18. Regulatory Requirement

As of December 31, 2017 and 2016, broker-dealer subsidiaries of the Company are subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital of $1.0 million for each of the three broker-dealer subsidiaries. Pursuant to NYSE and NYSE MKT (formerly NYSE Amex) rules, Virtu Financial Capital Markets LLC was also required to maintain $4.1 million and $1.9 million of capital in connection with the operation of its DMM business as of December 31, 2017 and December 31, 2016, respectively. The required amount is determined under the exchange rules as the greater of $1 million or 15% of the market value of 60 trading units for each symbol in which the broker-dealer subsidiary is registered as the DMM.

The regulatory capital and regulatory capital requirements of these subsidiaries as of December 31, 2017 was as follows:


	Regulatory		Regulatory Capital		Excess Regulatory
(in thousands)	Capital		Requirement		Capital
Virtu Americas LLC	$	379,875	$	1,000	$	378,875
Virtu Financial BD LLC		40,683		1,000		39,683
Virtu Financial Capital Markets LLC		8,308		5,114		3,194

The regulatory capital and regulatory capital requirements of these subsidiaries as of December 31, 2016 was as follows:


	Regulatory		Regulatory Capital		Excess Regulatory
(in thousands)	Capital		Requirement		Capital
Virtu Financial BD LLC		74,467		1,000		73,467
Virtu Financial Capital Markets LLC		10,830		2,886		7,944