“Making mountains out of molehills sells more books than a study of molehills.” – Cliff Asness
With Virtu’s Q3 2019 earnings out this past Monday (Nov 5), but the Q3 2019 13F report coming out next week, we are going to keep most of our powder dry for this one. However, since much of what we are trying to do here is convert new information into new “shapes” – and therefore, take the occasional opportunity to conserve our words – we offer a couple updated pictures. You might draw your own conclusions…
One thing’s for sure, the concentration of market making and trading related revenue has been notably diluted since the closing of the ITG acquisition in March (2019).
More coming over the next couple weeks…
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