NEW YORK - Virtu Financial, Inc. (NASDAQ: NASDAQ:VIRT), a prominent technology-driven financial services firm, has announced a strategic partnership with ClearingBid, Inc., aiming to democratize access to initial public offerings (IPOs) for investors.
This collaboration integrates ClearingBid's unique IPO network with Virtu's ITG Net, a platform known for its global connectivity and transactional capabilities.
The alliance is set to allow brokers and financial institutions connected to Virtu's network to submit bids for IPO shares through the same systems they use for secondary market transactions. This move is expected to simplify the order entry process for IPOs, making it more accessible to a broader range of investors.
Virtu's ITG Net offers tools and transparency that enhance the trading process at every stage. The network connects clients to over 700 brokers and market centers around the world, ensuring managed access to trade 24/6.
Steve Cavoli, EVP and Head of Global Execution Services at Virtu, emphasized the significance of the partnership, noting that it combines Virtu's extensive network and trading infrastructure with ClearingBid's innovative IPO offerings. This is anticipated to open up the primary market to all investors, broadening access to a crucial segment of the capital markets.
ClearingBid's CEO and Founder, Matt Venturi, highlighted the efficiency and transparency that the partnership brings to the IPO process, which has traditionally been opaque and inefficient. By leveraging Virtu ITG Net as their preferred network service provider, ClearingBid aims to streamline the IPO process and meet increasing demand for IPO investment opportunities.
The collaboration is expected to enhance ClearingBid's price discovery platform, which enables issuing companies to optimize their IPO price while ensuring widespread investor participation. This platform will now benefit from Virtu ITG Net's connectivity, allowing hundreds of broker-dealers to integrate with ClearingBid's primary market solution seamlessly.
The information reported is based on a press release statement.
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