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Virtu’s own segment reconciliation shows nearly all the third-quarter gain in adjusted net trading income came from principal market making rather than agency execution services.
Virtu’s segment accounts show stable Execution Services revenue alongside sharply higher costs, leaving Market Making responsible for almost 92% of pre-tax earnings.
The market maker reported higher statutory and adjusted earnings in the third quarter. Its adjusted trading-income measure rose 50.7%, a separate comparison from the 55% increase in trading income, net.