Virtu Financial has announced the US launch of its outsourced trading business, Execution Concierge Service (ECS).
The firm says the new service combines the full scope of its execution services offering – multi-asset, broker-neutral technology platforms, trading tools and analytics, high-touch trading services and global client coverage – into one solution for the entire trade lifecycle.
“When outsourced trading or operational assistance is needed, a client should have the confidence it will be done right from start to finish. The acquisition of ITG strengthened our global product suite and put us in a unique position to extend to clients our operational leverage and trading acumen, particularly in products and regions where our clients do not currently participate,” says Douglas Cifu, Virtu Financial chief executive officer. “Virtu’s Execution Concierge Service offers clients a one-stop solution with a product for every step of the trading lifecycle, making ECS a complete, front-to-back workflow solution.”
Virtu will offer three levels of Execution Concierge Service, the full service in which the firm’s specialists act as the client’s trading arm to manage the trade throughout the entire lifecycle; the hybrid service which supplement clients’ in-house capabilities with those of Virtu; and an “on demand” service, in which Virtu offers clients coverage on an extended or ad hoc basis to support their trading staff during absences or high-volume periods
“Due to growing cost and revenue pressures, along with operational and regulatory challenges, we have seen managers increasingly turn to outsourced solutions in varying degrees,” says Virtu’s Jack Pollina, head of outsourced trading. “Virtu’s offering is designed to function as a seamless extension of a client’s trading desk. Virtu’s ECS provides US asset managers with experienced trading and settlement coverage in all major regions across the globe, and our brokerage and broker-neutral platform of tools and trade analytics, such as Triton EMS, TCA, CSA, FIX network, and research credit management, truly separate Virtu from the competition.”
Virtu says it will first offer ECS to US domiciled clients with plans to expand to other regions based on client demand.