A top exec at trading giant Virtu is out

  • Raymond Holmes, the head of client execution services technology at trading giant Virtu Financial, has left the firm, according to people familiar with the matter.
  • Virtu has been shedding jobs and integrating KCG – which it acquired earlier this year – into its business.
  • The future looks bright for the firm, according to analysts.

A top exec at trading giant Virtu Financial has left the firm.

Raymond Holmes, who had been head of client execution services technology at Virtu, is no longer with the company, according to people familiar with the situation. Holmes joined the trading giant when Virtu’s acquisition of KCG closed earlier this year.

Holmes got his start at Computer Clearing Services, a New York technology company, in 2001. He graduated from SUNY Fredonia in 1999 with a degree in classical guitar performance and computer science, according to his LinkedIn profile.

Holmes’ departure comes at a pivotal time for Virtu. The firm has been integrating KCG into its infrastructure, cutting costs and laying off upper management at legacy KCG at a clip. The success of the integration pushed one analyst to boost his price target for the firm. In a note to clients in late November, UBS analyst Alex Kramm said the trading firm has moved quickly:

“After shutting down poorly performing offices (e.g. Singapore/Mumbai), closing down Neonet, selling BondPoint to ICE, and removing a management layer from legacy KCG, VIRT has already been able to upsize expense synergies and free up capital.”

Mifid II, the European regulatory overhaul, is also on the horizon. It will create a new environment in which investment banks will no longer charge for their services – such as investment research and trade execution – in one bundled package. That could benefit trading firms like Virtu, which specialize in execution.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.