Langbahn Team – Weltmeisterschaft

XTX Markets

XTX Markets Limited
Company typePrivate
IndustryElectronic liquidity provider
Founded30 January 2015; 9 years ago (30 January 2015)[1][2][3][4]
FounderAlex Gerko[1][2][3][4]
Headquarters
London[4]
ProductsEquities, foreign exchange, commodities, fixed income, derivatives[4]
Number of employees
200+ (2024)[5]
Websitextxmarkets.com

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 over 250 people globally (as of 2024)[5] and uses state-of-the-art machine learning technology to produce price forecasts for over 50,000 financial instruments across equities, fixed income, currencies, commodities and crypto. It uses those forecasts to trade on exchanges and alternative trading venues, and to offer differentiated liquidity directly to clients worldwide. The firm trades over $250bn a day across 35 countries.[7][8]

History

The company is based in London, United Kingdom and was founded by Alexander Gerko in 2015, as a spin-off of GSA Capital.[9][10][11]

In 2016, XTX Markets was the ninth-largest liquidity provider in the foreign exchange market by volume; with a 3.87% market share.[12][13] It was the first time a company that is not a bank placed in the top ten of the Euromoney survey.[14][12] It is part of a trend of non-bank traders taking market share from banks.[15]

In July 2016, XTX Markets Limited became an FCA authorized investment firm.[16]

In December 2017, XTX Markets registered its first U.S. broker dealer, XTX Markets LLC. This followed the opening of the U.S. office in September 2017.[17]  

In January 2018, XTX Markets moved its new headquarters to the R7 building in London's Kings Cross.[18]

In January 2018, XTX Markets initiated the process to become a Systematic Internaliser following the implementation of MIFID II in order to provide liquidity to UK and EU clients in UK and EU equities markets.[19][20]

In October 2018, XTX Markets opts for Paris as its European base following Brexit, with the launch and authorisation of XTX Markets SAS. XTX Markets SAS trades European equity and future markets, as well as being a Systematic Internaliser in EU stocks for EU clients.[21]

In 2018, it was the third-largest liquidity provider in the global foreign exchange market by volume; with a 7.36% market share.[12][22] The company had 11.5% market share in European equity markets.[23][24] Other activities included taking a stake in Aquis Exchange and [25][26][27] setting up a foreign exchange 'pricing engine' in Singapore in conjunction with the Monetary Authority of Singapore[28][29].

In 2019, XTX Markets became the largest foreign exchange spot liquidity provider globally.[30]

In November 2020, XTX Markets publicly announced XTX Ventures, its venture capital arm investing in early-stage machine learning-driven companies.[31]

In February 2021, XTX Markets launched XTX Direct, its Single Dealer Platform, via XTX Execution Services LLC, its second U.S. regulated broker dealer entity, allowing the firm to provide liquidity in equities bilaterally to U.S. clients.[32]

In 2022, the company reported profits of £1.1 billion, a 64 percent increase on the previous year.[33][34] It recorded a 68 percent increase in revenues from £1.5 billion to £2.5 billion.[33][34]

In November 2023, XTX Markets launched the Artificial Intelligence Mathematical Olympiad Prize (AIMO), a $10mn challenge fund designed to spur the creation of a publicly shared AI model capable of winning a gold medal in the International Mathematical Olympiad (IMO).[35]

In February 2024, XTX Markets launched a new machine learning division 'XTY Labs'. XTY Labs will run the AI Residency Program designed to provide elite researchers with the freedom, guidance and resources to create cutting-edge machine learning solutions tailored for the complexities of finance.[36]

Operations

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.[37] The company is majority owned by Gerko, who holds 75 percent of business.[33]

In November 2019, XTX became the largest systematic internaliser by volume for European equities.[38] XTX has since been the largest Systematic Internaliser for three years running.[39]

In 2019, the company grew its market share in the United States and expanded into providing liquidity in US Treasuries.[40]

Philanthropy

In March 2020, XTX donated over £20 million to charities fighting the effects of COVID-19 including NHS Charities Together, City Harvest and the AP-HP hospital.[41]

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.[42]

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.[43]

References

  1. ^ a b "Log In". lists.fnlondon.com. Retrieved 24 November 2018.
  2. ^ a b "XTX Markets - Mix Interiors". Mixinteriors.com. 18 April 2018. Retrieved 24 November 2018.
  3. ^ a b Finextra (2 October 2017). "XTX Markets to opt-in as a Systematic Internaliser under MiFID II". Finextra.com. Retrieved 24 November 2018.
  4. ^ a b c d Ltd., XTX Markets. "XTX Markets". www.xtxmarkets.com. Retrieved 24 November 2018.
  5. ^ a b "XTX Markets". 11 October 2024.
  6. ^ Arnab Shome. Finance Magnates reporter. (31 April 2023). "XTX Markets Promotes Dr. Hans Buehler to Co-CEO". Finance Magnates website Retrieved 18 April 2023.
  7. ^ "Billionaire Gerko's XTX Pours Millions Into AI for Mathematicians". Bloomberg.com. 5 December 2024. Retrieved 2 January 2025.
  8. ^ Bergstrom, Jeff (12 April 2024). "Cocoa and Coffee Prices Have Surged. Climate Change Will Only Take Them Higher". John Lothian News. Retrieved 3 January 2025.
  9. ^ Agini, Samuel. "Trader XTX Markets picks Paris for post-Brexit EU hub". Fnlondon.com. Retrieved 24 November 2018.
  10. ^ Agini, Samuel. "City heavyweights back Aquis Exchange IPO". Fnlondon.com. Retrieved 24 November 2018.
  11. ^ "An exclusive look at XTX Markets' new London office is a glimpse of the workplace of the future — Quartz". qz.com. 20 February 2018.
  12. ^ a b c "FX Survey 2016: Overall results". Euromoney. 25 May 2016. Retrieved 24 November 2018.
  13. ^ "A Computerized Trader Just Beat Banks in Top Currency Ranks". Bloomberg.com. 25 May 2016. Retrieved 24 November 2018.
  14. ^ McGeever, Jamie (25 May 2016). "Citi tops Euromoney global FX poll again, but big banks lose grip". Reuters.com. Retrieved 24 November 2018.
  15. ^ Wilkes, Tommy (26 August 2023). "Newer firms muscle in on banks' forex territory". Uk.reuters.com. Archived from the original on 26 July 2018.
  16. ^ "NewRegister". register.fca.org.uk. Retrieved 2 January 2025.
  17. ^ "BrokerCheck - Find a broker, investment or financial advisor". brokercheck.finra.org. Retrieved 2 January 2025.
  18. ^ "There's nothing like XTX Markets' London office". Peldon Rose. Retrieved 2 January 2025.
  19. ^ Lieverse, Kitty (12 January 2017), "The Scope of MiFID II", Regulation of the EU Financial Markets, Oxford University Press, ISBN 0-19-876767-6, retrieved 2 January 2025
  20. ^ D'Antona, John (10 October 2017). "XTX Markets to Opt In as a Systematic Internaliser". Markets Media. Retrieved 3 January 2025.
  21. ^ McDowell, Hayley (29 October 2018). "XTX Markets opts for Paris European base post-Brexit". The TRADE. Retrieved 2 January 2025.
  22. ^ "JPMorgan Dethrones Citigroup to Become Biggest Currency Trader". Bloomberg.com. 30 May 2018. Retrieved 24 November 2018.
  23. ^ "Instinet Adds XTX Markets To SI Liquidity Aggregation - Markets Media". Marketsmedia.com. 5 November 2018. Retrieved 24 November 2018.
  24. ^ "Trading firm XTX picks Paris for post-Brexit EU hub". Reuters. 29 October 2018. Retrieved 24 November 2018.
  25. ^ "Aquis Exchange PLC - London Stock Exchange". www.londonstockexchange.com. Retrieved 24 November 2018.
  26. ^ "Aquis doubles market share after predatory HFT ban - The TRADE". Thetradenews.com. 1 March 2016. Retrieved 24 November 2018.
  27. ^ "The Trade: Aquis to ban predatory HFTs - Aquis". Aquis.eu. 3 February 2016. Retrieved 24 November 2018.
  28. ^ "London-based market maker first to establish FX trading engine in Singapore - The TRADE". Thetradenews.com. 24 May 2018. Retrieved 24 November 2018.
  29. ^ "XTX Markets to be first liquidity provider to set up FX trading engine in Singapore". Institutionalassetmanager.co.uk. 24 May 2018. Retrieved 24 November 2018.
  30. ^ Euromoney magazine. (June 2019). "Euromoney FX Survey 2019 – results released". Euromoney website Retrieved 14 April 2021.
  31. ^ Segal, Gerald (2 November 2020). "Market maker XTX unveils venture capital arm". FX News Group. Retrieved 2 January 2025.
  32. ^ "BrokerCheck - Find a broker, investment or financial advisor". brokercheck.finra.org. Retrieved 2 January 2025.
  33. ^ a b c Asgari, Nikou (17 July 2023). "XTX reports £1.1 billion of profits". Financial Times. Retrieved 17 July 2023.
  34. ^ a b Chan, Jeremy. "XTX reports 64% profit surge". www.fnlondon.com. Retrieved 17 July 2023.
  35. ^ "Loh Appointed to Advisory Committee of $10M AIMO Prize - Mellon College of Science - Carnegie Mellon University". www.cmu.edu. Retrieved 3 January 2025.
  36. ^ Lambert, Colin (23 February 2024). "XTX Launches Machine Learning Division". The Full FX. Retrieved 3 January 2025.
  37. ^ Nessim Ait-Kacimi. Les Echos reporter. (6 May 2021). "XTX, le trader numéro 1 mondial des devises". Les Echos website Retrieved 10 May 2021.
  38. ^ 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.
  39. ^ Rosenblatt Securities. (December 2022). "European Equities - Systematic Internalisers". Rosenblatt website Retrieved 25 January 2023.
  40. ^ 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.
  41. ^ Hayley McDowell. The Trade reporter. (27 March 2020). "XTX Markets commits £20 million to charities fighting coronavirus". The Trade website Retrieved 14 April 2021.
  42. ^ XTX website. (March 2022). XTX Markets website Retrieved 25 January 2023.
  43. ^ XTX press release. (June 2022). XTX Markets website Retrieved 25 January 2023.

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