High frequency trading firm Virtu paid more in Dublin than London
Electronic trading is typically associated with the bombastic pay at Jane Street and Citadel Securities. However, other high frequency trading firms aren't as lucrative. 'Virtu Europe Trading Limited', the London subsidiary of trading house Virtu, pays well, but not as much as the top payers in the industry.
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Virtu Europe seems a steady employer. Just released accounts for 2023 show that it had an average of 114 employees in 2023, up just one from 2022 and four from 2021. "Wages and salaries" per head were £199.6k ($261.8k) last year, up marginally from £197.2k in 2022. Virtu spent £2.3m on emoluments for "key management staff", encompassing the board "and some senior executives."
Virtu's London contingent appear to earn far less than average at the firm. In its 2023 annual report, it revealed that "employee compensation and payroll taxes" for its 975 employees totaled $404.1k (£308k). It's not clear how much of this is encompassed by payroll taxes, however.
If you want to join Virtu in 2024, however, you'll have to move to Ireland. There are no openings in its London office, but openings in Dublin, including a quant strategist and quant trader, as well as internships in quant trading and software engineering.
That may actually be a positive; Virtu's Irish staff appear better paid. Accounts for 'Virtu Financial Ireland Limited (London Branch)' showed that its 47 staff members received €317.6k ($350.6k). It's been boosting headcount there too, hiring nine staff members from 2022 to 2023.
The two subsidiaries might have different functions but are vague about what exactly they do. Virtu Ireland calls itself an "investment firm", while Virtu Europe says its turnover is "composed of brokerage commission, soft and shared commissions and recurring revenues."
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