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Regulatory Requirement | 3 Months Ended
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Mar. 31, 2024
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] |
Regulatory Requirement | Regulatory Requirement U.S. Subsidiary The Company's U.S. broker-dealer subsidiaries VAL and RFQ-Hub Americas LLC (“RAL”), are subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital as detailed in the table below. RAL became a U.S. broker-dealer in June 2023. 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 March 31, 2024. 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. The regulatory capital and regulatory capital requirements of the Company's U.S. subsidiaries as of March 31, 2024 was as follows:
(in thousands) |  | Regulatory Capital |  | Regulatory Capital Requirement |  | Excess Regulatory Capital
Virtu Americas LLC |  | $ | 386,622 |  |  | $ | 1,670 |  |  | $ | 384,952 |
RFQ-Hub Americas LLC |  | 1,235 |  |  | 19 |  |  | 1,216 |
As of March 31, 2024, VAL had $23.4 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 $6.2 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. The regulatory capital and regulatory capital requirements of the Company's U.S. subsidiaries as of December 31, 2023 was as follows:
(in thousands) |  | Regulatory Capital |  | Regulatory Capital Requirement |  | Excess Regulatory Capital
Virtu Americas LLC |  | $ | 412,626 |  |  | $ | 1,000 |  |  | $ | 411,626 |
RFQ-Hub Americas LLC |  | 1,425 |  |  | 15 |  |  | 1,410 |
As of December 31, 2023, VAL had $28.7 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 $6.1 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers. Foreign Subsidiaries 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 March 31, 2024 were as follows:
(in thousands) |  | Regulatory Capital |  | Regulatory Capital Requirement |  | Excess Regulatory Capital
Canada |  |  |  |  |  |
Virtu Canada Corp (1) |  | $ | 13,049 |  |  | $ | 185 |  |  | $ | 12,864 |
Virtu Financial Canada ULC |  | 1,187 |  |  | 185 |  |  | 1,002 |
Ireland |  |  |  |  |  |
Virtu Europe Trading Limited (1) |  | 112,345 |  |  | 26,637 |  |  | 85,708 |
Virtu Financial Ireland Limited (1) |  | 86,933 |  |  | 39,547 |  |  | 47,386 |
United Kingdom |  |  |  |  |  |
Virtu ITG UK Limited (1) |  | 2,023 |  |  | 947 |  |  | 1,076 |
Asia Pacific |  |  |  |  |  |
Virtu ITG Australia Limited |  | 24,133 |  |  | 8,846 |  |  | 15,287 |
Virtu ITG Hong Kong Limited |  | 3,107 |  |  | 383 |  |  | 2,724 |
Virtu ITG Singapore Pte Limited |  | 897 |  |  | 111 |  |  | 786 |
Virtu Financial Singapore Pte. Ltd. |  | 184,176 |  |  | 95,464 |  |  | 88,712 |
(1) Preliminary |  |  |  |  |  |
As of March 31, 2024, Virtu Europe Trading Limited had $40 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. The regulatory net capital balances and regulatory capital requirements applicable to the Company's foreign subsidiaries as of December 31, 2023 were as follows:
(in thousands) |  | Regulatory Capital |  | Regulatory Capital Requirement |  | Excess Regulatory Capital
Canada |  |  |  |  |  |
Virtu ITG Canada Corp |  | $ | 14,630 |  |  | $ | 189 |  |  | $ | 14,441 |
Virtu Financial Canada ULC |  | 1,197 |  |  | 189 |  |  | 1,008 |
Ireland |  |  |  |  |  |
Virtu Europe Trading Limited |  | 86,370 |  |  | 27,821 |  |  | 58,549 |
Virtu Financial Ireland Limited |  | 88,939 |  |  | 40,459 |  |  | 48,480 |
United Kingdom |  |  |  |  |  |
Virtu ITG UK Limited |  | 2,040 |  |  | 955 |  |  | 1,085 |
Asia Pacific |  |  |  |  |  |
Virtu ITG Australia Limited |  | 24,788 |  |  | 3,856 |  |  | 20,932 |
Virtu ITG Hong Kong Limited |  | 2,786 |  |  | 445 |  |  | 2,341 |
Virtu ITG Singapore Pte Limited |  | 953 |  |  | 130 |  |  | 823 |
Virtu Financial Singapore Pte. Ltd. |  | 126,022 |  |  | 73,407 |  |  | 52,615 |
As of December 31, 2023, Virtu Europe Trading Limited had $36 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.

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