Stephen Cavoli, a former managing director in Morgan Stanley’s electronic trading group, has agreed to join high-frequency trading firm Virtu Financial Inc. as a senior vice president, according to the firm. Mr. Cavoli will work on “business strategy and development,” said Virtu CEO Douglas Cifu. Virtu chairman Vincent Viola is also a graduate of West Point and supporter of its Combating Terrorism Center.
Virtu is one of the world’s biggest high-frequency trading firms. It makes markets—meaning it offers to simultaneously buy and sell securities in the hope of capturing a small spread between the prices—on more than 200 exchanges and other trading venues around the world. Story