A high-frequency trading firm led by a former hedge fund manager has postponed its initial public offering in the wake of a storm of bad publicity for the industry.
Virtu Financial, which is headed by Actius Capital Management founder Vincent Viola, won’t begin marketing itself until after April 20, Bloomberg News reports. The firm made the decision last night, following the media reaction to the release of a new book condemning high-frequency trading.
That book, Flash Boys by Michael Lewis, argues that high-speed trading has rigged U.S. stock markets.
Virtu filed for an IPO last month. Its roadshow was set to begin about a week earlier than now planned.