Financial research concept

Market Maker Average Daily Adjusted Net Trading Income

Average daily Adjusted Net Trading Income expresses an issuer-defined trading-income measure on a trading-day basis.

By Lee BaileyPublished Sep 22, 2026
Research context

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Research date
Sep 22, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context
12 connected conceptsPart of the reviewed Market Making Operating Model; issuer definitions remain distinct where disclosed.
Company examples
1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
  1. Why it matters
  2. Investor caution
  3. Part of the Market Making Operating Model
  4. See It in Company Research
  5. Continue Research

Average daily Adjusted Net Trading Income expresses Adjusted Net Trading Income on a trading-day basis.

A simplified analytical form is:

Average Daily Adjusted Net Trading Income = Adjusted Net Trading Income ÷ Trading Days

Virtu reports this measure and adjusts its trading-day count for shortened trading sessions.

Why it matters

The daily measure helps separate changes in annual trading opportunity from changes in the number of market days available to earn trading income.

Investor caution

Daily normalization does not remove differences in volatility, bid/ask spreads, asset-class mix, or market volumes.

Source:

Average daily Adjusted Net Trading Income is an issuer-defined daily productivity measure, not a standardized market-wide profitability metric.

Part of the Market Making Operating Model

Connect trading income, direct transaction and financing economics, daily normalization, and Market Making versus Execution Services segment mix to understand electronic market-making economics.

How the model fits together
  • Spread capture and daily trading intensity: Trading Income, Net captures realized and unrealized trading gains and losses, while Adjusted Net Trading Income broadens the view to related commissions, financing income, financing expense, and direct transaction costs. Average daily Adjusted Net Trading Income divides that issuer-defined measure by a normalized trading-day denominator. These measures are related but should not be treated as standardized industry profitability metrics.
  • Direct trading revenue and cost bridge: Trading income, interest and dividends income, and commissions plus technology services contribute to the trading revenue base, while brokerage, exchange, clearance, order-flow, interest, and dividend expenses offset that economics. Virtu combines these lines in its non-GAAP Adjusted Net Trading Income framework, so the bridge is issuer-defined rather than a universal accounting subtotal.
  • Market Making and Execution Services mix: Market Making revenue captures the principal liquidity-provision segment while Execution Services revenue captures the client-oriented execution and workflow business. Their revenue-mix ratios show consolidated business composition, not segment profitability or a standardized measure of trading risk.

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

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