connection with their respective trading activities, and the JVs may sell excess bandwidth that is not utilized by the JV members to third parties. As of September 30, 2023, the Company held noncontrolling interests of 12.5% 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 September 30, 2023, 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 September 30, 2023, the Company held approximately a 13.5% 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 September 30, 2023, the Company held approximately a 9.3% 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 September 30, 2023: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 57,561 $ — $ 57,561 $ 289,322 The following table presents the Company’s nonconsolidated VIEs at December 31, 2022: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 43,589 $ — $ 43,589 $ 239,682 During 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. As of September 30, 2023, the Company held a 51% controlling interest in this entity. This JV meets the criteria to be considered a VIE, and based on the standard for control set forth above, the Company consolidates this entity and records the interest that the Company does not own as noncontrolling interest in the Condensed Consolidated Financial Statements.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	9 Months Ended
Revenues from Contracts with Customers	Sep. 30, 2023
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 13 "Revenues from Contracts with Customers" to the Consolidated Financial Statements of the Company's 2022 Annual Report on Form 10-K. Disaggregation of Revenues The following tables present the Company’s revenue from contracts with customers disaggregated by service, and timing of revenue recognition, reconciled to the Company’s segments, for the three and nine months ended September 30, 2023, and 2022: Three Months Ended September 30, 2023 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 6,343 $ 73,121 $ — $ 79,464 Workflow technology — 21,526 — 21,526 Analytics — 9,286 — 9,286 Total revenue from contracts with customers 6,343 103,933 — 110,276 Other sources of revenue 511,008 8,520 360 519,888 Total revenues $ 517,351 $ 112,453 $ 360 $ 630,164 Timing of revenue recognition: Services transferred at a point in time $ 517,351 $ 94,152 $ 360 $ 611,863 Services transferred over time — 18,301 — 18,301 Total revenues $ 517,351 $ 112,453 $ 360 $ 630,164 Three Months Ended September 30, 2022 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 10,687 $ 78,506 $ — $ 89,193 Workflow technology — 21,968 — 21,968 Analytics — 9,825 — 9,825 Total revenue from contracts with customers 10,687 110,299 — 120,986 Other sources of revenue 437,199 9,300 (6,441) 440,058 Total revenues $ 447,886 $ 119,599 $ (6,441) $ 561,044 Timing of revenue recognition: Services transferred at a point in time $ 447,886 $ 101,621 $ (6,441) $ 543,066 Services transferred over time — 17,978 — 17,978 Total revenues $ 447,886 $ 119,599 $ (6,441) $ 561,044 Nine Months Ended September 30, 2023 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 22,677 $ 220,372 $ — $ 243,049 Workflow technology — 69,058 — 69,058 Analytics — 29,116 — 29,116 Total revenue from contracts with customers 22,677 318,546 — 341,223 Other sources of revenue 1,398,845 21,499 (4,171) 1,416,173 Total revenues $ 1,421,522 $ 340,045 $ (4,171) $ 1,757,396 Timing of revenue recognition: Services transferred at a point in time $ 1,421,522 $ 285,570 $ (4,171) $ 1,702,921 Services transferred over time — 54,475 — 54,475 Total revenues $ 1,421,522 $ 340,045 $ (4,171) $ 1,757,396 Nine Months Ended September 30, 2022 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 30,881 $ 277,693 $ — $ 308,574 Workflow technology — 73,238 — 73,238 Analytics — 30,169 30,169 Total revenue from contracts with customers 30,881 381,100 — 411,981 Other sources of revenue 1,396,163 21,240 37,660 1,455,063 Total revenues $ 1,427,044 $ 402,340 $ 37,660 $ 1,867,044 Timing of revenue recognition: Services transferred at a point in time $ 1,427,044 $ 347,934 $ 37,660 $ 1,812,638 Services transferred over time — 54,406 — 54,406 Total revenues $ 1,427,044 $ 402,340 $ 37,660 $ 1,867,044 Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations As of September 30, 2023 and 2022, 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 $52.7 million and $56.1 million as of September 30, 2023 and December 31, 2022, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of September 30, 2023. 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 $8.8 million and $9.6 million as of September 30, 2023 and December 31, 2022, respectively. The Company recognized the full amount of revenue during the nine months ended September 30, 2023 and 2022, 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	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to U.S. federal, state and local income tax at the rate applicable to corporations less the rate attributable to the noncontrolling interest in Virtu Financial. These noncontrolling interests are subject to U.S. taxation as partnerships. Accordingly, for the three and nine months ended September 30, 2023 and 2022, 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 $20.5 million, and 14.9%, and $21.7 million, and 21.4% for the three months ended September 30, 2023 and 2022, respectively and $51.1 million, and 16.6%, and $88.4 million, and 17.1% for the nine months ended September 30, 2023 and 2022, respectively. Income tax expense is also affected by the differing effective tax rates in foreign, state and local jurisdictions where certain of the Company’s subsidiaries are subject to corporate taxation. Included in Other assets on the Condensed Consolidated Statements of Financial Condition at September 30, 2023 and December 31, 2022 are current income tax receivables of $45.9 million and $54.1 million, respectively. The balances at September 30, 2023 and December 31, 2022 primarily comprised income tax benefits due to the Company from federal, state, local, and foreign tax jurisdictions based on income before taxes. Included in Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition at September 30, 2023 and December 31, 2022 are current tax liabilities of $7.5 million and $13.4 million, respectively. The balances at September 30, 2023 and December 31, 2022 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 September 30, 2023 and December 31, 2022, the Company did not have any U.S. federal net operating loss carryforwards and therefore the Company did not record a deferred tax asset related to federal net operating loss carryforwards. At September 30, 2023 and December 31, 2022, 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 of $65.4 million and $64.6 million at September 30, 2023 and December 31, 2022, respectively, and recorded a related deferred tax asset of $12.3 million and $12.4 million, respectively. A valuation allowance of $12.3 million and $12.4 million was recorded against this deferred tax asset at September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022 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 September 30, 2023 and December 31, 2022 as it is more likely than not that this deferred tax asset will not be realized. No valuation allowance against the remaining deferred taxes was recorded as of September 30, 2023 and December 31, 2022 because it is more likely than not that these deferred tax assets will be fully realized. The Company is subject to taxation in U.S. federal, state, local and foreign jurisdictions. As of September 30, 2023, the Company’s tax years for 2015 through 2022 and 2016 through 2022 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 2022. 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 $7.0 million of unrecognized tax benefits as of September 30, 2023, all of which would affect the Company’s effective tax rate if recognized. The Company has determined that there are no uncertain tax positions that would have a material impact on the Company’s financial position as of September 30, 2023.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	9 Months Ended
Commitments, Contingencies and Guarantees	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Legal and Regulatory 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, any of which could result in the imposition of fines, penalties or other sanctions against the Company. The Company and its subsidiaries are subject to several of these matters at the present time. As previously disclosed, the U.S. Securities and Exchange Commission undertook an investigation of aspects of the Company’s internal information access barriers. The Company cooperated with this civil investigation and engaged in settlement discussions but has been unable to reach a settlement. In September 2023, the SEC filed an action against the Company alleging violations of federal securities laws with respect to the Company’s information barriers policies and procedures for a specified time period in and around January 2018 to April 2019 and related statements made by the Company during such period. The Company believes it has meritorious defenses and intends to defend itself vigorously. Specifically, the Company plans to assert, among other defenses, that it maintained reasonable policies, procedures and controls to protect data during the period consistent with applicable law, that related statements made to clients and investors were true and accurate, and that the statute of limitations has expired with respect to certain claims. In a matter related to the SEC investigation noted above, on May 19, 2023, the Company and certain of its current and former executive officers were named as defendants in Hiebert v. Virtu Financial, Inc., No. 23-cv-03770. The complaint was filed by a purported stockholder in the Eastern District of New York on behalf of a putative class and asserts that the Company made materially false and misleading statements and omissions in its public filings in violation of federal securities laws, and is expected to be amended and restated by the newly appointed lead plaintiff. The Company also received a request for information pursuant to Section 220 of the Delaware General Corporation Law from counsel for a purported stockholder. The Company believes it has meritorious defenses against pending or contemplated claims that its public disclosures in relation to the SEC investigation were inadequate or misleading. The Company maintains that such disclosures were true and accurate and compliant with applicable law and will defend itself vigorously. 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; the motion is fully briefed and pending before the court. 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 has made substantial productions of documents and other information in response to plaintiff's requests. Though no substantive claim has been brought, the Company believes that any potential allegations of wrongdoing are without merit and is defending itself vigorously. On October 17, 2022, the Company’s subsidiary, along with several other parties, was named as a defendant in Mallinckrodt PLC, et al. (Reorganized Debtors); Opioid Master Disbursement Trust II v. Argos Capital Appreciation Master Fund LP et al No. 20-12522. The complaint alleges that Mallinckrodt PLC engaged in a share repurchase program from 2015 through 2018 pursuant to which it repurchased its own shares in various open market transactions, a period during which it was allegedly insolvent. The plaintiff is seeking to unwind the transactions consummated under the program, alleging such transactions constituted fraudulent transfers by the debtor. The Company believes it has meritorious defenses against any unwinding of transactions, which it has asserted, and will continue to defend itself vigorously. On December 1, 2022, the Company’s subsidiary, along with several other parties, was named as a defendant in Northwest Biotherapeutics, Inc. v. Canaccord Genuity LLC, et al No. 1:22-cv-10185. The complaint alleges that defendants engaged in market manipulation in the plaintiff’s stock during a period from 2018 to 2022. The complaint did not specify the amount of alleged damages. The Company believes that the claims are without merit and is defending itself vigorously. 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, and utilizes its judgment in accordance with applicable accounting standards in booking any associated estimated liability. It is not presently possible to determine the ultimate exposure to these matters and it is possible that the resolution of the outstanding matters will significantly exceed any estimated liabilities accrued by the Company. 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 various legal proceedings will not significantly exceed any estimated liability accrued by the Company or 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. 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. Specifically, in 2022 the SEC proposed several rule changes focused on equity market structure reform. These proposals include, but are not limited to, (i) Proposed Rule 615 of Regulation NMS, which proposes to dramatically change U.S. equities market structure, the routing, handling and potentially the amount, character and cost of retail order flow, (ii) Regulation Best Execution, which would impose best execution requirements on broker-dealers which would be distinct from, but overlapping with, FINRA’s existing best execution rule (Rule 5310), (iii) proposed rule amendments to minimum pricing increments under Rule 612 or Regulation NMS, access fee caps under Rule 610 of Regulation NMS, acceleration of the implementation of certain Market Data Infrastructure Rules, and amendment to the odd-lot information definition adopted under the MDI rules (collectively referred to as the “tick size, access fees and infostructure rule proposals”), and (iv) amendments to Rule 605 of Regulation NMS, along with a series of amendments to the definition of Exchange and Alternative Trading Systems (ATS), which would expand the scope of exchange and ATS registration and compliance requirements. Further, in 2023, the SEC proposed amendments to expand and update Regulation Systems Compliance and Integrity (SCI) and to restrict volume based tiered pricing by equity exchanges in certain cases, approved an amendment to adopt a revised funding model for the Consolidated Audit Trail (CAT), and has indicated that additional rule proposals may be forthcoming. If adopted, these or other potential rule changes could adversely affect the Company’s business or the Company’s industry. As indicated above, 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. Additional information regarding legal and regulatory risks is described within the “Risk Factors” section under the sub header of “Legal and Regulatory Risks” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission ("SEC") on February 17, 2023 (the "2022 Form 10-K"). As indicated above, 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	9 Months Ended
Leases	Sep. 30, 2023
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 16 "Leases" to the Consolidated Financial Statements of the Company's 2022 Annual Report on Form 10-K. Lease assets and liabilities are summarized as follows: (in thousands) Financial Statement Location September 30, 2023 December 31, 2022 Operating leases Operating lease right-of-use assets Operating lease right-of-use assets $ 161,811 $ 187,442 Operating lease liabilities Operating lease liabilities 211,249 239,202 Finance leases Property and equipment, at cost Property, equipment, and capitalized software, net 30,612 27,908 Accumulated depreciation Property, equipment, and capitalized software, net (9,523) (12,736) Finance lease liabilities Accounts payable, accrued expenses, and other liabilities 21,505 15,323 Weighted average remaining lease term and discount rate are as follows: September 30, 2023 December 31, 2022 Weighted average remaining lease term Operating leases 6.10 years 6.21 years Finance leases 3.3 years 2.84 years Weighted average discount rate Operating leases 5.54 % 5.43 % Finance leases 4.85 % 3.92 % The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Operating lease cost: Fixed $ 18,794 $ 18,183 $ 57,159 $ 54,677 Variable 1,430 1,251 4,486 4,495 Total Operating lease cost $ 20,224 $ 19,434 $ 61,645 $ 59,172 Sublease income 4,917 4,917 14,724 14,763 Finance lease cost: Amortization of ROU Asset $ 2,269 $ 1,855 $ 6,821 $ 5,748 Interest on lease liabilities 290 90 810 264 Total Finance lease cost $ 2,559 $ 1,945 $ 7,631 $ 6,012 Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2023, are as follows: (in thousands) Operating Leases Finance Leases 2023 $ 18,088 $ 2,139 2024 46,565 8,385 2025 39,210 4,798 2026 35,292 4,020 2027 30,092 3,930 2028 and thereafter 82,494 490 Total lease payments $ 251,741 $ 23,762 Less imputed interest (40,492) (2,257) Total lease liability $ 211,249 $ 21,505
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 16 "Leases" to the Consolidated Financial Statements of the Company's 2022 Annual Report on Form 10-K. Lease assets and liabilities are summarized as follows: (in thousands) Financial Statement Location September 30, 2023 December 31, 2022 Operating leases Operating lease right-of-use assets Operating lease right-of-use assets $ 161,811 $ 187,442 Operating lease liabilities Operating lease liabilities 211,249 239,202 Finance leases Property and equipment, at cost Property, equipment, and capitalized software, net 30,612 27,908 Accumulated depreciation Property, equipment, and capitalized software, net (9,523) (12,736) Finance lease liabilities Accounts payable, accrued expenses, and other liabilities 21,505 15,323 Weighted average remaining lease term and discount rate are as follows: September 30, 2023 December 31, 2022 Weighted average remaining lease term Operating leases 6.10 years 6.21 years Finance leases 3.3 years 2.84 years Weighted average discount rate Operating leases 5.54 % 5.43 % Finance leases 4.85 % 3.92 % The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Operating lease cost: Fixed $ 18,794 $ 18,183 $ 57,159 $ 54,677 Variable 1,430 1,251 4,486 4,495 Total Operating lease cost $ 20,224 $ 19,434 $ 61,645 $ 59,172 Sublease income 4,917 4,917 14,724 14,763 Finance lease cost: Amortization of ROU Asset $ 2,269 $ 1,855 $ 6,821 $ 5,748 Interest on lease liabilities 290 90 810 264 Total Finance lease cost $ 2,559 $ 1,945 $ 7,631 $ 6,012 Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2023, are as follows: (in thousands) Operating Leases Finance Leases 2023 $ 18,088 $ 2,139 2024 46,565 8,385 2025 39,210 4,798 2026 35,292 4,020 2027 30,092 3,930 2028 and thereafter 82,494 490 Total lease payments $ 251,741 $ 23,762 Less imputed interest (40,492) (2,257) Total lease liability $ 211,249 $ 21,505

Cash

Cash	9 Months Ended
Cash	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Cash	Cash The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash as reported within the Condensed Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows. (in thousands) September 30, 2023 December 31, 2022 Cash and cash equivalents $ 688,790 $ 981,580 Cash restricted or segregated under regulations and other 37,565 56,662 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 726,355 $ 1,038,242

Capital Structure

Capital Structure	9 Months Ended
Capital Structure	Sep. 30, 2023
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 86.2% 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 58.4% interest in Virtu Financial at September 30, 2023. During the period prior to the Company's IPO and certain reorganization transactions consummated in connection with the 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 September 30, 2023 and December 31, 2022, there were 4,040,772 and 4,462,840 Virtu Financial Units outstanding held by Employee Holdco (as defined below), respectively, and 422,068 and 328,999 of such Virtu Financial Units and corresponding Class C Common Stock were exchanged into Class A Common Stock, forfeited or repurchased during the nine months ended September 30, 2023, and 2022, 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 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 an additional $300 million in Class A Common Stock and Virtu Financial Units and extending the duration of the program through May 4, 2022. On November 3, 2021 the Company's Board of Directors authorized another expansion of the program by an additional $750 million to $1,220 million and extending the duration of the program through November 3, 2023, which was subsequently extended through December 31, 2024. The share repurchase program authorizes the Company to repurchase shares from time to time in open market transactions, privately negotiated transactions or by other means. Repurchases are also permitted to be made under Rule 10b5-1 plans. The timing and amount of repurchase transactions are determined by the Company's management based on its evaluation of market conditions, share price, cash sources, legal requirements and other factors. From the inception of the program through September 30, 2023, the Company repurchased approximately 41.2 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,065.6 million. As of September 30, 2023, the Company has approximately $154.4 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program. Employee Exchanges During the nine months ended September 30, 2023, and 2022, 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 186,394, and 92,930 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. 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 nine months ended September 30, 2023, and 2022: Three Months Ended September 30, 2023 (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) $ 41,970 $ 3,733 $ (8,199) $ 37,504 Foreign exchange translation adjustment (10,838) (2,339) — (13,177) Total $ 31,132 $ 1,394 $ (8,199) $ 24,327 (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income. As of September 30, 2023, the Company expects approximately $32.8 million to be reclassified from AOCI into earnings over the next 12 months. The timing of the reclassification is based on the interest payment schedule of the long-term borrowings. Three Months Ended September 30, 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) $ 27,486 $ 19,579 $ (1,066) $ 45,999 Foreign exchange translation adjustment (13,660) (11,161) — (24,821) Total $ 13,826 $ 8,418 $ (1,066) $ 21,178 (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. Nine Months Ended September 30, 2023 (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) $ 44,925 $ 14,635 $ (22,056) $ 37,504 Foreign exchange translation adjustment (13,321) 144 — (13,177) Total $ 31,604 $ 14,779 $ (22,056) $ 24,327 (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. As of September 30, 2023, the Company expects approximately $32.8 million to be reclassified from AOCI into earnings over the next 12 months. The timing of the reclassification is based on the interest payment schedule of the long-term borrowings. Nine Months Ended September 30, 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) $ 52,442 $ 4,038 $ 45,999 Foreign exchange translation adjustment 285 (25,106) — (24,821) Total $ (10,196) $ 27,336 $ 4,038 $ 21,178 (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income.

Share-based Compensation

Share-based Compensation	9 Months Ended
Share-based Compensation	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Share-based CompensationPursuant 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 nine months ended September 30, 2023 and 2022: 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, 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 September 30, 2022 1,521,776 $ 19.00 2.49 1,521,776 $ 19.00 At December 31, 2022 1,521,776 $ 19.00 2.24 1,521,776 $ 19.00 Granted — — — — — Exercised — — — — — Forfeited or expired (10,000) — — (10,000) — At September 30, 2023 1,511,776 $ 19.00 1.49 1,511,776 $ 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 certain stock option awards, restricted stock unit awards, deferred stock unit awards and performance stock unit awards granted thereunder (" 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. 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, restricted stock units ("RSUs") and restricted stock awards ("RSAs") were granted, with RSUs and RSAs vesting over a period of up to 4 years. The fair value of the Class A Common Stock and RSUs was determined based on a volume weighted average price and the expense is recognized on a straight-line basis over the vesting period. The fair value of the RSAs was determined based on the closing price as of the date of grant and the expense is recognized from the date that achievement of the performance target becomes probable through the remainder of the vesting period. Performance targets are based on the Company's adjusted EBITDA for certain future periods. For the nine months ended September 30, 2023 and 2022, respectively, there were 868,315, and 580,710 shares of immediately vested Class A Common Stock granted as part of year-end compensation. In addition, the Company accrued compensation expense of $5.9 million and $8.9 million for the three months ended September 30, 2023 and 2022, respectively, and $17.9 million, and $24.4 million for the nine months ended September 30, 2023 and 2022, respectively, related to immediately vested Class A Common Stock expected to be awarded as part of year-end incentive compensation, which was included in Employee compensation and payroll taxes on the Condensed Consolidated Statements of Comprehensive Income and Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition. The following table summarizes activity related to RSUs (including the Assumed Awards) and RSAs for the nine months ended September 30, 2023, and 2022: Number of RSUs and RSAs Weighted At December 31, 2021 3,224,447 $ 24.30 Granted 3,027,148 29.88 Forfeited (363,744) 25.60 Vested (1,800,922) 25.14 At September 30, 2022 4,086,929 $ 27.94 At December 31, 2022 3,954,833 $ 28.13 Granted (1) 3,763,217 19.28 Forfeited (184,381) 26.55 Vested (2,558,333) 23.63 At September 30, 2023 4,975,336 $ 23.81 (1) Excluded in the number of RSUs and RSAs are 37,500 participating RSAs where the grant date has not been achieved because the performance conditions have not been met. The Company recognized $9.7 million and $9.2 million for the three months ended September 30, 2023 and 2022, respectively, and $29.8 million, and $27.3 million for the nine months ended September 30, 2023 and 2022, respectively, of compensation expense in relation to RSUs. As of September 30, 2023 and December 31, 2022, total unrecognized share-based compensation expense related to unvested RSUs was $67.2 million and $54.6 million, respectively, and this amount is to be recognized over a weighted average period of 1.1 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.

Regulatory Requirement

Regulatory Requirement	9 Months Ended
Regulatory Requirement	Sep. 30, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory Requirement	Regulatory Requirement U.S. Subsidiary The Company's U.S. broker-dealer subsidiaries VAL and RFQ-Hub Americas LLC ("RAL"), are subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital as detailed in the table below. RAL became a U.S. broker-dealer in June 2023. Pursuant to New York Stock Exchange ("NYSE") rules, VAL was also required to maintain $1.0 million of capital in connection with the operation of its designated market maker (“DMM”) business as of September 30, 2023. 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. The regulatory capital and regulatory capital requirements of the Company's U.S. subsidiaries as of September 30, 2023 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 457,258 $ 1,641 $ 455,617 RFQ-Hub Americas LLC 1,858 5 1,853 As of September 30, 2023, VAL had $31.3 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 $6.0 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. The regulatory capital and regulatory capital requirements of the Company's U.S. subsidiaries as of December 31, 2022 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 554,550 $ 1,000 $ 553,550 As of December 31, 2022, VAL had $50.2 million of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $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 Canadian Investment Regulatory Organization ("CIRO"), the Central Bank of Ireland ("CBI"), the Financial Conduct Authority ("FCA") in the United Kingdom, the Australian Securities and Investments Commission ("ASIC"), the Securities and Futures Commission in Hong Kong ("SFC"), and the Monetary Authority of Singapore ("MAS"). The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of September 30, 2023 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu Canada Corp $ 12,209 $ 184 $ 12,025 Virtu Financial Canada ULC 2,677 184 2,493 Ireland Virtu Europe Trading Limited (1) 84,246 26,981 57,265 Virtu Financial Ireland Limited (1) 84,972 28,795 56,177 United Kingdom Virtu ITG UK Limited (1) 3,419 915 2,504 Asia Pacific Virtu ITG Australia Limited 22,855 10,760 12,095 Virtu ITG Hong Kong Limited 3,190 460 2,730 Virtu ITG Singapore Pte Limited 677 96 581 Virtu Financial Singapore Pte. Ltd. 128,827 64,385 64,442 (1) Preliminary As of September 30, 2023, Virtu Europe Trading Limited had $0.1 million 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, 2022 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 14,248 $ 184 $ 14,064 Virtu Financial Canada ULC 2,663 184 2,479 Ireland Virtu Europe Trading Limited 78,834 28,502 50,332 Virtu Financial Ireland Limited 89,853 39,768 50,085 United Kingdom Virtu ITG UK Limited 1,405 906 499 Asia Pacific Virtu ITG Australia Limited 30,027 3,115 26,912 Virtu ITG Hong Kong Limited 1,683 497 1,186 Virtu ITG Singapore Pte Limited 1,147 91 1,056 Virtu Financial Singapore Pte. Ltd. 121,166 46,025 75,141

Geographic Information and Busi

Geographic Information and Business Segments	9 Months Ended
Geographic Information and Business Segments	Sep. 30, 2023
Segment Reporting [Abstract]
Geographic Information and Business Segments	Geographic Information and Business Segments The Company operates its business in the U.S. and internationally, primarily in Europe, Asia and Canada. Significant transactions and balances between geographic regions occur primarily as a result of certain of the Company’s subsidiaries incurring operating expenses such as employee compensation, communications and data processing and other overhead costs, for the purpose of providing execution, clearing and other support services to affiliates. Charges for transactions between regions are designed to approximate full costs. Intra-region income and expenses and related balances have been eliminated in the geographic information presented below to accurately reflect the external business conducted in each geographical region. The revenues are attributed to countries based on the locations of the subsidiaries. The following table presents total revenues by geographic area for the three and nine months ended September 30, 2023, and 2022 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Revenues: United States $ 537,574 $ 469,023 $ 1,475,541 $ 1,504,216 Ireland 52,181 43,711 153,633 179,741 Singapore 22,950 28,901 77,247 106,221 Canada 8,785 12,551 25,283 51,262 Australia 8,049 6,324 21,904 22,592 Others 625 534 3,788 3,012 Total revenues $ 630,164 $ 561,044 $ 1,757,396 $ 1,867,044 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 September 30, 2023, and 2022 are summarized in the following table: (in thousands) Market Execution Corporate Consolidated 2023: Total revenue $ 517,351 $ 112,453 $ 360 $ 630,164 Income before income taxes and noncontrolling interest 130,252 7,814 39 138,105 2022: Total revenue 447,886 119,599 (6,441) 561,044 Income (loss) before income taxes and noncontrolling interest 99,276 8,993 (6,663) 101,606 The Company's Pre-tax earnings by segment for the nine months ended September 30, 2023, and 2022 are summarized in the following table: (in thousands) Market Making Execution Services Corporate Consolidated Total 2023 Total revenue $ 1,421,522 $ 340,045 $ (4,171) $ 1,757,396 Income before income taxes and noncontrolling interest 298,104 16,711 (6,478) 308,337 2022 Total revenue 1,427,044 402,340 37,660 1,867,044 Income before income taxes and noncontrolling interest 448,943 32,005 36,155 517,103

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company incurs expenses and maintains balances with its affiliates in the ordinary course of business. As of September 30, 2023, and December 31, 2022 the Company had net payables to its affiliates of $3.0 million and receivables from its affiliates of $0.5 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 $2.4 million and $3.2 million for the three months ended September 30, 2023 and 2022, respectively, and $8.4 million and $10.7 million for the nine months ended September 30, 2023 and 2022, 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 $12.6 million and $10.5 million for the three months ended September 30, 2023 and 2022, respectively, and $25.2 million and $21.4 million for the nine months ended September 30, 2023 and 2022, respectively. 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 made payments of $2.2 million and received rebates of $2.3 million for the three months ended September 30, 2023 and 2022, respectively, and the Company made payments of $2.4 million and received rebates of $15.1 million for the nine months ended September 30, 2023 and 2022, 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 September 30, 2022. Refer to Note 11 "Variable Interest Entities" for further details.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events for adjustment to or disclosure in its Condensed Consolidated Financial Statements through the date of this report, and has not identified any recordable or disclosable events, not otherwise reported in these Condensed Consolidated Financial Statements or the notes thereto, except for the following: On November 2, 2023, the Company’s Board of Directors declared a dividend of $0.24 per share of Class A Common Stock and Class B Common Stock and per participating Restricted Stock Unit and Restricted Stock Award that will be paid on December 15, 2023 to holders of record as of December 1, 2023, and extended the duration of the Company's share repurchase program through December 31, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the underlying net tangible and intangible assets of the Company’s acquisitions. Goodwill is not amortized but is assessed for impairment on an annual basis and between annual assessments whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company assesses goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events occur or certain circumstances exist. In its impairment assessment as of July 1, 2023, the Company performed a quantitative assessment of each reporting unit and the estimated fair value of each of the reporting units exceeded its respective carrying value, and therefore goodwill was not impaired. The estimated fair value of each reporting unit was based on valuation techniques the firm believes market participants would use to value these reporting units, and allocated the enterprise value to each reporting unit based on an estimate of relative fair value for each reporting unit. The carrying value of each reporting unit reflects an allocation of total shareholders’ equity and represents the estimated amount of total shareholders’ equity required to support the activities of the applicable reporting unit under currently applicable regulatory capital requirements.
Accounting Pronouncements Recently Adopted and Not Yet Adopted	Accounting Pronouncements Recently Adopted 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 Company adopted this ASU on January 1, 2023 and it did not have a material impact on its condensed consolidated financial statements. Liabilities - Supplier Finance Programs - In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50) . This ASU requires new quantitative and qualitative disclosure requirements for a buyer who enters into supplier financing programs. The Company adopted this ASU on January 1, 2023 and it did not have a material impact on its condensed consolidated financial statements. The FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock (SEC Update) in July 2023, and ASU 2023-04, Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121 (SEC Update) in August 2023. These ASUs amend and supersede various SEC paragraphs across multiple topics within the Codification to conform to past SEC announcements and guidance issued by the SEC. As the ASUs do not provide any new accounting standards, no transition or effective dates are associated with them. As such, the Company considers these adopted as of September 30, 2023 with no material impact on its condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted as of September 30, 2023 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. Leases - Common Control Arrangements - In March 2023, the FASB issued ASU 2023-01, Leases—Common Control Arrangements (Topic 842) . This ASU provides updated guidance for accounting for common control leases and leasehold improvements. 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. Investments - Equity Method and Joint Ventures - In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323) . This ASU provides updated guidance for accounting for investments in tax credit structures. 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. Business Combinations—Joint Venture Formations - In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60) . This ASU provides updated guidance on accounting for the formation of joint ventures. This ASU is effective prospectively for joint ventures formed on or after January 1, 2025.. 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)	9 Months Ended
Earnings per Share (Tables)	Sep. 30, 2023
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 September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Income before income taxes and noncontrolling interest $ 138,105 $ 101,606 $ 308,337 $ 517,103 Provision for income taxes 20,512 21,732 51,117 88,405 Net income 117,593 79,874 257,220 428,698 Noncontrolling interest (55,678) (39,867) (120,722) (191,264) Net income available for common stockholders $ 61,915 $ 40,007 $ 136,498 $ 237,434
Schedule of basic earnings per share	The calculation of basic and diluted earnings per share is presented below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except for share or per share data) 2023 2022 2023 2022 Basic earnings per share: Net income available for common stockholders $ 61,915 $ 40,007 $ 136,498 $ 237,434 Less: Dividends and undistributed earnings allocated to participating securities (3,111) (1,562) (6,964) (8,726) Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities 58,804 38,445 129,534 228,708 Weighted average shares of common stock outstanding: Class A 93,408,537 102,289,172 95,376,590 105,500,700 Basic earnings per share $ 0.63 $ 0.38 $ 1.36 $ 2.17
Schedule of diluted earnings per share	Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except for share or per share data) 2023 2022 2023 2022 Diluted earnings per share: Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities $ 58,804 $ 38,445 $ 129,534 $ 228,708 Weighted average shares of common stock outstanding: Class A Issued and outstanding 93,408,537 102,289,172 95,376,590 105,500,700 Issuable pursuant to Amended and Restated 2015 Management Incentive Plan — 261,680 — 503,693 93,408,537 102,550,852 95,376,590 106,004,393 Diluted earnings per share (1) $ 0.63 $ 0.37 $ 1.36 $ 2.16 (1) The dilutive impact of unexercised stock options excludes from the computation of EPS 68,988 options for the three months ended September 30, 2023, and 34,622 options for the nine months ended September 30, 2023 because inclusion of the options would have been anti-dilutive.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
Goodwill and Intangible Assets (Tables)	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill by segment	The following table presents the details of goodwill by segment as of September 30, 2023 and December 31, 2022: (in thousands) Market Making Execution Services Corporate Total Balance as of period-end $ 755,292 $ 393,634 $ — $ 1,148,926
Schedule of acquired intangible assets	Acquired intangible assets consisted of the following as of September 30, 2023 and December 31, 2022: As of September 30, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships $ 486,600 $ (225,868) $ 260,732 10 to 12 Technology 136,000 (129,667) 6,333 1 to 6 Favorable occupancy leases 5,895 (4,985) 910 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 $ (366,020) $ 273,473 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives Customer relationships $ 486,600 $ (189,986) $ 296,614 10 to 12 Technology 136,000 (118,119) 17,881 1 to 6 Favorable occupancy leases 5,895 (4,408) 1,487 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 $ (318,013) $ 321,480
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 2023 $ 15,953 2024 50,845 2025 47,879 2026 47,879 2027 47,879 2028 47,879

Receivables from_Payables to _2

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Tables)	9 Months Ended
	Sep. 30, 2023
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Summary of receivables from and payables to brokers-dealers and clearing organizations	The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at September 30, 2023 and December 31, 2022: (in thousands) September 30, 2023 December 31, 2022 Assets Due from prime brokers $ 1,089,555 $ 560,111 Deposits with clearing organizations 179,059 146,927 Net equity with futures commission merchants 157,973 137,312 Unsettled trades with clearing organizations 70,160 87,145 Securities failed to deliver 170,226 149,747 Commissions and fees 29,522 33,943 Total receivables from broker-dealers and clearing organizations $ 1,696,495 $ 1,115,185 Liabilities Due to prime brokers $ 378,909 $ 229,424 Net equity with futures commission merchants (1) 6,264 (32,381) Unsettled trades with clearing organizations 35 38 Securities failed to receive 150,647 70,576 Commissions and fees 4,609 6,186 Total payables to broker-dealers and clearing organizations $ 540,464 $ 273,843 (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)	9 Months Ended
Collateralized Transactions (Tables)	Sep. 30, 2023
Collateralized Agreements [Abstract]
Summary of the fair value of collateralized transactions	The fair value of the collateralized transactions at September 30, 2023 and December 31, 2022 are summarized as follows: (in thousands) September 30, 2023 December 31, 2022 Securities received as collateral: Securities borrowed $ 1,471,459 $ 1,148,238 Securities purchased under agreements to resell 3,127,072 336,849 $ 4,598,531 $ 1,485,087
Schedule of financial instruments owned and pledged, where counterparty has right to repledge	Financial instruments owned and pledged, where the counterparty has the right to repledge, at September 30, 2023 and December 31, 2022 consisted of the following: (in thousands) September 30, 2023 December 31, 2022 Equities $ 1,386,049 $ 957,443 Exchange traded notes 11,651 5,628 $ 1,397,700 $ 963,071

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
Borrowings (Tables)	Sep. 30, 2023
Debt Instrument [Line Items]
Schedule of short-term debt	The following summarizes the Company's short-term borrowing balances outstanding, net of related debt issuance costs, with each described in further detail below. September 30, 2023 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Broker-dealer credit facilities $ 100,000 $ (2,783) $ 97,217 $ 100,000 $ (2,783) $ 97,217 December 31, 2022 (in thousands) Borrowing Outstanding Deferred Debt Issuance Cost Short-term Borrowings, net Short-term bank loans 3,944 — 3,944 $ 3,944 $ — $ 3,944
Outstanding borrowings and financing capacity or unused available capacity under the company’s borrowing arrangements	The following summarizes the Company’s broker-dealer credit facilities' carrying values, net of unamortized debt issuance costs, where applicable. These balances are included within Short-term borrowings on the Condensed Consolidated Statements of Financial Condition. At September 30, 2023 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility 6.50% $ 400,000 $ 100,000 $ (2,783) $ 97,217 Committed facility 6.75% 650,000 — — — Overdraft facility 8.81% 10,000 — — — $ 1,060,000 $ 100,000 $ (2,783) $ 97,217 At December 31, 2022 (in thousands) Interest Rate Financing Available Borrowing Outstanding Deferred Debt Issuance Cost Outstanding Borrowings, net Broker-dealer credit facilities: Uncommitted facility (1) 5.50% $ 400,000 $ — $ — $ — Committed facility 7.67% 650,000 — — — Overdraft facility 7.80% 10,000 — — — $ 1,060,000 $ — $ — $ — (1) $0.2 million of deferred debt issuance costs are included within Other assets on the consolidated statement of financial condition.
Schedule of interest expense on debt	The following summarizes interest expense for the broker-dealer facilities. Interest expense is included within Interest and dividends expense in the accompanying Condensed Consolidated Statements of Comprehensive Income. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Broker-dealer credit facilities: Uncommitted facility $ 1,829 $ 1,476 $ 5,377 $ 2,769 Committed facility 23 — 23 38 Overdraft facility $ 62 13 272 13 $ 1,914 $ 1,489 $ 5,672 $ 2,820
Schedule of aggregate future required principal payments based on terms of loan	As of September 30, 2023, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows: (in thousands) September 30, 2023 Remainder of 2023 $ — 2024 18,000 2025 18,000 2026 41,432 2027 18,000 2028 18,000 Thereafter 1,692,000 Total principal of long-term borrowings $ 1,805,432
Short-Term Credit Facilities
Debt Instrument [Line Items]
Schedule of reconciliation of the senior secured credit facility	The proceeds of these facilities are used to meet margin requirements associated with the products traded by the Company in the ordinary course, and amounts borrowed are collateralized by the Company’s trading accounts with the applicable financial institution. At September 30, 2023 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 8.09% $ 591,000 $ 93,612 $ 591,000 $ 93,612 At December 31, 2022 (in thousands) Weighted Average Financing Borrowing Prime Brokerage Credit Facilities: Prime brokerage credit facilities (1) 7.42% $ 591,000 $ 212,912 $ 591,000 $ 212,912 (1) Outstanding borrowings are included with Receivables from/Payables to broker-dealers and clearing organizations within the Condensed Consolidated Statements of Financial Condition.
Senior Secured Credit Facility
Debt Instrument [Line Items]
Schedule of reconciliation of the senior secured credit facility	The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable: At September 30, 2023 (in thousands) Maturity Interest Outstanding Principal Discount Deferred Debt Issuance Cost Outstanding Borrowings, net Long-term borrowings: First Lien Term Loan Facility January 2029 8.42% $ 1,782,000 $ (3,366) $ (23,323) $ 1,755,311 SBI bonds January 2026 5.00% 23,432 — — 23,432 $ 1,805,432 $ (3,366) $ (23,323) $ 1,778,743 At December 31, 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 7.42% $ 1,800,000 $ (3,881) $ (26,858) $ 1,769,261 SBI bonds January 2026 5.00% 26,693 — (2) 26,691 $ 1,826,693 $ (3,881) $ (26,860) $ 1,795,952

Financial Assets and Liabilit_2

Financial Assets and Liabilities (Tables)	9 Months Ended
Financial Assets and Liabilities (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Summary of fair value measurements measured on a recurring basis	Fair value measurements for those items measured on a recurring basis are summarized below as of September 30, 2023: September 30, 2023 (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 $ 780,542 $ 1,700,896 $ — $ — $ 2,481,438 U.S. and Non-U.S. government obligations 297,010 2,757,901 — — 3,054,911 Corporate Bonds — 1,332,802 — — 1,332,802 Exchange traded notes 11 10,296 — — 10,307 Currency forwards — 361,076 — (357,664) 3,412 Options 6,955 — — — 6,955 $ 1,084,518 $ 6,162,971 $ — $ (357,664) $ 6,889,825 Financial instruments owned, pledged as collateral: Equity securities $ 803,883 $ 582,166 $ — $ — $ 1,386,049 Exchange traded notes 279 11,372 — — 11,651 $ 804,162 $ 593,538 $ — $ — $ 1,397,700 Other Assets Equity investment $ — $ — $ 72,399 $ — $ 72,399 Exchange stock 2,512 — — — 2,512 $ 2,512 $ — $ 72,399 $ — $ 74,911 Receivables from broker dealers and clearing organizations: Interest rate swap $ — $ 71,662 $ — $ — $ 71,662 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,526,139 $ 1,262,717 $ — $ — $ 2,788,856 U.S. and Non-U.S. government obligations 274,223 3,585,904 — — 3,860,127 Corporate Bonds — 1,231,572 — — 1,231,572 Exchange traded notes — 56,589 — — 56,589 Currency forwards — 361,910 (361,910) — Options 4,328 — 4,328 $ 1,804,690 $ 6,498,692 $ — $ (361,910) $ 7,941,472 Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2022: December 31, 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 $ 461,487 $ 1,545,116 $ — $ — $ 2,006,603 U.S. and Non-U.S. government obligations 251,708 575,946 — — 827,654 Corporate Bonds — 803,880 — — 803,880 Exchange traded notes 51 16,777 — — 16,828 Currency forwards — 500,553 — (493,237) 7,316 Options 5,200 — — — 5,200 $ 718,446 $ 3,442,272 $ — $ (493,237) $ 3,667,481 Financial instruments owned, pledged as collateral: Equity securities $ 552,641 $ 404,802 $ — $ — $ 957,443 Exchange traded notes 6 5,622 — — 5,628 $ 552,647 $ 410,424 $ — $ — $ 963,071 Other Assets Equity investment $ — $ — $ 76,613 $ — $ 76,613 Exchange stock 2,352 — — — 2,352 $ 2,352 $ — $ 76,613 $ — $ 78,965 Receivables from broker dealers and clearing organizations: Interest rate swap — 87,268 — — 87,268 Liabilities Financial instruments sold, not yet purchased, at fair value: Equity securities $ 1,146,701 $ 1,016,893 $ — $ — $ 2,163,594 U.S. and Non-U.S. government obligations 147,418 690,480 — — 837,898 Corporate Bonds — 1,183,394 — — 1,183,394 Exchange traded notes — 8,199 — — 8,199 Currency forwards — 497,799 — (497,799) — Options 3,889 — — — 3,889 $ 1,298,008 $ 3,396,765 $ — $ (497,799) $ 4,196,974 The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of September 30, 2023: September 30, 2023 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 $ 688,790 $ 688,790 $ 688,790 $ — $ — Cash restricted or segregated under regulations and other 37,565 37,565 37,565 — — Securities borrowed 1,524,177 1,524,177 — 1,524,177 — Securities purchased under agreements to resell 3,127,072 3,127,072 — 3,127,072 — Receivables from broker-dealers and clearing organizations 1,624,833 1,624,833 — 1,624,833 — Receivables from customers 148,445 148,445 — 148,445 — Other assets (1) 30,446 30,446 10,707 19,739 — Total Assets $ 7,181,328 $ 7,181,328 $ 737,062 $ 6,444,266 $ — Liabilities Short-term borrowings $ 97,217 $ 100,000 $ — $ 100,000 $ — Long-term borrowings 1,778,743 1,796,522 — 1,796,522 — Securities loaned 1,459,980 1,459,980 — 1,459,980 — Securities sold under agreements to repurchase 3,376,948 3,376,948 — 3,376,948 — Payables to broker-dealers and clearing organizations 540,464 540,464 — 540,464 — Payables to customers 74,374 74,374 — 74,374 — Other liabilities (2) 21,910 21,910 — 21,910 — Total Liabilities $ 7,349,636 $ 7,370,198 $ — $ 7,370,198 $ — (1) Includes cash collateral and deposits, and interest and dividends receivables. (2) 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, 2022: December 31, 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 $ 981,580 $ 981,580 $ 981,580 $ — $ — Cash restricted or segregated under regulations and other 56,662 56,662 56,662 — — Securities borrowed 1,187,674 1,187,674 — 1,187,674 — Securities purchased under agreements to resell 336,999 336,999 — 336,999 — Receivables from broker-dealers and clearing organizations 1,027,917 1,027,917 — 1,027,917 — Receivables from customers 80,830 80,830 — 80,830 — Other assets (1) 30,579 30,579 — 30,579 — Total Assets $ 3,702,241 $ 3,702,241 $ 1,038,242 $ 2,663,999 $ — Liabilities Short-term borrowings 3,944 3,944 — 3,944 — Long-term borrowings 1,795,952 1,783,943 — 1,783,943 — Securities loaned 1,060,432 1,060,432 — 1,060,432 — Securities sold under agreements to repurchase 627,549 627,549 — 627,549 — Payables to broker dealer and clearing organizations 273,843 273,843 — 273,843 — Payables to customers 46,525 46,525 — 46,525 — Other liabilities (2) 23,776 23,776 — 23,776 — Total Liabilities $ 3,832,021 $ 3,820,012 $ — $ 3,820,012 $ — (1) Includes cash collateral and deposits, and interest and dividends receivables. (2) Includes deposits, interest and dividends payable.
Fair value measurement inputs and valuation techniques	The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment: September 30, 2023 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 72,399 Discounted cash flow Estimated revenue growth 3.7% - 6.4% 4.1 % Discount rate 16.3% - 16.3% 16.3 % Market Future enterprise value/ EBIDTA ratio 8.6x - 17.6x 11.8x December 31, 2022 (in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Equity investment $ 76,613 Discounted cash flow Estimated revenue growth (5.7)% - 5.0% 3.1 % Discount rate 15.5% - 15.5% 15.5 % Market Future enterprise value/ EBIDTA ratio (1.2)x - 18.1x 12.2x
Summary of changes in Level 3 financial instruments measured at fair value on a recurring basis	The following presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis: Three Months Ended September 30, 2023 (in thousands) Balance at June 30, 2023 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2023 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2023 Assets Other assets: Equity investment $ 71,059 $ — $ 1,340 $ — $ — $ 72,399 $ 1,340 Total $ 71,059 $ — $ 1,340 $ — $ — $ 72,399 $ 1,340 (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 September 30, 2022 (in thousands) Balance at June 30, 2022 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2022 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2022 Assets Other assets: Equity investment $ 77,562 $ — $ (5,937) $ — $ — $ 71,625 $ (5,937) Total $ 77,562 $ — $ (5,937) $ — $ — $ 71,625 $ (5,937) (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. Nine Months Ended September 30, 2023 (in thousands) Balance at December 31, 2022 Purchases Total Realized and Unrealized Gains / (Losses) (1) Net Transfers into (out of) Level 3 Settlement Balance at September 30, 2023 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2023 Assets Other assets: Equity investment $ 76,613 $ — $ (4,214) $ — $ — $ 72,399 $ (4,214) Total $ 76,613 $ — $ (4,214) $ — $ — $ 72,399 $ (4,214) (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. Nine Months Ended September 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 September 30, 2022 Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2022 Assets Other assets: Equity investment $ 81,358 $ — $ (9,733) $ — $ — $ 71,625 $ (9,733) Total $ 81,358 $ — $ (9,733) $ — $ — $ 71,625 $ (9,733) (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 September 30, 2023 and December 31, 2022: September 30, 2023 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 $ 1,524,177 $ — $ 1,524,177 $ (1,471,459) $ (11,907) $ 40,811 Securities purchased under agreements to resell 3,127,072 — 3,127,072 (3,127,072) — — Receivables from broker-dealers and clearing organizations: Interest rate swaps 71,662 — 71,662 — — 71,662 Trading assets, at fair value: Currency forwards 361,076 (357,664) 3,412 — — 3,412 Options 6,955 — 6,955 — (4,285) 2,670 Total $ 5,090,942 $ (357,664) $ 4,733,278 $ (4,598,531) $ (16,192) $ 118,555 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 $ 1,459,980 $ — $ 1,459,980 $ (1,423,820) $ (15,163) $ 20,997 Securities sold under agreements to repurchase 3,376,948 — 3,376,948 (3,376,948) — — Trading liabilities, at fair value: Currency forwards 361,910 (361,910) — — — — Options 4,328 — 4,328 — (4,285) 43 Total $ 5,203,166 $ (361,910) $ 4,841,256 $ (4,800,768) $ (19,448) $ 21,040 December 31, 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 $ 1,187,674 $ — $ 1,187,674 $ (1,148,238) $ (5,138) $ 34,298 Securities purchased under agreements to resell 336,999 — 336,999 (336,849) — 150 Receivables from broker-dealers and clearing organizations Interest rate swaps 87,268 — 87,268 — — 87,268 Trading assets, at fair value: Currency forwards 500,553 (493,237) 7,316 — — 7,316 Options 5,200 — 5,200 — (3,889) 1,311 Total $ 2,117,694 $ (493,237) $ 1,624,457 $ (1,485,087) $ (9,027) $ 130,343 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 Instrument Collateral Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 1,060,432 $ — $ 1,060,432 $ (1,027,062) $ (9,100) $ 24,270 Securities sold under agreements to repurchase 627,549 — 627,549 (627,388) — 161 Trading liabilities, at fair value: Currency forwards 497,799 (497,799) — — — — Options 3,889 — 3,889 — (3,889) — Total $ 2,189,669 $ (497,799) $ 1,691,870 $ (1,654,450) $ (12,989) $ 24,431
Summary of netting of certain financial liabilities	The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of September 30, 2023 and December 31, 2022: September 30, 2023 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 $ 1,524,177 $ — $ 1,524,177 $ (1,471,459) $ (11,907) $ 40,811 Securities purchased under agreements to resell 3,127,072 — 3,127,072 (3,127,072) — — Receivables from broker-dealers and clearing organizations: Interest rate swaps 71,662 — 71,662 — — 71,662 Trading assets, at fair value: Currency forwards 361,076 (357,664) 3,412 — — 3,412 Options 6,955 — 6,955 — (4,285) 2,670 Total $ 5,090,942 $ (357,664) $ 4,733,278 $ (4,598,531) $ (16,192) $ 118,555 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 $ 1,459,980 $ — $ 1,459,980 $ (1,423,820) $ (15,163) $ 20,997 Securities sold under agreements to repurchase 3,376,948 — 3,376,948 (3,376,948) — — Trading liabilities, at fair value: Currency forwards 361,910 (361,910) — — — — Options 4,328 — 4,328 — (4,285) 43 Total $ 5,203,166 $ (361,910) $ 4,841,256 $ (4,800,768) $ (19,448) $ 21,040 December 31, 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 $ 1,187,674 $ — $ 1,187,674 $ (1,148,238) $ (5,138) $ 34,298 Securities purchased under agreements to resell 336,999 — 336,999 (336,849) — 150 Receivables from broker-dealers and clearing organizations Interest rate swaps 87,268 — 87,268 — — 87,268 Trading assets, at fair value: Currency forwards 500,553 (493,237) 7,316 — — 7,316 Options 5,200 — 5,200 — (3,889) 1,311 Total $ 2,117,694 $ (493,237) $ 1,624,457 $ (1,485,087) $ (9,027) $ 130,343 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 Instrument Collateral Counterparty Netting/ Cash Collateral Net Amount Offsetting of Financial Liabilities: Securities loaned $ 1,060,432 $ — $ 1,060,432 $ (1,027,062) $ (9,100) $ 24,270 Securities sold under agreements to repurchase 627,549 — 627,549 (627,388) — 161 Trading liabilities, at fair value: Currency forwards 497,799 (497,799) — — — — Options 3,889 — 3,889 — (3,889) — Total $ 2,189,669 $ (497,799) $ 1,691,870 $ (1,654,450) $ (12,989) $ 24,431
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 as of September 30, 2023 and December 31, 2022: September 30, 2023 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 $ 185,000 $ 75,000 $ — $ 400,000 U.S. and Non-U.S. government obligations 2,976,948 — — — — 2,976,948 Total $ 2,976,948 $ 140,000 $ 185,000 $ 75,000 $ — $ 3,376,948 Securities loaned: Equity securities $ 1,459,980 $ — $ — $ — $ — $ 1,459,980 Total $ 1,459,980 $ — $ — $ — $ — $ 1,459,980 December 31, 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 $ — $ 250,000 $ 100,000 $ 50,000 $ — $ 400,000 U.S. and Non-U.S. government obligations 227,549 — — — — 227,549 Total $ 227,549 $ 250,000 $ 100,000 $ 50,000 $ — $ 627,549 Securities loaned: Equity securities 1,060,432 — — — — 1,060,432 Total $ 1,060,432 $ — $ — $ — $ — $ 1,060,432

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
Derivative Instruments (Tables)	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value of derivative instruments on a gross basis	The fair value of the Company’s derivative instruments on a gross basis consisted of the following at September 30, 2023 and December 31, 2022: (in thousands) September 30, 2023 December 31, 2022 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 $ 1,003 $ 1,876,199 $ (575) $ 663,110 Commodity futures Receivables from broker-dealers and clearing organizations 28,188 6,796,487 (31,007) 7,597,057 Currency futures Receivables from broker-dealers and clearing organizations 1,751 6,723,854 (24,023) 7,460,531 Fixed income futures Receivables from broker-dealers and clearing organizations (9) 11,659 (360) 30,292 Options Financial instruments owned 6,955 1,041,790 5,200 691,737 Currency forwards Financial instruments owned 361,076 35,857,456 500,553 30,286,330 Derivative instruments designated as hedging instruments: Interest rate swap Receivables from broker-dealers and clearing organizations 71,662 1,525,000 87,268 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 $ (102) $ 98,233 $ 1,819 $ 3,238,651 Commodity futures Payables to broker-dealers and clearing organizations 564 25,191 597 39,046 Currency futures Payables to broker-dealers and clearing organizations (180) 13,170 8 6,386 Fixed income futures Payables to broker-dealers and clearing organizations 220 111,852 (264) 123,043 Options Financial instruments sold, not yet purchased 4,328 1,007,927 3,889 742,531 Currency forwards Financial instruments sold, not yet purchased 361,910 35,857,874 497,799 30,284,952
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 nine months ended September 30, 2023 and 2022. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) Financial Statements Location 2023 2022 2023 2022 Derivative instruments not designated as hedging instruments: Futures Trading income, net $ 84,911 $ 9,760 $ 204,928 $ 205,561 Currency forwards Trading income, net (45,165) 21,276 (91,352) (14,478) Options Trading income, net 5,737 4,367 6,882 3,430 Interest rate swap on term loan Other, net (474) (474) (1,406) (1,406) $ 45,009 $ 34,929 $ 119,052 $ 193,107 Derivative instruments designated as hedging instruments: Interest rate swaps (1) Other comprehensive income $ (8,859) $ 35,852 $ (14,738) $ 108,427 $ (8,859) $ 35,852 $ (14,738) $ 108,427 (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)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of nonconsolidated VIE	The following table presents the Company’s nonconsolidated VIEs at September 30, 2023: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 57,561 $ — $ 57,561 $ 289,322 The following table presents the Company’s nonconsolidated VIEs at December 31, 2022: Carrying Amount Maximum Exposure to Loss VIEs' assets (in thousands) Asset Liability Equity investment $ 43,589 $ — $ 43,589 $ 239,682

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	9 Months Ended
Revenues from Contracts with Customers (Tables)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following tables present the Company’s revenue from contracts with customers disaggregated by service, and timing of revenue recognition, reconciled to the Company’s segments, for the three and nine months ended September 30, 2023, and 2022: Three Months Ended September 30, 2023 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 6,343 $ 73,121 $ — $ 79,464 Workflow technology — 21,526 — 21,526 Analytics — 9,286 — 9,286 Total revenue from contracts with customers 6,343 103,933 — 110,276 Other sources of revenue 511,008 8,520 360 519,888 Total revenues $ 517,351 $ 112,453 $ 360 $ 630,164 Timing of revenue recognition: Services transferred at a point in time $ 517,351 $ 94,152 $ 360 $ 611,863 Services transferred over time — 18,301 — 18,301 Total revenues $ 517,351 $ 112,453 $ 360 $ 630,164 Three Months Ended September 30, 2022 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 10,687 $ 78,506 $ — $ 89,193 Workflow technology — 21,968 — 21,968 Analytics — 9,825 — 9,825 Total revenue from contracts with customers 10,687 110,299 — 120,986 Other sources of revenue 437,199 9,300 (6,441) 440,058 Total revenues $ 447,886 $ 119,599 $ (6,441) $ 561,044 Timing of revenue recognition: Services transferred at a point in time $ 447,886 $ 101,621 $ (6,441) $ 543,066 Services transferred over time — 17,978 — 17,978 Total revenues $ 447,886 $ 119,599 $ (6,441) $ 561,044 Nine Months Ended September 30, 2023 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 22,677 $ 220,372 $ — $ 243,049 Workflow technology — 69,058 — 69,058 Analytics — 29,116 — 29,116 Total revenue from contracts with customers 22,677 318,546 — 341,223 Other sources of revenue 1,398,845 21,499 (4,171) 1,416,173 Total revenues $ 1,421,522 $ 340,045 $ (4,171) $ 1,757,396 Timing of revenue recognition: Services transferred at a point in time $ 1,421,522 $ 285,570 $ (4,171) $ 1,702,921 Services transferred over time — 54,475 — 54,475 Total revenues $ 1,421,522 $ 340,045 $ (4,171) $ 1,757,396 Nine Months Ended September 30, 2022 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers: Commissions, net $ 30,881 $ 277,693 $ — $ 308,574 Workflow technology — 73,238 — 73,238 Analytics — 30,169 30,169 Total revenue from contracts with customers 30,881 381,100 — 411,981 Other sources of revenue 1,396,163 21,240 37,660 1,455,063 Total revenues $ 1,427,044 $ 402,340 $ 37,660 $ 1,867,044 Timing of revenue recognition: Services transferred at a point in time $ 1,427,044 $ 347,934 $ 37,660 $ 1,812,638 Services transferred over time — 54,406 — 54,406 Total revenues $ 1,427,044 $ 402,340 $ 37,660 $ 1,867,044

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2023
Leases [Abstract]
Lease assets and liabilities	Lease assets and liabilities are summarized as follows: (in thousands) Financial Statement Location September 30, 2023 December 31, 2022 Operating leases Operating lease right-of-use assets Operating lease right-of-use assets $ 161,811 $ 187,442 Operating lease liabilities Operating lease liabilities 211,249 239,202 Finance leases Property and equipment, at cost Property, equipment, and capitalized software, net 30,612 27,908 Accumulated depreciation Property, equipment, and capitalized software, net (9,523) (12,736) Finance lease liabilities Accounts payable, accrued expenses, and other liabilities 21,505 15,323
Lease term, discount rate and components of lease expense	Weighted average remaining lease term and discount rate are as follows: September 30, 2023 December 31, 2022 Weighted average remaining lease term Operating leases 6.10 years 6.21 years Finance leases 3.3 years 2.84 years Weighted average discount rate Operating leases 5.54 % 5.43 % Finance leases 4.85 % 3.92 % The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Operating lease cost: Fixed $ 18,794 $ 18,183 $ 57,159 $ 54,677 Variable 1,430 1,251 4,486 4,495 Total Operating lease cost $ 20,224 $ 19,434 $ 61,645 $ 59,172 Sublease income 4,917 4,917 14,724 14,763 Finance lease cost: Amortization of ROU Asset $ 2,269 $ 1,855 $ 6,821 $ 5,748 Interest on lease liabilities 290 90 810 264 Total Finance lease cost $ 2,559 $ 1,945 $ 7,631 $ 6,012
Future minimum lease payments under operating leases	Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2023, are as follows: (in thousands) Operating Leases Finance Leases 2023 $ 18,088 $ 2,139 2024 46,565 8,385 2025 39,210 4,798 2026 35,292 4,020 2027 30,092 3,930 2028 and thereafter 82,494 490 Total lease payments $ 251,741 $ 23,762 Less imputed interest (40,492) (2,257) Total lease liability $ 211,249 $ 21,505
Future minimum lease payments under finance leases	Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2023, are as follows: (in thousands) Operating Leases Finance Leases 2023 $ 18,088 $ 2,139 2024 46,565 8,385 2025 39,210 4,798 2026 35,292 4,020 2027 30,092 3,930 2028 and thereafter 82,494 490 Total lease payments $ 251,741 $ 23,762 Less imputed interest (40,492) (2,257) Total lease liability $ 211,249 $ 21,505

Cash (Tables)

Cash (Tables)	9 Months Ended
Cash (Tables)	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Reconciliation of cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash as reported within the Condensed Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows. (in thousands) September 30, 2023 December 31, 2022 Cash and cash equivalents $ 688,790 $ 981,580 Cash restricted or segregated under regulations and other 37,565 56,662 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 726,355 $ 1,038,242
Restrictions on segregated cash	The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash as reported within the Condensed Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows. (in thousands) September 30, 2023 December 31, 2022 Cash and cash equivalents $ 688,790 $ 981,580 Cash restricted or segregated under regulations and other 37,565 56,662 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 726,355 $ 1,038,242

Capital Structure (Tables)

Capital Structure (Tables)	9 Months Ended
Capital Structure (Tables)	Sep. 30, 2023
Equity [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following table presents the changes in Other Comprehensive Income for the three and nine months ended September 30, 2023, and 2022: Three Months Ended September 30, 2023 (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) $ 41,970 $ 3,733 $ (8,199) $ 37,504 Foreign exchange translation adjustment (10,838) (2,339) — (13,177) Total $ 31,132 $ 1,394 $ (8,199) $ 24,327 (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income. As of September 30, 2023, the Company expects approximately $32.8 million to be reclassified from AOCI into earnings over the next 12 months. The timing of the reclassification is based on the interest payment schedule of the long-term borrowings. Three Months Ended September 30, 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) $ 27,486 $ 19,579 $ (1,066) $ 45,999 Foreign exchange translation adjustment (13,660) (11,161) — (24,821) Total $ 13,826 $ 8,418 $ (1,066) $ 21,178 (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. Nine Months Ended September 30, 2023 (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) $ 44,925 $ 14,635 $ (22,056) $ 37,504 Foreign exchange translation adjustment (13,321) 144 — (13,177) Total $ 31,604 $ 14,779 $ (22,056) $ 24,327 (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. As of September 30, 2023, the Company expects approximately $32.8 million to be reclassified from AOCI into earnings over the next 12 months. The timing of the reclassification is based on the interest payment schedule of the long-term borrowings. Nine Months Ended September 30, 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) $ 52,442 $ 4,038 $ 45,999 Foreign exchange translation adjustment 285 (25,106) — (24,821) Total $ (10,196) $ 27,336 $ 4,038 $ 21,178 (1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income.

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
Share-based Compensation (Tables)	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock options activity	The following table summarizes activity related to stock options for the nine months ended September 30, 2023 and 2022: 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, 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 September 30, 2022 1,521,776 $ 19.00 2.49 1,521,776 $ 19.00 At December 31, 2022 1,521,776 $ 19.00 2.24 1,521,776 $ 19.00 Granted — — — — — Exercised — — — — — Forfeited or expired (10,000) — — (10,000) — At September 30, 2023 1,511,776 $ 19.00 1.49 1,511,776 $ 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 nine months ended September 30, 2023, and 2022: Number of RSUs and RSAs Weighted At December 31, 2021 3,224,447 $ 24.30 Granted 3,027,148 29.88 Forfeited (363,744) 25.60 Vested (1,800,922) 25.14 At September 30, 2022 4,086,929 $ 27.94 At December 31, 2022 3,954,833 $ 28.13 Granted (1) 3,763,217 19.28 Forfeited (184,381) 26.55 Vested (2,558,333) 23.63 At September 30, 2023 4,975,336 $ 23.81 (1) Excluded in the number of RSUs and RSAs are 37,500 participating RSAs where the grant date has not been achieved because the performance conditions have not been met.

Regulatory Requirement (Tables)

Regulatory Requirement (Tables)	9 Months Ended
Regulatory Requirement (Tables)	Sep. 30, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Schedule of regulatory capital and regulatory capital requirements	The regulatory capital and regulatory capital requirements of the Company's U.S. subsidiaries as of September 30, 2023 was as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 457,258 $ 1,641 $ 455,617 RFQ-Hub Americas LLC 1,858 5 1,853 (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Virtu Americas LLC $ 554,550 $ 1,000 $ 553,550 The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of September 30, 2023 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu Canada Corp $ 12,209 $ 184 $ 12,025 Virtu Financial Canada ULC 2,677 184 2,493 Ireland Virtu Europe Trading Limited (1) 84,246 26,981 57,265 Virtu Financial Ireland Limited (1) 84,972 28,795 56,177 United Kingdom Virtu ITG UK Limited (1) 3,419 915 2,504 Asia Pacific Virtu ITG Australia Limited 22,855 10,760 12,095 Virtu ITG Hong Kong Limited 3,190 460 2,730 Virtu ITG Singapore Pte Limited 677 96 581 Virtu Financial Singapore Pte. Ltd. 128,827 64,385 64,442 (1) Preliminary The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2022 were as follows: (in thousands) Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Canada Virtu ITG Canada Corp $ 14,248 $ 184 $ 14,064 Virtu Financial Canada ULC 2,663 184 2,479 Ireland Virtu Europe Trading Limited 78,834 28,502 50,332 Virtu Financial Ireland Limited 89,853 39,768 50,085 United Kingdom Virtu ITG UK Limited 1,405 906 499 Asia Pacific Virtu ITG Australia Limited 30,027 3,115 26,912 Virtu ITG Hong Kong Limited 1,683 497 1,186 Virtu ITG Singapore Pte Limited 1,147 91 1,056 Virtu Financial Singapore Pte. Ltd. 121,166 46,025 75,141

Geographic Information and Bu_2

Geographic Information and Business Segments (Tables)	9 Months Ended
Geographic Information and Business Segments (Tables)	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of total revenues by geographic area	The following table presents total revenues by geographic area for the three and nine months ended September 30, 2023, and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Revenues: United States $ 537,574 $ 469,023 $ 1,475,541 $ 1,504,216 Ireland 52,181 43,711 153,633 179,741 Singapore 22,950 28,901 77,247 106,221 Canada 8,785 12,551 25,283 51,262 Australia 8,049 6,324 21,904 22,592 Others 625 534 3,788 3,012 Total revenues $ 630,164 $ 561,044 $ 1,757,396 $ 1,867,044
Schedule of revenues, income (loss) before income taxes (“Pre-tax earnings”) and total assets by segment	The Company’s total revenues and income before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the three months ended September 30, 2023, and 2022 are summarized in the following table: (in thousands) Market Execution Corporate Consolidated 2023: Total revenue $ 517,351 $ 112,453 $ 360 $ 630,164 Income before income taxes and noncontrolling interest 130,252 7,814 39 138,105 2022: Total revenue 447,886 119,599 (6,441) 561,044 Income (loss) before income taxes and noncontrolling interest 99,276 8,993 (6,663) 101,606 The Company's Pre-tax earnings by segment for the nine months ended September 30, 2023, and 2022 are summarized in the following table: (in thousands) Market Making Execution Services Corporate Consolidated Total 2023 Total revenue $ 1,421,522 $ 340,045 $ (4,171) $ 1,757,396 Income before income taxes and noncontrolling interest 298,104 16,711 (6,478) 308,337 2022 Total revenue 1,427,044 402,340 37,660 1,867,044 Income before income taxes and noncontrolling interest 448,943 32,005 36,155 517,103

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) instrument in Thousands	9 Months Ended
	Sep. 30, 2023 segment acquisition country venue instrument
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	58.40%

Earnings per Share - Reconcilia

Earnings per Share - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Income before income taxes and noncontrolling interest	$ 138,105			$ 101,606			$ 308,337	$ 517,103
Provision for income taxes	20,512			21,732			51,117	88,405
Net income	117,593	$ 29,544	$ 110,083	79,874	$ 148,896	$ 199,925	257,220	428,698
Noncontrolling interest	(55,678)			(39,867)			(120,722)	(191,264)
Net income available for common stockholders	$ 61,915			$ 40,007			$ 136,498	$ 237,434

Earnings per Share - Basic (Det

Earnings per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic earnings per share:
Net income available for common stockholders	$ 61,915	$ 40,007	$ 136,498	$ 237,434
Less: Dividends and undistributed earnings allocated to participating securities	(3,111)	(1,562)	(6,964)	(8,726)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 58,804	$ 38,445	$ 129,534	$ 228,708
Weighted average shares of common stock outstanding:
Class A (in shares)	93,408,537	102,289,172	95,376,590	105,500,700
Basic earnings per share (in dollars per share)	$ 0.63	$ 0.38	$ 1.36	$ 2.17
Class A
Weighted average shares of common stock outstanding:
Class A (in shares)	93,408,537	102,289,172	95,376,590	105,500,700

Earnings per Share - Diluted (D

Earnings per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 58,804	$ 38,445	$ 129,534	$ 228,708
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	93,408,537	102,289,172	95,376,590	105,500,700
Weighted average shares of common stock outstanding (in shares)	93,408,537	102,550,852	95,376,590	106,004,393
Diluted earnings per share (in dollars per share)	$ 0.63	$ 0.37	$ 1.36	$ 2.16
Options
Weighted average shares of common stock outstanding:
Dilutive impact excluded from computation of earnings per share (in shares)	68,988		34,622
Class A
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	93,408,537	102,289,172	95,376,590	105,500,700
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan (in shares)	0	261,680	0	503,693
Weighted average shares of common stock outstanding (in shares)	93,408,537	102,550,852	95,376,590	106,004,393

Tax Receivable Agreements (Deta

Tax Receivable Agreements (Details) - USD ($)	1 Months Ended						9 Months Ended	12 Months Ended
Tax Receivable Agreements (Details) - USD ($)	Apr. 30, 2023	Mar. 31, 2022	Apr. 30, 2021	Mar. 31, 2020	Sep. 30, 2018	Feb. 28, 2017	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
First payment made	$ 23,300,000	$ 21,300,000	$ 16,500,000	$ 13,300,000	$ 12,400,000	$ 7,000,000
Minimum tax receivable agreement obligation over the agreed period							$ 36,400
Maximum tax receivable agreement obligation over the agreed period							$ 22,000,000
Period over which the obligations are to be settled							15 years	15 years
Deferred tax assets								$ 162,100,000
Tax receivable agreement obligations							$ 215,483,000	$ 238,758,000
SBI bonds \| VFH
Debt Instrument [Line Items]
Deferred tax assets							$ 146,500,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details)	3 Months Ended		9 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 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	273,473,000		273,473,000		$ 321,480,000
Amortization expense relating to finite-lived intangible assets	$ 15,967,000	$ 16,060,000	$ 48,007,000	$ 48,817,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
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	Sep. 30, 2023	Dec. 31, 2022
Acquired Intangible Assets [Line Items]
Accumulated Amortization	$ (366,020)	$ (318,013)
Gross Carrying Amount	639,493	639,493
Net Carrying Amount	273,473	321,480
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	(225,868)	(189,986)
Net Carrying Amount	$ 260,732	$ 296,614
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	(129,667)	(118,119)
Net Carrying Amount	$ 6,333	$ 17,881
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	(4,985)	(4,408)
Net Carrying Amount	$ 910	$ 1,487
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)	(3,600)
Net Carrying Amount	$ 0	$ 0
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	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 15,953
2024	50,845
2025	47,879
2026	47,879
2027	47,879
2028	$ 47,879

Receivables from_Payables to _3

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Due from prime brokers	$ 1,089,555	$ 560,111
Deposits with clearing organizations	179,059	146,927
Net equity with futures commission merchants	157,973	137,312
Unsettled trades with clearing organizations	70,160	87,145
Securities failed to deliver	170,226	149,747
Commissions and fees	29,522	33,943
Total receivables from broker-dealers and clearing organizations	1,696,495	1,115,185
Liabilities
Due to prime brokers	378,909	229,424
Net equity with futures commission merchants	6,264	(32,381)
Unsettled trades with clearing organizations	35	38
Securities failed to receive	150,647	70,576
Commissions and fees	4,609	6,186
Total payables to broker-dealers and clearing organizations	540,464	273,843
Outstanding principal balance	$ 93,600	$ 212,900

Collateralized Transactions (De

Collateralized Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Securities received as collateral:
Securities borrowed	$ 1,471,459	$ 1,148,238
Securities purchased under agreements to resell	3,127,072	336,849
Securities received as collateral	4,598,531	1,485,087
Pledged
Securities received as collateral:
Financial instruments owned	1,397,700	963,071
Equities \| Pledged
Securities received as collateral:
Financial instruments owned	1,386,049	957,443
Exchange traded notes \| Pledged
Securities received as collateral:
Financial instruments owned	$ 11,651	$ 5,628

Borrowings - Short-term Borrowi

Borrowings - Short-term Borrowings, net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Deferred Debt Issuance Cost	$ (23,323)	$ (26,860)
Short-term bank loans
Short-term Debt [Line Items]
Borrowing Outstanding		3,944
Deferred Debt Issuance Cost		0
Short-term Borrowings, net		3,944
Loans Payable
Short-term Debt [Line Items]
Borrowing Outstanding	100,000	3,944
Deferred Debt Issuance Cost	(2,783)	0
Short-term Borrowings, net	97,217	3,944
Broker-dealer credit facilities
Short-term Debt [Line Items]
Borrowing Outstanding	100,000
Deferred Debt Issuance Cost	(2,783)	$ 0
Short-term Borrowings, net	$ 97,217

Borrowings - Broker-Dealer Cred

Borrowings - Broker-Dealer Credit Facilities (Details)		9 Months Ended
Borrowings - Broker-Dealer Credit Facilities (Details)	May 25, 2022 USD ($)	Sep. 30, 2023 USD ($) instrument base	Dec. 31, 2022 USD ($)	Mar. 20, 2020 USD ($)
Line of Credit Facility [Line Items]
Number of borrowing bases \| base		2
Outstanding principal amount		$ 1,805,432,000	$ 1,826,693,000
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		$ 100,000,000	0
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		$ 300,000,000
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
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		$ 100,000,000	$ 0
Founder Member Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 300,000,000

Borrowings - Broker-Dealer Cr_2

Borrowings - Broker-Dealer Credit Facilities Carrying Values, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Total principal of long-term borrowings	$ 1,805,432	$ 1,826,693
Deferred Debt Issuance Cost	(23,323)	(26,860)
Outstanding Borrowings, net	$ 1,778,743	$ 1,795,952
Uncommitted facility (1)
Line of Credit Facility [Line Items]
Interest Rate	6.50%	5.50%
Financing Available	$ 400,000	$ 400,000
Total principal of long-term borrowings	100,000	0
Deferred Debt Issuance Cost	(2,783)	0
Outstanding Borrowings, net	$ 97,217	0
Uncommitted facility (1) \| Receivables from broker-dealers and clearing organizations
Line of Credit Facility [Line Items]
Deferred Debt Issuance Cost		$ (200)
Committed facility
Line of Credit Facility [Line Items]
Interest Rate	6.75%	7.67%
Financing Available	$ 650,000	$ 650,000
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	8.81%	7.80%
Financing Available	$ 10,000	$ 10,000
Total principal of long-term borrowings	0	0
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	0	0
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Financing Available	1,060,000	1,060,000
Total principal of long-term borrowings	100,000	0
Deferred Debt Issuance Cost	(2,783)	0
Outstanding Borrowings, net	$ 97,217	$ 0

Borrowings - Interest Expense o

Borrowings - Interest Expense on Broker-Dealer Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Line of Credit Facility [Line Items]
Interest expense	$ 25,361	$ 23,483	$ 74,499	$ 66,905
Uncommitted facility (1)
Line of Credit Facility [Line Items]
Interest expense	1,829	1,476	5,377	2,769
Committed facility
Line of Credit Facility [Line Items]
Interest expense	23	0	23	38
Overdraft facility
Line of Credit Facility [Line Items]
Interest expense	62	13	272	13
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Interest expense	$ 1,914	$ 1,489	$ 5,672	$ 2,820

Borrowings - Short-Term Bank Lo

Borrowings - Short-Term Bank Loans (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Short-term bank loans	$ 0	$ 3,900,000
Weighted average interest rate		3.80%

Borrowings - Prime Brokerage Cr

Borrowings - Prime Brokerage Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Short-term Debt [Line Items]
Weighted Average Interest Rate					3.80%
Total principal of long-term borrowings	$ 1,805,432		$ 1,805,432		$ 1,826,693
Interest expense	$ 25,361	$ 23,483	$ 74,499	$ 66,905
Short-Term Credit Facilities
Short-term Debt [Line Items]
Weighted Average Interest Rate	8.09%		8.09%		7.42%
Financing Available	$ 591,000		$ 591,000		$ 591,000
Total principal of long-term borrowings	93,612		93,612		$ 212,912
Interest expense	$ 3,300	$ 2,600	$ 10,400	$ 5,900

Borrowings - Long-Term Borrowin

Borrowings - Long-Term Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding Principal	$ 1,805,432	$ 1,826,693
Discount	(3,366)	(3,881)
Deferred Debt Issuance Cost	(23,323)	(26,860)
Outstanding Borrowings, net	$ 1,778,743	$ 1,795,952
SBI bonds
Line of Credit Facility [Line Items]
Interest Rate	5%	5%
Outstanding Principal	$ 23,432	$ 26,693
Discount	0	0
Deferred Debt Issuance Cost	0	(2)
Outstanding Borrowings, net	$ 23,432	$ 26,691
Senior Secured Credit Facility \| Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest Rate	8.42%	7.42%
Outstanding Principal	$ 1,782,000	$ 1,800,000
Discount	(3,366)	(3,881)
Deferred Debt Issuance Cost	(23,323)	(26,858)
Outstanding Borrowings, net	$ 1,755,311	$ 1,769,261

Borrowings - Credit Agreement (

Borrowings - Credit Agreement (Details)			1 Months Ended		3 Months Ended		9 Months Ended
Borrowings - Credit Agreement (Details)	Jan. 13, 2023 USD ($)	Mar. 02, 2020	Jan. 31, 2020 USD ($) swap	Oct. 31, 2019 USD ($)	Mar. 31, 2020 USD ($) instrument	Dec. 31, 2019 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 31, 2022	Jan. 13, 2022 USD ($)	Apr. 30, 2021
Debt Instrument [Line Items]
Commitment fee (as a percent)							0.50%
Outstanding principal amount							$ 1,805,432,000	$ 1,826,693,000
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				$ 525,000,000	$ 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%		4.60%
Committed facility
Debt Instrument [Line Items]
Outstanding principal amount							$ 0	$ 0
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 \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							2.50%
Committed facility \| SOFR \| Scenario 2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							0%
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%
Repayments of term loan	$ 18,000,000
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 \| Committed facility
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 250,000,000
VFH \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity										20,000,000
VFH \| Swingline Subfacility
Debt Instrument [Line Items]
Maximum borrowing capacity										20,000,000
Term Loan \| Scenario 1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							1.50%
Term Loan \| Scenario 2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							2%
Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							3%
Term Loan \| SOFR \| Scenario 1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)							0.50%
Term Loan \| First Lien Term Loan Facility
Debt Instrument [Line Items]
Outstanding principal amount							$ 1,782,000,000
Term Loan \| First Lien Term Loan Facility \| VFH
Debt Instrument [Line Items]
Aggregate principal amount				$ 525,000,000
Term Loan \| First Lien Term Loan Facility \| VFH \| 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		9 Months Ended
Borrowings - SBI Bonds (Details)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 JPY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 JPY (¥)	Jul. 25, 2016 USD ($)	Jul. 25, 2016 JPY (¥)
Debt Instrument [Line Items]
Outstanding principal amount	$ 1,805,432,000		$ 1,805,432,000			$ 1,826,693,000
SBI bonds
Debt Instrument [Line Items]
Outstanding principal amount	23,432,000		23,432,000			26,693,000
VFH \| SBI bonds \| SBI Bonds
Debt Instrument [Line Items]
Face amount								$ 33,100,000	¥ 3,500,000,000
Outstanding principal amount	23,400,000		23,400,000		¥ 3,500,000,000	$ 26,700,000	¥ 3,500,000,000
Gain (loss) on due to change in currency rates	$ 800,000	$ 1,600,000	$ 3,300,000	$ 6,500,000

Borrowings - Future Minimum Pri

Borrowings - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Remainder of 2023	$ 0
2024	18,000
2025	18,000
2026	41,432
2027	18,000
2028	18,000
Thereafter	1,692,000
Total principal of long-term borrowings	$ 1,805,432	$ 1,826,693

Financial Assets and Liabilit_3

Financial Assets and Liabilities - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Assets
Other Assets	$ 74,911	$ 78,965
Receivables from broker-dealers and clearing organizations	1,696,495	1,115,185
Liabilities
Financial instruments sold, not yet purchased, at fair value	7,941,472	4,196,974
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting	(361,910)	(497,799)
Interest rate swap
Assets
Receivables from broker-dealers and clearing organizations	71,662	87,268
Not Pledged
Assets
Financial instruments owned, at fair value	6,889,825	3,667,481
Financial instruments owned, at fair value, counterparty and cash collateral netting	(357,664)	(493,237)
Pledged
Assets
Financial instruments owned, at fair value	1,397,700	963,071
Equity securities
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,788,856	2,163,594
Equity securities \| Not Pledged
Assets
Financial instruments owned, at fair value	2,481,438	2,006,603
Equity securities \| Pledged
Assets
Financial instruments owned, at fair value	1,386,049	957,443
U.S. and Non-U.S. government obligations
Liabilities
Financial instruments sold, not yet purchased, at fair value	3,860,127	837,898
U.S. and Non-U.S. government obligations \| Not Pledged
Assets
Financial instruments owned, at fair value	3,054,911	827,654
Corporate Bonds
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,231,572	1,183,394
Corporate Bonds \| Not Pledged
Assets
Financial instruments owned, at fair value	1,332,802	803,880
Exchange traded notes
Liabilities
Financial instruments sold, not yet purchased, at fair value	56,589	8,199
Exchange traded notes \| Not Pledged
Assets
Financial instruments owned, at fair value	10,307	16,828
Exchange traded notes \| Pledged
Assets
Financial instruments owned, at fair value	11,651	5,628
Equity investment
Assets
Other Assets	72,399	76,613
Exchange stock
Assets
Other Assets	2,512	2,352
Currency forwards
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting	(361,910)	(497,799)
Currency forwards \| Not Pledged
Assets
Financial instruments owned, at fair value	3,412	7,316
Financial instruments owned, at fair value, counterparty and cash collateral netting	(357,664)	(493,237)
Options
Liabilities
Financial instruments sold, not yet purchased, at fair value	4,328	3,889
Options \| Not Pledged
Assets
Financial instruments owned, at fair value	6,955	5,200
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other Assets	2,512	2,352
Receivables from broker-dealers and clearing organizations	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,804,690	1,298,008
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Interest rate swap
Assets
Receivables from broker-dealers and clearing organizations	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Not Pledged
Assets
Financial instruments owned, at fair value	1,084,518	718,446
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pledged
Assets
Financial instruments owned, at fair value	804,162	552,647
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,526,139	1,146,701
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities \| Not Pledged
Assets
Financial instruments owned, at fair value	780,542	461,487
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities \| Pledged
Assets
Financial instruments owned, at fair value	803,883	552,641
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	274,223	147,418
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	297,010	251,708
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	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange traded notes \| Not Pledged
Assets
Financial instruments owned, at fair value	11	51
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange traded notes \| Pledged
Assets
Financial instruments owned, at fair value	279	6
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	2,512	2,352
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	4,328	3,889
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Options \| Not Pledged
Assets
Financial instruments owned, at fair value	6,955	5,200
Significant Other Observable Inputs (Level 2)
Assets
Other Assets	0	0
Receivables from broker-dealers and clearing organizations	1,624,833	1,027,917
Liabilities
Financial instruments sold, not yet purchased, at fair value	6,498,692	3,396,765
Significant Other Observable Inputs (Level 2) \| Interest rate swap
Assets
Receivables from broker-dealers and clearing organizations	71,662	87,268
Significant Other Observable Inputs (Level 2) \| Not Pledged
Assets
Financial instruments owned, at fair value	6,162,971	3,442,272
Significant Other Observable Inputs (Level 2) \| Pledged
Assets
Financial instruments owned, at fair value	593,538	410,424
Significant Other Observable Inputs (Level 2) \| Equity securities
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,262,717	1,016,893
Significant Other Observable Inputs (Level 2) \| Equity securities \| Not Pledged
Assets
Financial instruments owned, at fair value	1,700,896	1,545,116
Significant Other Observable Inputs (Level 2) \| Equity securities \| Pledged
Assets
Financial instruments owned, at fair value	582,166	404,802
Significant Other Observable Inputs (Level 2) \| U.S. and Non-U.S. government obligations
Liabilities
Financial instruments sold, not yet purchased, at fair value	3,585,904	690,480
Significant Other Observable Inputs (Level 2) \| U.S. and Non-U.S. government obligations \| Not Pledged
Assets
Financial instruments owned, at fair value	2,757,901	575,946
Significant Other Observable Inputs (Level 2) \| Corporate Bonds
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,231,572	1,183,394
Significant Other Observable Inputs (Level 2) \| Corporate Bonds \| Not Pledged
Assets
Financial instruments owned, at fair value	1,332,802	803,880
Significant Other Observable Inputs (Level 2) \| Exchange traded notes
Liabilities
Financial instruments sold, not yet purchased, at fair value	56,589	8,199
Significant Other Observable Inputs (Level 2) \| Exchange traded notes \| Not Pledged
Assets
Financial instruments owned, at fair value	10,296	16,777
Significant Other Observable Inputs (Level 2) \| Exchange traded notes \| Pledged
Assets
Financial instruments owned, at fair value	11,372	5,622
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	361,910	497,799
Significant Other Observable Inputs (Level 2) \| Currency forwards \| Not Pledged
Assets
Financial instruments owned, at fair value	361,076	500,553
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	72,399	76,613
Receivables from broker-dealers and clearing organizations	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Interest rate swap
Assets
Receivables from broker-dealers and clearing organizations	0	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	72,399	76,613
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
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
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	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 72,399	$ 76,613
Minimum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.037	(0.057)
Minimum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.163	0.155
Minimum \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00086	(0.00012)
Maximum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.064	0.050
Maximum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.163	0.155
Maximum \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00176	0.00181
Weighted Average \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.041	0.031
Weighted Average \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.163	0.155
Weighted Average \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00118	0.00122

Financial Assets and Liabilit_5

Financial Assets and Liabilities - Level 3 financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Other, net
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Other, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 71,059	$ 77,562	$ 76,613	$ 81,358
Purchases	0	0	0	0
Total Realized and Unrealized Gains / (Losses)	1,340	(5,937)	(4,214)	(9,733)
Net Transfers into (out of) Level 3	0	0	0	0
Settlement	0	0	0	0
Ending balance	72,399	71,625	72,399	71,625
Change in Net Unrealized Gains / (Losses) on Investments still held at End of Period	1,340	(5,937)	(4,214)	(9,733)
Equity investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	71,059	77,562	76,613	81,358
Purchases	0	0	0	0
Total Realized and Unrealized Gains / (Losses)	1,340	(5,937)	(4,214)	(9,733)
Net Transfers into (out of) Level 3	0	0	0	0
Settlement	0	0	0	0
Ending balance	72,399	71,625	72,399	71,625
Change in Net Unrealized Gains / (Losses) on Investments still held at End of Period	$ 1,340	$ (5,937)	$ (4,214)	$ (9,733)

Financial Assets and Liabilit_6

Financial Assets and Liabilities - Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash restricted or segregated under regulations and other	$ 37,565	$ 56,662
Receivables from broker-dealers and clearing organizations	1,696,495	1,115,185
Receivables from customers	148,445	80,830
Other assets	299,664	303,916
Liabilities
Payables to broker-dealers and clearing organizations	540,464	273,843
Payables to customers	74,374	46,525
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and cash equivalents	688,790	981,580
Cash restricted or segregated under regulations and other	37,565	56,662
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	10,707	0
Total Assets	737,062	1,038,242
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
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	1,524,177	1,187,674
Securities purchased under agreements to resell	3,127,072	336,999
Receivables from broker-dealers and clearing organizations	1,624,833	1,027,917
Receivables from customers	148,445	80,830
Other assets	19,739	30,579
Total Assets	6,444,266	2,663,999
Liabilities
Short-term borrowings	100,000	3,944
Long-term borrowings	1,796,522	1,783,943
Securities loaned	1,459,980	1,060,432
Securities sold under agreements to repurchase	3,376,948	627,549
Payables to broker-dealers and clearing organizations	540,464	273,843
Payables to customers	74,374	46,525
Other liabilities	21,910	23,776
Total Liabilities	7,370,198	3,820,012
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	688,790	981,580
Cash restricted or segregated under regulations and other	37,565	56,662
Securities borrowed	1,524,177	1,187,674
Securities purchased under agreements to resell	3,127,072	336,999
Receivables from broker-dealers and clearing organizations	1,624,833	1,027,917
Receivables from customers	148,445	80,830
Other assets	30,446	30,579
Total Assets	7,181,328	3,702,241
Liabilities
Short-term borrowings	97,217	3,944
Long-term borrowings	1,778,743	1,795,952
Securities loaned	1,459,980	1,060,432
Securities sold under agreements to repurchase	3,376,948	627,549
Payables to broker-dealers and clearing organizations	540,464	273,843
Payables to customers	74,374	46,525
Other liabilities	21,910	23,776
Total Liabilities	7,349,636	3,832,021
Fair Value
Assets
Cash and cash equivalents	688,790	981,580
Cash restricted or segregated under regulations and other	37,565	56,662
Securities borrowed	1,524,177	1,187,674
Securities purchased under agreements to resell	3,127,072	336,999
Receivables from broker-dealers and clearing organizations	1,624,833	1,027,917
Receivables from customers	148,445	80,830
Other assets	30,446	30,579
Total Assets	7,181,328	3,702,241
Liabilities
Short-term borrowings	100,000	3,944
Long-term borrowings	1,796,522	1,783,943
Securities loaned	1,459,980	1,060,432
Securities sold under agreements to repurchase	3,376,948	627,549
Payables to broker-dealers and clearing organizations	540,464	273,843
Payables to customers	74,374	46,525
Other liabilities	21,910	23,776
Total Liabilities	$ 7,370,198	$ 3,820,012

Financial Assets and Liabilit_7

Financial Assets and Liabilities - Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Securities borrowed
Gross Amounts of Recognized Assets	$ 1,524,177	$ 1,187,674
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	1,524,177	1,187,674
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,471,459)	(1,148,238)
Counterparty Netting/ Cash Collateral	(11,907)	(5,138)
Net Amount	40,811	34,298
Securities purchased under agreements to resell
Gross Amounts of Recognized Assets	3,127,072	336,999
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	3,127,072	336,999
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(3,127,072)	(336,849)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	150
Total
Gross Amounts of Recognized Assets	5,090,942	2,117,694
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(357,664)	(493,237)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	4,733,278	1,624,457
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(4,598,531)	(1,485,087)
Counterparty Netting/ Cash Collateral	(16,192)	(9,027)
Net Amount	118,555	130,343
Currency forwards
Trading assets, at fair value:
Gross Amounts of Recognized Assets	361,076	500,553
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(357,664)	(493,237)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	3,412	7,316
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	3,412	7,316
Options
Trading assets, at fair value:
Gross Amounts of Recognized Assets	6,955	5,200
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	6,955	5,200
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	(4,285)	(3,889)
Net Amount	2,670	1,311
Interest rate swap
Trading assets, at fair value:
Gross Amounts of Recognized Assets	71,662	87,268
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	71,662	87,268
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	$ 71,662	$ 87,268

Financial Assets and Liabilit_8

Financial Assets and Liabilities - Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Securities loaned
Gross Amounts of Recognized Liabilities	$ 1,459,980	$ 1,060,432
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,459,980	1,060,432
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(1,423,820)	(1,027,062)
Counterparty Netting/ Cash Collateral	(15,163)	(9,100)
Net Amount	20,997	24,270
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities	3,376,948	627,549
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	3,376,948	627,549
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(3,376,948)	(627,388)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	161
Total
Gross Amounts of Recognized Liabilities	5,203,166	2,189,669
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(361,910)	(497,799)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	4,841,256	1,691,870
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(4,800,768)	(1,654,450)
Counterparty Netting/ Cash Collateral	(19,448)	(12,989)
Net Amount	21,040	24,431
Currency forwards
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	361,910	497,799
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(361,910)	(497,799)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	0	0
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	0
Options
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	4,328	3,889
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	4,328	3,889
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	(4,285)	(3,889)
Net Amount	$ 43	$ 0

Financial Assets and Liabilit_9

Financial Assets and Liabilities - Gross Obligations For Securities Lending Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 3,376,948	$ 627,549
Remaining contractual maturity for securities loaned	1,459,980	1,060,432
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	2,976,948	227,549
Remaining contractual maturity for securities loaned	1,459,980	1,060,432
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	250,000
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	185,000	100,000
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	75,000	50,000
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	0	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	1,459,980	1,060,432
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	1,459,980	1,060,432
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	250,000
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	185,000	100,000
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	75,000	50,000
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	0	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	2,976,948	227,549
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	2,976,948	227,549
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	$ 0

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Equities futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	$ 1,003	$ (575)
Notional	1,876,199	663,110
Equities futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(102)	1,819
Notional	98,233	3,238,651
Commodity futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	28,188	(31,007)
Notional	6,796,487	7,597,057
Commodity futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	564	597
Notional	25,191	39,046
Currency futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	1,751	(24,023)
Notional	6,723,854	7,460,531
Currency futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(180)	8
Notional	13,170	6,386
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(9)	(360)
Notional	11,659	30,292
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	220	(264)
Notional	111,852	123,043
Options
Derivatives Assets
Fair Value	6,955	5,200
Derivatives Liabilities
Fair Value	4,328	3,889
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives Assets
Fair Value	6,955	5,200
Notional	1,041,790	691,737
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	4,328	3,889
Notional	1,007,927	742,531
Currency forwards
Derivatives Assets
Fair Value	361,076	500,553
Derivatives Liabilities
Fair Value	361,910	497,799
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives Assets
Fair Value	361,076	500,553
Notional	35,857,456	30,286,330
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	361,910	497,799
Notional	35,857,874	30,284,952
Interest rate swap
Derivatives Assets
Fair Value	71,662	87,268
Interest rate swap \| Derivative instruments designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	71,662	87,268
Notional	$ 1,525,000	$ 1,525,000

Derivative Instruments - Gain (

Derivative Instruments - Gain (Loss) From Derivative Instruments (Details) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Oct. 31, 2019 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2020 USD ($) instrument	Dec. 31, 2019 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		$ 45,009	$ 34,929			$ 119,052	$ 193,107
Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income		(8,859)	35,852			(14,738)	108,427
Futures \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		84,911	9,760			204,928	205,561
Currency forwards \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		(45,165)	21,276			(91,352)	(14,478)
Options \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net		5,737	4,367			6,882	3,430
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract term	5 years			5 years	5 years
Derivative, notional amount	$ 525,000			$ 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		(474)	(474)			(1,406)	(1,406)
Interest rate swap \| Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income		$ (8,859)	$ 35,852			$ (14,738)	$ 108,427

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 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)	12.50%
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	13.50%
JV developing and operating cryptocurrency trading platform
Variable Interest Entity [Line Items]
Ownership interest	9.30%
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	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Asset	$ 17,618,428	$ 10,583,241
Liability	16,107,778	8,931,814
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Asset	57,561	43,589
Liability	0	0
Maximum Exposure to Loss	57,561	43,589
VIEs' assets	$ 289,322	$ 239,682

Revenues from Contracts with _3

Revenues from Contracts with Customers (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenues from Contracts with Customers (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 110,276,000	$ 120,986,000	$ 341,223,000	$ 411,981,000
Total revenue	630,164,000	561,044,000	1,757,396,000	1,867,044,000
Revenue related to performance obligation	52,700,000		52,700,000		$ 56,100,000
Impairment losses on receivables			0
Deferred revenue related to contracts with customers	8,800,000		8,800,000		$ 9,600,000
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	611,863,000	543,066,000	1,702,921,000	1,812,638,000
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	18,301,000	17,978,000	54,475,000	54,406,000
Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	79,464,000	89,193,000	243,049,000	308,574,000
Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	21,526,000	21,968,000	69,058,000	73,238,000
Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	9,286,000	9,825,000	29,116,000	30,169,000
Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	519,888,000	440,058,000	1,416,173,000	1,455,063,000
Operating Segments \| Market Making
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	6,343,000	10,687,000	22,677,000	30,881,000
Total revenue	517,351,000	447,886,000	1,421,522,000	1,427,044,000
Operating Segments \| Market Making \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	517,351,000	447,886,000	1,421,522,000	1,427,044,000
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	6,343,000	10,687,000	22,677,000	30,881,000
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	511,008,000	437,199,000	1,398,845,000	1,396,163,000
Operating Segments \| Execution Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	103,933,000	110,299,000	318,546,000	381,100,000
Total revenue	112,453,000	119,599,000	340,045,000	402,340,000
Operating Segments \| Execution Services \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	94,152,000	101,621,000	285,570,000	347,934,000
Operating Segments \| Execution Services \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	18,301,000	17,978,000	54,475,000	54,406,000
Operating Segments \| Execution Services \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	73,121,000	78,506,000	220,372,000	277,693,000
Operating Segments \| Execution Services \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	21,526,000	21,968,000	69,058,000	73,238,000
Operating Segments \| Execution Services \| Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	9,286,000	9,825,000	29,116,000	30,169,000
Operating Segments \| Execution Services \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	8,520,000	9,300,000	21,499,000	21,240,000
Corporate
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Total revenue	360,000	(6,441,000)	(4,171,000)	37,660,000
Corporate \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	360,000	(6,441,000)	(4,171,000)	37,660,000
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	$ 360,000	$ (6,441,000)	$ (4,171,000)	$ 37,660,000

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Provision for income taxes	$ 20,512,000	$ 21,732,000	$ 51,117,000	$ 88,405,000
Effective Income Tax Rate Reconciliation, Percent	14.90%	21.40%	16.60%	17.10%
Current income taxes receivable	$ 45,900,000		$ 45,900,000		$ 54,100,000
Current taxes payable	7,500,000		7,500,000		13,400,000
Deferred tax asset, state and local operating loss carryforward	400,000		400,000		400,000
Valuation allowance on deferred taxes	0		0		0
Unrecognized tax benefits that would impact effective tax rate	7,000,000		7,000,000
ITG
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	65,400,000		65,400,000		64,600,000
Deferred tax asset, non-U.S. operating loss carryforward	12,300,000		12,300,000		12,400,000
Valuation allowance on deferred taxes	12,300,000		12,300,000		12,400,000
KCG
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	239,300,000		239,300,000		239,300,000
Deferred tax asset, non-U.S. operating loss carryforward	$ 44,900,000		$ 44,900,000		$ 44,900,000

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating leases
Operating lease right-of-use assets	$ 161,811	$ 187,442
Operating lease liabilities	211,249	239,202
Finance leases
Property and equipment, at cost	30,612	27,908
Accumulated depreciation	$ (9,523)	$ (12,736)
Finance lease, liability, noncurrent, statement of financial position [extensible list]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Finance lease liabilities	$ 21,505	$ 15,323

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Sep. 30, 2023	Dec. 31, 2022
Weighted average remaining lease term
Operating leases	6 years 1 month 6 days	6 years 2 months 15 days
Finance leases	3 years 3 months 18 days	2 years 10 months 2 days
Weighted average discount rate
Operating leases	5.54%	5.43%
Finance leases	4.85%	3.92%

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating lease cost:
Fixed	$ 18,794	$ 18,183	$ 57,159	$ 54,677
Variable	1,430	1,251	4,486	4,495
Total Operating lease cost	20,224	19,434	61,645	59,172
Sublease income	4,917	4,917	14,724	14,763
Finance lease cost:
Amortization of ROU Asset	2,269	1,855	6,821	5,748
Interest on lease liabilities	290	90	810	264
Total Finance lease cost	$ 2,559	$ 1,945	$ 7,631	$ 6,012

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating Leases
2023	$ 18,088
2024	46,565
2025	39,210
2026	35,292
2027	30,092
2028 and thereafter	82,494
Total lease payments	251,741
Less imputed interest	(40,492)
Total lease liability	211,249	$ 239,202
Finance Leases
2023	2,139
2024	8,385
2025	4,798
2026	4,020
2027	3,930
2028 and thereafter	490
Total lease payments	23,762
Less imputed interest	(2,257)
Total lease liability	$ 21,505

Cash (Details)

Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 688,790	$ 981,580
Cash restricted or segregated under regulations and other	37,565	56,662
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 726,355	$ 1,038,242	$ 890,447	$ 1,120,953

Capital Structure - Additional

Capital Structure - Additional Information (Details)	9 Months Ended
Capital Structure - Additional Information (Details)	Sep. 30, 2023 class vote shares	Sep. 30, 2022 shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Number of classes of common stock \| class	4
Non-voting common interest units outstanding (in shares) \| shares	4,040,772		4,462,840
Number of non-voting common interest units forfeited or repurchased (in shares) \| shares	422,068	328,999
Virtu Financial
Class of Stock [Line Items]
Ownership interest	58.40%
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 \| Virtu Financial
Class of Stock [Line Items]
Ownership interest	86.20%

Capital Structure - Amended and

Capital Structure - Amended and Restated 2015 Management Incentive Plan (Details) - 2015 Management Incentive Plan - Class A - shares	Nov. 13, 2020	Jun. 02, 2022
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	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						32 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Nov. 03, 2021	May 04, 2021	Feb. 11, 2021	Nov. 06, 2020
Class of Stock [Line Items]
Stock repurchased during period, value	$ 3,596		$ 424		$ 52	$ 8,204
Treasury stock purchases	49,420	$ 41,744	$ 93,218	$ 81,419	$ 47,486	$ 305,565
Class A
Class of Stock [Line Items]
Share repurchase authorized amount								$ 1,220,000			$ 100,000
Additional authorized amount								$ 750,000	$ 300,000	$ 70,000
Stock repurchased during period, value							$ 41,200
Treasury stock purchases							$ 1,065,600
Stock repurchase program, remaining authorized repurchase amount	$ 154,400

Capital Structure - Employee Ex

Capital Structure - Employee Exchanges (Details) - VFH	9 Months Ended
Capital Structure - Employee Exchanges (Details) - VFH	Sep. 30, 2023 shares	Sep. 30, 2022 shares
Class of Stock [Line Items]
Common stock exchange ratio	1	1
Class A
Class of Stock [Line Items]
Issuance of common stock in connection with employee exchanges (in shares)	186,394	92,930

Capital Structure - Warrant Iss

Capital Structure - Warrant Issuance (Details) - Class A Common Stock Warrants - $ / shares	Mar. 20, 2020	Dec. 17, 2021
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

Capital Structure - Schedule of

Capital Structure - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,552,301	$ 1,740,408	$ 1,651,427	$ 1,863,618
Balance at end of period	1,510,650	1,672,908	1,510,650	1,672,908
AOCI reclassified into earnings over next 12 months	32,800		32,800
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	41,970	27,486	44,925	(10,481)
Amounts recorded in AOCI	3,733	19,579	14,635	52,442
Amounts reclassified from AOCI to income	(8,199)	(1,066)	(22,056)	4,038
Balance at end of period	37,504	45,999	37,504	45,999
Foreign exchange translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(10,838)	(13,660)	(13,321)	285
Amounts recorded in AOCI	(2,339)	(11,161)	144	(25,106)
Amounts reclassified from AOCI to income	0	0	0	0
Balance at end of period	(13,177)	(24,821)	(13,177)	(24,821)
AOCI attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	31,132	13,826	31,604	(10,196)
Amounts recorded in AOCI	1,394	8,418	14,779	27,336
Amounts reclassified from AOCI to income	(8,199)	(1,066)	(22,056)	4,038
Balance at end of period	$ 24,327	$ 21,178	$ 24,327	$ 21,178

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			868,315	580,710
Increase (decrease) in accrued employee compensation expense	$ 5.9	$ 8.9	$ 17.9	$ 24.4
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized	9.7	$ 9.2	29.8	$ 27.3
Unrecognized share-based compensation expense	$ 67.2		$ 67.2		$ 54.6
Weighted average period for compensation expense expected to be recognized			1 year 1 month 6 days	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

Share-based Compensation - Summ

Share-based Compensation - Summary of Activity in Options (Details) - 2015 Management Incentive Plan - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Number of Options
Outstanding at beginning of period (in shares)	1,521,776	1,795,655	1,795,655
Granted (in shares)	0	0
Exercised (in shares)	0	(268,879)
Forfeited or expired (in shares)	(10,000)	(5,000)
Outstanding at end of period (in shares)	1,511,776	1,521,776	1,521,776	1,795,655
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)	0	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	1 year 5 months 26 days	2 years 5 months 26 days	2 years 2 months 26 days	3 years 2 months 26 days
Number of Options
Beginning balance, options exercisable, number of options (in shares)	1,521,776	1,795,655	1,795,655
Options granted, number of options (in shares)	0	0
Options exercised, number of options exercised (in shares)	0	(268,879)
Options exercisable, number of options forfeited or expired (in shares)	(10,000)	(5,000)
Ending balance, options exercisable, number of options (in shares)	1,511,776	1,521,776	1,521,776	1,795,655
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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
RSUs and RSAs
Number of RSUs and RSAs
Outstanding at beginning of period (in shares)	3,954,833	3,224,447
Granted (in shares)	3,763,217	3,027,148
Forfeited (in shares)	(184,381)	(363,744)
Vested (in shares)	(2,558,333)	(1,800,922)
Outstanding at end of period (in shares)	4,975,336	4,086,929
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)	$ 28.13	$ 24.30
Granted (in dollars per share)	19.28	29.88
Forfeited (in dollars per share)	26.55	25.60
Vested (in dollars per share)	23.63	25.14
Outstanding at end of period (in dollars per share)	$ 23.81	$ 27.94
RSUs and RSAs, performance-based
Number of RSUs and RSAs
Granted (in shares)	37,500

Regulatory Requirement - Narrat

Regulatory Requirement - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
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
Required amount under exchange rules	1,000
Required amount under exchange rules for every 0.1% NYSE transaction dollar volume	$ 75
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	$ 31,300	$ 50,200
Cash in reserve bank accounts for the benefit of proprietary accounts of brokers	6,000	5,800
Virtu Europe Trading Limited
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Deposit funds for trade	100	100
Virtu ITG Hong Kong Limited
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Capital settlement	$ 30	30
Virtu ITG Canada Corp
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Deposit funds for trade		$ 400

Regulatory Requirement - Regula

Regulatory Requirement - Regulatory Capital and Capital Requirements (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Virtu Americas LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	$ 457,258	$ 554,550
Regulatory Capital Requirement	1,641	1,000
Excess Regulatory Capital	455,617	553,550
RFQ-Hub Americas LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,858
Regulatory Capital Requirement	5
Excess Regulatory Capital	1,853
Virtu Canada Corp \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	12,209
Regulatory Capital Requirement	184
Excess Regulatory Capital	12,025
Virtu ITG Canada Corp \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		14,248
Regulatory Capital Requirement		184
Excess Regulatory Capital		14,064
Virtu Financial Canada ULC \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	2,677	2,663
Regulatory Capital Requirement	184	184
Excess Regulatory Capital	2,493	2,479
Virtu Europe Trading Limited \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	84,246	78,834
Regulatory Capital Requirement	26,981	28,502
Excess Regulatory Capital	57,265	50,332
Virtu Financial Ireland Limited \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	84,972	89,853
Regulatory Capital Requirement	28,795	39,768
Excess Regulatory Capital	56,177	50,085
Virtu ITG UK Limited \| United Kingdom
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	3,419	1,405
Regulatory Capital Requirement	915	906
Excess Regulatory Capital	2,504	499
Virtu ITG Australia Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	22,855	30,027
Regulatory Capital Requirement	10,760	3,115
Excess Regulatory Capital	12,095	26,912
Virtu ITG Hong Kong Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	3,190	1,683
Regulatory Capital Requirement	460	497
Excess Regulatory Capital	2,730	1,186
Virtu ITG Singapore Pte Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	677	1,147
Regulatory Capital Requirement	96	91
Excess Regulatory Capital	581	1,056
Virtu Financial Singapore Pte. Ltd. \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	128,827	121,166
Regulatory Capital Requirement	64,385	46,025
Excess Regulatory Capital	$ 64,442	$ 75,141

Geographic Information and Bu_3

Geographic Information and Business Segments - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues from External Customers [Line Items]
Total revenue	$ 630,164	$ 561,044	$ 1,757,396	$ 1,867,044
United States
Revenues from External Customers [Line Items]
Total revenue	537,574	469,023	1,475,541	1,504,216
Ireland
Revenues from External Customers [Line Items]
Total revenue	52,181	43,711	153,633	179,741
Singapore
Revenues from External Customers [Line Items]
Total revenue	22,950	28,901	77,247	106,221
Canada
Revenues from External Customers [Line Items]
Total revenue	8,785	12,551	25,283	51,262
Australia
Revenues from External Customers [Line Items]
Total revenue	8,049	6,324	21,904	22,592
Others
Revenues from External Customers [Line Items]
Total revenue	$ 625	$ 534	$ 3,788	$ 3,012

Geographic Information and Bu_4

Geographic Information and Business Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 630,164	$ 561,044	$ 1,757,396	$ 1,867,044
Income before income taxes and noncontrolling interest	138,105	101,606	308,337	517,103
Operating Segments \| Market Making
Segment Reporting Information [Line Items]
Total revenue	517,351	447,886	1,421,522	1,427,044
Income before income taxes and noncontrolling interest	130,252	99,276	298,104	448,943
Operating Segments \| Execution Services
Segment Reporting Information [Line Items]
Total revenue	112,453	119,599	340,045	402,340
Income before income taxes and noncontrolling interest	7,814	8,993	16,711	32,005
Segment Reconciling Items \| Corporate
Segment Reporting Information [Line Items]
Total revenue	360	(6,441)	(4,171)	37,660
Income before income taxes and noncontrolling interest	$ 39	$ (6,663)	$ (6,478)	$ 36,155

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended			9 Months Ended
Related Party Transactions (Details) $ in Thousands	Sep. 30, 2023 USD ($) venture	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) venture	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Contributions from noncontrolling interests			$ 39,200
Noncontrolling Interest
Related Party Transaction [Line Items]
Contributions from noncontrolling interests		$ 39,200	$ 39,200
SBI
Related Party Transaction [Line Items]
Payments to related party	$ 2,400	3,200		$ 8,400	$ 10,700
Related Party
Related Party Transaction [Line Items]
Other liabilities	3,000			3,000
Receivables						$ 500
Regulatory and transaction fees	2,200	2,200		2,400	2,400
Rebates on trading activities	2,300	2,300		15,100	15,100
Related Party \| Microwave communication network JVs
Related Party Transaction [Line Items]
Payments to related party	$ 12,600	$ 10,500		$ 25,200	$ 21,400
Number of microwave communication network JVs the company makes payments to \| venture	2			2

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended
Subsequent Events (Details) - $ / shares	Nov. 02, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24
Class A \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24