Regulatory Requirement

As of March 31, 2019 and December 31, 2018, U.S. broker-dealer subsidiaries of the Company are subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital for each of the five U.S. broker-dealers as detailed in the table below. Pursuant to NYSE rules, VAL was also required to maintain $1.15 million of capital in connection with the operation of its designated market maker (“DMM”) business as of March 31, 2019. The required amount is determined under the exchange rules as the greater of (i) $1 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.

The regulatory capital and regulatory capital requirements of the U.S broker-dealer subsidiaries as of March 31, 2019 were as follows:



(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	333,184	$	2,152	$	331,032
Virtu Financial BD LLC	111,199		1,000		110,199
Virtu Financial Capital Markets LLC	9,277		1,000		8,277
Virtu ITG LLC	58,270		1,000		57,270
Virtu Alternet Securities LLC	6,267		100		6,167

The regulatory capital and regulatory capital requirements of the U.S. broker-dealer subsidiaries as of December 31, 2018 were as follows:



(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	381,211	$	2,035	$	379,176
Virtu Financial BD LLC	133,850		1,000		132,850
Virtu Financial Capital Markets LLC	9,457		1,000		8,457

As of March 31, 2019, VAL and VITG had $2.0 million and $7.4 million, respectively, 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 $1.0 million and $4.4 million, respectively, 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 Investment Industry Regulatory Organization of Canada (“IIROC”), the Central Bank of Ireland, the Financial Conduct Authority in the United Kingdom, the Australian Securities Exchange, the Securities and Futures Commission in Hong Kong, and the Monetary Authority of Singapore. Virtu Financial Canada ULC was admitted to membership in IIROC in March 2019. The regulatory net capital balances and regulatory capital requirements applicable to these subsidiaries as of March 31, 2019 were as follows:



(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu ITG Canada Corp	$	17,870	$	187	$	17,683
TriAct Canada Marketplace LP	2,028		187		1,841
Virtu Financial Canada ULC	2,598		187		2,411
Ireland
Virtu ITG Europe Limited	53,787		32,768		21,019
Virtu Financial Ireland Limited	78,227		29,919		48,308
United Kingdom
Virtu ITG UK Limited	1,367		975		392
KCG Europe Limited	50,443		32,000		18,443
Asia Pacific
Virtu ITG Australia Limited	27,601		16,102		11,499
Virtu ITG Hong Kong Limited	1,220		579		641
Virtu ITG Singapore Pte Limited	1,015		74		941