Regulatory Requirement

As of December 31, 2018 and December 31, 2017, broker-dealer subsidiaries of the Company are subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital of $1.0 million for each of the three broker-dealers. Pursuant to NYSE rules, VAL was also required to maintain $1.0 million of capital in connection with the operation of its designated market maker (“DMM”) business as of December 31, 2018. The required amount is determined under the exchange rules as the greater of (i) $1 million or (ii) $75,000 for every 0.1% of NYSE transaction dollar volume in each of the securities for which the Company is registered as the DMM. The DMM business was transferred from VFCM to VAL during the second quarter of 2018. VFCM was required to maintain $4.1 million in connection with the operation of its DMM business as of December 31, 2017.

The regulatory capital and regulatory capital requirements of these subsidiaries as of December 31, 2018 were as follows:



(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	381,211	$	2,035	$	379,176
Virtu Financial BD LLC	133,850		1,000		132,850
Virtu Financial Capital Markets LLC	9,457		1,000		8,457

The regulatory capital and regulatory capital requirements of these subsidiaries as of December 31, 2017 were as follows:



(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	379,875	$	1,000	$	378,875
Virtu Financial BD LLC	40,683		1,000		39,683
Virtu Financial Capital Markets LLC	8,308		5,114		3,194