XTX Markets

XTX Markets is a privately held algorithmic trading firm and electronic market maker headquartered in London. Founded in 2015 by Alexander Gerko as a spin-off from GSA Capital, the company applies statistical modelling, machine learning and high-performance computing to forecast prices and provide liquidity across global financial markets. Its activity spans equities, foreign exchange, fixed income, commodities and crypto-related instruments, with models reportedly covering more than 50,000 financial instruments. Rather than operating primarily as a traditional investment bank, XTX belongs to the group of technology-driven, non-bank liquidity providers that compete with banks and other electronic market makers. It uses its forecasts to trade on exchanges and alternative trading venues, while also quoting prices directly to institutional clients. This combination allows the firm to participate in both exchange-traded and over-the-counter markets. Its business includes market making, systematic internalisation, bilateral execution and technology-enabled liquidity provision. XTX expanded rapidly after its formation. In 2016 it entered the top ten of the Euromoney foreign-exchange liquidity-provider rankings, an unusual result for a non-bank firm. It later developed operations in the United States, established a Singapore pricing-engine initiative with the Monetary Authority of Singapore, and opened a Paris entity after Brexit to serve European Union clients. The company became an important participant in European equities and foreign exchange, including as a systematic internaliser under the MiFID II regulatory framework. In 2019, it was described as the largest global provider of spot foreign-exchange liquidity and the largest systematic internaliser by European-equity volume. The firm’s regulatory and operating structure includes XTX Markets Limited in the United Kingdom, XTX Markets LLC in the United States and XTX Markets SAS in France. XTX also created XTX Execution Services LLC to provide a US-facing single-dealer platform, XTX Direct, for bilateral equity liquidity. These entities reflect the firm’s strategy of combining central-market trading with direct institutional execution. Alongside trading, XTX has developed activities in venture investment and philanthropy. XTX Ventures, announced in 2020, invests in early-stage companies connected with machine learning and related technologies. The firm’s charitable programme has focused particularly on mathematics education, mathematical research, academic opportunities for displaced scholars and humanitarian relief. Initiatives have included the Maths Excellence Fund, the Martingale Foundation, the Observatory for Mathematical Education, support for Ukraine-related relief and the Academic Sanctuaries Fund. In 2023, XTX launched the Artificial Intelligence Mathematical Olympiad Prize with Kaggle, seeking to encourage publicly shared AI systems capable of solving advanced mathematical problems. XTX Markets therefore combines a specialised financial-technology operating model with a substantial interest in mathematics, artificial intelligence and education.

XTX Markets was founded in January 2015 by Alexander Gerko as a spin-off from GSA Capital. Its initial business was built around quantitative modelling and electronic liquidity provision, particularly in foreign exchange. The firm’s technology uses large datasets, automated trading infrastructure and machine-learning techniques to generate forecasts and prices across multiple asset classes. The company’s early growth demonstrated the increasing role of non-bank firms in markets traditionally dominated by banks. In 2016, XTX was ranked ninth among foreign-exchange liquidity providers by volume, with a reported 3.87 percent share in the cited survey. It also became authorised as an investment firm by the UK Financial Conduct Authority in July of that year. The firm opened a US office in September 2017 and registered XTX Markets LLC as its first US broker dealer in December. In January 2018, XTX moved its London headquarters to the R7 building in King’s Cross. The same year, it began the process of becoming a systematic internaliser under MiFID II, allowing it to publish quotes and execute qualifying client orders outside traditional exchanges within the applicable regulatory framework. Following Brexit, the company selected Paris as its European Union base. XTX Markets SAS was launched and authorised in October 2018, supporting European equity and futures trading and EU-equity systematic-internaliser activity. During 2018, XTX was reported to have become the third-largest global foreign-exchange liquidity provider and to hold a substantial share of European equity trading. It also took a stake in Aquis Exchange and participated in a Singapore foreign-exchange pricing-engine initiative with the Monetary Authority of Singapore. In 2019, XTX was described as the largest global spot-foreign-exchange liquidity provider. It continued expanding in the United States, including the provision of liquidity in US equities. In November of that year, it was reported to be the largest systematic internaliser by European-equity volume, a position it subsequently retained for several years according to the cited material. The firm broadened beyond its core market-making activities in November 2020 by announcing XTX Ventures, an investment arm for early-stage machine-learning companies. In February 2021, XTX launched XTX Direct through XTX Execution Services LLC, a second US-regulated broker-dealer entity. The single-dealer platform was designed to provide bilateral equity liquidity to US clients. XTX has also built a prominent philanthropic programme. Since 2017, its giving has concentrated on mathematics education and research, particularly opportunities for students from lower-income backgrounds and support for advanced mathematical talent. During the COVID-19 crisis in 2020, it announced donations to organisations including NHS Charities Together, City Harvest and the Assistance Publique–Hôpitaux de Paris. In 2022, it announced humanitarian commitments connected with Russia’s invasion of Ukraine and created the Academic Sanctuaries Fund to support displaced students and researchers. Its education-related initiatives have included support for the Maths Excellence Fund, the Martingale Foundation and the Observatory for Mathematical Education. In 2023, XTX launched the Artificial Intelligence Mathematical Olympiad Prize with Kaggle. The programme was intended to promote openly shared AI systems capable of tackling difficult mathematical problems. In December 2024, XTX and Renaissance Philanthropy announced the AI for Math Fund, aimed at supporting AI tools that could become long-term infrastructure for mathematical research. XTX remains a private, active global trading firm with operations spanning the United Kingdom, continental Europe, the United States and other financial centres.

• 2024

  AI for Math Fund announced

  [4]AI for Math Fund announcedxtxmarkets.com

  XTX and Renaissance Philanthropy announced a fund for AI tools supporting mathematical research.

• 2023

  Artificial Intelligence Mathematical Olympiad Prize launched

  [3]Artificial Intelligence Mathematical Olympiad Prizextxmarkets.com

  XTX and Kaggle launched a public AI-and-mathematics challenge.

• 2021

  XTX Direct launched

  [1]XTX Marketsen.wikipedia.org

  XTX introduced a US-facing single-dealer platform for bilateral equity execution.

• 2020

  XTX Ventures announced

  [1]XTX Marketsen.wikipedia.org

  The company created a venture arm investing in early-stage machine-learning businesses.

• 2019

  Global spot-FX leadership reported

  [1]XTX Marketsen.wikipedia.org

  XTX was reported as the largest global spot-foreign-exchange liquidity provider.

• 2018

  Paris EU base established

  [1]XTX Marketsen.wikipedia.org

  XTX Markets SAS began operations in France after Brexit, supporting EU clients and markets.

• 2017

  US expansion

  [1]XTX Marketsen.wikipedia.org

  The firm opened a US office and registered XTX Markets LLC as a broker dealer.

• 2016

  Early foreign-exchange market-share breakthrough

  [1]XTX Marketsen.wikipedia.org

  XTX entered the top ten of cited foreign-exchange liquidity-provider rankings and obtained UK investment-firm authorisation.

• 2015

  Company founded as a GSA Capital spin-off

  [1]XTX Marketsen.wikipedia.org

  Alexander Gerko founded XTX Markets as an independent quantitative and algorithmic trading firm.

Technology-led, data-intensive and asset-class-diverse non-bank market maker focused on providing competitive liquidity and electronic execution to global financial-market participants.

• Trading and liquidity · 2015

  Algorithmic market making

  XTX uses quantitative models, machine learning and automated execution systems to forecast prices and continuously provide buy and sell liquidity across multiple financial markets. Its activity combines trading on exchanges and alternative venues with direct pricing for institutional clients.

• Foreign exchange · 2015

  Foreign-exchange liquidity

  Foreign exchange has been one of XTX’s principal activities since its formation. The firm provides electronic prices and execution liquidity to clients and venues, and became one of the largest reported non-bank participants in global spot-FX markets.

• Equities · 2018

  Equity liquidity and systematic internalisation

  XTX provides automated liquidity in European and US equities. Its systematic-internaliser operations allow it to quote and execute qualifying client orders under applicable market rules, complementing its activity on public exchanges and other venues.

• Institutional execution · 2021

  XTX Direct

  XTX Direct is the firm’s single-dealer platform, launched through XTX Execution Services LLC for US clients. It provides bilateral access to XTX liquidity, initially with a focus on equities and direct institutional execution.

• Venture investment · 2020

  XTX Ventures

  XTX Ventures is the company’s venture-capital arm. It invests in early-stage businesses associated with machine learning and related technologies, extending XTX’s technology interests beyond its own trading operations.

• 2024AI for Math Fund

  Global

  XTX Markets and Renaissance Philanthropy announced a fund to support AI tools intended to advance mathematical research.

  Outcome. The fund was announced with a commitment of $9.2 million.

  Source
• 2023Artificial Intelligence Mathematical Olympiad Prize

  Global

  XTX Markets and Kaggle launched a challenge to encourage the development of publicly shared AI models capable of solving advanced mathematical problems.

  Outcome. The initiative created a public competition and prize programme focused on AI reasoning in mathematics.

  Source
• 2022Ukraine humanitarian support

  United Kingdom · Europe · Ukraine

  XTX announced commitments to charities providing humanitarian assistance to people affected by Russia’s invasion of Ukraine.

  Outcome. The stated commitments totalled £23.4 million in the cited company material.

  Source
• 2022Academic Sanctuaries Fund

  Europe · Global

  XTX announced a £15 million fund intended to create academic sanctuary places for students and researchers displaced by the war in Ukraine or by opposition to it.

  Outcome. The programme aimed to expand safe study and research opportunities for displaced academics.

  Source
• 2020COVID-19 relief giving

  United Kingdom · France

  XTX announced more than £20 million in donations to organisations responding to the effects of the COVID-19 pandemic, including NHS Charities Together, City Harvest and the Assistance Publique–Hôpitaux de Paris.

  Outcome. The donations supported healthcare and food-relief efforts during the pandemic.

  Source

• 2023

  Launch of the AIMO PrizeOther

  Background

  XTX sought to encourage progress in artificial intelligence systems capable of mathematical reasoning and to promote open evaluation.

  Action taken

  XTX and Kaggle launched the Artificial Intelligence Mathematical Olympiad Prize.

  Aftermath

  The initiative established a public competition focused on AI performance in advanced mathematics.

  Prize fund. $10 million (2023 announcement)

  Source

• 2021

  Launch of XTX DirectProduct launch

  Background

  US institutional clients required a direct channel to XTX liquidity in addition to access through traditional trading venues.

  Action taken

  XTX Execution Services LLC launched XTX Direct as a single-dealer platform for bilateral equity liquidity.

  Aftermath

  The platform expanded XTX’s direct-client execution model in the United States.

  Source

• 2020

  Creation of XTX VenturesStrategy

  Background

  XTX sought to extend its interest in machine learning and quantitative technology beyond its internal trading business.

  Action taken

  The company announced XTX Ventures as an early-stage investment arm.

  Aftermath

  The venture arm broadened XTX’s technology and investment activities, although individual investment results are not detailed in the cited material.

  Source

• 2018

  Establishing Paris as the EU operating baseStrategy

  Background

  The United Kingdom’s departure from the European Union created a need for an EU-authorised operating entity able to serve clients and access relevant markets.

  Action taken

  XTX launched and obtained authorisation for XTX Markets SAS in Paris.

  Aftermath

  The French entity supported European equity and futures trading and systematic-internaliser activity for EU clients.

  Source

1. 1XTX Marketsen.wikipedia.org
2. 2XTX Markets official websitextxmarkets.com
3. 3Artificial Intelligence Mathematical Olympiad Prizextxmarkets.com
4. 4AI for Math Fund announcedxtxmarkets.com