CLIENT SOLUTIONS ABOUT MARKET MAKING THINKING INVESTORS CONTACT CAREERS LOGIN Thought Leadership The Conditional Order Type Enhancing the Discovery of Block Liquidity The conditional order type is a useful and efficient tool for sourcing block liquidity. In this paper, we seek to provide more clarity on conditional order function and the benefits in the context of a block-seeking algorithmic order. Read the paper > October 2021 Global Equities and FX Market Structure Monthly NOVEMBER 15 , 2021 Read the Canada report > Read the EMEA report > Read the US report > Read the APAC report > Read the FX report > 3Q 2021 Equity and FX Global Cost Review NOVEMBER 15 , 2021 See the full breakdown within the 2Q 2021 Equity and Volatility, spreads and equity trading costs increase in developed markets while FX spreads decline a third consecutive quarter Read the equity report > Read the FX report > Workflow Technology Case Study Breaking New Ground with an Electronic RFQ Process for Swaptions on Credit Default Swaps (CDS) How Union Investment re-imagined process-intensive order handling via Virtu’s RFQ-hub. Explore the case study > September 2021 Global Equities and FX Market Structure Monthly OCTOBER 26 , 2021 Read the full Canada report > Read the full EMEA report > Read the full US report > Read the full APAC report > Read the full FX report > August 2021 Global Equities Market Structure Monthly SEPTEMBER 23 , 2021 Read the full Canada report > Read the full EMEA report > Read the full US report > Read the full APAC report > Analytics in Action: Open Technology (API) Use Case Determining an Optimized FX Algo Trade Horizon Identify the ideal trading horizon for your FX Algo trade given a risk tolerance level. The FX Cost Curve data API on Virtu’s Open Technology platform facilitates trade horizon selection for your FX algos. Using the programming language of your choice, you can use this tool to help determine the optimal duration for your orders based on your cost and risk tolerances. Explore use cases > August 2021 Global FX Market Structure Monthly SEPTEMBER 23 , 2021 Read the full report > 2Q 2021 Equity and FX Global Cost Review AUGUST 23 , 2021 See the full breakdown within the 2Q 2021 Equity and FX Global Cost Reviews. FX costs are measured as the spread costs of executions against the quoted market mid-price at the time of execution. Equity Implementation Shortfall costs are defined as the weighted average execution price vs. order arrival price. Read the full equity report > Read the full FX report > July 2021 Global Equities Market Structure Monthly AUGUST 23 , 2021 Read the full Canada report > Read the full EMEA report > Read the full US report > Read the full APAC report > July 2021 Global FX Market Structure Monthly AUGUST 23 , 2021 Read the full report > Analytics in Action: Open Technology (API) Use Case Data Mining Historical Blocks for Liquidity Trends Block Volume API is the latest release on Virtu’s Open Technology platform, designed to integrate data-driven analytics into your execution processes. Using your preferred programming language, use a simple call to retrieve historical block liquidity and associated bid/ask spreads for a single security or trade lists. Explore use cases > June 2021 Global Equities Market Structure Monthly July 30, 2021 Read the full Canada report > Read the full EMEA report > Read the full US report > Read the full APAC report > June 2021 Global FX Market Structure Monthly July 30, 2021 Read the full report > May 2021 Global Equities Market Structure Monthly June 28, 2021 Read the full Canada report > Read the full EMEA report > Read the full US report > Read the full APAC report > May 2021 Global FX Market Structure Monthly June 28, 2021 Read the full report > Desk Notes Unpredictable Liquidity The pitfalls of relying on historical averages to make routing decisions In the US equity market, liquidity can be unpredictable across venues. Though venues’ market share over time, in aggregate, appear to be stable, on an individual stock basis, there may be episodic events that result in volume distributions across venues that differ greatly from historical averages. Read the note > April 2021 Global Equities Market Structure Monthly June 11, 2021 Read the full Canada report > Read the full EMEA report > Read the full US report > Read the full APAC report > April 2021 Global FX Market Structure Monthly June 11, 2021 Read the full report > FX Agency Cost Estimator Supporting trade horizon decisions for schedule-based FX algos In this paper, we review TWAP and other strategy-based analytics available via Virtu Analytics’ FX Cost Curves. Using the tool, a trader only needs to provide a single parameter that quantifies the level of volatility-risk sensitivity, and an optimal trading horizon can be obtained from the cost and risk profiles contained within the new FX Agency Cost Estimator (ACE) model. Read the paper > 1Q 2021 Global Cost Review Trading costs in the Americas decline, bringing global aggregate costs back to pre-pandemic levels MAY 21 , 2020 Read the full equity report > Read the full FX report > 1Q 2021 Nordic Cost Review Aggregate trading costs in the Nordic region remain flat QoQ, with cost decreases in Sweden and Norway offsetting increases in other markets. MAY 21 , 2020 Read the full report > March 2021 Global Equities Market Structure Monthly May 3, 2021 Read the full Canada report > Read the full EMEA report > Read the full US report > Read the full APAC report > February 2021 Global FX Market Structure Monthly May 3, 2021 Read the full report > Big Data Analytics Utilities Open Technology (API) Use Case Forecast MOC Trading Costs for Projected Fund Growth The Auction Market Impact API is the latest release on Virtu’s Open Technology platform and was created to help you integrate value-add analytics within your in-house processes and workflows. Using your programming language of choice, subscribers can leverage Auction Market Impact to help estimate the cost of trading in the open or closing auctions. Explore the use case > Learn more about Virtu CONTACT US SOLUTIONS Liquidity Execution Analytics Workflow LOCATIONS Asia Pacific Canada EMEA United States MARKET MAKING Client Market Making Customized Liquidity CONTACT Request a demo Support Media kit COVID-19 Response © 2021 VIRTU Financial Inc. Legal Regulatory Disclosures Investor Relations Twitter LinkedIn Instagram