Michael Viola, a member of Virtu Financial’s board of directors, will replace Robert Greifeld as chairman, the latter having resigned from his position, the electronic market maker announced on Friday. Greifeld has been president of Virtu Financial since July 2017.
In a statement on Friday, Virtu Financial explained that Greifeld had resigned to focus on other projects, including the launch of a technology-focused investment fund, Cornerstone FTM. The former president will also serve on the boards of other financial and philanthropic organizations.
Viola, who will succeed Greifeld, joined Virtu Financial’s board of directors in 2016. Until his selection to replace Greifeld, he served as chairman of the company’s nominating and corporate governance committee, a position he he took in 2019.
Speaking on the development, Douglas Cifu, CEO and co-founder of Virtu Financial, noted that Greifeld’s leadership has been “essential” to the business. “I look forward to Michael taking on the role of Chairman and continuing to build on our successes as a company,” Cifu said.
Also commenting on his exit from Virtu Financial, Greifeld expressed his pleasure in working with the company’s management and board over the past six years, adding that he was optimistic about the company’s future. .
“I will continue to serve as chairman of the USATF Foundation, the Cornerstone and Run Gum entities and as a member of the board of directors of Financeware LLC, Capital ROCK LLC and Runway Growth Finance,” Greifeld said.
Virtu Financial records quarterly increase in revenue
As a financial services company, Virtu Financial offers trading solutions to its clients. The company’s product range covers execution
Execution
Execution is the process in which a client submits an order to the brokerage, which consequently executes it, resulting in an open position in a given asset. The execution of the command takes place only when it is executed. There is usually a delay between order placement and execution which is called latency. In the retail FX space, reliable brokers always strive to provide the best execution to their clients in order to maintain a strong business relationship with them. It’s a co
Execution is the process in which a client submits an order to the brokerage, which consequently executes it, resulting in an open position in a given asset. The execution of the command takes place only when it is executed. There is usually a delay between order placement and execution which is called latency. In the retail FX space, reliable brokers always strive to provide the best execution to their clients in order to maintain a strong business relationship with them. It’s a co
Read this term, liquidity
Liquidity
The term liquidity refers to the process, speed and ease with which a given asset or security can be converted into cash. Notably, liquidity assumes market price retention, with the most liquid assets representing cash. The most liquid asset of all is cash itself. · In economics, liquidity is defined by the efficiency and speed with which an asset can be converted into usable cash without material affecting its market price. Nothing is more liquid than cash, while other assets represent
The term liquidity refers to the process, speed and ease with which a given asset or security can be converted into cash. Notably, liquidity assumes market price retention, with the most liquid assets representing cash. The most liquid asset of all is cash itself. · In economics, liquidity is defined by the efficiency and speed with which an asset can be converted into usable cash without material affecting its market price. Nothing is more liquid than cash, while other assets represent
Read this term broker-independent sourcing, analytics and multi-dealer platforms in workflow technology.
Greifeld’s exit as chairman comes even as the company continues its efforts to maintain its financial strength. At the end of the first quarter of 2023, Virtual Financial recorded a 22.6% increase in quarterly revenue, although revenue fell 12.9% from the prior year period. Additionally, the company also saw a 43% decline in net income in 2022.
Michael Viola, a member of Virtu Financial’s board of directors, will replace Robert Greifeld as chairman, the latter having resigned from his position, the electronic market maker announced on Friday. Greifeld has been president of Virtu Financial since July 2017.
In a statement on Friday, Virtu Financial explained that Greifeld had resigned to focus on other projects, including the launch of a technology-focused investment fund, Cornerstone FTM. The former president will also serve on the boards of other financial and philanthropic organizations.
Viola, who will succeed Greifeld, joined Virtu Financial’s board of directors in 2016. Until his selection to replace Greifeld, he served as chairman of the company’s nominating and corporate governance committee, a position he he took in 2019.
Speaking on the development, Douglas Cifu, CEO and co-founder of Virtu Financial, noted that Greifeld’s leadership has been “essential” to the business. “I look forward to Michael taking on the role of Chairman and continuing to build on our successes as a company,” Cifu said.
Also commenting on his exit from Virtu Financial, Greifeld expressed his pleasure in working with the company’s management and board over the past six years, adding that he was optimistic about the company’s future. .
“I will continue to serve as chairman of the USATF Foundation, the Cornerstone and Run Gum entities and as a member of the board of directors of Financeware LLC, Capital ROCK LLC and Runway Growth Finance,” Greifeld said.
Virtu Financial records quarterly increase in revenue
As a financial services company, Virtu Financial offers trading solutions to its clients. The company’s product range covers execution
Execution
Execution is the process in which a client submits an order to the brokerage, which consequently executes it, resulting in an open position in a given asset. The execution of the command takes place only when it is executed. There is usually a delay between order placement and execution which is called latency. In the retail FX space, reliable brokers always strive to provide the best execution to their clients in order to maintain a strong business relationship with them. It’s a co
Execution is the process in which a client submits an order to the brokerage, which consequently executes it, resulting in an open position in a given asset. The execution of the command takes place only when it is executed. There is usually a delay between order placement and execution which is called latency. In the retail FX space, reliable brokers always strive to provide the best execution to their clients in order to maintain a strong business relationship with them. It’s a co
Read this term, liquidity
Liquidity
The term liquidity refers to the process, speed and ease with which a given asset or security can be converted into cash. Notably, liquidity assumes market price retention, with the most liquid assets representing cash. The most liquid asset of all is cash itself. · In economics, liquidity is defined by the efficiency and speed with which an asset can be converted into usable cash without material affecting its market price. Nothing is more liquid than cash, while other assets represent
The term liquidity refers to the process, speed and ease with which a given asset or security can be converted into cash. Notably, liquidity assumes market price retention, with the most liquid assets representing cash. The most liquid asset of all is cash itself. In economics, liquidity is defined by the efficiency and speed with which an asset can be converted into usable cash without material affecting its market price. Nothing is more liquid than cash, while other assets represent
Read this term broker-independent sourcing, analytics and multi-dealer platforms in workflow technology.
Greifeld’s exit as chairman comes even as the company continues its efforts to maintain its financial strength. At the end of the first quarter of 2023, Virtual Financial recorded a 22.6% increase in quarterly revenue, although revenue fell 12.9% from the prior year period. Additionally, the company also saw a 43% decline in net income in 2022.
