Virtu Financial has launched notional order execution capabilities tailored for corporate stock buyback programs under Rule 10b-18, enabling clients to trade based on specified dollar amounts rather than fixed share quantities.
The service supports notional trading with or without commission calculations and integrates four execution algorithms: VWAP/TWAP, POV, FAN Aggressive and Passive, and Covert Aggressive. Virtu said the offering addresses the growing demand for precision in managing buyback programs, where notional spend control is a key priority for corporate treasuries.
Keith Casuccio, global head of sales, product, and business development for Virtu Execution Services, said the launch reflects the firm's commitment to providing clients with "precision, transparency, and confidence" in executing complex buyback strategies. "Notional orders represent a critical evolution in how corporate buybacks are executed," he stated.
Truist Securities, a unit of Truist Financial Corporation, provided internal performance metrics comparing Virtu’s notional execution against a competing provider. According to Truist’s analysis, Virtu outperformed the competitor on both benchmark execution quality and total notional value executed. Nataliya Bershova, managing director and head of electronic equity trading at Truist Securities, noted that precision in managing notional spend is equally important to execution quality for corporate buyback programs.
Virtu Financial, headquartered in New York, operates across hundreds of venues in more than 50 countries, offering execution, liquidity sourcing, analytics, and trading platforms. The company’s NYSE-listed shares trade under the ticker VIRT.
