High-speed trader Virtu eyes China

New York

VIRTU Financial Inc, one of the world's biggest high-speed trading firms, wants to set up shop in China.

Virtu, which uses automated market-making strategies to buy and sell everything from stocks to currencies and commodities, is in the early stages of that project, chief executive officer Doug Cifu said. Singapore investment company Temasek Holdings Pte owns a stake in Virtu and has opened doors for the company in mainland China, he said.

"We will be partnering with, we think, the best local partner in the region to enter that marketplace," Mr Cifu said on Wednesday during a conference call with analysts to discuss Virtu's first-quarter earnings. "We haven't done anything yet in terms of trading. We certainly have begun very significant preliminary discussions, negotiations and structuri…