“High-frequency trading, a business that has been shrouded in secrecy because its biggest firms were private, is coming out of the dark.
Virtu Financial Inc., the New York-based automated market maker that tried and failed to buy Knight Capital Group Inc. in 2012, filed for an initial public offering yesterday, disclosing that it had earned money every day but one in the last five years. The company is seeking a valuation of about $3 billion, about twice as much as rival KCG Holdings Inc., which was created last year in the merger of Knight and Getco LLC, according to a person familiar with the matter.”
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