The Company’s U.S. broker-dealer subsidiary, Virtu Americas LLC (“VAL”), is subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital as detailed in the table below. Pursuant to New York Stock Exchange (“NYSE”) rules, VAL was also required to maintain $1.0 million of capital in connection with the operation of its designated market maker (“DMM”) business as of June 30, 2025. The required amount is determined under the exchange rules as the greater of (i) $1.0 million or (ii) $75,000 for every 0.1% of NYSE transaction dollar volume in each of the securities for which the Company is registered as the DMM.

In June 2023, the Company’s U.S. broker-dealer subsidiary, RFQ-hub Americas LLC (“RAL”), became a U.S. broker-dealer and as such was subject to the SEC Uniform Net Capital Rule 15c3-1. As described in Note 3 “Sale of RFQ-hub”, the Company disposed of a 49% interest in RAL’s parent company RFQ-hub Holdings LLC (together with its subsidiaries, “RFQ-hub”) in May 2025 and we ceased to control, and deconsolidated, RFQ-hub at such time.

As of June 30, 2025, VAL had $31.0 million of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $6.5 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers. The balances are included within Cash restricted or segregated under regulations and other on the Condensed Consolidated Statements of Financial Condition.


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	455,678	$	1,532	$	454,146
RFQ-hub Americas LLC	602		9		593

As of December 31, 2024, VAL had $34.9 million of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $6.4 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers.

The Company’s foreign subsidiaries are subject to regulatory capital requirements set by local regulatory bodies, including the Canadian Investment Regulatory Organization (“CIRO”), the Central Bank of Ireland (“CBI”), the Financial Conduct Authority (“FCA”) in the United Kingdom, the Australian Securities and Investments Commission (“ASIC”), the Securities and Futures Commission in Hong Kong (“SFC”), and the Monetary Authority of Singapore (“MAS”).

The regulatory net capital balances and regulatory capital requirements applicable to the Company’s foreign subsidiaries as of June 30, 2025 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu Canada Corp (1)	$	12,562	$	184	$	12,378


Ireland
Virtu Europe Trading Limited (1)	90,548		29,786		60,762
Virtu Financial Ireland Limited (1)	124,041		67,056		56,985
United Kingdom
Virtu ITG UK Limited (1)	2,261		1,030		1,231
Asia Pacific
Virtu ITG Australia Limited	30,737		15,163		15,574
Virtu ITG Hong Kong Limited	5,132		482		4,650
Virtu ITG Singapore Pte Limited	866		176		690
Virtu Financial Singapore Pte. Ltd.	238,855		131,604		107,251
(1) Preliminary

As of June 30, 2025, Virtu Europe Trading Limited had $0.1 million of segregated funds on deposit for trade clearing and settlement activity, and Virtu ITG Hong Kong Ltd. had $30 thousand of segregated balances under a collateral account control agreement for the benefit of certain customers.

The regulatory net capital balances and regulatory capital requirements applicable to the Company’s foreign subsidiaries as of December 31, 2024 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu Canada Corp	$	12,327	$	174	$	12,153
Virtu Financial Canada ULC (1)	—		—		—
Ireland
Virtu Europe Trading Limited	57,834		26,359		31,475
Virtu Financial Ireland Limited	76,457		29,764		46,693
United Kingdom
Virtu ITG UK Limited	2,043		939		1,104
Asia Pacific
Virtu ITG Australia Limited	24,928		9,550		15,378
Virtu ITG Hong Kong Limited	5,392		426		4,966
Virtu ITG Singapore Pte Limited	1,120		166		954
Virtu Financial Singapore Pte. Ltd.	219,817		136,891		82,926
(1) Virtu Financial Canada ULC has resigned from membership with the Canadian Investment Regulatory Organization (“CIRO”) effective January 22, 2025, and its regulatory capital requirement as of December 31, 2024 was waived by CIRO.

As of December 31, 2024, Virtu Europe Trading Limited had $37 thousand of segregated funds on deposit for trade clearing and settlement activity, and Virtu ITG Hong Kong Ltd had $30 thousand of segregated balances under a collateral account control agreement for the benefit of certain customers.