U.S. proprietary trading firms, Madison Tyler and Virtu Financial, have signed a deal to form a combined group, to be called Virtu Financial, Financial Times reports. The merged group will have offices in Los Angeles, London, Dublin, Sydney and New York, where it will be headquartered.
Madison and Virtu’s co-founder, Vincent Viola, will become CEO of the combined group, while Virtu co-founder, Robert Turfe, will be the new company’s co-CEO. Private equity firm, Silver Lake, a former shareholder in U.S. exchange operator, NASDAQ OMX, will get a stake in the combined trading firm, as part of the deal.
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