Virtu Financial, Inc. (NASDAQ: VIRT) watched its shares fall Monday, after the company announced a non-exclusive co-operation agreement with emerging markets specialist Arqaam Capital to deploy Virtu’s award-winning global equity execution algorithms to clients in Middle-Eastern and North Africa (MENA) markets.
Under the collaboration, Arqaam will provide market access, settlement and local expertise in MENA equity markets to Virtu clients and Arqaam clients will be able to leverage Virtu’s suite of trading algorithms to access global markets, including MENA.
"This co-operation extends Arqaam’s local market access and expertise to Virtu’s global client base and further demonstrates Virtu’s commitment to clients who want to execute and settle in the MENA region. Given our history, Arqaam was the logical collaboration choice as we work to expand the MENA market coverage of Virtu’s equity algorithms," said CEO Rob Boardman.
"The global reach and scale of Virtu’s algorithmic trading platform combined with Arqaam’s MENA market access and local expertise has powerfully enhanced our respective execution platforms–providing our clients with greater optionality."
Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure,
VIRT shares lost 32 cents, or 1%, to $33.24.
