Virtu Financial (NYSE: VIRT) has launched notional order execution capabilities for Rule 10b-18 corporate buyback programs, according to a company press release.

The new functionality allows clients to instruct trade execution based on a specified dollar value rather than a fixed share quantity. Notional trading values can be calculated with or without commission. The offering is available across four algorithms: VWAP/TWAP, POV, FAN Aggressive and Passive, and Covert Aggressive.

Truist Bank, which the press release identifies as a sell-side partner for 10b-18 notional order flow, conducted an internal comparison of Virtu's execution against a competing provider offering similar functionality. Truist's analysis found that Virtu's execution outperformed the competitor on both benchmark performance and total notional value executed. The competing provider was not named.

"For corporate buyback programs, precision in managing notional spend is just as important as execution quality. Virtu's notional order capability provides clients with greater flexibility to implement buyback strategies while maintaining a strong focus on execution quality," said Nataliya Bershova, managing director and head of electronic equity trading at Truist Securities.

Keith Casuccio, global head of sales, product and business development for Virtu Execution Services, said the company is "one of the few providers with the technology and expertise to build execution algorithms" for these programs.