Virtu files for Nasdaq IPO

|By:, SA News Editor

Virtu Financial has submitted an application for an IPO on Nasdaq, where it intends to trade under the symbol "VIRT."

The high-speed trading firm filed to raise $100M as a placeholder to calculate fees, although Bloomberg reports that the company hopes to draw in $250M at a valuation of up to $3B.

Virtu has only suffered one losing trading day in five years, and last year, net income more than doubled to $182.2M as revenue climbed 8% to $664.5M.

However, Virtu disclosed that the Commodity Futures Trading Commission is investigating the firm's "participation in certain incentive programs offered by exchanges or venues" from July 2011 to November 2013. (S-1)

ETF: IPO