Virtu Financial 605规则交易更新：2025年4月

USA | Brokers, Asset Mgrs & ExchangesVirtu Financial Equity ResearchJune 4, 2025 Rule 605 Trading Update: April 2025 In late May, VIRT(+NITE) reported Rule 605 metrics as of April 2025. MarketCenter executed shares/day for VIRT were ~730M, trending +1% above March's~723M level and -2% below 1Q's 743M level. Across the 8 major market centerswe track, VIRT's market share in April was 22.6% or -13 bps m/m. In terms oftotal quoted spread/day ($M), VIRT's ~$10.3M level in April was the highestsince Jan-2022 and trended +19% above both March and 1Q's $8.6M level. Daniel T. Fannon * | Equity Analyst(415) 229-1523 | dfannon@jefferies.com Ritwik Roy * | Equity Associate(415) 229-1480 | rroy2@jefferies.com Aqil Taiyeb, ACA * | Equity Associate(415) 229-8718 | ataiyeb@jefferies.com Company Description Virtu Financial Founded in 2008, Virtu is a leading technology-enabled market maker and liquidity provider to global financial markets. The firm generates revenueby buying and selling securities and other financial instruments and earning small amounts of money on individual transactions based on bid/askspreads across a large volume of transactions. The firm makes markets by providing quotations to buyers and sellers in more than 19,000 securitiesand other financial instruments on more than 235 unique exchanges, markets and liquidity pools in 36 countries around the world. Company Valuation/Risks Virtu Financial Our 12-month price target is based on an ~11-13x multiple of 2025E EPS. This represents a modest discount to peers and slight premium to itshistorical average. Risks to our PT include prolonged periods of low market volatility, increased regulatory scrutiny, and any shortfall of the company'srisk mgmt systems. Analyst Certification: I, Daniel T. Fannon, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Ritwik Roy, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Aqil Taiyeb, ACA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR)Recommendation PublishedJune 3, 2025 14:34 P.M.Recommendation DistributedJune 4, 2025 0:00 A.M. Company Specific Disclosures Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services from VirtuFinancial. Within the past twelve months, Jefferies Financial Group Inc. and/or its affiliates received compensation for products and services other than investment bankingservices from non-investment banking, securities related compensation for client services it provided to Virtu Financial. Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for Virtu Financialor one of its affiliates. Within the past twelve months, Virtu Financial has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment banking services Jefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for Virtu Financialor one of its affiliates within the past twelve months. Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services fromNightstar Therapeutics PLC. Within the past twelve months, Nightstar Therapeutics PLC has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment bankingservices are being or have been provided. Explanation of Je