The story
Founded by Alexander Gerko on Jan 30, 2015.1
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 July 2016, XTX Markets Limited became an FCA authorized investment firm.
In December 2017, XTX registered its first U.S. broker dealer, XTX Markets LLC. This followed the opening of the U.S. office in September 2017.
In January 2018, XTX Markets moved its headquarters to the R7 building in London's Kings Cross.
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.
In October 2018, following Brexit, XTX Markets chose Paris as its European base with the launch and authorisation of XTX Markets SAS. It trades European equity and future markets, as well as being a Systematic Internaliser in EU stocks for EU clients.
In 2018, XTX 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 and setting up a foreign exchange 'pricing engine' in Singapore in conjunction with the Monetary Authority of Singapore.
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In 2019, XTX Markets became the largest foreign exchange spot liquidity provider globally.
In 2019, the company grew its market share in the United States and expanded into providing liquidity in US 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 November 2020, XTX Markets publicly announced XTX Ventures, its venture capital arm investing in early-stage machine learning-driven companies.
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.
In 2022, the company reported profits of £1.1 billion, a 64 percent increase on the previous year. It recorded a 68 percent increase in revenues from £1.5 billion to £2.5 billion.
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).
From Wikipedia’s article on XTX Markets, shared under CC BY-SA 4.0.7