The bilateral request-for-quote platform from Virtu Financial has reached a new quarterly notional trading volume, hitting $29.7 billion in the first quarter of this year.
The new record achieved in the first quarter for Virtu’s RFQ-hub surpassed the previous quarterly record in single stock options by 37%.
Virtu said that the buy-side is increasingly relying on its RFQ-hub, which aims to provide more competitive liquidity and operational efficiency with embedded analytics, to negotiate derivatives transactions.
“In today’s environment, clients are looking for agile, enhanced solutions that help them keep pace with the evolving digital landscape,” David Angel, head of continental Europe at Virtu Financial, commented.
“We are encouraged by the positive reception of the new infrastructure, ergonomic GUI enhancements and expanded instrument coverage initiatives—such as the growth in fixed income derivatives and the recent launch of our new swaptions module. This record strengthens RFQ-hub’s position as a leading platform for supporting electronic derivatives trading.”
The RFQ-hub connects market participants to additional pools of liquidity with a focus on equity and fixed income listed and over the counter (OTC) derivatives, structured products and exchange traded funds (ETFs).
The is the second record volume to be achieved this year, after the RFQ-hub facilitated two record environmental social and governance (ESG) options trades in February valued at $332 million and $1.67 billion as the market continues to adopt sustainable financial instruments.
Also in February, Virtu Financial integrated the RFQ platform with trading and order routing software provider EliData’s C-RFQ solution to enhance its liquidity provider experience.