Virtu to take on banks as swap market-maker

HFT firm is one of two non-banks known to have traded on broker Sefs

photo of chris concannon at virtu financial
Chris Concannon, Virtu Financial

High-frequency-trading firm Virtu Financial has been executing test interest rate swap trades on a broker-run central limit order book (Clob) – one of only two non-banks known to have done so. The company, best known as an equities trader, is preparing to take on incumbent dealers by launching an over-the-counter derivatives market-making business, says president and chief operating officer, Chris Concannon.

"We definitely see this as an opportunity. We view ourselves as a market-maker in a lot

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