Virtu Sues to Block Tech Executive’s Move to Clear Street (1)

Market-making firm Virtu Financial Inc. sued to block its former head of client technology from accepting a senior role at prime broker Clear Street LLC, saying he would inevitably share its “most valuable trade secrets” with a budding competitor.

Virtu said in a suit filed Thursday in New York state court that Nathan Clark, who resigned on Aug. 10, would be violating an 18-month non-competition agreement by accepting a position as Clear Street’s chief technology officer. The company asked for a court order preventing Clark from breaching the agreement.

“Technology is at the core of Virtu’s business,” the firm ...