Virtu Financial, Inc. (NASDAQ:VIRT) today announced a non-exclusive co-operation agreement with emerging markets specialist Arqaam Capital (Arqaam) to deploy Virtu’s global equity execution algorithms to clients in Middle-Eastern and North Africa (MENA) markets.
Under the collaboration, Arqaam will provide market access, settlement and local expertise in MENA equity markets to Virtu clients and Arqaam clients will be able to leverage Virtu’s suite of trading algorithms to access global markets, including MENA.
“Since the launch of Arqaam Capital in 2007, both investors and markets in the MENA region have developed significantly. Our clients expect that we deliver world-class execution solutions across the globe and, thanks to our collaboration with Virtu, we will be able to offer our clients a suite of the premier algorithmic trading tools,” said Amr ElShamy, Managing Director and Head of Electronic Trading, Arqaam Capital.
“This co-operation extends Arqaam’s local market access and expertise to Virtu’s global client base and further demonstrates Virtu’s commitment to clients who want to execute and settle in the MENA region. Given our history, Arqaam was the logical collaboration choice as we work to expand the MENA market coverage of Virtu’s equity algorithms,” said Rob Boardman, CEO Virtu Financial EMEA.
“The global reach and scale of Virtu’s algorithmic trading platform combined with Arqaam’s MENA market access and local expertise has powerfully enhanced our respective execution platforms–providing our clients with greater optionality.”
This arrangement is aimed at providing new channels to achieve best execution for the clients of each firm.