Good Morning. My name is Jacqueline, and I will be your conference operator today. At this time, I would like to welcome everyone to the Virtu Financial 2018 Fourth Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)
Thank you. Andrew Smith, Investor Relations of Virtu Financial, you may begin your conference.
Thanks, Jacqueline. Good morning, everyone. As you know, our fourth quarter results were released this morning and are available on our website. Speaking and answering your questions today are Mr. Douglas Cifu, our Chief Executive Officer; and Mr. Joseph Molluso, our Chief Financial Officer. They will begin with prepared remarks and then take your questions.
Today's call may include forward-looking statements, which represent Virtu's current belief regarding future events including the announced transaction and are therefore subject to risks, assumptions and uncertainties, which may be outside the Company's control, and our actual results and financial condition may differ materially from what is indicated in these forward-looking statements. We refer you to cautionary notes regarding forward-looking statements in our press releases and encourage you to review the description of risk factors contained in our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
It is important to note that any forward-looking statements made on this call are based on information presently available to the Company, and we do not undertake to update or revise any forward-looking statements as new information becomes available. In addition to GAAP results, we may refer to certain non-GAAP measures, and you will find a reconciliation of these non-GAAP measures to GAAP terms included in the earnings materials.
Now I would like to turn the call over to Douglas Cifu, our Chief Executive Officer.
Thank you, Andrew, and good morning, everybody. 2018 was a record year for Virtu as we marked several milestones in our Company's history, including record revenue and profitability. We recorded over $1 billion in adjusted net trading income for the first time ever. Our adjusted EBITDA was $620 million, another record. Our normalized adjusted EPS for 2018 was $1.96 and our normalized adjusted fourth quarter EPS was $0.67 reflecting strong performance across the firm in a positive environment. We completed the first full calendar year of the acquisition of KCG and have substantially completed the integration on our guiding towards $338 million of cost synergies on a run rate basis heading into 2019 or 58% of the expenses of KCG prior to the acquisition.
In November, we announced the strategic acquisition of ITG for $1 billion, which will I -- which I will expand upon today. ITG is the premier execution-only institutional brokerage franchise and complements are visioned to create a premier global financial services firm that provides real liquidity across markets and client-focused solutions as a valued agent.
From a financial, strategic, competitive and operational standpoint Virtu has never had a stronger platform from which to grow
Senior Vice President, Head of Investor Relations and Corporate Strategy
Chief Executive Officer
Executive Vice President and Chief Financial Officer
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