Virtu chief bullish on Trump administration

Doug Cifu says new pro-business environment in Washington will normalise volumes and volatility.

Virtu Financial has predicted a return to normalised volumes and volatility globally due to Donald Trump’s leadership in the US.

Doug Cifu, chief executive officer at Virtu, stated: “We believe with the new pro-growth and pro-business environment in Washington that the stage is set for return to a more normalised volume and volatility environment globally.”

Virtu Financial reported a 12% decrease in total revenues in 2016 compared to 2015, with fourth quarter revenues dipping 4% compared to the quarter prior.

Full-year net trading income plummeted 17% in 2016 compared to 2015 and fourth quarter net trading income fell 7% compared to the third quarter in 2016.

Cifu described the fourth quarter as “the tale of two very different quarters”, with muted volumes and volatility caused by the US Presidential election.

He added the fourth quarter began similarly to the third, although Virtu benefited from more favourable market conditions that were sustained throughout November and December.

Speaking to The TRADE in September last year, Cifu said Virtu “isn’t in the business of predicting or being notional” when asked about the UK’s decision to leave the European Union.

“We prepared for Brexit months in advance, in case something unexpected happened. I’m proud of how we reacted that day and how resilient the markets were,” he added.