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Michael Cypress

Senior Equity Research Analyst at Morgan Stanley

Michael Cyprys is a Senior Equity Research Analyst at Morgan Stanley, specializing in the financial services sector with a focus on asset managers, brokers, exchanges, and fintech companies. He covers a broad spectrum of notable firms including Blackstone Group, E*Trade Financial, Oaktree Capital Group, Janus Henderson, TD Ameritrade, and Bridge Investment Group, and has delivered a success rate of 52% across 469 ratings with an average return of 3.9% per rating, according to TipRanks. Cyprys has been with Morgan Stanley since at least 2016 and has established himself as a leading voice in the industry, ranking in the top quarter of Wall Street analysts by volume and profitability metrics. He is likely to hold FINRA securities licenses required for equity analysts at major investment banks, though public records should be consulted directly for confirmation.

Michael Cypress's questions to Virtu Financial (VIRT) leadership

Question · Q3 2025

Michael Cypress questioned what has changed to make doubling the capital base potentially double earnings, a shift from past statements. He asked about the top areas for capital allocation, their prioritization, and specific areas for hiring.

Answer

Co-President and Co-COO Joseph Molluso emphasized that the markets evolve, and Virtu Financial is now ready, with scaled infrastructure and a new CEO focused on growth. CEO Aaron Simon clarified that doubling earnings with more capital requires significant work, including more people, strategy development, and infrastructure expansion, not just a simple capital injection. Joseph Molluso added that capital allocation will be flexible, based on market opportunities and characteristics, with areas like cryptocurrency and ETF block trading being more capital-intensive due to market fragmentation. Hiring is aggressive across developers, quants, and traders.

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