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Bob Greifeld (Nasdaq) to Assume Command at Virtu Financial after Acquisition of KCG

Greifeld joined Silver Lake's Glenn Hutchins and Singapore's GIC and Temasek + Canada's Public Sector Pension to buy $750 million of new Virtu stock as part of the firm's deal to buy KCG.

Virtu Financial is about to get a new Chairman in Robert Greifeld, the former CEO of Nasdaq, who is set to assume command at Virtu once its $1.4 billion acquisition of KCG Holdings is completed, according to a regulatory filing dated May 31.

According to Reuters, Greifeld, along with Silver Lake co-founder Glenn Hutchins, joined forces with Singapore’s GIC and Temasek and Canada’s Public Sector Pension Investment Board to buy a combined $750 million of new Virtu stock as part of the firm’s deal to buy KCG. Hutchins will also join Virtu’s board.

Virtu is the global leader in electronic market making who actively make markets across a broad range of asset classes including equities, foreign exchange, commodities, options and fixed income, providing two-sided liquidity on over two hundred market centers around the world. As market makers, they lower costs for both retail and institutional investors by supplying competitive bids and offers, without seeking to take on risky directional positions. Virtu’s liquidity provision plays a vital role in the overall health and efficiency of the global financial markets, especially in times of market turbulence.

Greifeld left the U.S.’ number two exchange this past January after spending 14 years there. Under his direction, Nasdaq became a more diversified business, moving away from a pure trading cash revenue stream to electronic market data and technology business.

Nasdaq along with its Board of Directors named Adena Friedman to replace Greifeld as CEO, and she also joined its Board of Directors, effective January 1, 2017.

Our sources say Bob Greifeld has stepped down as Chairman of the Nasdaq Board. He replaced Chairman Börje Ekholm who relinquished the top role of Chairman on December 31, 2016.