
October 2023
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.
3Q 2023
Equity and FX Global Cost Review
September 2023
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.

August 2023
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.

July 2023
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.
2Q 2023
Equity and FX Global Cost Review
June 2023
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.

May 2023
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.

April 2023
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.
1Q 2023
Equity and FX Global Cost Review
March 2023
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.

February 2023
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.

January 2023
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.
4Q 2022
Equity and FX Global Cost Review
December 2022
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.

November 2022
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.
3Q 2022
Equity and FX Global Cost Review
October 2022
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.

September 2022
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.

August 2022
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.
2Q 2022
Equity and FX Global Cost Review
July 2022
Global Equities
and FX Market Structure Monthly

June 2022
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.
1Q 2022
Equity and FX Global Cost Review
Equity and FX trading costs rise to highest levels since the beginning of the pandemic
May 2022
Global Equities
and FX Market Structure Monthly

April 2022
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.
March 2022
Global Market Structure
February 2022
Global Market Structure

January 2022
Global Market Structure
Recapping major events from the prior month, featuring a collection of current and historical data for the APAC, CAN, EMEA and US equity markets.
4Q 2021
Equity and FX Global Cost Review
US and emerging markets equity trading costs increase along with FX spreads following multiple quarters of cost relief.
December 2021
Global Equities
and FX Market Structure Monthly

2021 results
Global Commission and Research Survey
The survey features the anonymous responses of over 150 buy-side participants from North America, EMEA and APAC. Learn more about how survey participants and their firms consider and manage research, execution, MiFID II and unbundling within an evolving financial services landscape.
November 2021
Global Equities
and FX Market Structure Monthly
2021’s New Normal
Higher levels of global equity market volatility continue
In our 2020 review, we highlighted the pandemic-related return of volatility in March and April and sustained higher levels throughout the remainder of the year. Applying what we’ve learned from the past, we seek to extrapolate what the last few trading days of 2021 might look like.

The Conditional Order Type
Enhancing the Discovery of Block Liquidity
The conditional order type is a useful and efficient tool for sourcing block liquidity. In this paper, we seek to provide more clarity on conditional order function and the benefits in the context of a block-seeking algorithmic order.
October 2021
Global Equities
and FX Market Structure Monthly
3Q 2021
Equity and FX Global Cost Review
See the full breakdown within the 2Q 2021 Equity and Volatility, spreads and equity trading costs increase in developed markets while FX spreads decline a third consecutive quarter

Workflow Technology Case Study
Breaking New Ground with an Electronic RFQ Process for Swaptions on Credit Default Swaps (CDS)
How Union Investment re-imagined process-intensive
order handling via Virtu’s RFQ-hub.
September 2021
Global Equities
and FX Market Structure Monthly
August 2021
Global Equities
Market Structure Monthly

Analytics in Action: Open Technology (API) Use Case
Determining an Optimized FX Algo Trade Horizon
Identify the ideal trading horizon for your FX Algo trade given a risk tolerance level.
The FX Cost Curve data API on Virtu’s Open Technology platform facilitates trade horizon selection for your FX algos. Using the programming language of your choice, you can use this tool to help determine the optimal duration for your orders based on your cost and risk tolerances.
August 2021
Global FX
Market Structure Monthly
2Q 2021
Equity and FX Global Cost Review
See the full breakdown within the 2Q 2021 Equity and FX Global Cost Reviews.
FX costs are measured as the spread costs of executions against the quoted market mid-price at the time of execution. Equity Implementation Shortfall costs are defined as the weighted average execution price vs. order arrival price.
July 2021
Global Equities
Market Structure Monthly
July 2021
Global FX
Market Structure Monthly

Analytics in Action: Open Technology (API) Use Case
Data Mining Historical Blocks for Liquidity Trends
Block Volume API is the latest release on Virtu’s Open Technology platform, designed to integrate data-driven analytics into your execution processes.
Using your preferred programming language, use a simple call to retrieve historical block liquidity and associated bid/ask spreads for a single security or trade lists.
June 2021
Global Equities
Market Structure Monthly
June 2021
Global FX
Market Structure Monthly
May 2021
Global Equities
Market Structure Monthly
May 2021
Global FX
Market Structure Monthly

Desk Notes
Unpredictable Liquidity
The pitfalls of relying on historical averages to make routing decisions
In the US equity market, liquidity can be unpredictable across venues. Though venues’ market share over time, in aggregate, appear to be stable, on an individual stock basis, there may be episodic events that result in volume distributions across venues that differ greatly from historical averages.
April 2021
Global Equities
Market Structure Monthly
April 2021
Global FX
Market Structure Monthly

FX Agency Cost Estimator
Supporting trade horizon decisions for schedule-based FX algos
In this paper, we review TWAP and other strategy-based analytics available via Virtu Analytics’ FX Cost Curves. Using the tool, a trader only needs to provide a single parameter that quantifies the level of volatility-risk sensitivity, and an optimal trading horizon can be obtained from the cost and risk profiles contained within the new FX Agency Cost Estimator (ACE) model.
1Q 2021 Global Cost Review
Trading costs in the Americas decline, bringing global aggregate costs back to pre-pandemic levels
1Q 2021 Nordic Cost Review
Aggregate trading costs in the Nordic region remain flat QoQ, with cost decreases in Sweden and Norway offsetting increases in other markets.

Big Data Analytics Utilities
Open Technology (API) Use Case
Forecast MOC Trading Costs for Projected Fund Growth
The Auction Market Impact API is the latest release on Virtu’s Open Technology platform and was created to help you integrate value-add analytics within your in-house processes and workflows. Using your programming language of choice, subscribers can leverage Auction Market Impact to help estimate the cost of trading in the open or closing auctions.