XTX Markets
A global algorithmic trading and non-bank liquidity provider serving equity, foreign-exchange, fixed-income, commodity and cryptocurrency markets.
Last updated August 31, 2026
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Overview
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.
History
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]XTX and Renaissance Philanthropy announced a fund for AI tools supporting mathematical research.
- 2023
Artificial Intelligence Mathematical Olympiad Prize launched
[3]XTX and Kaggle launched a public AI-and-mathematics challenge.
- 2021
XTX Direct launched
[1]XTX introduced a US-facing single-dealer platform for bilateral equity execution.
- 2020
XTX Ventures announced
[1]The company created a venture arm investing in early-stage machine-learning businesses.
- 2019
Global spot-FX leadership reported
[1]XTX was reported as the largest global spot-foreign-exchange liquidity provider.
- 2018
Paris EU base established
[1]XTX Markets SAS began operations in France after Brexit, supporting EU clients and markets.
- 2017
US expansion
[1]The firm opened a US office and registered XTX Markets LLC as a broker dealer.
- 2016
Early foreign-exchange market-share breakthrough
[1]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]Alexander Gerko founded XTX Markets as an independent quantitative and algorithmic trading firm.
Products and positioning
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.
Marketing campaigns
- 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.
- 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.
- 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.
- 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.
- 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.
Brand decisions
2023
Launch of the AIMO PrizeOtherBackground
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)
2021
Launch of XTX DirectProduct launchBackground
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.
2020
Creation of XTX VenturesStrategyBackground
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.
2018
Establishing Paris as the EU operating baseStrategyBackground
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.
Recent events
- 2024
XTX Markets and Renaissance Philanthropy establish the AI for Math Fund[4]
Campaign
The organisations announced a fund supporting AI tools intended to advance mathematical research and problem solving.
- 2023
XTX announces the Artificial Intelligence Mathematical Olympiad Prize[3]
Campaign · Product launch
XTX and Kaggle introduced a challenge intended to stimulate the development of publicly shared AI systems capable of solving high-level mathematical problems.
- 2021
XTX launches XTX Direct for US institutional clients[1]
Product launch
Through XTX Execution Services LLC, the firm introduced a single-dealer platform for bilateral equity liquidity in the United States.
- 2020
XTX launches XTX Ventures[1]
Other
The firm announced a venture-capital arm focused on early-stage companies using machine learning and related technologies.
- 2019
XTX becomes a leading global spot-FX liquidity provider[1]
Other
XTX was reported as the largest global provider of spot foreign-exchange liquidity and expanded its US-equities activity.
- 2018
XTX selects Paris as its European Union base after Brexit[1]
Regulation
XTX Markets SAS was launched and authorised in France to support trading and systematic-internaliser activity for EU clients.
- 2017
XTX establishes US broker-dealer operations[1]
Other
The company registered XTX Markets LLC as its first US broker dealer after opening a US office.
- 2016
XTX Markets enters the top ten of global foreign-exchange liquidity providers[1]
Other
XTX was reported as the ninth-largest foreign-exchange liquidity provider by volume, marking a significant position for a non-bank market maker.
- 2016
XTX Markets receives UK investment-firm authorisation[1]
Regulation
XTX Markets Limited became authorised by the UK Financial Conduct Authority.
Sources4 sources
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