EFTA00071921

**Sent:** Friday, February 12, 2021 2:31 PM



Subject: Fw: Formal appeal for preliminary denial covered action 2015-016/ Knight Capital TCR & Appendix

Well,

The Sell side got close to asking a few questions regarding the exploding balance sheet at NITE/VIRT.

When asking about capital, HOW is it possible that tangible book isn't a topic????

How about TANGIBLE working capital if the per share tangible book value is too complex a calculation? AND

WHY would VIRT hold as "assets" ANYTHING related to settlement on its balance sheet?? Can VIRT convert

these "assets" to cash for its own use? WHY are failed trades booked as "assets":receivable? Just because VIRT

is self clearing does NOT mean they are legitimate "assets". More accurately: LIABILITIES

But a GREAT admission came on the earnings call by Cifu himself:

Tip toeing around the payment for orderflow issue.

In response to question by perma pumper Reppetto:

Dougie "we're not gonna publish KCG 2Q2017 financials" Cifu said:

"Like really who is NOT benefitting from that system. AND we're putting risk capital up to provide that service."

EFTA00071922

"Service"???? what happens BEFORE and AFTER the retail customer gets his/her "price improvement" is the REAL question. because as ALL the Sell Siders Know: NITE/VIRT is a non profit. To f'n funny I have hard copies as usual

## Virtu Financial Inc (VIRT) Q4 2020 Earnings Call Transcript | The Motley Fool

## Virtu Financial Inc (VIRT) Q4 2020 Earnings Call Transcript | The Motley Fool

Virtu Financial Inc (NASDAQ:VIRT) Q4 2020 Earnings Call Feb 11, 2021, 8:30 a.m. ET. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Good day, and ...

www.fool.com



Cheers!

Christopher J Dilorio

Whistleblower Extraordinaire







From: Chris Dilorio <

Sent: Thursday, February 11, 2021 6:14 AM