(Changes attribution for information, adds details on market
April 17 High-speed trading firm Virtu Financial
Inc has not set a date to go to market with its initial public
offering at this time, according to a person familiar with the
The move comes as high-frequency trading (HFT) is under
intense scrutiny, following the release of author Michael Lewis'
book "Flash Boys: A Wall Street Revolt".
Shares of KCG Holdings, a firm that engages in
electronic market making practices similar to Virtu, are down
16.7 percent since the beginning of April.
Adverse market conditions have also plagued the IPO market
in recent weeks, the person said, who was not authorized to
speak publicly on the matter.
Virtu's IPO, which was expected in April, was seeking to
raise about $200 million to $250 million, valuing the firm at
about $3 billion.
Reuters reported earlier this month that Virtu delayed the
launch of its IPO as it awaited regulatory approval, which was
expected within days rather than weeks.
Virtu, one of the biggest U.S. HFT firms, is active in
making markets on IEX, taking the other side of trades to ensure
the market stays liquid.
(Reporting by Avik Das in Bangalore and Mike Stone in New York;
Editing by Sriraj Kalluvila, Bernard Orr)