Virtu Financial Secures Robert Greifeld, Former Nasdaq CEO, as Chairman

Virtu Financial Inc., the group responsible for acquiring KCG Holdings, Inc. (NYSE:KCG) in a landmark deal earlier this year in April, has added a household name to its board of directors with the appointment of former Nasdaq CEO Robert Greifeld. He will be stepping into the new senior role following the completion of Virtu Financial’s $1.4 billion takeover of rival KCG.

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Mr. Greifeld stepped down as CEO of Nasdaq earlier this year – Adena Friedman, who now leads the exchange operator, has since succeeded him. Mr. Greifeld served as the CEO of Nasdaq since 2003, radically transforming the group into the more diversified entity that it is now with an active market presence in the US and Europe.

New Direction

Per the appointment, Mr. Greifeld will be taking over from Virtu Financial’s founder, Vincent Viola, as Chairman of its board. A transition has been in the works since May 2017, with Viola opting to hand over responsibilities to one of the industry’s foremost experts and veterans.

The addition of Mr. Greifeld represents a huge asset for the group, who will benefit from the vast wealth of knowledge garnered during his time as the leader of one of the largest exchanges in the world by market capitalization. Mr. Greifeld’s two-decade long tenure at Nasdaq speaks for itself, having developed one of the industry’s first electronic stock order matching systems.

Moreover, he led Nasdaq OMX to an unprecedented level of growth spanning over nine consecutive quarters, including its most successful period since it began reporting its financials in 1997. He also is one of the industry’s leading outspoken advocates for efficient capital markets, improved Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, and market transparency in the US, also pushing for sustained business growth and innovation – he currently serves as a member of the Committee on Capital Markets Regulation.

Mr. Viola’s position as Chairman had been in a state of flux since being nominated and floated by President Donald Trump as be Secretary of the Army, a position he has since withdrawn from. The appointment is pending the completion of Virtu Financial’s acquisition, which has already been approved by the board of directors of each company. Virtu Financial had agreed to acquire KCG in a cash transaction valued at $20.00 per KCG share, or a total of approximately $1.4 billion, in a bid to expand its growing 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 business.