Virtu Financial, Inc. (NASDAQ:VIRT) Q2 2023 Earnings Call Transcript

We use — obviously, we use prime brokers. We don’t self-clear there, but we are appropriately kind of planned for in the numbers that we deploy. That’s kind of — that’s point one. Point two, in terms of the overall leverage, look, we were very fortunate, I think, both from a timing standpoint and from a kind of a management of the leverage in terms of swaps and muting the impact of the higher rates. So, we’re very happy with the overall level of debt. It allows us to buy back shares at the various points I’ve updated the slide in here this quarter, and it allows us to have the flexibility to keep our dividend. So, we are — we refinanced in early 2022. We got rid of most of the more punitive kind of required cash flow sweeps and amortizations.

So, from — we don’t really look at it as whether it’s two and a half times, three times. It’s a volatile business. We’re kind of right — focused more on the notional level of debt, and we’re very, very comfortable with where it is today.

Alex Blostein: Okay. Thank you.

Joseph Molluso: Thank you.

Operator: Thank you. We have no further questions in the queue today. So, this will conclude the Virtu Financial 2023 second quarter results conference call. Thank you all for joining. You may now disconnect your lines, and please have a lovely rest–