Virtu Financial (VIRT, Financial) (VIRT - $20.82 – NASDAQ) is a leading electronic market-making rm. It trades thousands of di erent securities on hundreds of exchanges around the world. Pro tability in its business is driven by volumes and bid-ask spreads. When volatility picks up, spreads usually widen and Virtu sees stronger earnings. In late March, Virtu announced that it would have record pro ts in the first quarter.
From Keeley Asset Management's Small Cap Dividend Value Fund first-quarter 2020 shareholder commentary.
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