Virtu and Optiver Back New US Options Execution Platform -- Competition for Order Flow Model Ta

Optimal Market Technologies, a FINRA-approved broker-dealer backed by Virtu Financial and Optiver, has launched a new US listed options execution platform that forces market makers to compete for retail order flow based on measurable execution quality.

Source: Finance Magnates | February 23, 2026

How It Works

The platform uses what Optimal calls a "Competition for Order Flow" (CFOF) model:

• Market makers compete for retail order flow based on execution quality -- not payment for order flow
• Performance is assessed name-by-name (per underlying) with monthly reallocation
• Better execution quality = more order flow. Worse quality = less.

Who's Behind It

• Investors: Virtu Financial, Optiver, Akuna, BSC Ventures
• Initial market makers: Optiver, Akuna, Belvedere Trading, Group One Trading
• Infrastructure: Built on RQD Clearing's multi-asset clearing and custody platform
• Status: FINRA-approved, commercially available Q1 2026

More liquidity providers are expected to join after launch.

Why Options Traders Should Care

US options execution is currently dominated by a small number of wholesalers. Execution quality varies significantly, and traders often have little visibility into whether they're getting the best available fill.

The CFOF model addresses this directly:

1. More competition = tighter spreads. When multiple market makers actively compete for your flow, the natural result is better price improvement.
2. Measurable quality. Monthly reassessment means market makers can't coast on reputation -- they have to consistently deliver.
3. Institutional backing signals staying power. Virtu and Optiver don't invest in execution platforms they don't believe will generate volume. This isn't a startup experiment.

The Context

Retail options volumes have been setting records. Self-directed investors now account for a significant share of US equity and options trading. As retail participation grows, so does the demand for better execution infrastructure -- and the scrutiny of how order flow is handled.

Founder Brian Donnelly noted: "Over the coming months, we plan to add additional liquidity providers so that clients can benefit from an even broader set of counterparties, all competing based on measurable execution quality."

This platform isn't just about one venue -- it's a signal that competition for best execution is intensifying across the options market.

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