Virtu to Maintain ITG Broker-Dealer Entities as Acquisition Nears Completion

High-speed trading firm Virtu Financial has said it will preserve the broker-dealer businesses at ITG following its $1 billion takeover of the agency broker, as closure of the deal approaches. In a story from The Trade News, Virtu said that certain key regulatory approvals are required before the deal can close, the acquisition is on track to close in the first quarter of this year. Virtu stated that upon closure of the deal, it intends to preserve the separate and legal entities for ITG’s client-facing broker-dealers. It added that in post-closing, Virtu will continue to maintain and enforce barriers to segment and protect sensitive client data. ITG agreed to be acquired by the high-speed trading business in November for $30.30 per share, valuing the deal at close to $1 billion.