XTX Markets

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. The company employs 190 people globally and uses algorithms to trade the difference in market prices across a variety of venues.

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

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

In 2017, the company became a non-clearing member of the London Stock Exchange.

In 2018, it was the third-largest liquidity provider in the global foreign exchange market by volume; with a 7.36% market share. The company had 11.5% market share in European equity markets. Other activities included taking a stake in Aquis Exchange, setting up a foreign exchange 'pricing engine' in Singapore in conjunction with the Monetary Authority of Singapore and announcing it would be opening an 'EU hub' in Paris.

In 2019, XTX became the largest foreign exchange spot liquidity provider globally.

In 2022, the company reported profits of £1.1 billion, a 64 per cent increase on the previous year. It recorded a 68 per cent increase in revenues from £1.5 billion to £2.5 billion.

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. The company is majority owned by Gerko, who holds 75 per cent of business.

In 2018, XTX decided to opt into the systematic internaliser regime for European equities.

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

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

In March 2021, the company began offering a single dealer platform for US equities.

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.

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.

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.

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.