In addition to Virtu, founding consortium members include liquidity providers Citadel Securities, Flow Traders and Jane Street Capital, asset manager BlackRock and electronic trading platform MarketAxess. MarketAxess will be taking a significant minority stake in the platform.
RFQ-hub is intended to bring asset managers and liquidity providers together to help electronically deliver aggregated and competitive liquidity, streamline workflow and improve pricing with a focus on equity and fixed income listed and over-the-counter (OTC) derivatives, structured products and exchange-traded funds (ETFs). The goal of the newly formed consortium is to support the next stage of growth for RFQ-hub by fostering the creation of a global institutional platform designed specifically for these instruments.
"The founding members of this consortium represent a diverse array of market participants organizing for the common goal of improving access and execution of ETFs and derivatives for institutional investors," said Joseph Molluso, co-president and co-chief operating officer of Virtu Financial. "Together, we believe we can expand RFQ-hub’s multi-asset offering to clients across the globe."
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