XTX Markets Limited is a British algorithmic trading company based in London. It was founded in January 2015 by Alexander Gerko, who is currently co-CEO alongside Hans Buehler.[6] The company employs 190 people globally and uses algorithms to trade the difference in market prices across a variety of venues.[5]
In 2016, XTX Markets was the ninth-largest liquidity provider in the foreign exchange market by volume; with a 3.87% market share.[10][11] It was the first time a company that is not a bank placed in the top ten of the Euromoney survey.[12][10] It is part of a trend of non-bank traders taking market share from banks.[13]
In 2018, it was the third-largest liquidity provider in the global foreign exchange market by volume; with a 7.36% market share.[10][15] The company had 11.5% market share in European equity markets.[16][17] Other activities included taking a stake in Aquis Exchange,[18][19][20] setting up a foreign exchange 'pricing engine' in Singapore in conjunction with the Monetary Authority of Singapore[21][22] and announcing it would be opening an 'EU hub' in Paris.[23][24]
In 2019, XTX became the largest foreign exchange spot liquidity provider globally.[25]
In 2022, the company reported profits of £1.1 billion, a 64 per cent increase on the previous year.[5][26] It recorded a 68 per cent increase in revenues from £1.5 billion to £2.5 billion.[5][26]
XTX is a quantitative-driven electronic liquidity provider which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the equity, foreign exchange, fixed income and commodity markets.[27] The company is majority owned by Gerko, who holds 75 per cent of business.[5]
In 2018, XTX decided to opt into the systematic internaliser regime for European equities.[28]
In November 2019, XTX became the largest systematic internaliser by volume for European equities.[29]
XTX has since been the largest Systematic Internaliser for three years running.[30]
In 2019, the company grew its market share in the United States and expanded into providing liquidity in US Treasuries.[31]
In March 2021, the company began offering a single dealer platform for US equities.[32]
XTX Markets also launched a venture capital arm, XTX Ventures, a fund investing solely in early-stage companies with machine learning as a core technology.[33]
XTX released a statement in March 2022 regarding its support for the Ukrainian people and all those affected by the Russian invasion of Ukraine. This included details around £23.4 million of commitments to charities providing humanitarian relief to Ukraine.[35]
In June 2022, XTX announced the launch of its £15 million Academic Sanctuaries Fund with the goal of helping deliver more and better academic sanctuary places for students and researchers who have been forced to flee due to the war in Ukraine, including for voicing their opposition to it, but have no alternatives.[36]
^Arnab Shome. Finance Magnates reporter. (31 April 2023). "XTX Markets Promotes Dr. Hans Buehler to Co-CEO". Finance Magnates website Retrieved 18 April 2023.
^Nessim Ait-Kacimi. Les Echos reporter. (6 May 2021). "XTX, le trader numéro 1 mondial des devises". Les Echos website Retrieved 10 May 2021.
^Markets Media. (10 October 2017). "XTX Markets to Opt In as a Systematic Internaliser". Markets Media website Retrieved 14 April 2021.
^Hayley McDowell. The Trade reporter. (21 November 2019). "XTX Markets overtakes Citadel Securities and Tower Research as largest ELP SI in Europe". The Trade website Retrieved 14 April 2021.
^Lananh Nguyen. Bloomberg reporter. (30 January 2019). "An Upstart Market Maker Is Looking to Ramp Up in U.S. Equities and Treasuries". Bloomberg website Retrieved 14 April 2021.
^Lananh Nguyen. Bloomberg reporter. (8 April 2021). "XTX Markets Opens U.S. Dark Pool After Growth in European Stocks". Yahoo Finance website Retrieved 8 April 2021.
^John Detrixhe. Quartz reporter. (30 October 2020). "An automated trading firm turns its machine learning expertise to venture capital investing". Yahoo Finance website Retrieved 25 January 2023.
^Hayley McDowell. The Trade reporter. (27 March 2020). "XTX Markets commits £20 million to charities fighting coronavirus". The Trade website Retrieved 14 April 2021.