Virtu Financial seeks billions from listing

Virtu Financial, a US electronic market maker, is poised for a stock marketlisting this month in a move that will test investorsattitude to the controversialpractice of high-frequency trading.
Its success or otherwise will help decide if some asset managers and long-terminvestors who are often cited as the victims of aggressive trading strategies have moved on from last year’s fracas over high-frequency trading and are nowwilling to buy shares in what would be the first listing of a proprietary electronictrading business.

A number of market participants, from traders to exchanges, have been finedby the US Securities and Exchange Commission for breaking trading rules.

Virtu is one of the largest traders in global equities, commodities and foreignexchange, making money on the difference in the spread at which assets aretraded.

It has drawn attention for its disclosure that it has lost money on just one of thelast 1,485 trading days.

Revenues at the company rose 9 per cent to $723m while net income rose 4.3per cent to $190m in 2014.

In the same period, net income rose between 44 per cent and 55 per cent, to$70-$76m. The IPO will help Silver Lake Partners, a US private equity groupand long-time backer of Virtu, sell down part of its 10.7 per cent shareholding.

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It is urgent that we make stopping attacks on schools a high priority.

Why is it that schools and schoolchildren have become such high-profile targets for murderous Islamist militants? The 147 students killed in an attack by the extremist group Al-Shabab at a college close to Kenya’s border with Somalia are only the latest victims in a succession of outrages in which educational institutions have been singled out for attack

In the past five years, there have been nearly 10,000 attacks on schools and educational establishments.

Next week will mark the first anniversary of the extremist group Boko Haram’s night-time abduction of 276 schoolgirls from their dormitories in Chibok, in Nigeria’s northern Borno state.

In the depraved minds of terrorists, each attack has its own simple logic; the latest shootings, for example, are revenge by Al-Shabab for Kenya’s intervention in Somalia’s civil war.

Until recently, we have done far too little to protect schools and prevent their militarization during times of conflict.

More recently, as more than 80 pupils in South Sudan were taking their annual exams, fighters invaded their school and kidnapped them at gunpoint.

In a year when there are more local conflicts than ever – and in which children have become among the first (and forgotten) casualties – it is urgent that we make stopping attacks on schools a high priority.

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