0001592386-21-000012 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	May 07, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	One Liberty Plaza
Entity Address, Address Line Two	165 Broadway
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10006
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
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		119,548,903
Class C common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,135,182
Class D common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		60,091,740

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 899,041	$ 889,559
Cash restricted or segregated under regulations and other	122,792	117,446
Securities borrowed	1,384,134	1,425,016
Securities purchased under agreements to resell	36,071	22,866
Receivables from broker-dealers and clearing organizations	1,656,347	1,684,006
Trading assets, at fair value:
Financial instruments owned	2,976,372	2,369,192
Financial instruments owned and pledged	929,669	746,539
Receivables from customers	515,519	214,478
Property, equipment and capitalized software (net of accumulated depreciation of $463,514 and $455,961 as of March 31, 2021 and December 31, 2020, respectively)	109,697	113,590
Operating lease right-of-use assets	252,027	268,864
Goodwill	1,148,926	1,148,926
Intangibles (net of accumulated amortization of $201,571 and $183,494 as of March 31, 2021 and December 31, 2020, respectively)	436,422	454,499
Deferred tax assets	183,035	193,070
Other assets ($68,750 and $68,316, at fair value, as of March 31, 2021 and December 31, 2020, respectively)	240,579	317,747
Total assets	10,890,631	9,965,798
Liabilities
Short-term borrowings	240,444	64,686
Securities loaned	1,191,615	948,256
Securities sold under agreements to repurchase	410,164	461,235
Payables to broker-dealers and clearing organizations	1,079,808	876,446
Payables to customers	347,184	118,826
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	2,984,733	2,923,708
Tax receivable agreement obligations	271,165	271,165
Accounts payable, accrued expenses and other liabilities	386,328	491,818
Operating lease liabilities	298,890	315,340
Long-term borrowings	1,636,221	1,639,280
Total liabilities	8,846,552	8,110,760
Commitments and Contingencies (Note 13)
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 5,892,506 and 3,615,097 shares at March 31, 2021 and December 31, 2020, respectively	(152,282)	(88,923)
Additional paid-in capital	1,190,950	1,160,567
Retained earnings (accumulated deficit)	615,580	422,381
Accumulated other comprehensive income (loss)	(15,045)	(25,487)
Total Virtu Financial Inc. stockholders' equity	1,639,205	1,468,540
Noncontrolling interest	404,874	386,498
Total equity	2,044,079	1,855,038
Total liabilities and equity	10,890,631	9,965,798
Class A common stock
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	1	1
Class B common stock
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	0	0
Class C common stock
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	0	0
Class D common stock
Virtu Financial Inc. Stockholders' equity
Common stock (par value $0.00001)	$ 1	$ 1

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accumulated depreciation	$ 463,514	$ 455,961
Intangibles, accumulated amortization	201,571	183,494
Fair value of other assets	$ 68,750	$ 68,316
Treasury stock, shares (in shares)	5,892,506	3,615,097
Class A common stock
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)	127,154,019	125,627,277
Common stock, shares outstanding (in shares)	121,261,513	122,012,180
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)	10,135,182	10,226,939
Common stock, shares outstanding (in shares)	10,135,182	10,226,939
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 Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Trading income, net	$ 812,743	$ 802,466
Interest and dividends income	6,997	26,516
Commissions, net and technology services	191,649	170,744
Other, net	1,183	895
Total revenue	1,012,572	1,000,621
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	259,332	173,818
Communication and data processing	51,690	55,027
Employee compensation and payroll taxes	104,771	170,358
Interest and dividends expense	24,028	41,440
Operations and administrative	25,655	27,130
Depreciation and amortization	16,778	17,360
Amortization of purchased intangibles and acquired capitalized software	18,077	18,958
Termination of office leases	1,221	276
Debt issue cost related to debt refinancing, prepayment and commitment fees	1,755	4,171
Transaction advisory fees and expenses	(14)	188
Financing interest expense on long-term borrowings	19,492	25,670
Total operating expenses	522,785	534,396
Income before income taxes and noncontrolling interest	489,787	466,225
Provision for income taxes	80,555	77,987
Net income	409,232	388,238
Noncontrolling interest	(169,827)	(167,169)
Net income available for common stockholders	$ 239,405	$ 221,069
Earnings per share
Basic (in dollars per share)	$ 1.91	$ 1.80
Diluted (in dollars per share)	$ 1.89	$ 1.80
Weighted average common shares outstanding
Basic (in shares)	122,062,555	119,757,158
Diluted (in shares)	123,389,328	119,788,475
Net income	$ 409,232	$ 388,238
Other comprehensive income
Foreign exchange translation adjustment, net of taxes	(3,676)	(10,396)
Net change in unrealized cash flow hedges gain (loss), net of taxes	21,906	(55,602)
Comprehensive income	427,462	322,240
Less: Comprehensive income attributable to noncontrolling interest	(177,616)	(138,523)
Comprehensive income attributable to common stockholders	$ 249,846	$ 183,717

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Class A Common Stock	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)	Total Virtu Financial Inc. Stockholders' Equity	Non-Controlling Interest
Balance at beginning period (in shares) at Dec. 31, 2019			120,435,912	12,887,178	60,091,740	2,178,771
Balance at beginning of period at Dec. 31, 2019	$ 1,228,936		$ 1	$ 0	$ 1	$ (55,005)	$ 1,077,398	$ (90,374)	$ (647)	$ 931,374	$ 297,562
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)			1,854,961
Share based compensation	21,357						21,357			21,357
Treasury stock purchases (in shares)			(642,869)
Treasury stock purchases	(9,801)							(9,801)		(9,801)
Stock options exercised (in shares)			213,129
Stock options exercised	3,206						3,206			3,206
Warrants issued	11,486						11,486			11,486
Net income	388,238							221,069		221,069	167,169
Foreign exchange translation adjustment	(10,396)								(5,884)	(5,884)	(4,512)
Net change in unrealized cash flow hedges gains (losses)	(55,602)								(31,468)	(31,468)	(24,134)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Unit and Restricted Stock Award) and distributions from Virtu Financial to non-controlling interest	(48,767)							(29,602)		(29,602)	(19,165)
Issuance of common stock in connection with employee exchanges (in shares)			724,327
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)				(724,327)
Balance at end of period (in shares) at Mar. 31, 2020			122,585,460	12,162,851	60,091,740	2,178,771
Balance at end of period at Mar. 31, 2020	1,528,657		$ 1	$ 0	$ 1	$ (55,005)	1,113,447	91,292	(37,999)	1,111,737	416,920
Balance at beginning period (in shares) at Dec. 31, 2020			125,627,277	10,226,939	60,091,740	3,615,097
Balance at beginning of period at Dec. 31, 2020	1,855,038		$ 1	$ 0	$ 1	$ (88,923)	1,160,567	422,381	(25,487)	1,468,540	386,498
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)			1,896,407
Share based compensation	27,450						27,450			27,450
Treasury stock purchases (in shares)		(72,700,000)	(615,794)			(2,277,409)
Treasury stock purchases	(79,418)	$ (97,300)				$ (63,359)		(16,059)		(79,418)
Stock options exercised (in shares)			154,372
Stock options exercised	2,933						2,933			2,933
Net income	409,232							239,405		239,405	169,827
Foreign exchange translation adjustment	(3,676)								(2,165)	(2,165)	(1,511)
Net change in unrealized cash flow hedges gains (losses)	21,906								12,607	12,607	9,299
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Unit and Restricted Stock Award) and distributions from Virtu Financial to non-controlling interest	(189,386)							(30,147)		(30,147)	(159,239)
Issuance of common stock in connection with employee exchanges (in shares)			91,757
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)				(91,757)
Balance at end of period (in shares) at Mar. 31, 2021			127,154,019	10,135,182	60,091,740	5,892,506
Balance at end of period at Mar. 31, 2021	$ 2,044,079		$ 1	$ 0	$ 1	$ (152,282)	$ 1,190,950	$ 615,580	$ (15,045)	$ 1,639,205	$ 404,874

Condensed Consolidated Statements of Changes in Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2021 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.24

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 409,232	$ 388,238
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,778	17,360
Amortization of purchased intangibles and acquired capitalized software	18,077	18,958
Debt issue cost related to debt refinancing and prepayment	27	1,464
Amortization of debt issuance costs and deferred financing fees	1,855	3,493
Termination of office leases	1,221	276
Share-based compensation	12,778	22,257
Deferred taxes	10,035	(5,116)
Other	(406)	4,126
Changes in operating assets and liabilities:
Securities borrowed	40,882	606,781
Securities purchased under agreements to resell	(13,205)	67,885
Receivables from broker-dealers and clearing organizations	27,659	(1,244,137)
Trading assets, at fair value	(790,310)	(328,130)
Receivables from customers	(301,041)	(437,769)
Operating lease right-of-use assets	16,837	12,197
Other assets	76,694	(24,798)
Securities loaned	243,359	(582,738)
Securities sold under agreements to repurchase	(51,071)	48,937
Payables to broker-dealers and clearing organizations	225,268	298,477
Payables to customers	228,358	479,533
Trading liabilities, at fair value	61,025	316,327
Operating lease liabilities	(16,450)	(14,677)
Accounts payable, accrued expenses and other liabilities	(83,712)	132,395
Net cash provided by (used in) operating activities	133,890	(218,661)
Cash flows from investing activities
Development of capitalized software	(20,048)	(8,111)
Acquisition of property and equipment	(3,488)	(10,750)
Investment in joint ventures	(2,106)	(1,150)
Net cash used in investing activities	(25,642)	(20,011)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to non-controlling interest	(189,386)	(48,767)
Purchase of treasury stock	(77,093)	(9,801)
Stock options exercised	2,933	3,206
Short-term borrowings, net	177,920	358,900
Repayment of long term borrowings	(1,460)	0
Tax receivable agreement obligations	0	(13,286)
Debt issuance costs	(2,658)	(9,263)
Net cash provided by (used in) financing activities	(89,744)	280,989
Effect of exchange rate changes on cash and cash equivalents	(3,676)	(10,396)
Net increase in cash and cash equivalents	14,828	31,921
Cash, cash equivalents, and restricted or segregated cash, beginning of period	1,007,005	773,280
Cash, cash equivalents, and restricted or segregated cash, end of period	1,021,833	805,201
Supplementary disclosure of cash flow information
Cash paid for interest	36,611	52,724
Cash paid for taxes	25,714	2,843
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software	$ 4,387	$ 3,254

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2021
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 March 31, 2021, VFI owned approximately 64.0% 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"), foreign exchange, futures, fixed income 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 over the past four years that have expanded and complemented Virtu Financial's original electronic trading and marking making business. On July 20, 2017 (the “KCG Closing Date”), 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 valued at $30.30 per ITG share, for a total of approximately $1.0 billion (the “ITG Acquisition”). ITG's business contributes to the Company's Execution Services segment. 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 ITG Europe Limited ("VIEL"), each formed in Ireland; Virtu ITG UK Limited ("VIUK"), formed in the United Kingdom; Virtu ITG Canada Corp. and Virtu Financial Canada ULC, each 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 are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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 the Company does not own as noncontrolling interests. All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior period's condensed consolidated financial statements in order to conform to the current period presentation. Such reclassifications are immaterial, individually and in the aggregate, to both current and all previously issued financial statements taken as a whole and have no effect on previously reported consolidated net income available to common stockholders. Effective for the quarter ended March 31, 2021, the Company has changed the presentation of its Condensed Consolidated Statements of Changes in Equity and Condensed Consolidated Statements of Cash Flows. As a result, the Company combined $29.6 million of Dividends to stockholders and $19.2 million of Distribution from Virtu Financial to non-controlling interest into one line, Dividends to stockholders and distribution from Virtu Financial to non-controlling interest for the three months ended March 31, 2020. Dividends and distributions from Virtu Financial to non-controlling interest both represent cash payments by the Company it its equity owners which reduce Total equity. Effective for the quarter ended June 30, 2020, the Company has changed the presentation of its Condensed Consolidated Statements of Comprehensive Income. As a result, the Company made the following reclassifications to prior period amounts to be consistent with current period presentation. For the three months ended March 31, 2020, the Company reclassified $62.3 million of Payments for order flow to Brokerage, exchange, clearance fees and payments for order flow, net, previously reported as Payments for order flow and Brokerage, exchange and clearance fees, net, respectively. Brokerage, exchange and clearance fees, net and payments for order flow both represent costs associated with transacting trades. For the three months ended March 31, 2020, the Company reclassified $3.5 million of sublease income from Other, net within Total revenues to net with other occupancy costs recorded in Operations and administrative within Operating Expenses.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
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, 2020. Accounting Pronouncements, Recently Adopted Income Taxes - In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The ASU also amends other aspects of the guidance relating to the accounting for franchise taxes, enacted changes in tax laws or rates, the accounting for transactions that result in a step-up in the tax basis of goodwill, and other tax-related items. The Company adopted this ASU on January 1, 2021 and it did not have a material impact on its condensed consolidated financial statements. Accounting Pronouncements, Not Yet Adopted as of March 31, 2021 Reference Rate Reform - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which is designed to ease the potential burden in accounting for the transition away from LIBOR. The ASU applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued and replaced with alternative reference rates as a result of reference rate reform. The ASU provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The ASU is effective for all entities as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which expands the scope of Topic 848 to include derivative instruments that are affected by changes in the interest rates used for margining, discounting or contract price alignment as part of the market transition to new reference rates (the "discounting transition"). The Company is evaluating the impact of these ASUs, but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Convertible Instruments - In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). The ASU simplifies accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity and updates selected earnings per share ("EPS") guidance. The ASU is effective for periods beginning after December 15, 2021. The Company is currently evaluating the impact of the new standard on its Condensed Consolidated Financial Statements and related disclosures.

Earnings per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings per Share

The below table contains a reconciliation of net income (loss) before noncontrolling interest to net income (loss) available for common stockholders:


	Three Months Ended March 31,
(in thousands)		2021		2020
Income before income taxes and noncontrolling interest		$	489,787	$	466,225
Provision for income taxes		80,555		77,987
Net income		409,232		388,238



Noncontrolling interest		(169,827)		(167,169)

Net income available for common stockholders		$	239,405	$	221,069

The calculation of basic and diluted earnings per share is presented below:


	Three Months Ended March 31,
(in thousands, except for share or per share data)		2021		2020
Basic earnings (loss) per share:
Net income available for common stockholders		$	239,405	$	221,069

Less: Dividends and undistributed earnings allocated to participating securities		(6,312)		(5,287)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		233,093		215,782

Weighted average shares of common stock outstanding:
Class A		122,062,555		119,757,158

Basic earnings (loss) per share		$	1.91	$	1.80


	Three Months Ended March 31,
(in thousands, except for share or per share data)		2021		2020
Diluted earnings (loss) per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		$	233,093	$	215,782

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		122,062,555		119,757,158
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan, Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and Warrants issued in connection with the Founder Member Loan (1)		1,326,772		31,317
		123,389,327		119,788,475

Diluted earnings (loss) per share		$	1.89	$	1.80

(1)The dilutive impact excludes from the computation of earnings (loss) per share 76,817 unexercised stock options issuable pursuant to the Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and 3,000,000 unexercised warrants for the three months ended March 31, 2020, because the inclusion of these instruments would have been anti-dilutive.

Tax Receivable Agreements	3 Months Ended
Tax Receivable Agreements	Mar. 31, 2021
Tax Receivable Agreements [Abstract]
Tax Receivable Agreements	Tax Receivable Agreements For a detailed discussion of the Company's tax receivable agreements, see Note 7 "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, 2020. For purposes of the tax receivable agreements, 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, its second payment of $12.4 million in September 2018, and its third payment of $13.3 million in March 2020. Tax receivable payments are expected to range from approximately $0.9 million to $21.7 million per year over the next 15 years. At March 31, 2021 and December 31, 2020, the Company’s remaining deferred tax assets that relate to the matters described above were approximately $194.2 million and $199.1 million, respectively, and the Company’s liabilities over the next 15 years pursuant to the tax receivable agreements were approximately $271.2 million and $271.2 million, respectively. The amounts recorded as of March 31, 2021 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

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The Company has two operating segments: (i) Market Making; (ii) Execution Services; and one non-operating segment: Corporate. As of March 31, 2021 and December 31, 2020, the Company’s total amount of goodwill recorded was $1,148.9 million. No goodwill impairment was recognized during the three months ended March 31, 2021 and 2020.

The following table presents the details of goodwill by segment as of March 31, 2021 and December 31, 2020:


(in thousands)	Market Making		Execution Services		Corporate		Total



Balance as of period-end	$	755,292	$	393,634	$	—	$	1,148,926

As of March 31, 2021 and December 31, 2020, the Company's total amount of intangible assets recorded was $436.4 million and $454.5 million, respectively. Acquired intangible assets consisted of the following as of March 31, 2021 and December 31, 2020:


	As of March 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(106,260)	$	380,340	10	to	12
Technology	136,000		(87,969)		48,031		1	to	6
Favorable occupancy leases	5,895		(3,037)		2,858		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(2,500)		1,100			3
ETF issuer relationships	950		(902)		48			9
ETF buyer relationships	950		(903)		47			9
	$	637,993	$	(201,571)	$	436,422


	As of December 31, 2020
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(94,299)	$	392,301	10	to	12
Technology	136,000		(82,403)		53,597		1	to	6
Favorable occupancy leases	5,895		(2,839)		3,056		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(2,200)		1,400			3
ETF issuer relationships	950		(877)		73			9
ETF buyer relationships	950		(876)		74			9
	$	637,993	$	(183,494)	$	454,499

Amortization expense relating to finite-lived intangible assets was approximately $18.1 million and $19.0 million for the three months ended March 31, 2021 and 2020, 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 years ended December 31:


(in thousands)
Remainder of 2021	$	51,600
2022	64,852
2023	63,960
2024	50,845
2025	47,879
2026	47,879

Receivables from/Payables to Broker-Dealers and Clearing Organizations

3 Months Ended

Mar. 31, 2021

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

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 March 31, 2021 and December 31, 2020:



(in thousands)	March 31, 2021		December 31, 2020
Assets
Due from prime brokers	$	507,570	$	697,293
Deposits with clearing organizations	195,637		216,962
Net equity with futures commission merchants	199,549		248,943
Unsettled trades with clearing organizations	193,239		118,777
Securities failed to deliver	529,605		372,965
Commissions and fees	30,747		29,066
Total receivables from broker-dealers and clearing organizations	$	1,656,347	$	1,684,006

Liabilities
Due to prime brokers	$	441,748	$	410,772
Net equity with futures commission merchants	79,718		77,257
Unsettled trades with clearing organizations	284,796		228,070
Securities failed to receive	269,528		156,804
Commissions and fees	4,018		3,543
Total payables to broker-dealers and clearing organizations	$	1,079,808	$	876,446

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 $204.4 million and $134.7 million as of March 31, 2021 and December 31, 2020, 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

3 Months Ended

Mar. 31, 2021

Collateralized Agreements [Abstract]

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 March 31, 2021 and December 31, 2020, substantially all of the securities received as collateral have been repledged.

The fair value of the collateralized transactions at March 31, 2021 and December 31, 2020 are summarized as follows:


(in thousands)	March 31, 2021		December 31, 2020
Securities received as collateral:
Securities borrowed	$	1,341,474	$	1,374,266
Securities purchased under agreements to resell	36,026		22,866
	$	1,377,500	$	1,397,132

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 March 31, 2021 and December 31, 2020 consisted of the following:


(in thousands)	March 31, 2021		December 31, 2020
Equities	$	922,301	$	734,024

Exchange traded notes	7,368		12,515
	$	929,669	$	746,539

Borrowings

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

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.


	March 31, 2021
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	178,000	$	(2,548)	$	175,452
Short-term bank loans	64,992		—		64,992

	$	242,992	$	(2,548)	$	240,444


	December 31, 2020
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	36,400	$	(387)	$	36,013
Short-term bank loans	28,673		—		28,673

	$	65,073	$	(387)	$	64,686

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 $600 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 $600 million and bear interest at the adjusted LIBOR or base rate plus 1.25% per annum. Borrowing Base B Loans are subject to a sublimit of $200 million and bear interest at the adjusted LIBOR 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 March 10, 2020, VAL entered into a short term loan arrangement with Jefferies Financial Group, Inc., as lender, for a $20 million demand loan (the "Demand Loan") repayable no later than ninety (90) days after the date of borrowing. The Demand Loan bore interest at a rate of 10% per annum, increased by 2.0% with respect to any principal amounts not paid when due and payable. The Demand Loan was repaid in full as of April 17, 2020.

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 March 31, 2021
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	1.25%	$	400,000	$	178,000	$	(2,548)	$	175,452
Committed facility	2.61%	600,000		—		—		—


		$	1,000,000	$	178,000	$	(2,548)	$	175,452


	At December 31, 2020
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	1.25%	$	400,000	$	36,400	$	(387)	$	36,013
Committed facility	1.40%	600,000		—		—		—
		$	1,000,000	$	36,400	$	(387)	$	36,013

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 March 31,
(in thousands)		2021		2020
Broker-dealer credit facilities:
Uncommitted facility		$	625	$	632
Committed facility		57		160
Demand Loan		—		117

		$	682	$	909

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 March 31, 2021, there was $65.0 million associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 2.2%. At December 31, 2020, there was $28.7 million associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 2.4%. 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 March 31, 2021
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	2.72%	$	616,000	$	204,362
		$	616,000	$	204,362


	At December 31, 2020
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	2.77%	$	616,000	$	134,664
		$	616,000	$	134,664

(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 approximately $1.0 million and $1.3 million for the three months ended March 31, 2021 and 2020, respectively.

Long-Term Borrowings

The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable:


		At March 31, 2021
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	March 2026	3.11%	$	1,635,051	$	(4,494)	$	(25,911)	$	1,604,646

SBI bonds	January 2023	5.00%	31,611		—		(36)		31,575
			$	1,666,662	$	(4,494)	$	(25,947)	$	1,636,221


		At December 31, 2020
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	March 2026	3.15%	$	1,636,512	$	(4,723)	$	(26,367)	$	1,605,422

SBI bonds	January 2023	5.00%	33,898		—		(40)		33,858
			$	1,670,410	$	(4,723)	$	(26,407)	$	1,639,280

Credit Agreement

In connection with the ITG Acquisition, Virtu Financial, VFH Parent LLC, a Delaware limited liability company and a subsidiary of Virtu Financial ("VFH") and Impala Borrower LLC, a subsidiary of the Company (the "Acquisition Borrower") entered into a Credit Agreement (the "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 Credit Agreement provided (i) a senior secured first lien term loan (together with the Incremental Term Loans, as defined below; the “First Lien Term Loan Facility”) in an aggregate principal amount of $1,500 million, drawn in its entirety on the ITG Closing Date, of which amount approximately $404.5 million was borrowed by VFH to repay all amounts outstanding under a previous term loan facility and the remaining approximately $1,095 million was borrowed by the Acquisition Borrower to finance the consideration and fees and expenses paid in connection with the ITG Acquisition, and (ii) a $50.0 million senior secured first lien revolving facility to VFH (the “First Lien Revolving Facility”), with a $5.0 million letter of credit subfacility and a $5.0 million swingline subfacility. After the ITG Closing Date, VFH assumed the obligations of the Acquisition Borrower in respect of the acquisition term loans.

On October 9, 2019, VFH entered into an amendment (“Amendment No. 1”), which amended the Credit Agreement dated as of March 1, 2019 to, among other things, provide for $525.0 million in aggregate principal amount of incremental term loans (the “Incremental Term Loans”), and amend the related collateral agreement.

On March 2, 2020, VFH entered into a second amendment (“Amendment No. 2”), which further amended the Credit Agreement (as amended by Amendment No. 1 and Amendment No. 2, the “Amended Credit Agreement”) to, among other things, reduce the interest rate spread over adjusted LIBOR or the alternate base rate by 0.50% per annum and eliminated any stepdown in the spread based on VFH's first lien leverage ratio. The term loan borrowings and revolver borrowings under the Amended 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 LIBOR rate for a Eurodollar borrowing with an interest period of one month plus 1.00% and (d) 1.00%, plus, in each case, 2.00%, or (ii) the greater of (x) an adjusted LIBOR rate for the interest period in effect and (y) 0%, plus, in each case, 3.00%. In addition, a commitment fee accrues at a rate of 0.50% per annum on the average daily unused amount of the First Lien Revolving Facility, with stepdowns to 0.375% and 0.25% per annum based on VFH’s first lien leverage ratio, and is payable quarterly in arrears.

The First Lien Revolving Facility under the Amended 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 Amended 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.

Under the Amended Credit Agreement, the term loans will mature on March 1, 2026. The term loans amortize in annual installments equal to 1.0% of the original aggregate principal amount of the term loans. As of March 31, 2021, $1,635 million was outstanding under the First Lien Term Loan Facility. The revolving commitments will terminate on March 1, 2022. There were no outstanding borrowings under the First Lien Revolving Facility as of March 31, 2021 or December 31, 2020.

The Amended 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 Amended Credit Agreement will be entitled to take various actions, including the acceleration of amounts outstanding under the Amended Credit Agreement and all actions permitted to be taken by a secured creditor in respect of the collateral securing the obligations under the Amended Credit Agreement.

In October 2019, the Company entered into a five-year $525 million floating-to-fixed interest rate swap agreement. The Company also entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement in January 2020. As these two interest rate swaps met the criteria to be considered qualifying cash flow hedges under ASC 815 in 2020, they effectively fix interest payment obligations on $1,000 million and $525.0 million of principal under the First Lien Term Loan Facility at rates of 4.4% and 4.3% through January 2025 and September 2024, respectively, based on the interest rates set forth in the Amended Credit Agreement.

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 2019, the maturity date of the SBI Bonds was extended to January 2023. The principal balance was ¥3.5 billion ($31.6 million) as of March 31, 2021 and ¥3.5 billion ($33.9 million) as of December 31, 2020. The Company recorded a gain of $2.3 million and a loss of $0.3 million during the three months ended March 31, 2021 and 2020, respectively, due to changes in foreign currency rates.

As of March 31, 2021, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)	March 31, 2021
Remainder of 2021	$	—
2022	—
2023	31,611
2024	—
2025	—
Thereafter	1,635,051
Total principal of long-term borrowings	$	1,666,662

Financial Assets and Liabilities

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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 March 31, 2021:


	March 31, 2021
(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	$	1,094,913	$	1,521,696	$	—	$	—	$	2,616,609
U.S. and Non-U.S. government obligations	192,086		10,017		—		—		202,103
Corporate Bonds	—		120,891		—		—		120,891
Exchange traded notes	1,492		579		—		—		2,071
Currency forwards	—		294,965		—		(271,028)		23,937
Options	10,761		—		—		—		10,761
	$	1,299,252	$	1,948,148	$	—	$	(271,028)	$	2,976,372

Financial instruments owned, pledged as collateral:
Equity securities	$	628,093	$	294,208	$	—	$	—	$	922,301

Exchange traded notes	2,584		4,784		—		—		7,368
	$	630,677	$	298,992	$	—	$	—	$	929,669

Other Assets
Equity investment	$	—	$	—	$	66,192	$	—	$	66,192
Exchange stock	2,558		—		—		—		2,558
	$	2,558	$	—	$	66,192	$	—	$	68,750

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,302,564	$	1,174,545	$	—	$	—	$	2,477,109
U.S. and Non-U.S. government obligations	152,248		3,358		—		—		155,606
Corporate Bonds	—		326,144		—		—		326,144
Exchange traded notes	4,528		6,645		—		—		11,173
Currency forwards	—		280,153		—		(274,147)		6,006
Options	8,695		—		—		—		8,695
	$	1,468,035	$	1,790,845	$	—	$	(274,147)	$	2,984,733

Payables to broker dealers and clearing organizations:
Interest rate swap	$	—	$	38,199	$	—	$	—	$	38,199

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2020:


	December 31, 2020
(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	$	761,484	$	1,194,105	$	—	$	—	$	1,955,589
U.S. and Non-U.S. government obligations	151,723		48,059		—		—		199,782
Corporate Bonds	—		135,518		—		—		135,518
Exchange traded notes	106		19,721		—		—		19,827
Currency forwards	—		341,360		—		(291,964)		49,396
Options	9,080		—		—		—		9,080
	$	922,393	$	1,738,763	$	—	$	(291,964)	$	2,369,192
Financial instruments owned, pledged as collateral:
Equity securities	$	496,943	$	237,081	$	—	$	—	$	734,024

Exchange traded notes	2		12,513		—		—		12,515
	$	496,945	$	249,594	$	—	$	—	$	746,539
Other Assets
Equity investment	$	—	$	—	$	66,030	$	—	$	66,030
Exchange stock	2,286		—		—		—		2,286

	$	2,286	$	—	$	66,030	$	—	$	68,316




Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,307,082	$	1,137,968	$	—	$	—	$	2,445,050
U.S. and Non-U.S. government obligations	83,173		19,984		—		—		103,157
Corporate Bonds	—		358,734		—		—		358,734
Exchange traded notes	—		7,431		—		—		7,431
Currency forwards	—		292,965		—		(292,870)		95
Options	9,241		—		—		—		9,241
	$	1,399,496	$	1,817,082	$	—	$	(292,870)	$	2,923,708

Payables to broker dealers and clearing organizations:
Interest rate swap	$	—	$	63,513	$	—	$	—	$	63,513

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 March 31, 2020 and 2021, 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:

March 31, 2021

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

66,192

Discounted cash flow

Estimated revenue growth

(6.0)% - 10.0%

4.2

Discount rate

14.4% - 14.4%

14.4

Market

Future enterprise value/ EBIDTA ratio

11.6x - 21.5x

13.2x

December 31, 2020

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

66,030

Discounted cash flow

Estimated revenue growth

(9.0)% - 39.0%

9.6

Discount rate

14.4% - 14.4%

14.4

Market

Future enterprise value/ EBIDTA ratio

12.2x - 21.9x

13.8x

Changes in the fair value of the JNX Investment are included within Other, net in the Condensed Consolidated Statements of Comprehensive Income.

The following presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis:


	Three Months Ended March 31, 2021
(in thousands)	Balance at December 31, 2020		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at March 31, 2021		Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2021
Assets
Other assets:
Equity investment	$	66,030	$	—	$	162	$	—	$	—	$	66,192	$	162

Total	$	66,030	$	—	$	162	$	—	$	—	$	66,192	$	162
(1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 8 "Borrowings" for more details) 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 March 31, 2020
(in thousands)	Balance at December 31, 2019		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at March 31, 2020		Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2020
Assets
Other assets:
Equity investment	$	46,245	$	—	$	423	$	—	$	—	$	46,668	$	423

Total	$	46,245	$	—	$	423	$	—	$	—	$	46,668	$	423
(1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 8 "Borrowings" for more details) 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 March 31, 2021:


	March 31, 2021
	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	$	899,041	$	899,041	$	899,041	$	—	$	—
Cash restricted or segregated under regulations and other	122,792		122,792		122,792		—		—
Securities borrowed	1,384,134		1,384,134		—		1,384,134		—
Securities purchased under agreements to resell	36,071		36,071		—		36,071		—
Receivables from broker-dealers and clearing organizations	1,656,347		1,656,347		(1,639)		1,657,986		—
Receivables from customers	515,519		515,519		—		515,519		—
Other assets (1)	24,163		24,163		—		24,163		—
Total Assets	$	4,638,067	$	4,638,067	$	1,020,194	$	3,617,873	$	—

Liabilities
Short-term borrowings	$	240,444	$	242,992	$	—	$	242,992	$	—
Long-term borrowings	1,636,221		1,663,605		—		1,663,605		—
Securities loaned	1,191,615		1,191,615		—		1,191,615		—
Securities sold under agreements to repurchase	410,164		410,164		—		410,164		—
Payables to broker-dealers and clearing organizations (2)	1,079,808		1,079,808		1,366,956		(287,148)		—
Payables to customers	347,184		347,184		—		347,184		—
Other liabilities (3)	8,610		8,610		—		8,610		—
Total Liabilities	$	4,914,046	$	4,943,978	$	1,366,956	$	3,577,022	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value.
(3) 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, 2020:


	December 31, 2020
	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	$	889,559	$	889,559	$	889,559	$	—	$	—
Cash restricted or segregated under regulations and other	117,446		117,446		117,446		—		—
Securities borrowed	1,425,016		1,425,016		—		1,425,016		—
Securities purchased under agreements to resell	22,866		22,866		—		22,866		—
Receivables from broker-dealers and clearing organizations	1,684,006		1,684,006		173,578		1,510,428		—
Receivables from customers	214,478		214,478		—		214,478		—
Other assets (1)	21,735		21,735		—		21,735		—
Total Assets	$	4,375,106	$	4,375,106	$	1,180,583	$	3,194,523	$	—

Liabilities
Short-term borrowings	64,686		65,073		—		65,073		—
Long-term borrowings	1,639,280		1,672,456		—		1,672,456		—
Securities loaned	948,256		948,256		—		948,256		—
Securities sold under agreements to repurchase	461,235		461,235		—		461,235		—
Payables to broker dealer and clearing organizations (2)	876,446		876,446		3,517		872,929		—
Payables to customers	118,826		118,826		—		118,826		—
Other liabilities (3)	9,208		9,208		—		9,208		—
Total Liabilities	$	4,117,937	$	4,151,500	$	3,517	$	4,147,983	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value.
(3) 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 March 31, 2021 and December 31, 2020:


	March 31, 2021
	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	$	1,384,134	$	—	$	1,384,134	$	(1,341,474)	$	(6,088)	$	36,572
Securities purchased under agreements to resell	36,071		—		36,071		(36,026)		—		45
Trading assets, at fair value:
Currency forwards	294,965		(271,028)		23,937		—		—		23,937
Options	10,761		—		10,761		—		(8,695)		2,066
Total	$	1,725,931	$	(271,028)	$	1,454,903	$	(1,377,500)	$	(14,783)	$	62,620


	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	$	1,191,615	$	—	$	1,191,615	$	(1,177,681)	$	(7,890)	$	6,044
Securities sold under agreements to repurchase	410,164		—		410,164		(410,079)		—		85
Payable to broker-dealers and clearing organizations
Interest rate swaps	38,199		—		38,199		—		(38,199)		—
Trading liabilities, at fair value:
Currency forwards	280,153		(274,147)		6,006		—		—		6,006
Options	8,695		—		8,695		—		(8,695)		—
Total	$	1,928,826	$	(274,147)	$	1,654,679	$	(1,587,760)	$	(54,784)	$	12,135


	December 31, 2020
	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	$	1,425,016	$	—	$	1,425,016	$	(1,374,266)	$	(9,686)	$	41,064
Securities purchased under agreements to resell	22,866		—		22,866		(22,866)		—		—
Trading assets, at fair value:
Currency forwards	341,360		(291,964)		49,396		—		—		49,396
Options	9,080		—		9,080		—		(9,080)		—
Total	$	1,798,322	$	(291,964)	$	1,506,358	$	(1,397,132)	$	(18,766)	$	90,460


	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 Liabilities:
Securities loaned	$	948,256	$	—	$	948,256	$	(921,593)	$	(17,800)	$	8,863
Securities sold under agreements to repurchase	461,235		—		461,235		(461,235)		—		—
Interest rate swaps	63,513		—		63,513		—		(63,162)		351
Trading liabilities, at fair value:
Currency forwards	292,965		(292,870)		95		—		—		95
Options	9,241		—		9,241		—		(9,080)		161
Total	$	1,775,210	$	(292,870)	$	1,482,340	$	(1,382,828)	$	(90,042)	$	9,470

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:


	March 31, 2021
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	125,000	$	50,000	$	150,000	$	50,000	$	375,000
U.S. and Non-U.S. government obligations	35,164										35,164
Total	35,164		125,000		50,000		150,000		50,000		410,164

Securities loaned:
Equity securities	1,191,615		—		—		—		—		1,191,615
Total	$	1,191,615	$	—	$	—	$	—	$	—	$	1,191,615


	December 31, 2020
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	125,000	$	50,000	$	200,000	$	—	$	375,000
U.S. and Non-U.S. government obligations	86,235										86,235
Total	86,235		125,000		50,000		200,000		—		461,235

Securities loaned:
Equity securities	948,256		—		—		—		—		948,256
Total	$	948,256	$	—	$	—	$	—	$	—	$	948,256

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Instruments

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at March 31, 2021 and December 31, 2020:


(in thousands)		March 31, 2021				December 31, 2020
Derivatives Assets	Financial Statements Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Receivables from broker-dealers and clearing organizations	$	(2,163)	$	2,645,904	$	4,669	$	2,208,899
Commodity futures	Receivables from broker-dealers and clearing organizations	(1,711)		5,448,655		173,889		6,237,389
Currency futures	Receivables from broker-dealers and clearing organizations	1,954		1,637,757		(11,736)		2,823,277
Fixed income futures	Receivables from broker-dealers and clearing organizations	17		13,182		42		102,476

Options	Financial instruments owned	10,761		959,394		9,080		746,723
Currency forwards	Financial instruments owned	294,965		25,271,660		341,360		30,596,681


Derivatives Liabilities	Financial Statements Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Payables to broker-dealers and clearing organizations	$	513	$	534,942	$	31	$	90,219
Commodity futures	Payables to broker-dealers and clearing organizations	(1,366,708)		1,679,746		(5,397)		27,287
Currency futures	Payables to broker-dealers and clearing organizations	(1,110)		2,091,786		3,598		2,269,898
Fixed income futures	Payables to broker-dealers and clearing organizations	(266)		203,385		—		1,566
Options	Financial instruments sold, not yet purchased	8,695		980,190		9,241		736,997
Currency forwards	Financial instruments sold, not yet purchased	280,153		25,264,253		292,965		30,572,490

Derivative instruments designated as hedging instruments:

Interest rate swaps	Payables to broker-dealers and clearing organizations	38,199		1,525,000		63,513		1,525,000

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 recorded in other comprehensive income in the accompanying Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020.


		Three Months Ended March 31,
(in thousands)	Financial Statements Location		2021		2020
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	47,222	$	(11,901)
Currency forwards	Trading income, net		109,389		201,808
Options	Trading income, net		48,736		1,261
Interest rate swap on term loan	Other, net		(472)		—
			$	204,875	$	191,168

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	25,826	$	(55,602)

			$	25,826	$	(55,602)

(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 2020, and as such, the mark-to-market gains (losses) on the instruments were recorded within Other comprehensive income on the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021.

Variable Interest Entities

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

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 March 31, 2021, the Company held noncontrolling interests of 10% and 50%, 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 March 31, 2021, the Company held approximately a 10% noncontrolling interest in this JV.

The Company has an interest in a JV that is developing 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 March 31, 2021, the Company held approximately a 14.1% noncontrolling interest in this JV.

The Company's four JVs 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 JV 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 March 31, 2021:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	27,379	$	—	$	27,379	$	172,310

The following table presents the Company’s nonconsolidated VIEs at December 31, 2020:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	28,969	$	—	$	28,969	$	175,547

Revenues from Contracts with Customers

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

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 14 "Revenues from Contracts with Customers" to the Consolidated Financial Statements of the Company's 2020 Annual Report on Form 10-K.

Disaggregation of Revenues

The following tables present the Company’s revenue from contracts with customers disaggregated by service, by timing of revenue recognition, reconciled to the Company’s segments, for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31, 2021
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	14,130	$	140,450	$	—	$	154,580

Workflow technology	—		26,573		—		26,573
Analytics	—		10,496		—		10,496
Total revenue from contracts with customers	14,130		177,519		—		191,649

Other sources of revenue	809,594		11,720		(391)		820,923

Total revenues	$	823,724	$	189,239	$	(391)	$	1,012,572

Timing of revenue recognition:
Services transferred at a point in time	$	823,724	$	170,538	$	(391)	$	993,871
Services transferred over time	—		18,701		—		18,701
Total revenues	$	823,724	$	189,239	$	(391)	$	1,012,572


	Three Months Ended March 31, 2020
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	769	$	131,026	$	—	$	131,795

Workflow technology	—		28,743		—		28,743
Analytics	—		10,206				10,206
Total revenue from contracts with customers	769		169,975		—		170,744

Other sources of revenue	829,817		(111)		171		829,877

Total revenues	$	830,586	$	169,864	$	171	$	1,000,621

Timing of revenue recognition:
Services transferred at a point in time	$	830,586	$	151,388	$	171	$	982,145
Services transferred over time	—		18,476		—		18,476
Total revenues	$	830,586	$	169,864	$	171	$	1,000,621

Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations

As of March 31, 2021 and 2020, 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 $60.4 million and $57.3 million as of March 31, 2021 and December 31, 2020, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of March 31, 2021.

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 $11.6 million and $9.3 million as of March 31, 2021 and December 31, 2020, respectively. The Company recognized revenue of $7.9 million and $7.5 million during the three months ended March 31, 2021 and 2020, respectively that had been initially recorded as deferred revenue.

The Company has not identified any costs to obtain or fulfill its contracts under ASC 606.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
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 months ended March 31, 2021 and 2020, 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 provisions for income taxes and effective tax rates were $80.6 million, 16.4%, and $78.0 million, and 16.8% for the three months ended March 31, 2021 and 2020, 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 March 31, 2021 and December 31, 2020 were current income tax receivables of $0.2 million and $83.1 million, respectively. The balances at March 31, 2021 and December 31, 2020 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 March 31, 2021 and December 31, 2020 were current tax liabilities of $29.9 million and $37.9 million, respectively. The balances at March 31, 2021 and December 31, 2020 primarily comprised 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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, 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 at March 31, 2021 and December 31, 2020 of $73.6 million and $75.1 million, respectively, and recorded a related deferred tax asset of $15.0 million and $15.2 million, respectively. A valuation allowance of $14.9 million and $15.1 million was recorded against this deferred tax asset at March 31, 2021 and December 31, 2020, respectively, as it is more likely than not that a 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 March 31, 2021 and December 31, 2020 of $239.0 million and $239.0 million, respectively, and recorded a related deferred tax asset of $45.0 million and $44.9 million, respectively. A full valuation allowance was also recorded against this deferred tax asset at March 31, 2021 and December 31, 2020 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 March 31, 2021 and December 31, 2020 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 March 31, 2021, the Company’s tax years for 2015 through 2019 and 2017 through 2019 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 2019. 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 March 31, 2021, 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 March 31, 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments, Contingencies and Guarantees	3 Months Ended
Commitments, Contingencies and Guarantees	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Legal 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. The Company and its subsidiaries are subject to several of these matters at the present time. 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. 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 legal proceedings will not 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. On January 29, 2019, the Company was named as a defendant in Ford v. ProShares Trust II, et al., No. 19-cv-886. The 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 a ProShares inverse-volatility ETF. Additionally, on February 27, 2019, and March 1, 2019, the Company was named as a defendant in Bittner v. ProShares Trust II, et al., No. 19-cv-1840, and Mareno v. ProShares Trust II, et al., No. 19-cv-1955, respectively. The complaints were filed in federal district court in New York on behalf of putative classes, and asserted substantially similar claims against the Company and other financial institutions. On April 29, 2019, these three actions were consolidated in federal district court in New York as In re ProShares Trust II Securities Litigation, No. 19-cv-886-DLC. A consolidated amended complaint, which did not specify the amount of alleged damages, was filed in the consolidated action on June 21, 2019. Defendants moved to dismiss the consolidated amended complaint on August 2, 2019. In response, plaintiffs filed a consolidated second amended complaint on September 6, 2019, which also did not specify the amount of alleged damages. Defendants moved to dismiss the consolidated second amended complaint on September 27, 2019. The defendants’ motion to dismiss was granted on January 3, 2020, and plaintiffs subsequently filed a Notice of Appeal of the district court's ruling on the motion to dismiss on January 31, 2020 and an opening brief on May 14, 2020. The defendants' response brief was filed August 13, 2020 and the plaintiffs' reply was filed September 17, 2020. The dismissal was affirmed by the United States Court of Appeals for the Second Circuit in March 2021. The Company believes that the claims are without merit and is defending 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 and plaintiffs subsequently filed its opposition to the motion on March 30, 2021. The Company believes that the claims are without merit and is defending itself vigorously. 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 an increased focus by Congress, federal and state regulators, SROs and the media on market structure issues, and in particular, the retail trading environment in the U.S. and relationships between retail broker-dealers and market making firms, high frequency trading, best execution, internalization, alternative trading system (“ATS”) manner of operations, market fragmentation and complexity, colocation, cybersecurity, access to market data feeds and remuneration arrangements, such as payment for order flow and other payment and rebate structures and arrangements. 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. 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 and has been and, in the future may be, advised by FAR of potential claims thereunder. 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

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

LeasesThe 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 17 "Leases" to the Consolidated Financial Statements of the Company's 2020 Annual Report on Form 10-K.

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	March 31, 2021		December 31, 2020
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	252,027	$	268,864
Operating lease liabilities	Operating lease liabilities	298,890		315,340

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	36,093		36,093
Accumulated depreciation	Property, equipment, and capitalized software, net	(26,718)		(24,585)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	9,524		11,687

Weighted average remaining lease term and discount rate are as follows:


	March 31, 2021		December 31, 2020
Weighted average remaining lease term
Operating leases	6.8 years		6.9 years
Finance leases	1.9 years		2.0 years
Weighted average discount rate
Operating leases	5.67	%	5.67	%
Finance leases	2.62	%	3.13	%

The components of lease expense are as follows:


	Three Months Ended March 31,
(in thousands)		2021		2020
Operating lease cost:
Fixed		$	19,101	$	18,360
Variable		1,445		2,135
Impairment of ROU Asset		1,198		—
Total Operating lease cost		21,744		20,495

Sublease income		4,443		3,477

Finance lease cost:
Amortization of ROU Asset		2,133		3,187
Interest on lease liabilities		74		129
Total Finance lease cost		2,207		3,316

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of March 31, 2021, are as follows:



(in thousands)	Operating Leases		Finance Leases
2021	$	60,211	$	4,443
2022	68,497		4,035
2023	65,145		1,438
2024	35,645		—
2025	27,786		—
2026 and thereafter	114,960		—
Total lease payments	$	372,244	$	9,916
Less imputed interest	(73,354)		(392)
Total lease liability	$	298,890	$	9,524

Leases

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	March 31, 2021		December 31, 2020
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	252,027	$	268,864
Operating lease liabilities	Operating lease liabilities	298,890		315,340

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	36,093		36,093
Accumulated depreciation	Property, equipment, and capitalized software, net	(26,718)		(24,585)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	9,524		11,687

Weighted average remaining lease term and discount rate are as follows:


	March 31, 2021		December 31, 2020
Weighted average remaining lease term
Operating leases	6.8 years		6.9 years
Finance leases	1.9 years		2.0 years
Weighted average discount rate
Operating leases	5.67	%	5.67	%
Finance leases	2.62	%	3.13	%

The components of lease expense are as follows:


	Three Months Ended March 31,
(in thousands)		2021		2020
Operating lease cost:
Fixed		$	19,101	$	18,360
Variable		1,445		2,135
Impairment of ROU Asset		1,198		—
Total Operating lease cost		21,744		20,495

Sublease income		4,443		3,477

Finance lease cost:
Amortization of ROU Asset		2,133		3,187
Interest on lease liabilities		74		129
Total Finance lease cost		2,207		3,316

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of March 31, 2021, are as follows:



(in thousands)	Operating Leases		Finance Leases
2021	$	60,211	$	4,443
2022	68,497		4,035
2023	65,145		1,438
2024	35,645		—
2025	27,786		—
2026 and thereafter	114,960		—
Total lease payments	$	372,244	$	9,916
Less imputed interest	(73,354)		(392)
Total lease liability	$	298,890	$	9,524

Cash

3 Months Ended

Mar. 31, 2021

Cash and Cash Equivalents [Abstract]

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)	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	899,041	$	889,559
Cash restricted or segregated under regulations and other	122,792		117,446
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,021,833	$	1,007,005

Capital Structure

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

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 82.0% of the combined voting power of our common stock as a result of its ownership of our Class C and Class D Common Stock. The Company holds approximately a 64.0% interest in Virtu Financial at March 31, 2021.

During the period prior to the Reorganization Transactions and 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 the Reorganization Transactions, all Class A-2 profits interests and Class B interests were reclassified into Virtu Financial Units. As of March 31, 2021 and December 31, 2020, there were 5,167,956 and 5,259,713 Virtu Financial Units outstanding held by Employee Holdco (as defined below), respectively, and 91,757 and 724,327 of such Virtu Financial Units and corresponding Class C Common Stock were exchanged into Class A Common Stock, forfeited or repurchased during the three months ended March 31, 2021 and 2020, 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. 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 21,000,000 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 February 11, 2021, the Company's Board of Directors authorized the expansion of the Company's share repurchase program, increasing the total authorized amount by $70.0 million to $170.0 million in Class A Common Stock and Virtu Financial Units up to December 31, 2021. 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 March 31, 2021, the Company repurchased approximately 3.7 million shares of Class A Common Stock and Virtu Financial Units for approximately $97.3 million. As of March 31, 2021, the Company has approximately of $72.7 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

Employee Exchanges

During the three months ended March 31, 2021 and 2020, 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 91,757 and 724,327 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 may purchase up to 3,000,000 shares of Class A Common Stock. If at any time during the term of the Founder Member Loan Facility, the Founder Member Loans equal to or greater than $100 million had remained outstanding for a certain period of time specified in the Warrant, the number of shares would have increased to 10,000,000. 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"), and as a result no such increase in the number of shares which may be purchased has occurred or will occur pursuant to the terms of the Warrant. The exercise price per share of the Class A Common Stock issuable pursuant to the Warrant is $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. The Warrant may be exercised to purchase up to 3,000,000 shares of the Company's Class A Common Stock on any date after May 22, 2020 up to and including January 15, 2022. The Warrant and Class A Common Stock issuable pursuant to the Warrant were offered, and will be 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.

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 (Loss)

The following table presents the changes in Other Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31, 2021
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	(33,444)	$	9,273	$	3,334	$	(20,837)
Foreign exchange translation adjustment	7,957		(2,165)		—		5,792
Total	$	(25,487)	$	7,108	$	3,334	$	(15,045)
(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 March 31, 2021, the Company expects approximately $13.4 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 March 31, 2020
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses)	$	—	$	(31,785)	$	317	$	(31,468)
Foreign exchange translation adjustment	(647)		(5,884)		—		(6,531)
Total	$	(647)	$	(37,669)	$	317	$	(37,999)
(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

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Compensation

Pursuant 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 three months ended March 31, 2021 and 2020:


	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 Per Share




At December 31, 2019	3,233,779	$	19.00	5.24	3,233,779	$	19.00
Granted	—	—		—	—	—
Exercised	(213,129)	15.04		—	(213,129)	15.04
Forfeited or expired	—	—		—	—	—
At March 31, 2020	3,020,650	$	19.00	4.99	3,020,650	$	19.00

At December 31, 2020	2,324,152	$	19.00	4.24	2,324,152	$	19.00
Granted	—	—		—	—	—
Exercised	(154,372)	19.00		—	(154,372)	19.00
Forfeited or expired	—	—		—	—	—
At March 31, 2021	2,169,780	$	19.00	3.99	2,169,780	$	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. The stock options to purchase shares of Class A Common Stock were fully vested in 2019.

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. 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. 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. The Company filed a Registration Statement on Form S-8 on the ITG Closing Date to register such shares of Class A Common Stock.

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, RSUs and 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 three months ended March 31, 2021 and 2020, respectively, there were 633,938 and 852,599 shares of immediately vested Class A Common Stock granted as part of year-end compensation. In addition, the Company accrued compensation expense of $5.0 million and $17.1 million for the three months ended March 31, 2021 and 2020, 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 the RSUs (including the Assumed Awards) and RSAs:


	Number of RSUs and RSAs	Weighted Average Fair Value




At December 31, 2019	2,993,489	$	24.10
Granted	3,034,621	16.26
Forfeited	(161,127)	18.44
Vested	(1,854,961)	20.45
At March 31, 2020	4,012,022	$	20.08

At December 31, 2020	3,393,084	$	21.35
Granted (1)	2,105,988	27.35
Forfeited	(87,658)	23.38
Vested	(1,896,407)	23.22
At March 31, 2021	3,515,007	$	23.89
(1) Excluded in the number of RSUs and RSAs are 200,000 participating RSAs where the grant date has not been achieved because the performance conditions have not been met.

The Company recognized $7.8 million and $9.0 million for the three months ended March 31, 2021 and 2020, respectively, of compensation expense in relation to the RSUs. As of March 31, 2021 and December 31, 2020, total unrecognized share-based compensation expense related to unvested RSUs was $65.1 million and $37.1 million, respectively, and this amount is to be recognized over a weighted average period of 1.4 and 1.0 year, 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 may also be directed to notional investments in certain of the employee investment opportunities. No amounts have been recognized as compensation cost under the DCP as of March 31, 2021.

Regulatory Requirement

3 Months Ended

Mar. 31, 2021

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Regulatory Requirement

U.S. Subsidiary

The Company's U.S. broker-dealer subsidiary, VAL, is subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital as detailed in the table below. 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 March 31, 2021. 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.

VAL's regulatory capital and regulatory capital requirements as of March 31, 2021 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	676,247	$	2,843	$	673,404

As of March 31, 2021, VAL had $108.8 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 $13.0 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.

VAL's regulatory capital and regulatory capital requirements as of December 31, 2020 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	621,253	$	2,917	$	618,336

As of December 31, 2020, VAL had $96.2 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 $20.4 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 Investment Industry Regulatory Organization of Canada (“IIROC”), 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 March 31, 2021 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	15,449	$	199	$	15,250

Virtu Financial Canada ULC	2,594		199		2,395
Ireland
Virtu ITG Europe Limited	79,193		31,881		47,312
Virtu Financial Ireland Limited (1)	98,978		39,406		59,572
United Kingdom
Virtu ITG UK Limited	1,231		857		374
Asia Pacific
Virtu ITG Australia Limited	30,420		20,764		9,656
Virtu ITG Hong Kong Limited	3,702		560		3,142
Virtu ITG Singapore Pte Limited	799		74		725
(1) Preliminary

As of March 31, 2021, Virtu ITG Europe Limited and Virtu ITG Canada Corp had $0.3 million and $0.4 million, respectively, 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, 2020 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	12,944	$	196	$	12,748
Virtu Financial Canada ULC	2,486		196		2,290
Ireland
Virtu ITG Europe Limited	57,459		32,106		25,353
Virtu Financial Ireland Limited	94,528		41,038		53,490
United Kingdom
Virtu ITG UK Limited	1,290		910		380
Asia Pacific
Virtu ITG Australia Limited	30,606		12,729		17,877
Virtu ITG Hong Kong Limited	4,290		625		3,665
Virtu ITG Singapore Pte Limited	796		76		720

As of December 31, 2020, Virtu ITG Europe Limited and Virtu ITG Canada Corp had $0.2 million and $0.4 million, respectively, of 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.

Geographic Information and Business Segments

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

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 months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
(in thousands)		2021		2020
Revenues:
United States		$	816,054	$	793,026
Ireland		121,369		107,910
Singapore		42,848		67,044
Canada		17,030		16,957
Australia		12,667		11,878
United Kingdom		1,184		2,476
Others		1,420		1,330
Total revenues		$	1,012,572	$	1,000,621

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, options, 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 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 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 March 31, 2021 and 2020 and are summarized in the following table:


(in thousands)	Market Making		Execution Services		Corporate		Consolidated Total
2021
Total revenue	$	823,724	$	189,239	$	(391)	$	1,012,572
Income (loss) before income taxes and noncontrolling interest	453,277		40,351		(3,841)		489,787

2020
Total revenue	830,586		169,864		171		1,000,621
Income (loss) before income taxes and noncontrolling interest	451,546		19,395		(4,716)		466,225

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 21
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2021
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 March 31, 2021, and December 31, 2020 the Company had net receivables from its affiliates of $1.8 million and $2.3 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 $2.9 million and $3.6 million for the three months ended March 31, 2021 and 2020, respectively, to JNX for these trading activities. The Company makes payments to two JVs (see Note 11 "Variable Interest Entities") to fund the construction of the microwave communication networks, and to purchase microwave communication networks, which are recorded within Communications and data processing on the Condensed Consolidated Statements of Comprehensive Income. The Company made payments of $4.7 million and $4.7 million for the three months ended March 31, 2021 and 2020, respectively, to these JVs. The Company purchases network connections services from affiliates of Level 3 Communications (“Level 3”). Temasek and its affiliates have a significant ownership interest in Level 3. The Company paid $0.5 million and $0.4 million for the three months ended March 31, 2021 and 2020, respectively, to Level 3 for these services. The Company makes commission-sharing arrangement ("CSA") payments to affiliates of DBS Group Holdings ("DBS"). Temasek and its affiliates have a significant ownership interest in DBS. Payments for the three months ended March 31, 2021 and March 31, 2020 were immaterial.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
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 May 4, 2021, 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 June 15, 2021 to holders of record as of June 1, 2021. On May 4, 2021, the Company's Board of Directors authorized the expansion of the Company's current share repurchase program, increasing the total authorized amount by $300.0 million to $470.0 million and extending the duration of the program through May 4, 2022. Since inception of the program through May 4, 2021, the Company repurchased approximately 5.4 million shares of Class A Common Stock and Virtu Financial Units for approximately $151.0 million. As of May 4, 2021, the Company has approximately $319.0 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Accounting Pronouncements, Recently Adopted and Accounting Pronouncements, Not Yet Adopted	Accounting Pronouncements, Recently Adopted Income Taxes - In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The ASU also amends other aspects of the guidance relating to the accounting for franchise taxes, enacted changes in tax laws or rates, the accounting for transactions that result in a step-up in the tax basis of goodwill, and other tax-related items. The Company adopted this ASU on January 1, 2021 and it did not have a material impact on its condensed consolidated financial statements. Accounting Pronouncements, Not Yet Adopted as of March 31, 2021 Reference Rate Reform - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which is designed to ease the potential burden in accounting for the transition away from LIBOR. The ASU applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued and replaced with alternative reference rates as a result of reference rate reform. The ASU provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The ASU is effective for all entities as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which expands the scope of Topic 848 to include derivative instruments that are affected by changes in the interest rates used for margining, discounting or contract price alignment as part of the market transition to new reference rates (the "discounting transition"). The Company is evaluating the impact of these ASUs, but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Convertible Instruments - In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). The ASU simplifies accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity and updates selected earnings per share ("EPS") guidance. The ASU is effective for periods beginning after December 15, 2021. The Company is currently evaluating the impact of the new standard on its Condensed Consolidated Financial Statements and related disclosures.

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2021

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 (loss) before noncontrolling interest to net income (loss) available for common stockholders:


	Three Months Ended March 31,
(in thousands)		2021		2020
Income before income taxes and noncontrolling interest		$	489,787	$	466,225
Provision for income taxes		80,555		77,987
Net income		409,232		388,238



Noncontrolling interest		(169,827)		(167,169)

Net income available for common stockholders		$	239,405	$	221,069

Schedule of basic earnings per share

The calculation of basic and diluted earnings per share is presented below:


	Three Months Ended March 31,
(in thousands, except for share or per share data)		2021		2020
Basic earnings (loss) per share:
Net income available for common stockholders		$	239,405	$	221,069

Less: Dividends and undistributed earnings allocated to participating securities		(6,312)		(5,287)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		233,093		215,782

Weighted average shares of common stock outstanding:
Class A		122,062,555		119,757,158

Basic earnings (loss) per share		$	1.91	$	1.80

Schedule of diluted earnings per share


	Three Months Ended March 31,
(in thousands, except for share or per share data)		2021		2020
Diluted earnings (loss) per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		$	233,093	$	215,782

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		122,062,555		119,757,158
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan, Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and Warrants issued in connection with the Founder Member Loan (1)		1,326,772		31,317
		123,389,327		119,788,475

Diluted earnings (loss) per share		$	1.89	$	1.80

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill by segment

The following table presents the details of goodwill by segment as of March 31, 2021 and December 31, 2020:


(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 March 31, 2021 and December 31, 2020:


	As of March 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(106,260)	$	380,340	10	to	12
Technology	136,000		(87,969)		48,031		1	to	6
Favorable occupancy leases	5,895		(3,037)		2,858		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(2,500)		1,100			3
ETF issuer relationships	950		(902)		48			9
ETF buyer relationships	950		(903)		47			9
	$	637,993	$	(201,571)	$	436,422


	As of December 31, 2020
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(94,299)	$	392,301	10	to	12
Technology	136,000		(82,403)		53,597		1	to	6
Favorable occupancy leases	5,895		(2,839)		3,056		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(2,200)		1,400			3
ETF issuer relationships	950		(877)		73			9
ETF buyer relationships	950		(876)		74			9
	$	637,993	$	(183,494)	$	454,499

Schedule of finite-lived intangible assets, future amortization expense

The Company expects to record amortization expense as follows over the next five years ended December 31:


(in thousands)
Remainder of 2021	$	51,600
2022	64,852
2023	63,960
2024	50,845
2025	47,879
2026	47,879

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020:



(in thousands)	March 31, 2021		December 31, 2020
Assets
Due from prime brokers	$	507,570	$	697,293
Deposits with clearing organizations	195,637		216,962
Net equity with futures commission merchants	199,549		248,943
Unsettled trades with clearing organizations	193,239		118,777
Securities failed to deliver	529,605		372,965
Commissions and fees	30,747		29,066
Total receivables from broker-dealers and clearing organizations	$	1,656,347	$	1,684,006

Liabilities
Due to prime brokers	$	441,748	$	410,772
Net equity with futures commission merchants	79,718		77,257
Unsettled trades with clearing organizations	284,796		228,070
Securities failed to receive	269,528		156,804
Commissions and fees	4,018		3,543
Total payables to broker-dealers and clearing organizations	$	1,079,808	$	876,446

Collateralized Transactions (Tables)

3 Months Ended

Mar. 31, 2021

Collateralized Agreements [Abstract]

Summary of the fair value of collateralized transactions

The fair value of the collateralized transactions at March 31, 2021 and December 31, 2020 are summarized as follows:


(in thousands)	March 31, 2021		December 31, 2020
Securities received as collateral:
Securities borrowed	$	1,341,474	$	1,374,266
Securities purchased under agreements to resell	36,026		22,866
	$	1,377,500	$	1,397,132

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 March 31, 2021 and December 31, 2020 consisted of the following:


(in thousands)	March 31, 2021		December 31, 2020
Equities	$	922,301	$	734,024

Exchange traded notes	7,368		12,515
	$	929,669	$	746,539

Borrowings (Tables)

3 Months Ended

Mar. 31, 2021

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.


	March 31, 2021
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	178,000	$	(2,548)	$	175,452
Short-term bank loans	64,992		—		64,992

	$	242,992	$	(2,548)	$	240,444


	December 31, 2020
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	36,400	$	(387)	$	36,013
Short-term bank loans	28,673		—		28,673

	$	65,073	$	(387)	$	64,686

Outstanding borrowings and financing capacity or unused available capacity under the Company’s borrowing arrangements


	At March 31, 2021
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	1.25%	$	400,000	$	178,000	$	(2,548)	$	175,452
Committed facility	2.61%	600,000		—		—		—


		$	1,000,000	$	178,000	$	(2,548)	$	175,452


	At December 31, 2020
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	1.25%	$	400,000	$	36,400	$	(387)	$	36,013
Committed facility	1.40%	600,000		—		—		—
		$	1,000,000	$	36,400	$	(387)	$	36,013

Schedule of interest expense on debt


	Three Months Ended March 31,
(in thousands)		2021		2020
Broker-dealer credit facilities:
Uncommitted facility		$	625	$	632
Committed facility		57		160
Demand Loan		—		117

		$	682	$	909

Schedule of aggregate future required principal payments based on terms of loan

As of March 31, 2021, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)	March 31, 2021
Remainder of 2021	$	—
2022	—
2023	31,611
2024	—
2025	—
Thereafter	1,635,051
Total principal of long-term borrowings	$	1,666,662

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 March 31, 2021
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	2.72%	$	616,000	$	204,362
		$	616,000	$	204,362


	At December 31, 2020
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	2.77%	$	616,000	$	134,664
		$	616,000	$	134,664

(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 March 31, 2021
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	March 2026	3.11%	$	1,635,051	$	(4,494)	$	(25,911)	$	1,604,646

SBI bonds	January 2023	5.00%	31,611		—		(36)		31,575
			$	1,666,662	$	(4,494)	$	(25,947)	$	1,636,221


		At December 31, 2020
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	March 2026	3.15%	$	1,636,512	$	(4,723)	$	(26,367)	$	1,605,422

SBI bonds	January 2023	5.00%	33,898		—		(40)		33,858
			$	1,670,410	$	(4,723)	$	(26,407)	$	1,639,280

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021:


	March 31, 2021
(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	$	1,094,913	$	1,521,696	$	—	$	—	$	2,616,609
U.S. and Non-U.S. government obligations	192,086		10,017		—		—		202,103
Corporate Bonds	—		120,891		—		—		120,891
Exchange traded notes	1,492		579		—		—		2,071
Currency forwards	—		294,965		—		(271,028)		23,937
Options	10,761		—		—		—		10,761
	$	1,299,252	$	1,948,148	$	—	$	(271,028)	$	2,976,372

Financial instruments owned, pledged as collateral:
Equity securities	$	628,093	$	294,208	$	—	$	—	$	922,301

Exchange traded notes	2,584		4,784		—		—		7,368
	$	630,677	$	298,992	$	—	$	—	$	929,669

Other Assets
Equity investment	$	—	$	—	$	66,192	$	—	$	66,192
Exchange stock	2,558		—		—		—		2,558
	$	2,558	$	—	$	66,192	$	—	$	68,750

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,302,564	$	1,174,545	$	—	$	—	$	2,477,109
U.S. and Non-U.S. government obligations	152,248		3,358		—		—		155,606
Corporate Bonds	—		326,144		—		—		326,144
Exchange traded notes	4,528		6,645		—		—		11,173
Currency forwards	—		280,153		—		(274,147)		6,006
Options	8,695		—		—		—		8,695
	$	1,468,035	$	1,790,845	$	—	$	(274,147)	$	2,984,733

Payables to broker dealers and clearing organizations:
Interest rate swap	$	—	$	38,199	$	—	$	—	$	38,199

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2020:


	December 31, 2020
(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	$	761,484	$	1,194,105	$	—	$	—	$	1,955,589
U.S. and Non-U.S. government obligations	151,723		48,059		—		—		199,782
Corporate Bonds	—		135,518		—		—		135,518
Exchange traded notes	106		19,721		—		—		19,827
Currency forwards	—		341,360		—		(291,964)		49,396
Options	9,080		—		—		—		9,080
	$	922,393	$	1,738,763	$	—	$	(291,964)	$	2,369,192
Financial instruments owned, pledged as collateral:
Equity securities	$	496,943	$	237,081	$	—	$	—	$	734,024

Exchange traded notes	2		12,513		—		—		12,515
	$	496,945	$	249,594	$	—	$	—	$	746,539
Other Assets
Equity investment	$	—	$	—	$	66,030	$	—	$	66,030
Exchange stock	2,286		—		—		—		2,286

	$	2,286	$	—	$	66,030	$	—	$	68,316




Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,307,082	$	1,137,968	$	—	$	—	$	2,445,050
U.S. and Non-U.S. government obligations	83,173		19,984		—		—		103,157
Corporate Bonds	—		358,734		—		—		358,734
Exchange traded notes	—		7,431		—		—		7,431
Currency forwards	—		292,965		—		(292,870)		95
Options	9,241		—		—		—		9,241
	$	1,399,496	$	1,817,082	$	—	$	(292,870)	$	2,923,708

Payables to broker dealers and clearing organizations:
Interest rate swap	$	—	$	63,513	$	—	$	—	$	63,513

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of March 31, 2021:


	March 31, 2021
	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	$	899,041	$	899,041	$	899,041	$	—	$	—
Cash restricted or segregated under regulations and other	122,792		122,792		122,792		—		—
Securities borrowed	1,384,134		1,384,134		—		1,384,134		—
Securities purchased under agreements to resell	36,071		36,071		—		36,071		—
Receivables from broker-dealers and clearing organizations	1,656,347		1,656,347		(1,639)		1,657,986		—
Receivables from customers	515,519		515,519		—		515,519		—
Other assets (1)	24,163		24,163		—		24,163		—
Total Assets	$	4,638,067	$	4,638,067	$	1,020,194	$	3,617,873	$	—

Liabilities
Short-term borrowings	$	240,444	$	242,992	$	—	$	242,992	$	—
Long-term borrowings	1,636,221		1,663,605		—		1,663,605		—
Securities loaned	1,191,615		1,191,615		—		1,191,615		—
Securities sold under agreements to repurchase	410,164		410,164		—		410,164		—
Payables to broker-dealers and clearing organizations (2)	1,079,808		1,079,808		1,366,956		(287,148)		—
Payables to customers	347,184		347,184		—		347,184		—
Other liabilities (3)	8,610		8,610		—		8,610		—
Total Liabilities	$	4,914,046	$	4,943,978	$	1,366,956	$	3,577,022	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value.
(3) 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, 2020:


	December 31, 2020
	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	$	889,559	$	889,559	$	889,559	$	—	$	—
Cash restricted or segregated under regulations and other	117,446		117,446		117,446		—		—
Securities borrowed	1,425,016		1,425,016		—		1,425,016		—
Securities purchased under agreements to resell	22,866		22,866		—		22,866		—
Receivables from broker-dealers and clearing organizations	1,684,006		1,684,006		173,578		1,510,428		—
Receivables from customers	214,478		214,478		—		214,478		—
Other assets (1)	21,735		21,735		—		21,735		—
Total Assets	$	4,375,106	$	4,375,106	$	1,180,583	$	3,194,523	$	—

Liabilities
Short-term borrowings	64,686		65,073		—		65,073		—
Long-term borrowings	1,639,280		1,672,456		—		1,672,456		—
Securities loaned	948,256		948,256		—		948,256		—
Securities sold under agreements to repurchase	461,235		461,235		—		461,235		—
Payables to broker dealer and clearing organizations (2)	876,446		876,446		3,517		872,929		—
Payables to customers	118,826		118,826		—		118,826		—
Other liabilities (3)	9,208		9,208		—		9,208		—
Total Liabilities	$	4,117,937	$	4,151,500	$	3,517	$	4,147,983	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value.
(3) 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:

March 31, 2021

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

66,192

Discounted cash flow

Estimated revenue growth

(6.0)% - 10.0%

4.2

Discount rate

14.4% - 14.4%

14.4

Market

Future enterprise value/ EBIDTA ratio

11.6x - 21.5x

13.2x

December 31, 2020

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

66,030

Discounted cash flow

Estimated revenue growth

(9.0)% - 39.0%

9.6

Discount rate

14.4% - 14.4%

14.4

Market

Future enterprise value/ EBIDTA ratio

12.2x - 21.9x

13.8x

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 March 31, 2021
(in thousands)	Balance at December 31, 2020		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at March 31, 2021		Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2021
Assets
Other assets:
Equity investment	$	66,030	$	—	$	162	$	—	$	—	$	66,192	$	162

Total	$	66,030	$	—	$	162	$	—	$	—	$	66,192	$	162
(1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 8 "Borrowings" for more details) 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 March 31, 2020
(in thousands)	Balance at December 31, 2019		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at March 31, 2020		Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2020
Assets
Other assets:
Equity investment	$	46,245	$	—	$	423	$	—	$	—	$	46,668	$	423

Total	$	46,245	$	—	$	423	$	—	$	—	$	46,668	$	423
(1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 8 "Borrowings" for more details) 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 March 31, 2021 and December 31, 2020:


	March 31, 2021
	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	$	1,384,134	$	—	$	1,384,134	$	(1,341,474)	$	(6,088)	$	36,572
Securities purchased under agreements to resell	36,071		—		36,071		(36,026)		—		45
Trading assets, at fair value:
Currency forwards	294,965		(271,028)		23,937		—		—		23,937
Options	10,761		—		10,761		—		(8,695)		2,066
Total	$	1,725,931	$	(271,028)	$	1,454,903	$	(1,377,500)	$	(14,783)	$	62,620


	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	$	1,191,615	$	—	$	1,191,615	$	(1,177,681)	$	(7,890)	$	6,044
Securities sold under agreements to repurchase	410,164		—		410,164		(410,079)		—		85
Payable to broker-dealers and clearing organizations
Interest rate swaps	38,199		—		38,199		—		(38,199)		—
Trading liabilities, at fair value:
Currency forwards	280,153		(274,147)		6,006		—		—		6,006
Options	8,695		—		8,695		—		(8,695)		—
Total	$	1,928,826	$	(274,147)	$	1,654,679	$	(1,587,760)	$	(54,784)	$	12,135


	December 31, 2020
	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	$	1,425,016	$	—	$	1,425,016	$	(1,374,266)	$	(9,686)	$	41,064
Securities purchased under agreements to resell	22,866		—		22,866		(22,866)		—		—
Trading assets, at fair value:
Currency forwards	341,360		(291,964)		49,396		—		—		49,396
Options	9,080		—		9,080		—		(9,080)		—
Total	$	1,798,322	$	(291,964)	$	1,506,358	$	(1,397,132)	$	(18,766)	$	90,460


	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 Liabilities:
Securities loaned	$	948,256	$	—	$	948,256	$	(921,593)	$	(17,800)	$	8,863
Securities sold under agreements to repurchase	461,235		—		461,235		(461,235)		—		—
Interest rate swaps	63,513		—		63,513		—		(63,162)		351
Trading liabilities, at fair value:
Currency forwards	292,965		(292,870)		95		—		—		95
Options	9,241		—		9,241		—		(9,080)		161
Total	$	1,775,210	$	(292,870)	$	1,482,340	$	(1,382,828)	$	(90,042)	$	9,470

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 March 31, 2021 and December 31, 2020:


	March 31, 2021
	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	$	1,384,134	$	—	$	1,384,134	$	(1,341,474)	$	(6,088)	$	36,572
Securities purchased under agreements to resell	36,071		—		36,071		(36,026)		—		45
Trading assets, at fair value:
Currency forwards	294,965		(271,028)		23,937		—		—		23,937
Options	10,761		—		10,761		—		(8,695)		2,066
Total	$	1,725,931	$	(271,028)	$	1,454,903	$	(1,377,500)	$	(14,783)	$	62,620


	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	$	1,191,615	$	—	$	1,191,615	$	(1,177,681)	$	(7,890)	$	6,044
Securities sold under agreements to repurchase	410,164		—		410,164		(410,079)		—		85
Payable to broker-dealers and clearing organizations
Interest rate swaps	38,199		—		38,199		—		(38,199)		—
Trading liabilities, at fair value:
Currency forwards	280,153		(274,147)		6,006		—		—		6,006
Options	8,695		—		8,695		—		(8,695)		—
Total	$	1,928,826	$	(274,147)	$	1,654,679	$	(1,587,760)	$	(54,784)	$	12,135


	December 31, 2020
	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	$	1,425,016	$	—	$	1,425,016	$	(1,374,266)	$	(9,686)	$	41,064
Securities purchased under agreements to resell	22,866		—		22,866		(22,866)		—		—
Trading assets, at fair value:
Currency forwards	341,360		(291,964)		49,396		—		—		49,396
Options	9,080		—		9,080		—		(9,080)		—
Total	$	1,798,322	$	(291,964)	$	1,506,358	$	(1,397,132)	$	(18,766)	$	90,460


	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 Liabilities:
Securities loaned	$	948,256	$	—	$	948,256	$	(921,593)	$	(17,800)	$	8,863
Securities sold under agreements to repurchase	461,235		—		461,235		(461,235)		—		—
Interest rate swaps	63,513		—		63,513		—		(63,162)		351
Trading liabilities, at fair value:
Currency forwards	292,965		(292,870)		95		—		—		95
Options	9,241		—		9,241		—		(9,080)		161
Total	$	1,775,210	$	(292,870)	$	1,482,340	$	(1,382,828)	$	(90,042)	$	9,470

Summary of gross obligations for repurchase agreement and securities borrowed transactions by remaining contractual maturity and class of collateral pledged


	March 31, 2021
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	125,000	$	50,000	$	150,000	$	50,000	$	375,000
U.S. and Non-U.S. government obligations	35,164										35,164
Total	35,164		125,000		50,000		150,000		50,000		410,164

Securities loaned:
Equity securities	1,191,615		—		—		—		—		1,191,615
Total	$	1,191,615	$	—	$	—	$	—	$	—	$	1,191,615


	December 31, 2020
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	125,000	$	50,000	$	200,000	$	—	$	375,000
U.S. and Non-U.S. government obligations	86,235										86,235
Total	86,235		125,000		50,000		200,000		—		461,235

Securities loaned:
Equity securities	948,256		—		—		—		—		948,256
Total	$	948,256	$	—	$	—	$	—	$	—	$	948,256

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020:


(in thousands)		March 31, 2021				December 31, 2020
Derivatives Assets	Financial Statements Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Receivables from broker-dealers and clearing organizations	$	(2,163)	$	2,645,904	$	4,669	$	2,208,899
Commodity futures	Receivables from broker-dealers and clearing organizations	(1,711)		5,448,655		173,889		6,237,389
Currency futures	Receivables from broker-dealers and clearing organizations	1,954		1,637,757		(11,736)		2,823,277
Fixed income futures	Receivables from broker-dealers and clearing organizations	17		13,182		42		102,476

Options	Financial instruments owned	10,761		959,394		9,080		746,723
Currency forwards	Financial instruments owned	294,965		25,271,660		341,360		30,596,681


Derivatives Liabilities	Financial Statements Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Payables to broker-dealers and clearing organizations	$	513	$	534,942	$	31	$	90,219
Commodity futures	Payables to broker-dealers and clearing organizations	(1,366,708)		1,679,746		(5,397)		27,287
Currency futures	Payables to broker-dealers and clearing organizations	(1,110)		2,091,786		3,598		2,269,898
Fixed income futures	Payables to broker-dealers and clearing organizations	(266)		203,385		—		1,566
Options	Financial instruments sold, not yet purchased	8,695		980,190		9,241		736,997
Currency forwards	Financial instruments sold, not yet purchased	280,153		25,264,253		292,965		30,572,490

Derivative instruments designated as hedging instruments:

Interest rate swaps	Payables to broker-dealers and clearing organizations	38,199		1,525,000		63,513		1,525,000

Schedule of net gain (loss) from derivative instruments not designated as hedging instruments


		Three Months Ended March 31,
(in thousands)	Financial Statements Location		2021		2020
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	47,222	$	(11,901)
Currency forwards	Trading income, net		109,389		201,808
Options	Trading income, net		48,736		1,261
Interest rate swap on term loan	Other, net		(472)		—
			$	204,875	$	191,168

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	25,826	$	(55,602)

			$	25,826	$	(55,602)

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of nonconsolidated VIE

The following table presents the Company’s nonconsolidated VIEs at March 31, 2021:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	27,379	$	—	$	27,379	$	172,310

The following table presents the Company’s nonconsolidated VIEs at December 31, 2020:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	28,969	$	—	$	28,969	$	175,547

Revenues from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue


	Three Months Ended March 31, 2021
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	14,130	$	140,450	$	—	$	154,580

Workflow technology	—		26,573		—		26,573
Analytics	—		10,496		—		10,496
Total revenue from contracts with customers	14,130		177,519		—		191,649

Other sources of revenue	809,594		11,720		(391)		820,923

Total revenues	$	823,724	$	189,239	$	(391)	$	1,012,572

Timing of revenue recognition:
Services transferred at a point in time	$	823,724	$	170,538	$	(391)	$	993,871
Services transferred over time	—		18,701		—		18,701
Total revenues	$	823,724	$	189,239	$	(391)	$	1,012,572


	Three Months Ended March 31, 2020
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	769	$	131,026	$	—	$	131,795

Workflow technology	—		28,743		—		28,743
Analytics	—		10,206				10,206
Total revenue from contracts with customers	769		169,975		—		170,744

Other sources of revenue	829,817		(111)		171		829,877

Total revenues	$	830,586	$	169,864	$	171	$	1,000,621

Timing of revenue recognition:
Services transferred at a point in time	$	830,586	$	151,388	$	171	$	982,145
Services transferred over time	—		18,476		—		18,476
Total revenues	$	830,586	$	169,864	$	171	$	1,000,621

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Lease assets and liabilities

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	March 31, 2021		December 31, 2020
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	252,027	$	268,864
Operating lease liabilities	Operating lease liabilities	298,890		315,340

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	36,093		36,093
Accumulated depreciation	Property, equipment, and capitalized software, net	(26,718)		(24,585)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	9,524		11,687

Lease term, discount rate and components of lease expense

Weighted average remaining lease term and discount rate are as follows:


	March 31, 2021		December 31, 2020
Weighted average remaining lease term
Operating leases	6.8 years		6.9 years
Finance leases	1.9 years		2.0 years
Weighted average discount rate
Operating leases	5.67	%	5.67	%
Finance leases	2.62	%	3.13	%

The components of lease expense are as follows:


	Three Months Ended March 31,
(in thousands)		2021		2020
Operating lease cost:
Fixed		$	19,101	$	18,360
Variable		1,445		2,135
Impairment of ROU Asset		1,198		—
Total Operating lease cost		21,744		20,495

Sublease income		4,443		3,477

Finance lease cost:
Amortization of ROU Asset		2,133		3,187
Interest on lease liabilities		74		129
Total Finance lease cost		2,207		3,316

Future minimum lease payments under operating leases

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of March 31, 2021, are as follows:



(in thousands)	Operating Leases		Finance Leases
2021	$	60,211	$	4,443
2022	68,497		4,035
2023	65,145		1,438
2024	35,645		—
2025	27,786		—
2026 and thereafter	114,960		—
Total lease payments	$	372,244	$	9,916
Less imputed interest	(73,354)		(392)
Total lease liability	$	298,890	$	9,524

Future minimum lease payments under finance leases

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of March 31, 2021, are as follows:



(in thousands)	Operating Leases		Finance Leases
2021	$	60,211	$	4,443
2022	68,497		4,035
2023	65,145		1,438
2024	35,645		—
2025	27,786		—
2026 and thereafter	114,960		—
Total lease payments	$	372,244	$	9,916
Less imputed interest	(73,354)		(392)
Total lease liability	$	298,890	$	9,524

Cash (Tables)

3 Months Ended

Mar. 31, 2021

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)	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	899,041	$	889,559
Cash restricted or segregated under regulations and other	122,792		117,446
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,021,833	$	1,007,005

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)	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	899,041	$	889,559
Cash restricted or segregated under regulations and other	122,792		117,446
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,021,833	$	1,007,005

Capital Structure (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

The following table presents the changes in Other Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31, 2021
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	(33,444)	$	9,273	$	3,334	$	(20,837)
Foreign exchange translation adjustment	7,957		(2,165)		—		5,792
Total	$	(25,487)	$	7,108	$	3,334	$	(15,045)
(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 March 31, 2021, the Company expects approximately $13.4 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 March 31, 2020
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses)	$	—	$	(31,785)	$	317	$	(31,468)
Foreign exchange translation adjustment	(647)		(5,884)		—		(6,531)
Total	$	(647)	$	(37,669)	$	317	$	(37,999)
(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 (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of stock options activity

The following table summarizes activity related to stock options for the three months ended March 31, 2021 and 2020:


	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 Per Share




At December 31, 2019	3,233,779	$	19.00	5.24	3,233,779	$	19.00
Granted	—	—		—	—	—
Exercised	(213,129)	15.04		—	(213,129)	15.04
Forfeited or expired	—	—		—	—	—
At March 31, 2020	3,020,650	$	19.00	4.99	3,020,650	$	19.00

At December 31, 2020	2,324,152	$	19.00	4.24	2,324,152	$	19.00
Granted	—	—		—	—	—
Exercised	(154,372)	19.00		—	(154,372)	19.00
Forfeited or expired	—	—		—	—	—
At March 31, 2021	2,169,780	$	19.00	3.99	2,169,780	$	19.00

Schedule of activity related to restricted stock units

The following table summarizes activity related to the RSUs (including the Assumed Awards) and RSAs:


	Number of RSUs and RSAs	Weighted Average Fair Value




At December 31, 2019	2,993,489	$	24.10
Granted	3,034,621	16.26
Forfeited	(161,127)	18.44
Vested	(1,854,961)	20.45
At March 31, 2020	4,012,022	$	20.08

At December 31, 2020	3,393,084	$	21.35
Granted (1)	2,105,988	27.35
Forfeited	(87,658)	23.38
Vested	(1,896,407)	23.22
At March 31, 2021	3,515,007	$	23.89
(1) Excluded in the number of RSUs and RSAs are 200,000 participating RSAs where the grant date has not been achieved because the performance conditions have not been met.

Regulatory Requirement (Tables)

3 Months Ended

Mar. 31, 2021

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Schedule of regulatory capital and regulatory capital requirements

VAL's regulatory capital and regulatory capital requirements as of March 31, 2021 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	676,247	$	2,843	$	673,404

VAL's regulatory capital and regulatory capital requirements as of December 31, 2020 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	621,253	$	2,917	$	618,336

The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of March 31, 2021 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	15,449	$	199	$	15,250

Virtu Financial Canada ULC	2,594		199		2,395
Ireland
Virtu ITG Europe Limited	79,193		31,881		47,312
Virtu Financial Ireland Limited (1)	98,978		39,406		59,572
United Kingdom
Virtu ITG UK Limited	1,231		857		374
Asia Pacific
Virtu ITG Australia Limited	30,420		20,764		9,656
Virtu ITG Hong Kong Limited	3,702		560		3,142
Virtu ITG Singapore Pte Limited	799		74		725
(1) Preliminary

The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2020 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	12,944	$	196	$	12,748
Virtu Financial Canada ULC	2,486		196		2,290
Ireland
Virtu ITG Europe Limited	57,459		32,106		25,353
Virtu Financial Ireland Limited	94,528		41,038		53,490
United Kingdom
Virtu ITG UK Limited	1,290		910		380
Asia Pacific
Virtu ITG Australia Limited	30,606		12,729		17,877
Virtu ITG Hong Kong Limited	4,290		625		3,665
Virtu ITG Singapore Pte Limited	796		76		720

Geographic Information and Business Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of total revenues by geographic area

The following table presents total revenues by geographic area for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
(in thousands)		2021		2020
Revenues:
United States		$	816,054	$	793,026
Ireland		121,369		107,910
Singapore		42,848		67,044
Canada		17,030		16,957
Australia		12,667		11,878
United Kingdom		1,184		2,476
Others		1,420		1,330
Total revenues		$	1,012,572	$	1,000,621

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 March 31, 2021 and 2020 and are summarized in the following table:


(in thousands)	Market Making		Execution Services		Corporate		Consolidated Total
2021
Total revenue	$	823,724	$	189,239	$	(391)	$	1,012,572
Income (loss) before income taxes and noncontrolling interest	453,277		40,351		(3,841)		489,787

2020
Total revenue	830,586		169,864		171		1,000,621
Income (loss) before income taxes and noncontrolling interest	451,546		19,395		(4,716)		466,225

Organization and Basis of Presentation (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) instrument venue country segment $ / shares	Mar. 31, 2020 USD ($)
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of financial instruments \| instrument	25,000
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 operating segments \| segment	2
Number of non-operating segments \| segment	1
Dividends to stockholders	$ 29,600
Distribution from non controlling interest	19,200
Brokerage, exchange, clearance fees and payments for order flow, net	259,332	$ 173,818
Operations and administrative	25,655	27,130
Revision of Prior Period, Adjustment
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Brokerage, exchange, clearance fees and payments for order flow, net		62,300
Operations and administrative	$ 3,500	$ 3,500
ITG
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Acquisition value (in dollars per share) \| $ / shares	$ 30.30
Total cash consideration	$ 1,000,000
Virtu Financial
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Ownership interest	64.00%

Earnings per Share - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Income before income taxes and noncontrolling interest	$ 489,787	$ 466,225
Provision for income taxes	80,555	77,987
Net income	409,232	388,238
Noncontrolling interest	(169,827)	(167,169)
Net income available for common stockholders	$ 239,405	$ 221,069

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

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Earnings per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic earnings (loss) per share:
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Less: Dividends and undistributed earnings allocated to participating securities	(6,312)	(5,287)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 233,093	$ 215,782
Weighted average shares of common stock outstanding:
Class A (in shares)	122,062,555	119,757,158
Basic earnings (loss) (in dollars per share)	$ 1.91	$ 1.80
Class A common stock
Weighted average shares of common stock outstanding:
Class A (in shares)	122,062,555	119,757,158

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

+ Details

Earnings per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Diluted earnings (loss) per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 233,093	$ 215,782
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	122,062,555	119,757,158
Weighted average shares of common stock outstanding (in shares)	123,389,328	119,788,475
Diluted earnings (loss) (in dollars per share)	$ 1.89	$ 1.80
Stock options
Weighted average shares of common stock outstanding:
Dilutive impact excluded from computation of earnings per share (in shares)		76,817
RSUs
Weighted average shares of common stock outstanding:
Dilutive impact excluded from computation of earnings per share (in shares)		3,000,000
Class A common stock
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	122,062,555	119,757,158
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan, Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and Warrants issued in connection with the Founder Member Loan (in shares)	1,326,772	31,317
Weighted average shares of common stock outstanding (in shares)	123,389,327	119,788,475

Tax Receivable Agreements (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Mar. 31, 2020	Sep. 30, 2018	Feb. 28, 2017	Mar. 31, 2021	Dec. 31, 2020
Tax Receivable Agreements [Abstract]
First payment made	$ 13,300	$ 12,400	$ 7,000
Minimum tax receivable agreement obligation over the agreed period				$ 900
Maximum tax receivable agreement obligation over the agreed period				$ 21,700
Period over which the obligations are to be settled				15 years
Deferred tax assets				$ 194,200	$ 199,100
Tax receivable agreement obligations				$ 271,165	$ 271,165

Goodwill and Intangible Assets - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of operating segments \| segment	2
Number of non-operating segments \| segment	1
Goodwill	$ 1,148,926	$ 1,148,926	$ 1,148,926
Goodwill impairment	0	0
Intangible assets	436,422		$ 454,499
Amortization expense relating to finite-lived intangible assets	$ 18,077	$ 18,958

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Changes in goodwill
Goodwill	$ 1,148,926	$ 1,148,926	$ 1,148,926
Operating Segments \| Market Making
Changes in goodwill
Goodwill	755,292		755,292
Operating Segments \| Execution Services
Changes in goodwill
Goodwill	393,634		393,634
Corporate
Changes in goodwill
Goodwill	$ 0		$ 0

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Acquired Intangible Assets [Line Items]
Accumulated Amortization	$ (201,571)		$ (183,494)
Gross Carrying Amount	637,993		637,993
Net Carrying Amount	436,422		454,499
Exchange memberships
Acquired Intangible Assets [Line Items]
Exchange memberships	3,998		3,998
Customer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	486,600		486,600
Accumulated Amortization	(106,260)		(94,299)
Net Carrying Amount	$ 380,340		392,301
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	(87,969)		(82,403)
Net Carrying Amount	$ 48,031		53,597
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	(3,037)		(2,839)
Net Carrying Amount	$ 2,858		3,056
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	(2,500)		(2,200)
Net Carrying Amount	$ 1,100		1,400
Useful Lives (Years)	3 years	3 years
ETF issuer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950		950
Accumulated Amortization	(902)		(877)
Net Carrying Amount	$ 48		73
Useful Lives (Years)	9 years	9 years
ETF buyer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950		950
Accumulated Amortization	(903)		(876)
Net Carrying Amount	$ 47		$ 74
Useful Lives (Years)	9 years	9 years

Goodwill and Intangible Assets - Expects Amortization Expense (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 51,600
2022	64,852
2023	63,960
2024	50,845
2025	47,879
2026	$ 47,879

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Due from prime brokers	$ 507,570	$ 697,293
Deposits with clearing organizations	195,637	216,962
Net equity with futures commission merchants	199,549	248,943
Unsettled trades with clearing organizations	193,239	118,777
Securities failed to deliver	529,605	372,965
Commissions and fees	30,747	29,066
Total receivables from broker-dealers and clearing organizations	1,656,347	1,684,006
Liabilities
Due to prime brokers	441,748	410,772
Net equity with futures commission merchants	79,718	77,257
Unsettled trades with clearing organizations	284,796	228,070
Securities failed to receive	269,528	156,804
Commissions and fees	4,018	3,543
Total payables to broker-dealers and clearing organizations	1,079,808	876,446
Outstanding principal balance	$ 204,400	$ 134,700

Collateralized Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Securities received as collateral:
Securities borrowed	$ 1,341,474	$ 1,374,266
Securities purchased under agreements to resell	36,026	22,866
Securities received as collateral	1,377,500	1,397,132
Financial instruments owned and pledged	929,669	746,539
Equities
Securities received as collateral:
Financial instruments owned and pledged	922,301	734,024
Exchange traded notes
Securities received as collateral:
Financial instruments owned and pledged	$ 7,368	$ 12,515

Borrowings - Short-term Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Borrowing Outstanding	$ 242,992	$ 65,073
Deferred Debt Issuance Cost	(2,548)	(387)
Short-term Borrowings, net	240,444	64,686
Short-term bank loans
Short-term Debt [Line Items]
Borrowing Outstanding	64,992	28,673
Deferred Debt Issuance Cost	0	0
Short-term Borrowings, net	64,992	28,673
Broker-dealer credit facilities
Short-term Debt [Line Items]
Borrowing Outstanding	178,000	36,400
Deferred Debt Issuance Cost	(2,548)	(387)
Short-term Borrowings, net	$ 175,452	$ 36,013

Borrowings - Broker-Dealer Credit Facilities, Narrative (Details)	3 Months Ended
	Mar. 31, 2021 USD ($) debt_instrument borrowing_base	Dec. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 20, 2020 USD ($)	Mar. 10, 2020 USD ($)	Mar. 01, 2019 USD ($)
Line of Credit Facility [Line Items]
Number of borrowing bases \| borrowing_base	2
Commitment fee (as a percent)	0.50%
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Number of secured credit facilities \| debt_instrument	2
Maximum borrowing capacity						$ 600,000,000
Commitment fee (as a percent)	0.50%
Financing Available	$ 1,000,000,000	$ 1,000,000,000
Broker-dealer credit facilities \| Borrowing Base A Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 600,000,000
Broker-dealer credit facilities \| Borrowing Base A Loan \| LIBOR
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	$ 200,000,000
Broker-dealer credit facilities \| Borrowing Base B Loan \| LIBOR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	2.50%
Broker-dealer credit facility on an uncommitted basis
Line of Credit Facility [Line Items]
Number of secured credit facilities \| debt_instrument	1
Maximum borrowing capacity			$ 400,000,000
Financing Available	$ 400,000,000	$ 400,000,000
Interest rate	1.25%	1.25%
Demand Loan
Line of Credit Facility [Line Items]
Financing Available					$ 20,000,000
Repayment term	90 days
Interest rate	10.00%
Stated interest rate increase	2.00%
Founder Member Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 300,000,000

Borrowings - Broker-Dealer Credit Facilities Carrying Values, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Borrowing Outstanding	$ 1,666,662
Deferred Debt Issuance Cost	2,548	$ 387
Outstanding Borrowings, net	$ 1,636,221	$ 1,639,280
Uncommitted facility
Line of Credit Facility [Line Items]
Interest Rate	1.25%	1.25%
Financing Available	$ 400,000	$ 400,000
Borrowing Outstanding	178,000	36,400
Deferred Debt Issuance Cost	2,548	387
Outstanding Borrowings, net	$ 175,452	$ 36,013
Committed facility
Line of Credit Facility [Line Items]
Interest Rate	2.61%	1.40%
Financing Available	$ 600,000	$ 600,000
Borrowing Outstanding	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	1,000,000	1,000,000
Borrowing Outstanding	178,000	36,400
Deferred Debt Issuance Cost	2,548	387
Outstanding Borrowings, net	$ 175,452	$ 36,013

Borrowings - Interest Expense on Broker-Dealer Facilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Line of Credit Facility [Line Items]
Interest expense	$ 19,492	$ 25,670
Uncommitted facility
Line of Credit Facility [Line Items]
Interest expense	625	632
Committed facility
Line of Credit Facility [Line Items]
Interest expense	57	160
Demand Loan
Line of Credit Facility [Line Items]
Interest expense	0	117
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Interest expense	$ 682	$ 909

Borrowings - Short-Term Bank Loans (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Short-term bank loans	$ 65.0	$ 28.7
Weighted average interest rate	2.20%	2.40%

Borrowings - Short-Term Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Short-term Debt [Line Items]
Weighted Average Interest Rate	2.20%		2.40%
Borrowing Outstanding	$ 1,666,662
Interest expense	$ 19,492	$ 25,670
Short-Term Credit Facilities
Short-term Debt [Line Items]
Weighted Average Interest Rate	2.72%		2.77%
Financing Available	$ 616,000		$ 616,000
Borrowing Outstanding	204,362		$ 134,664
Interest expense	$ 1,000	$ 1,300

Borrowings - Long-Term Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Outstanding Principal	$ 1,666,662
Deferred Debt Issuance Cost	(2,548)	$ (387)
Outstanding Borrowings, net	$ 1,636,221	$ 1,639,280
SBI Bonds
Line of Credit Facility [Line Items]
Interest Rate	5.00%	5.00%
Outstanding Principal	$ 31,611	$ 33,898
Discount	0	0
Deferred Debt Issuance Cost	(36)	(40)
Outstanding Borrowings, net	31,575	33,858
Total Long-term borrowings
Line of Credit Facility [Line Items]
Outstanding Principal	1,666,662	1,670,410
Discount	(4,494)	(4,723)
Deferred Debt Issuance Cost	(25,947)	(26,407)
Outstanding Borrowings, net	$ 1,636,221	$ 1,639,280
Senior Secured Credit Facility \| Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest Rate	3.11%	3.15%
Outstanding Principal	$ 1,635,051	$ 1,636,512
Discount	(4,494)	(4,723)
Deferred Debt Issuance Cost	(25,911)	(26,367)
Outstanding Borrowings, net	$ 1,604,646	$ 1,605,422

Borrowings - Credit Agreement (Details) - USD ($)			1 Months Ended		3 Months Ended
Borrowings - Credit Agreement (Details) - USD ($)	Mar. 02, 2020	Mar. 01, 2019	Jan. 31, 2020	Oct. 31, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Oct. 09, 2019
Debt Instrument [Line Items]
Commitment fee (as a percent)					0.50%
Outstanding principal amount					$ 1,666,662,000
Financing interest expense on long-term borrowings					19,492,000	$ 25,670,000
Fixed interest rate percentage				4.30%
Committed facility
Debt Instrument [Line Items]
Outstanding principal amount					0			$ 0
Financing interest expense on long-term borrowings					57,000	$ 160,000
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%
Amended Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Amended Credit Agreement \| Overnight Bank Funding Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Amended Credit Agreement \| LIBOR, Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%
Amended Credit Agreement \| Scenario 1
Debt Instrument [Line Items]
Interest rate floor	1.00%
Amended Credit Agreement \| Scenario 1 \| Interest Rate Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%
Amended Credit Agreement \| Scenario 2
Debt Instrument [Line Items]
Interest rate floor	0.00%
Amended Credit Agreement \| Scenario 2 \| Interest Rate Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.00%
Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Debt amortization, percentage of original aggregate principal amount		1.00%
VFH
Debt Instrument [Line Items]
Proceeds from borrowings		$ 404,500,000
VFH \| Committed facility
Debt Instrument [Line Items]
Maximum borrowing capacity		50,000,000.0
Outstanding principal amount					0			$ 0
VFH \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		5,000,000.0
VFH \| Swingline Subfacility
Debt Instrument [Line Items]
Maximum borrowing capacity		5,000,000.0
Acquisition Borrower
Debt Instrument [Line Items]
Proceeds from borrowings		1,095,000,000
Term Loan \| First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,500,000,000
Outstanding principal amount					$ 1,635,000,000
Term Loan \| VFH \| First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount				$ 525,000,000.0					$ 525,000,000.0
Interest rate swap
Debt Instrument [Line Items]
Derivative contract term				5 years		5 years	5 years
Derivative, notional amount						$ 1,000,000,000	$ 525,000,000
January 2020 Interest Rate Swap
Debt Instrument [Line Items]
Derivative contract term			5 years
Derivative, notional amount			$ 1,000,000,000
Fixed interest rate percentage			4.40%
January 2020 Interest Rate Swap \| Term Loan \| VFH \| First Lien Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000,000,000

Borrowings - Senior Secured Second Lien Notes (Details) - Term Loan - First Lien Term Loan Facility - USD ($)	Oct. 31, 2019	Oct. 09, 2019	Mar. 01, 2019
Debt Instrument [Line Items]
Face amount			$ 1,500,000,000
VFH
Debt Instrument [Line Items]
Face amount	$ 525,000,000.0	$ 525,000,000.0

Borrowings - SBI Bonds (Details)	3 Months Ended
Borrowings - SBI Bonds (Details)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2021 JPY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 JPY (¥)	Jul. 25, 2016 USD ($)	Jul. 25, 2016 JPY (¥)
Debt Instrument [Line Items]
Outstanding principal amount	$ 1,666,662,000
SBI Bonds
Debt Instrument [Line Items]
Outstanding principal amount	31,611,000			$ 33,898,000
VFH \| SBI Bonds
Debt Instrument [Line Items]
Face amount						$ 33,100,000	¥ 3,500,000,000
Outstanding principal amount	31,600,000		¥ 3,500,000,000	$ 33,900,000	¥ 3,500,000,000
Gain (loss) due to change in currency rates	$ 2,300,000	$ (300,000)

Borrowings - Future Minimum Principal Payments (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Debt Disclosure [Abstract]
Remainder of 2021	$ 0
2022	0
2023	31,611
2024	0
2025	0
Thereafter	1,635,051
Total principal of long-term borrowings	$ 1,666,662

Financial Assets and Liabilities - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Assets
Financial instruments owned, at fair value	$ 2,976,372		$ 2,369,192
Financial instruments owned, at fair value, Counterparty and Cash Collateral Netting	(271,028)	$ (291,964)
Financial instruments owned, pledged as collateral	929,669		746,539
Other Assets	68,750		68,316
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,984,733		2,923,708
Financial instruments sold, not yet purchased, at fair value, Counterparty and Cash Collateral Netting	(274,147)	(292,870)
Payables to broker-dealers and clearing organizations	1,079,808		876,446
Interest rate swap
Liabilities
Payables to broker-dealers and clearing organizations	38,199		63,513
Equity securities
Assets
Financial instruments owned, at fair value	2,616,609		1,955,589
Financial instruments owned, pledged as collateral	922,301		734,024
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,477,109		2,445,050
U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	202,103		199,782
Liabilities
Financial instruments sold, not yet purchased, at fair value	155,606		103,157
Corporate Bonds
Assets
Financial instruments owned, at fair value	120,891		135,518
Liabilities
Financial instruments sold, not yet purchased, at fair value	326,144		358,734
Exchange traded notes
Assets
Financial instruments owned, at fair value	2,071		19,827
Financial instruments owned, pledged as collateral	7,368		12,515
Liabilities
Financial instruments sold, not yet purchased, at fair value	11,173		7,431
Equity investment
Assets
Other Assets	66,192		66,030
Exchange stock
Assets
Other Assets	2,558		2,286
Currency forwards
Assets
Financial instruments owned, at fair value	23,937		49,396
Financial instruments owned, at fair value, Counterparty and Cash Collateral Netting	(271,028)	(291,964)
Liabilities
Financial instruments sold, not yet purchased, at fair value	6,006		95
Financial instruments sold, not yet purchased, at fair value, Counterparty and Cash Collateral Netting	(274,147)	$ (292,870)
Options
Assets
Financial instruments owned, at fair value	10,761		9,080
Liabilities
Financial instruments sold, not yet purchased, at fair value	8,695		9,241
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Financial instruments owned, at fair value	1,299,252		922,393
Financial instruments owned, pledged as collateral	630,677		496,945
Other Assets	2,558		2,286
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,468,035		1,399,496
Payables to broker-dealers and clearing organizations	1,366,956		3,517
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Interest rate swap
Liabilities
Payables to broker-dealers and clearing organizations	0		0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities
Assets
Financial instruments owned, at fair value	1,094,913		761,484
Financial instruments owned, pledged as collateral	628,093		496,943
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,302,564		1,307,082
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	192,086		151,723
Liabilities
Financial instruments sold, not yet purchased, at fair value	152,248		83,173
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate Bonds
Assets
Financial instruments owned, at fair value	0		0
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
Assets
Financial instruments owned, at fair value	1,492		106
Financial instruments owned, pledged as collateral	2,584		2
Liabilities
Financial instruments sold, not yet purchased, at fair value	4,528		0
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	2,558		2,286
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Currency forwards
Assets
Financial instruments owned, at fair value	0		0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0		0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Options
Assets
Financial instruments owned, at fair value	10,761		9,080
Liabilities
Financial instruments sold, not yet purchased, at fair value	8,695		9,241
Significant Other Observable Inputs (Level 2)
Assets
Financial instruments owned, at fair value	1,948,148		1,738,763
Financial instruments owned, pledged as collateral	298,992		249,594
Other Assets	0		0
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,790,845		1,817,082
Payables to broker-dealers and clearing organizations	(287,148)		872,929
Significant Other Observable Inputs (Level 2) \| Interest rate swap
Liabilities
Payables to broker-dealers and clearing organizations	38,199		63,513
Significant Other Observable Inputs (Level 2) \| Equity securities
Assets
Financial instruments owned, at fair value	1,521,696		1,194,105
Financial instruments owned, pledged as collateral	294,208		237,081
Liabilities
Financial instruments sold, not yet purchased, at fair value	1,174,545		1,137,968
Significant Other Observable Inputs (Level 2) \| U.S. and Non-U.S. government obligations
Assets
Financial instruments owned, at fair value	10,017		48,059
Liabilities
Financial instruments sold, not yet purchased, at fair value	3,358		19,984
Significant Other Observable Inputs (Level 2) \| Corporate Bonds
Assets
Financial instruments owned, at fair value	120,891		135,518
Liabilities
Financial instruments sold, not yet purchased, at fair value	326,144		358,734
Significant Other Observable Inputs (Level 2) \| Exchange traded notes
Assets
Financial instruments owned, at fair value	579		19,721
Financial instruments owned, pledged as collateral	4,784		12,513
Liabilities
Financial instruments sold, not yet purchased, at fair value	6,645		7,431
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
Assets
Financial instruments owned, at fair value	294,965		341,360
Liabilities
Financial instruments sold, not yet purchased, at fair value	280,153		292,965
Significant Other Observable Inputs (Level 2) \| Options
Assets
Financial instruments owned, at fair value	0		0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0		0
Significant Unobservable Inputs (Level 3)
Assets
Financial instruments owned, at fair value	0		0
Financial instruments owned, pledged as collateral	0		0
Other Assets	66,192		66,030
Liabilities
Financial instruments sold, not yet purchased, at fair value	0		0
Payables to broker-dealers and clearing organizations	0		0
Significant Unobservable Inputs (Level 3) \| Interest rate swap
Liabilities
Payables to broker-dealers and clearing organizations	0		0
Significant Unobservable Inputs (Level 3) \| Equity securities
Assets
Financial instruments owned, at fair value	0		0
Financial instruments owned, pledged as collateral	0		0
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
Assets
Financial instruments owned, at fair value	0		0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0		0
Significant Unobservable Inputs (Level 3) \| Corporate Bonds
Assets
Financial instruments owned, at fair value	0		0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0		0
Significant Unobservable Inputs (Level 3) \| Exchange traded notes
Assets
Financial instruments owned, at fair value	0		0
Financial instruments owned, pledged as collateral	0		0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0		0
Significant Unobservable Inputs (Level 3) \| Equity investment
Assets
Other Assets	66,192		66,030
Significant Unobservable Inputs (Level 3) \| Exchange stock
Assets
Other Assets	0		0
Significant Unobservable Inputs (Level 3) \| Currency forwards
Assets
Financial instruments owned, at fair value	0		0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0		0
Significant Unobservable Inputs (Level 3) \| Options
Assets
Financial instruments owned, at fair value	0		0
Liabilities
Financial instruments sold, not yet purchased, at fair value	$ 0		$ 0

Financial Assets and Liabilities - Fair Value Inputs (Details) $ in Thousands	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 66,192	$ 66,030
Weighted Average \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.042	0.096
Weighted Average \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.144	0.144
Weighted Average \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.00132	0.00138
Minimum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	(0.060)	(0.090)
Minimum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.144	0.144
Minimum \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.00116	0.00122
Maximum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.100	0.390
Maximum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.144	0.144
Maximum \| Market \| Future enterprise value/ EBIDTA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.00215	0.00219

Financial Assets and Liabilities - Level 3 financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 66,030	$ 46,245
Purchases	0	0
Total realized and unrealized gains / (losses)	162	423
Net transfers into (out of) level 3	0	0
Settlement	0	0
Ending balance	66,192	46,668
Change in net unrealized gains / (losses) on Investments still held at end of period	162	423
Equity investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	66,030	46,245
Purchases	0	0
Total realized and unrealized gains / (losses)	162	423
Net transfers into (out of) level 3	0	0
Settlement	0	0
Ending balance	66,192	46,668
Change in net unrealized gains / (losses) on Investments still held at end of period	$ 162	$ 423

Financial Assets and Liabilities - Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash restricted or segregated under regulations and other	$ 122,792	$ 117,446
Receivables from broker-dealers and clearing organizations	1,656,347	1,684,006
Receivables from customers	515,519	214,478
Other Assets	240,579	317,747
Liabilities
Payables to broker-dealers and clearing organizations	1,079,808	876,446
Payables to customers	347,184	118,826
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and cash equivalents	899,041	889,559
Cash restricted or segregated under regulations and other	122,792	117,446
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	(1,639)	173,578
Receivables from customers	0	0
Other Assets	0	0
Total Assets	1,020,194	1,180,583
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	1,366,956	3,517
Payables to customers	0	0
Other Liabilities	0	0
Total Liabilities	1,366,956	3,517
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	1,384,134	1,425,016
Securities purchased under agreements to resell	36,071	22,866
Receivables from broker-dealers and clearing organizations	1,657,986	1,510,428
Receivables from customers	515,519	214,478
Other Assets	24,163	21,735
Total Assets	3,617,873	3,194,523
Liabilities
Short-term borrowings	242,992	65,073
Long-term borrowings	1,663,605	1,672,456
Securities loaned	1,191,615	948,256
Securities sold under agreements to repurchase	410,164	461,235
Payables to broker-dealers and clearing organizations	(287,148)	872,929
Payables to customers	347,184	118,826
Other Liabilities	8,610	9,208
Total Liabilities	3,577,022	4,147,983
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
Reported Value Measurement
Assets
Cash and cash equivalents	899,041	889,559
Cash restricted or segregated under regulations and other	122,792	117,446
Securities borrowed	1,384,134	1,425,016
Securities purchased under agreements to resell	36,071	22,866
Receivables from broker-dealers and clearing organizations	1,656,347	1,684,006
Receivables from customers	515,519	214,478
Other Assets	24,163	21,735
Total Assets	4,638,067	4,375,106
Liabilities
Short-term borrowings	240,444	64,686
Long-term borrowings	1,636,221	1,639,280
Securities loaned	1,191,615	948,256
Securities sold under agreements to repurchase	410,164	461,235
Payables to broker-dealers and clearing organizations	1,079,808	876,446
Payables to customers	347,184	118,826
Other Liabilities	8,610	9,208
Total Liabilities	4,914,046	4,117,937
Estimate of Fair Value Measurement
Assets
Cash and cash equivalents	899,041	889,559
Cash restricted or segregated under regulations and other	122,792	117,446
Securities borrowed	1,384,134	1,425,016
Securities purchased under agreements to resell	36,071	22,866
Receivables from broker-dealers and clearing organizations	1,656,347	1,684,006
Receivables from customers	515,519	214,478
Other Assets	24,163	21,735
Total Assets	4,638,067	4,375,106
Liabilities
Short-term borrowings	242,992	65,073
Long-term borrowings	1,663,605	1,672,456
Securities loaned	1,191,615	948,256
Securities sold under agreements to repurchase	410,164	461,235
Payables to broker-dealers and clearing organizations	1,079,808	876,446
Payables to customers	347,184	118,826
Other Liabilities	8,610	9,208
Total Liabilities	$ 4,943,978	$ 4,151,500

Financial Assets and Liabilities - Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Securities borrowed
Gross Amounts of Recognized Assets	$ 1,384,134	$ 1,425,016
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	1,384,134	1,425,016
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,341,474)	(1,374,266)
Counterparty Netting/ Cash Collateral	(6,088)	(9,686)
Net Amount	36,572	41,064
Securities purchased under agreements to resell
Gross Amounts of Recognized Assets	36,071	22,866
Securities Purchased under Agreements to Resell, Liability	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	36,071	22,866
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(36,026)	(22,866)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	45	0
Trading assets, at fair value:
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Total
Gross Amounts of Recognized Assets	1,725,931	1,798,322
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(271,028)	(291,964)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	1,454,903	1,506,358
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,377,500)	(1,397,132)
Counterparty Netting/ Cash Collateral	(14,783)	(18,766)
Net Amount	62,620	90,460
Currency forwards
Securities borrowed
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(271,028)	(291,964)
Trading assets, at fair value:
Gross Amounts of Recognized Assets	294,965	341,360
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(271,028)	(291,964)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	23,937	49,396
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	23,937	49,396
Options
Securities borrowed
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Trading assets, at fair value:
Gross Amounts of Recognized Assets	10,761	9,080
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	10,761	9,080
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	(8,695)	(9,080)
Net Amount	$ 2,066	$ 0

Financial Assets and Liabilities - Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Securities loaned
Gross Amounts of Recognized Liabilities	$ 1,191,615	$ 948,256
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,191,615	948,256
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(1,177,681)	(921,593)
Counterparty Netting/ Cash Collateral	(7,890)	(17,800)
Net Amount	6,044	8,863
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities	410,164	461,235
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	410,164	461,235
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(410,079)	(461,235)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	85	0
Trading liabilities, at fair value:
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Total
Gross Amounts of Recognized Liabilities	1,928,826	1,775,210
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(274,147)	(292,870)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	1,654,679	1,482,340
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	(1,587,760)	(1,382,828)
Counterparty Netting/ Cash Collateral	(54,784)	(90,042)
Net Amount	12,135	9,470
Interest rate swap
Securities loaned
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities		63,513
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition		63,513
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments		0
Counterparty Netting/ Cash Collateral		(63,162)
Net Amount		351
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	38,199
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	38,199
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0
Counterparty Netting/ Cash Collateral	(38,199)
Net Amount	0
Currency forwards
Securities loaned
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(274,147)	(292,870)
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	280,153	292,965
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	(274,147)	(292,870)
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	6,006	95
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	6,006	95
Options
Securities loaned
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	8,695	9,241
Amounts Offset in the Condensed Consolidated Statement of Financial Condition	0	0
Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition	8,695	9,241
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instruments	0	0
Counterparty Netting/ Cash Collateral	(8,695)	(9,080)
Net Amount	$ 0	$ 161

Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Equities futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	$ (2,163)	$ 4,669
Notional	2,645,904	2,208,899
Equities futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	513	31
Notional	534,942	90,219
Commodity futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(1,711)	173,889
Notional	5,448,655	6,237,389
Commodity futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(1,366,708)	(5,397)
Notional	1,679,746	27,287
Currency futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	1,954	(11,736)
Notional	1,637,757	2,823,277
Currency futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(1,110)	3,598
Notional	2,091,786	2,269,898
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	17	42
Notional	13,182	102,476
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(266)	0
Notional	203,385	1,566
Options
Derivatives Assets
Fair Value	10,761	9,080
Derivatives Liabilities
Fair Value	8,695	9,241
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives Assets
Fair Value	10,761	9,080
Notional	959,394	746,723
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	8,695	9,241
Notional	980,190	736,997
Currency forwards
Derivatives Assets
Fair Value	294,965	341,360
Derivatives Liabilities
Fair Value	280,153	292,965
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives Assets
Fair Value	294,965	341,360
Notional	25,271,660	30,596,681
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	280,153	292,965
Notional	25,264,253	30,572,490
Interest rate swap
Derivatives Liabilities
Fair Value	38,199
Interest rate swap \| Derivative instruments designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	38,199	63,513
Notional	$ 1,525,000	$ 1,525,000

Derivative Instruments - Gain (Loss) From Derivative Instruments (Details)	1 Months Ended	3 Months Ended
	Oct. 31, 2019	Mar. 31, 2021 USD ($) instrument	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net		$ 204,875,000	$ 191,168,000
Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income		25,826,000	(55,602,000)
Futures \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net		47,222,000	(11,901,000)
Currency forwards \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net		109,389,000	201,808,000
Options \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and Other, net		$ 48,736,000	$ 1,261,000
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract term	5 years		5 years	5 years
Derivative, notional amount			$ 1,000,000,000	$ 525,000,000
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		$ (472,000)	0
Interest rate swap \| Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income		$ 25,826,000	$ (55,602,000)

Variable Interest Entities- Additional Information (Details)	3 Months Ended
	Mar. 31, 2021 joint_venture
Variable Interest Entity [Line Items]
Number of joint ventures considered as VIEs	4
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)	10.00%
JV building microwave communication networks in US and Europe
Variable Interest Entity [Line Items]
Ownership interest	50.00%
JV offering derivatives trading technology and execution services
Variable Interest Entity [Line Items]
Ownership interest	10.00%
JV developing a member-owned equities exchange with the goal of increasing competition
Variable Interest Entity [Line Items]
Ownership interest	14.10%
JV building microwave communication networks in US, Europe and Asia
Variable Interest Entity [Line Items]
Number of joint ventures	2

Variable Interest Entities-nonconsolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Asset	$ 10,890,631	$ 9,965,798
Liability	8,846,552	8,110,760
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Asset	27,379	28,969
Liability	0	0
Maximum Exposure to Loss	27,379	28,969
VIEs' assets	$ 172,310	$ 175,547

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
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-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Revenues from Contracts with Customers (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 191,649,000	$ 170,744,000
Total revenue	1,012,572,000	1,000,621,000
Receivables related to revenue from contracts with customers	60,400,000		$ 57,300,000
Impairment losses on receivables	0
Deferred revenue related to contracts with customers	11,600,000		$ 9,300,000
Revenue recognized	7,900,000
Revenue recognized		7,500,000
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	993,871,000	982,145,000
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	18,701,000	18,476,000
Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	154,580,000	131,795,000
Workflow technology
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	26,573,000	28,743,000
Analytics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	10,496,000	10,206,000
Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	820,923,000	829,877,000
Operating Segments \| Market Making
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,130,000	769,000
Total revenue	823,724,000	830,586,000
Operating Segments \| Market Making \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	823,724,000	830,586,000
Operating Segments \| Market Making \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments \| Market Making \| Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,130,000	769,000
Operating Segments \| Market Making \| Workflow technology
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments \| Market Making \| Analytics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments \| Market Making \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	809,594,000	829,817,000
Operating Segments \| Execution Services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	177,519,000	169,975,000
Total revenue	189,239,000	169,864,000
Operating Segments \| Execution Services \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	170,538,000	151,388,000
Operating Segments \| Execution Services \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	18,701,000	18,476,000
Operating Segments \| Execution Services \| Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	140,450,000	131,026,000
Operating Segments \| Execution Services \| Workflow technology
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	26,573,000	28,743,000
Operating Segments \| Execution Services \| Analytics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	10,496,000	10,206,000
Operating Segments \| Execution Services \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	11,720,000	(111,000)
Corporate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Total revenue	(391,000)	171,000
Corporate \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	(391,000)	171,000
Corporate \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Corporate \| Commissions, net
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Corporate \| Workflow technology
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Corporate \| Analytics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0
Corporate \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	$ (391,000)	$ 171,000

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Provision for income taxes	$ 80,555	$ 77,987
Effective tax rate	16.40%	16.80%
Current income taxes receivable	$ 200		$ 83,100
Current taxes payable	29,900		37,900
Deferred tax asset, state and local operating loss carryforward	400		400
Unrecognized tax benefits that would impact effective tax rate	7,000
ITG
Tax Credit Carryforward [Line Items]
Deferred tax asset, non-U.S. operating loss carryforward	15,000		15,200
Valuation allowance on deferred taxes	14,900		15,100
Operating loss carryforwards	73,600		75,100
KCG
Tax Credit Carryforward [Line Items]
Deferred tax asset, non-U.S. operating loss carryforward	45,000		44,900
Operating loss carryforwards	$ 239,000		$ 239,000

Commitments, Contingencies and Guarantees (Details)	Apr. 29, 2019 lawsuit
ProShares Trust II Securities Litigation, No. 19-cv-886-DLC
Loss Contingencies [Line Items]
Number of lawsuits consolidated	3

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating leases
Operating lease right-of-use assets	$ 252,027	$ 268,864
Operating lease liabilities	298,890	315,340
Finance leases
Property and equipment, at cost	36,093	36,093
Accumulated depreciation	(26,718)	(24,585)
Finance lease liabilities	$ 9,524	$ 11,687

Leases - Lease Term and Discount Rate (Details)	Mar. 31, 2021	Dec. 31, 2020
Weighted average remaining lease term
Operating leases	6 years 9 months 18 days	6 years 10 months 24 days
Finance leases	1 year 10 months 24 days	2 years
Weighted average discount rate
Operating leases	5.67%	5.67%
Finance leases	2.62%	3.13%

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating lease cost:
Fixed	$ 19,101	$ 18,360
Variable	1,445	2,135
Impairment of ROU Asset	1,198	0
Total Operating lease cost	21,744	20,495
Sublease income	4,443	3,477
Finance lease cost:
Amortization of ROU Asset	2,133	3,187
Interest on lease liabilities	74	129
Total Finance lease cost	$ 2,207	$ 3,316

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating Leases
2021	$ 60,211
2022	68,497
2023	65,145
2024	35,645
2025	27,786
2026 and thereafter	114,960
Total lease payments	372,244
Less imputed interest	(73,354)
Total lease liability	298,890	$ 315,340
Finance Leases
2021	4,443
2022	4,035
2023	1,438
2024	0
2025	0
2026 and thereafter	0
Total lease payments	9,916
Less imputed interest	(392)
Total lease liability	$ 9,524

Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 899,041	$ 889,559
Cash restricted or segregated under regulations and other	122,792	117,446
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 1,021,833	$ 1,007,005	$ 805,201	$ 773,280

Capital Structure - Additional Information (Details)	3 Months Ended
Capital Structure - Additional Information (Details)	Mar. 31, 2021 class vote shares	Mar. 31, 2020 shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Number of classes of common stock \| class	4
Non-voting common interest units outstanding (in shares) \| shares	5,167,956		5,259,713
Number of non-voting common interest units forfeited or repurchased (in shares) \| shares	91,757	724,327
Virtu Financial
Class of Stock [Line Items]
Ownership interest	64.00%
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 [Member]
Class of Stock [Line Items]
Ownership interest	82.00%

Capital Structure - Amended and Restated 2015 Management Incentive Plan (Details)	Jun. 30, 2017 shares
2015 Management Incentive Plan \| Class A common stock
Class of Stock [Line Items]
Number of shares of stock authorized (in shares)	21,000,000

Capital Structure - Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan (Details) - Assumed Awards - Class A common stock	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 Repurchase Program (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Feb. 11, 2021
Class of Stock [Line Items]
Value of shares repurchased	$ 79,418	$ 9,801
Class A common stock
Class of Stock [Line Items]
Share repurchase authorized amount	$ 170,000		$ 70,000
Number of shares repurchased (in shares)	72.7
Value of shares repurchased	$ 97,300
Class A common stock and Class C common stock
Class of Stock [Line Items]
Number of shares repurchased (in shares)	3.7

Capital Structure - Employee Exchanges (Details) - VFH	3 Months Ended
Capital Structure - Employee Exchanges (Details) - VFH	Mar. 31, 2021 shares	Mar. 31, 2020 shares
Class of Stock [Line Items]
Common stock exchange ratio	1
Class A common stock
Class of Stock [Line Items]
Issuance of common stock in connection with employee exchanges (in shares)	91,757	724,327

Capital Structure - Warrants (Details) $ / shares in Units, $ in Millions	Mar. 20, 2020 USD ($) $ / shares shares
Class A Common Stock Warrants
Class of Warrant or Right [Line Items]
Number of shares available for purchase (in shares)	3,000,000
Exercise price of warrants (in dollars per share) \| $ / shares	$ 22.98
Warrant, number of trading days	10 days
Class A Common Stock Warrants, Founder Member Facility
Class of Warrant or Right [Line Items]
Number of shares available for purchase (in shares)	10,000,000
Warrant, loan outstanding requirement \| $	$ 100

Capital Structure - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,855,038	$ 1,228,936
Balance at end of period	2,044,079	1,528,657
AOCI reclassified into earnings over next 12 months	13,400
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	(33,444)	0
Amounts reclassified from AOCI to income	9,273	(31,785)
Amounts recorded in AOCI	3,334	317
Balance at end of period	(20,837)	(31,468)
Foreign exchange translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	7,957	(647)
Amounts reclassified from AOCI to income	(2,165)	(5,884)
Amounts recorded in AOCI	0	0
Balance at end of period	5,792	(6,531)
AOCI attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(25,487)	(647)
Amounts reclassified from AOCI to income	7,108	(37,669)
Amounts recorded in AOCI	3,334	317
Balance at end of period	$ (15,045)	$ (37,999)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 45
-Paragraph 23
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 250
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-Paragraph 7
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 55
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Mar. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in accrued employee compensation expense	$ 5.0
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	633,938	852,599
Increase (decrease) in accrued employee compensation expense		$ 17.1
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee compensation expense	$ 7.8
Unrecognized share-based compensation expense	$ 65.1		$ 37.1
Weighted average period for compensation expense expected to be recognized	1 year 4 months 24 days	1 year
RSUs \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee compensation expense		$ 9.0
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
Assumed Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)				2,497,028
Invetment Technology Group \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)				1,230,406

Share-based Compensation - Summary of Activity in Options (Details) - 2015 Management Incentive Plan - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Options
Outstanding at beginning of period (in shares)	2,324,152	3,233,779	3,233,779
Granted (in shares)	0	0
Exercised (in shares)	(154,372)	(213,129)
Forfeited or expired (in shares)	0	0
Outstanding at end of period (in shares)	2,169,780	3,020,650	2,324,152	3,233,779
Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 19.00	$ 19.00	$ 19.00
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	19.00	15.04
Forfeited or expired (in dollars per share)	0	0			$ 0
Outstanding at end of period (in dollars per share)	$ 19.00	$ 19.00	$ 19.00	$ 19.00
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life	3 years 11 months 26 days	4 years 11 months 26 days	4 years 2 months 26 days	5 years 2 months 26 days
Options Exercisable, Number of Options (in shares)	2,169,780	3,020,650	2,324,152	3,233,779
Options Granted, Number of Options (in shares)	0	0
Options Exercised, Number of Options Exercised (in shares)	(154,372)	(213,129)
Options Exercisable, Number of Options Forfeited or Expired (in shares)	0	0
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 19.00	$ 19.00	$ 19.00	$ 19.00

Share-based Compensation - Summary of Activity in RSUs and RSAs (Details) - 2015 Management Incentive Plan - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
RSUs and RSAs
Number of RSUs and RSAs
Outstanding at beginning of period (in shares)	3,393,084	2,993,489
Granted (in shares)	2,105,988	3,034,621
Forfeited (in shares)	(87,658)	(161,127)
Vested (in shares)	(1,896,407)	(1,854,961)
Outstanding at end of period (in shares)	3,515,007	4,012,022
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)	$ 21.35	$ 24.10
Granted (in dollars per share)	27.35	16.26
Forfeited (in dollars per share)	23.38	18.44
Vested (in dollars per share)	23.22	20.45
Outstanding at end of period (in dollars per share)	$ 23.89	$ 20.08
RSUs and RSAs, performance-based
Number of RSUs and RSAs
Granted (in shares)	200,000

Regulatory Requirement - Narrative (Details) - USD ($)	3 Months Ended
Regulatory Requirement - Narrative (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
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	$ 1,000,000.0
Required amount under exchange rules	1,000,000
Required amount under exchange rules for every 0.1% NYSE transaction dollar volume	$ 75,000
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	$ 108,800,000	$ 96,200,000
Cash in reserve bank accounts for the benefit of proprietary accounts of brokers	$ 13,000,000.0	$ 20,400,000

Regulatory Requirement - Regulatory Capital and Capital Requirements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Virtu Americas LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	$ 676,247	$ 621,253
Regulatory Capital Requirement	2,843	2,917
Excess Regulatory Capital	673,404	618,336
Virtu ITG Canada Corp
Public Utilities, General Disclosures [Line Items]
Deposit funds for trade	400	400
Virtu ITG Canada Corp \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	15,449	12,944
Regulatory Capital Requirement	199	196
Excess Regulatory Capital	15,250	12,748
Virtu Financial Canada ULC \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	2,594	2,486
Regulatory Capital Requirement	199	196
Excess Regulatory Capital	2,395	2,290
Virtu ITG Europe Limited
Public Utilities, General Disclosures [Line Items]
Deposit funds for trade	300	200
Virtu ITG Europe Limited \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	79,193	57,459
Regulatory Capital Requirement	31,881	32,106
Excess Regulatory Capital	47,312	25,353
Virtu Financial Ireland Limited \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	98,978	94,528
Regulatory Capital Requirement	39,406	41,038
Excess Regulatory Capital	59,572	53,490
Virtu ITG UK Limited \| United Kingdom
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,231	1,290
Regulatory Capital Requirement	857	910
Excess Regulatory Capital	374	380
Virtu ITG Australia Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	30,420	30,606
Regulatory Capital Requirement	20,764	12,729
Excess Regulatory Capital	9,656	17,877
Virtu ITG Hong Kong Limited
Public Utilities, General Disclosures [Line Items]
Capital settlement	30	30
Virtu ITG Hong Kong Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	3,702	4,290
Regulatory Capital Requirement	560	625
Excess Regulatory Capital	3,142	3,665
Virtu ITG Singapore Pte Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	799	796
Regulatory Capital Requirement	74	76
Excess Regulatory Capital	$ 725	$ 720

Geographic Information and Business Segments - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues from External Customers [Line Items]
Total revenue	$ 1,012,572	$ 1,000,621
United States
Revenues from External Customers [Line Items]
Total revenue	816,054	793,026
Ireland
Revenues from External Customers [Line Items]
Total revenue	121,369	107,910
Singapore
Revenues from External Customers [Line Items]
Total revenue	42,848	67,044
Canada
Revenues from External Customers [Line Items]
Total revenue	17,030	16,957
Australia
Revenues from External Customers [Line Items]
Total revenue	12,667	11,878
United Kingdom
Revenues from External Customers [Line Items]
Total revenue	1,184	2,476
Others
Revenues from External Customers [Line Items]
Total revenue	$ 1,420	$ 1,330

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Geographic Information and Business Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2021 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of non-operating segments	1

Geographic Information and Business Segments - Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total revenue	$ 1,012,572	$ 1,000,621
Income (loss) before income taxes and noncontrolling interest	489,787	466,225
Operating Segments \| Market Making
Segment Reporting Information [Line Items]
Total revenue	823,724	830,586
Income (loss) before income taxes and noncontrolling interest	453,277	451,546
Operating Segments \| Execution Services
Segment Reporting Information [Line Items]
Total revenue	189,239	169,864
Income (loss) before income taxes and noncontrolling interest	40,351	19,395
Segment Reconciling Items \| Corporate
Segment Reporting Information [Line Items]
Total revenue	(391)	171
Income (loss) before income taxes and noncontrolling interest	$ (3,841)	$ (4,716)

Related Party Transactions (Details) $ in Millions	3 Months Ended
Related Party Transactions (Details) $ in Millions	Mar. 31, 2021 USD ($) joint_venture	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Due from related parties	$ 1.8		$ 2.3
Microwave communication network JVs
Related Party Transaction [Line Items]
Payments to related party	$ 4.7	$ 4.7
Number of microwave communication network JVs the Company makes payments to \| joint_venture	2
Level 3
Related Party Transaction [Line Items]
Payments for purchases	$ 0.5	0.4
SBI
Related Party Transaction [Line Items]
Payments to related party	$ 2.9	$ 3.6

Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	May 04, 2021	Mar. 31, 2021	May 03, 2021	Feb. 11, 2021
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.24
Class A common stock
Subsequent Event [Line Items]
Share repurchase authorized amount		$ 170.0		$ 70.0
Class A common stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24
Share repurchase authorized amount	$ 470.0		$ 300.0
Company repurchased ( in shares)	5.4
Value of stock repurchased	$ 151.0
Remaining capacity for future purchases of shares	$ 319.0
Class B common stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24

Financial Assets and Liabilities - Gross Obligations For Securities Lending Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 410,164	$ 461,235
Remaining contractual maturity for securities loaned	1,191,615	948,256
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	35,164	86,235
Remaining contractual maturity for securities loaned	1,191,615	948,256
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	125,000	125,000
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	50,000	50,000
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	150,000	200,000
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	50,000	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	375,000	375,000
Remaining contractual maturity for securities loaned	1,191,615	948,256
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	1,191,615	948,256
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	125,000	125,000
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	50,000	50,000
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	150,000	200,000
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	50,000	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	35,164	86,235
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	35,164	86,235
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
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
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
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