What changed in Virtu Financial, Inc.'s 10-K — 2022 vs 2023

FINANCIAL STATEMENTS Index to Consolidated Financial Statements PAGE NUMBER Report of Independent Registered Public Accounting Firm (PCAOB ID 238) 77 Consolidated Statements of Financial Condition 79 Consolidated Statements of Comprehensive Income 81 Consolidated Statements of Changes in Equity 82 Consolidated Statements of Cash Flows 84 Notes to Consolidated Financial Statements 86 76 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Virtu Financial, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying Consolidated Statements of Financial Condition of Virtu Financial, Inc. and its subsidiaries (the “Company”) as of December 31, 2022 and 2021, and the related Consolidated Statements of Comprehensive Income, of Changes in Equity and of Cash Flows for each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A.

Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances.

We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. 77 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Trading Income, net (“Trading Income”) As described in Note 2 to the consolidated financial statements, $1.629 billion of the Company’s Trading Income for the year ended December 31, 2022 is composed of changes in the fair value of trading assets and liabilities (i.e., unrealized gains and losses) and realized gains and losses on trading assets and liabilities.

Trading gains and losses on financial instruments owned and financial instruments sold, not yet purchased, are recorded on the trade date and reported on a net basis in the Consolidated Statements of Comprehensive Income.

The principal considerations for our determination that performing procedures relating to Trading Income is a critical audit matter are the significant audit effort in performing procedures and evaluating audit evidence related to the transactions which comprise the trading income.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s calculation of Trading Income, including controls over the completeness, accuracy, existence, and valuation of trading assets and trading liabilities.

These procedures also included, among others, testing of the inputs used by management in their trading income calculations and independently recalculating trading income.

The procedures performed over testing of the inputs include (i) confirming a sample of trading assets, trading liabilities and cash (collectively the “equity value”) within each trading portfolio at the balance sheet date with external third parties; (ii) developing independent prices for a sample of trading assets and liabilities at the balance sheet date and comparing management’s prices to the independently developed prices; (iii) testing a sample of purchases and sales throughout the year by agreeing the quantity and price to settlement documentation, and (iv) testing the equity value of a sample of trading portfolios throughout the year by comparing the amounts to third party clearing statements. /s/ PricewaterhouseCoopers LLP New York, New York February 17, 2023 We have served as the Company’s auditor since 2018. 78 Table of Contents Virtu Financial, Inc. and Subsidiaries Consolidated Statements of Financial Condition (in thousands, except share data) December 31, 2022 December 31, 2021 Assets Cash and cash equivalents $ 981,580 $ 1,071,463 Cash restricted or segregated under regulations and other 56,662 49,490 Securities borrowed 1,187,674 1,349,322 Securities purchased under agreements to resell 336,999 119,453 Receivables from broker-dealers and clearing organizations 1,115,185 1,026,807 Trading assets, at fair value: Financial instruments owned 3,667,481 3,238,995 Financial instruments owned and pledged 963,071 1,017,960 Receivables from customers 80,830 146,476 Property, equipment and capitalized software (net of accumulated depreciation of $460,763 and $472,155 as of December 31, 2022 and December 31, 2021, respectively) 85,194 89,595 Operating lease right-of-use assets 187,442 225,328 Goodwill 1,148,926 1,148,926 Intangibles (net of accumulated amortization of $318,013 and $253,161 as of December 31, 2022 and December 31, 2021, respectively) 321,480 386,332 Deferred tax assets 146,801 158,518 Other assets ($78,965 and $84,378, at fair value, as of December 31, 2022 and December 31, 2021, respectively) 303,916 291,307 Total assets $ 10,583,241 $ 10,319,971 Liabilities and equity Liabilities Short-term borrowings $ 3,944 $ 61,510 Securities loaned 1,060,432 1,142,048 Securities sold under agreements to repurchase 627,549 514,325 Payables to broker-dealers and clearing organizations 273,843 571,526 Payables to customers 46,525 54,999 Trading liabilities, at fair value: Financial instruments sold, not yet purchased 4,196,974 3,510,779 Tax receivable agreement obligations 238,758 259,282 Deferred tax liabilities 343 65 Accounts payable, accrued expenses and other liabilities 448,292 457,942 Operating lease liabilities 239,202 278,745 Long-term borrowings 1,795,952 1,605,132 Total liabilities 8,931,814 8,456,353 Commitments and Contingencies (Note 15) Virtu Financial Inc.

Stockholders' equity Class A common stock (par value $0.00001), Authorized — 1,000,000,000 and 1,000,000,000 shares, Issued — 133,071,754 and 131,497,645 shares, Outstanding — 98,549,464 and 113,170,782 shares at December 31, 2022 and December 31, 2021, respectively 1 1 Class B common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 0 and 0 shares at December 31, 2022 and December 31, 2021, respectively — — Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 9,030,066 and 9,359,065 shares at December 31, 2022 and December 31, 2021, respectively — — Class D common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 60,091,740 and 60,091,740 shares at December 31, 2022 and December 31, 2021, respectively 1 1 Treasury stock, at cost, 34,522,290 and 18,326,863 shares at December 31, 2022 and December 31, 2021, respectively (954,637) (494,075) Additional paid-in capital 1,292,613 1,223,119 Retained earnings (accumulated deficit) 972,317 830,538 Accumulated other comprehensive income (loss) 31,604 (10,196) Total Virtu Financial Inc. stockholders' equity 1,341,899 1,549,388 79 Table of Contents Virtu Financial, Inc. and Subsidiaries Consolidated Statements of Financial Condition (in thousands, except share data) December 31, 2022 December 31, 2021 Noncontrolling interest 309,528 314,230 Total equity 1,651,427 1,863,618 Total liabilities and equity $ 10,583,241 $ 10,319,971 See accompanying Notes to the Consolidated Financial Statements. 80 Table of Contents Virtu Financial, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income Years Ended December 31, (in thousands, except share and per share data) 2022 2021 2020 Revenues: Trading income, net $ 1,628,898 $ 2,105,194 $ 2,493,248 Interest and dividends income 159,120 75,384 62,119 Commissions, net and technology services 529,845 614,489 600,510 Other, net 46,949 16,418 83,454 Total revenue 2,364,812 2,811,485 3,239,331 Operating Expenses: Brokerage, exchange, clearance fees and payments for order flow, net 619,168 745,434 758,843 Communication and data processing 219,505 211,988 213,750 Employee compensation and payroll taxes 390,947 376,282 393,536 Interest and dividends expense 231,060 139,704 125,649 Operations and administrative 86,069 88,149 94,558 Depreciation and amortization 66,377 67,816 66,741 Amortization of purchased intangibles and acquired capitalized software 64,837 69,668 74,254 Termination of office leases 6,982 28,138 9,608 Debt issue cost related to debt refinancing, prepayment and commitment fees 29,910 6,590 28,879 Transaction advisory fees and expenses 1,124 843 2,941 Financing interest expense on long-term borrowings 92,035 79,969 87,735 Total operating expenses 1,808,014 1,814,581 1,856,494 Income before income taxes and noncontrolling interest 556,798 996,904 1,382,837 Provision for income taxes 88,466 169,670 261,924 Net income 468,332 827,234 1,120,913 Noncontrolling interest (203,306) (350,356) (471,716) Net income available for common stockholders $ 265,026 $ 476,878 $ 649,197 Earnings per share Basic $ 2.45 $ 3.95 $ 5.19 Diluted $ 2.44 $ 3.91 $ 5.16 Weighted average common shares outstanding Basic 103,997,767 117,339,539 121,692,443 Diluted 104,422,443 118,423,928 122,332,190 Net income $ 468,332 $ 827,234 $ 1,120,913 Other comprehensive income Foreign exchange translation adjustment, net of taxes (24,254) (12,470) 15,318 Net change in unrealized cash flow hedges gain (loss), net of taxes 90,865 37,794 (59,019) Comprehensive income 534,943 852,558 1,077,212 Less: Comprehensive income attributable to noncontrolling interest (228,117) (360,389) (452,855) Comprehensive income attributable to common stockholders $ 306,826 $ 492,169 $ 624,357 See accompanying Notes to the Consolidated Financial Statements. 81 Table of Contents Virtu Financial, Inc. and Subsidiaries Consolidated Statements of Changes in Equity Years Ended December 31, 2022, 2021, and 2020 Class A Common Stock Class C 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 Noncontrolling Interest Total Equity (in thousands, except share and interest data) Shares Amounts Shares Amounts Shares Amounts Shares Amounts Amounts Balance at December 31, 2019 120,435,912 $ 1 12,887,178 $ — 60,091,740 $ 1 (2,178,771) $ (55,005) $ 1,077,398 $ (90,374) $ (647) $ 931,374 $ 297,562 $ 1,228,936 Share based compensation 2,489,483 — — — — — — — 56,629 — — 56,629 — 56,629 Treasury stock purchases (867,984) — — — — — (1,436,326) (33,918) — (15,946) — (49,864) — (49,864) Stock option exercised 909,627 — — — — — — — 16,440 — — 16,440 — 16,440 Warrants issued — — — — — — — — 11,488 — — 11,488 — 11,488 Net Income — — — — — — — — — 649,197 — 649,197 471,716 1,120,913 Foreign exchange translation adjustment — — — — — — — — — — 8,604 8,604 6,714 15,318 Net change in unrealized cash flow hedges gains (losses) — — — — — — — — — — (33,444) (33,444) (25,575) (59,019) 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 — — — — — — — — — (120,496) — (120,496) (363,919) (484,415) Issuance of common stock in connection with employee exchanges 2,660,239 — — — — — — — — — — — — — Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges — — (2,660,239) — — — — — — — — — — — Issuance of tax receivable agreements in connection with employee exchange — — — — — — — — (1,388) — — (1,388) — (1,388) Balance at December 31, 2020 125,627,277 $ 1 10,226,939 $ — 60,091,740 $ 1 (3,615,097) $ (88,923) $ 1,160,567 $ 422,381 $ (25,487) $ 1,468,540 $ 386,498 $ 1,855,038 Share based compensation 2,434,251 — — — — — — — $ 55,654 $ — $ — $ 55,654 $ — $ 55,654 Repurchase of Class C common stock — — (120,025) — — — — — $ (3,455) $ — $ — $ (3,455) $ — $ (3,455) Treasury stock purchases (840,229) — — — — — (14,711,766) (405,152) $ — $ (22,301) $ — $ (427,453) $ — $ (427,453) Stock option exercised 528,497 — — — — — — — $ 10,042 $ — $ — $ 10,042 $ — $ 10,042 Net Income — — — — — — — — $ — $ 476,878 $ — $ 476,878 $ 350,356 $ 827,234 Foreign exchange translation adjustment — — — — — — — — $ — $ — $ (7,673) $ (7,673) $ (4,797) $ (12,470) Warrants exercised 3,000,000 — — — — — — — $ — $ 68,940 $ — $ 68,940 $ — $ 68,940 Net change in unrealized cash flow hedges gains — — — — — — — — $ — $ — $ 22,964 $ 22,964 $ 14,830 $ 37,794 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 — — — — — — — — $ — $ (115,360) $ — $ (115,360) $ (432,657) $ (548,017) Issuance of Common Stock in connection with employee exchanges 747,849 — — — — — — — $ — $ — $ — $ — $ — $ — Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges — — (747,849) — — — — — $ — $ — $ — $ — $ — $ — Issuance of tax receivable agreements in connection with employee exchange — — — — — — — — $ 311 $ — $ — $ 311 $ — $ 311 Balance at December 31, 2021 131,497,645 1 9,359,065 — 60,091,740 1 (18,326,863) (494,075) $ 1,223,119 $ 830,538 $ (10,196) $ 1,549,388 $ 314,230 $ 1,863,618 Share based compensation 1,897,030 — — — — — — — $ 71,597 $ — $ — $ 71,597 $ — $ 71,597 Repurchase of Class C common stock — — (236,069) — — — — — $ (8,256) $ — $ — $ (8,256) $ — $ (8,256) Treasury stock purchases (684,730) — — — — — (16,195,427) (460,562) $ — $ (19,982) $ — $ (480,544) $ — $ (480,544) Stock option exercised 268,879 — — — — — — — $ 5,109 $ — $ — $ 5,109 $ — $ 5,109 Net Income — — — — — — — — $ — $ 265,026 $ — $ 265,026 $ 203,306 $ 468,332 Foreign exchange translation adjustment — — — — — — — — $ — $ — $ (13,605) $ (13,605) $ (10,649) $ (24,254) 82 Table of Contents Virtu Financial, Inc. and Subsidiaries Consolidated Statements of Changes in Equity Years Ended December 31, 2022, 2021, and 2020 Class A Common Stock Class C 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 Noncontrolling Interest Total Equity (in thousands, except share and interest data) Shares Amounts Shares Amounts Shares Amounts Shares Amounts Amounts Net change in unrealized cash flow hedges gains — — — — — — — — — — 55,405 55,405 35,460 90,865 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 — — — — — — — — $ — $ (103,265) $ — $ (103,265) $ (272,019) $ (375,284) Issuance of Common Stock in connection with employee exchanges 92,930 — — — — — — — $ — $ — $ — $ — $ — $ — Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges — — (92,930) — — — — — $ — $ — $ — $ — $ — $ — Contributions from noncontrolling interests — — — — — — — — $ — $ — $ — $ — $ 39,200 $ 39,200 Issuance of tax receivable agreements in connection with employee exchange — — — — — — — — $ 1,044 $ — $ — $ 1,044 $ — $ 1,044 Balance at December 31, 2022 133,071,754 1 9,030,066 — 60,091,740 1 (34,522,290) (954,637) $ 1,292,613 $ 972,317 $ 31,604 $ 1,341,899 $ 309,528 $ 1,651,427 See accompanying Notes to the Consolidated Financial Statements. 83 Table of Contents Virtu Financial, Inc. and Subsidiaries Consolidated Statements of Cash Flows Years Ended December 31, (in thousands) 2022 2021 2020 Cash flows from operating activities Net income $ 468,332 $ 827,234 $ 1,120,913 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 66,377 67,816 66,741 Amortization of purchased intangibles and acquired capitalized software 64,837 69,668 74,254 Debt issue cost related to debt refinancing and prepayment 24,316 649 7,555 Amortization of debt issuance costs and deferred financing fees 6,919 6,939 26,148 Termination of office leases 4,707 28,138 9,608 Share-based compensation 67,219 55,751 59,838 Deferred taxes (3,468) 34,617 21,601 Gain on sale of MATCHNow — — (58,652) Other 11,392 (5,556) (1,926) Changes in operating assets and liabilities: Securities borrowed 161,648 75,694 503,747 Securities purchased under agreements to resell (217,546) (96,587) 120,166 Receivables from broker-dealers and clearing organizations (1,110) 657,199 (365,422) Trading assets, at fair value (373,597) (1,141,224) (350,041) Receivables from customers 65,646 68,002 (110,947) Operating lease right-of-use assets 28,670 33,930 39,659 Other assets (62,799) 59,209 (48,472) Securities loaned (81,616) 193,792 (651,843) Securities sold under agreements to repurchase 113,224 53,090 120,493 Payables to broker-dealers and clearing organizations (276,646) (267,126) (9,323) Payables to customers (8,474) (63,827) 29,107 Trading liabilities, at fair value 686,195 587,071 425,750 Operating lease liabilities (33,322) (36,595) (50,024) Accounts payable, accrued expenses and other liabilities (4,101) (36,258) 81,954 Net cash provided by operating activities 706,803 1,171,626 1,060,884 Cash flows from investing activities Development of capitalized software (37,658) (35,508) (31,471) Acquisition of property and equipment (27,201) (24,562) (28,888) Proceeds from sale of investments — — 7,620 Proceeds from sale of MATCHNow — — 60,592 Other investing activities 35,329 (27,279) (10,412) Net cash used in investing activities (29,530) (87,349) (2,559) Cash flows from financing activities Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest (375,284) (548,017) (484,415) Repurchase of Class C common stock (8,256) (3,454) — Purchase of treasury stock (480,544) (427,453) (49,864) Stock options exercised 5,109 10,042 16,440 Short-term borrowings, net (59,112) (2,017) (10,514) Proceeds from long-term borrowings 1,800,000 — — Repayment of long term borrowings (1,599,774) (36,737) (288,500) Tax receivable agreement obligations (21,343) (16,505) (13,286) Debt issuance costs (35,741) (2,658) (9,779) Warrants exercised — 68,940 — Contributions from noncontrolling interests 39,200 — — Net cash used in financing activities (735,745) (957,859) (839,918) Effect of exchange rate changes on cash and cash equivalents (24,239) (12,470) 15,318 Net decrease in cash and cash equivalents (82,711) 113,948 233,725 84 Table of Contents Virtu Financial, Inc. and Subsidiaries Consolidated Statements of Cash Flows Years Ended December 31, (in thousands) 2022 2021 2020 Cash, cash equivalents, and restricted or segregated cash, beginning of period 1,120,953 1,007,005 773,280 Cash, cash equivalents, and restricted or segregated cash, end of period $ 1,038,242 $ 1,120,953 $ 1,007,005 Supplementary disclosure of cash flow information Cash paid for interest $ 246,985 $ 159,864 $ 173,645 Cash paid for taxes 103,965 134,878 248,532 Non-cash investing activities Share-based and accrued incentive compensation to developers relating to capitalized software 17,356 17,239 14,773 Non-cash financing activities Tax receivable agreement described in Note 5 1,044 311 (1,388) See accompanying Notes to the Consolidated Financial Statements. 85 Virtu Financial, Inc. and Subsidiaries Notes to the Consolidated Financial Statements (dollars in thousands, except shares and per share amounts, unless otherwise noted) 1.

Organization and Basis of Presentation Organization The accompanying 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 December 31, 2022, VFI owned approximately 59.7% 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”).

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 Canada Corp (f/k/a Virtu ITG Canada Corp.), 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 22 "Geographic Information and Business Segments" for a further discussion of the Company’s segments.