Virtu Financial (NYSE:VIRT) has recently launched notional order execution capabilities for 10b-18 corporate buyback programs, a specialized offering available from only a small number of financial companies.

Virtu’s notional order functionality allows sell-side and buy-side clients to instruct execution based on a specified dollar (notional) value rather than a fixed share quantity, giving clients greater precision and control over corporate buyback spend. Notional trading values can be calculated with or without commission, offering clients added flexibility in how they define and manage total program spend.

Virtu supports 10b-18 instructions together with notional order execution across four algorithms: VWAP/TWAP, POV, FAN Aggressive and Passive, and Covert Aggressive. This flexibility is valuable to corporate issuers and their broker-dealers executing repurchase programs, where precise budget management is as critical as execution quality.

“Notional orders represent a critical evolution in how corporate buybacks are executed, and we’re proud to be one of the few providers with the technology and expertise to build execution algorithms that give our clients precision, transparency, and confidence in managing these complex programs,” said Keith Casuccio, global head of sales, product and business development for Virtu Execution Services.