Virtu Appoints Molluso and Fairclough as Co-Presidents

Virtu Financial announced this week that it has appointed Brett Fairclough and Joseph Molluso as Co-Presidents and Co-Chief Operating Officers at the firm.

Fairclough and Molluso, as well as Steve Cavoli, Global Head of Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term Services at the company, will report directly to Virtu's CEO, Douglas Cifu.

Fairclough was promoted to Chief Operating Officer and Global Head of Business Development at Virtu in September last year. He has worked at the company since 2007.

He led Virtu's Asia Pacific operations for five years from 2014 and served as a Chief Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term Officer of Virtu's broker-dealer subsidiaries from 2012 to 2014.

"Since assuming his expanded role last year, Brett has excelled in applying his market knowledge and expertise in driving results at Virtu," says Douglas Cifu, Chief Executive Officer at Virtu.

Re-joining Virtu

Molluso re-joins Virtu after having served as its Chief Financial Officer from 2013 until October 2019. He moves back to the firm from Capitolis, where he became Chief Financial Officer in 2019.

Molluso provided overall leadership to Virtu and played a key role in the firm's Initial Public Offering, as well as in the successful acquisitions and integrations of KCG Holdings, Inc. and Investment Technology Group, Inc.

"We are very pleased Joe is re-joining Virtu. His significant knowledge of Virtu from his many successful years at the company will allow him to have an immediate impact in his expanded role. Joe will join Brett as Co-President and Co-COO, Steve Cavoli, our Global Head of Execution Services and the management team as we work to continue growing our businesses," Cifu says.