Virtu delays IPO launch as high-speed trading under scrutiny
Published on Apr 3, 2014 1:14 AM
NEW YORK (REUTERS) - High-speed trading firm Virtu Financial Inc delayed the launch of its initial public offering this week as it awaits regulatory approval, which is expected within days rather than weeks, a person familiar with the matter said.
The IPO will seek to raise US$200 million (S$252 million) to US$250 million, for a valuation of around US$3 billion, the person said on Wednesday.
High-frequency trading has been under intense scrutiny in recent days, following the release of author Michael Lewis' book"Flash Boys: A Wall Street Revolt" on Monday.
Lewis alleges that the US stock market is rigged, with exchanges and alternative trading platforms favoring HFT firms, which use their speed advantage to extract billions from the financial market.
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