Virtu Financial is an electronic market maker and institutional agency broker. Market Making is Virtu's core business, accounting for roughly 77% of revenue. As a market maker, Virtu continuously quotes bids and offers across a broad range of financial instruments — equities, ETFs, fixed income, currencies, options, commodities, and crypto — on hundreds of venues across 50+ countries, earning the bid-ask spread on each transaction. Virtu's customers in this segment are retail brokers, banks, and institutional broker-dealers who route order flow to Virtu. The largest component is U.S. retail "wholesale" market making, where Virtu receives order flow from retail brokers and provides price improvement. Virtu's second segment, Virtu Execution Services (VES), is an institutional agency brokerage that serves buy-side institutions and sell-side firms. VES offers algorithmic trading, smart order routing, portfolio trading, an execution management system called Triton, and trading analytics, earning commissions and subscription fees. Virtu's cost structure is largely fixed, and the technology platform is highly scalable, creating strong operating leverage in high-volume or high-volatility environments. Market Making profitability is driven primarily by trading volumes and realized volatility, both of which widen spreads and increase transaction opportunities. Virtu's growth strategy centers on expanding its trading capital base, growing its crypto market-making capabilities, ETF block trading, options, and fixed income, and converting VES into a true multi-asset platform.