(Bloomberg) — Virtu Financial Inc., one of the worlds most prolific high-speed trading firms, wants to set up shop in China.
Virtu, which uses automated market-making strategies to trade everything from stocks to currencies and commodities, is in the early stages of entering China, according to Chief Executive Officer Doug Cifu. Singapores Temasek Holdings Pte, which owns a stake in New York-based Virtu, has made introductions in China, he said.
We will be partnering with, we think, the best local partner in the region to enter that marketplace, Cifu said Wednesday during a conference call with analysts to discuss Virtus first-quarter earnings. Weve havent done anything yet in terms of trading. We certainly have begun very significant preliminary discussions, negotiations and structuring of a way for us to get into that marketplace.
The firm completed 5.3 million trades a day last year. It makes markets in more than 11,000 securities and other financial products, trading on more than 225 exchanges in 34 countries.
