Virtu Financial (VIRT, Financial) (VIRT - $23.41 - NASDAQ) is one of the largest independent market-makers in stocks, bonds, and commodities. Virtu reported a slightly better than consensus quarter, but earnings declined from a year-ago as the company was up against difficult comparisons due to strong market trading volumes partly driven by the meme stock craze last year. Further weighing on shares was the announcement by the SEC to review the current industry practice of Payment for Order Flow and the resulting uncertainty about the potential impact to Virtu’s business. On the positive side, the company has been aggressive in repurchasing stock, retiring about 9% of shares outstanding over the past five quarters.
From the Keeley Small Cap Dividend Value Fund second-quarter 2022 commentary.