XTX Markets
XTX Markets is a London-based algorithmic trading firm founded in 2015 that uses proprietary machine learning to produce price forecasts for 53,000+ financial instruments and provide liquidity on exchanges and directly to institutional counterparties across 35 countries.
- Company typePrivate
- Founded2015
- HeadquartersLondon, United Kingdom
- Headcount101–250
- GTM typeB2B
- OfferingServices
What XTX Markets does
XTX Markets is a London-headquartered algorithmic trading firm founded in 2015 by Alex Gerko that uses proprietary machine learning models to produce price forecasts for over 53,000 financial instruments spanning equities, fixed income, currencies, commodities and crypto. It executes against those forecasts in two modes: market making on exchanges and alternative trading venues, and direct liquidity provision to institutional counterparties (brokers, banks, trading firms). The firm operates regulated entities in the UK (FCA-authorised), US (SEC/FINRA broker-dealers), France (ACPR-authorised), Singapore, and India (SEBI-registered broker), giving it access to 35 countries and approximately $250 billion in daily traded volume.
The firm's core technology stack is custom-built. XTX operates a 25,000+ GPU research cluster backed by over 1 Exabyte of in-house storage. It designed and deployed TernFS, an exabyte-scale, multi-region, Reed-Solomon-coded distributed filesystem written in C++ and Go, currently storing 500PB+ across 30,000 disks and 10,000 flash drives in three data centres; TernFS was open-sourced on GitHub in September 2025. A custom Raft-like consensus engine (LogsDB) manages metadata within TernFS. The firm is investing more than €1 billion to build a five-data-centre campus on a 478-acre site in Kajaani, Finland, to secure long-term compute capacity.
XTX generates revenue predominantly through transaction-based market making and proprietary trading — bid-ask spreads, exchange rebates, and proprietary positioning — rather than disclosed fees. Reported 2025 revenue was £3.9 billion (~$5.0B) with net profit of £1.7 billion and a record £2.2 billion ($3B) dividend paid to its Cayman-domiciled parent XTX Holdings Limited. It is the largest UK corporate taxpayer by individual entity (corporation tax of £580 million in 2025) and operates with approximately 300 employees globally. The firm also invests externally in adjacent infrastructure (e.g., Crossover Markets, Ethos) and channels significant founder-led philanthropy into STEM talent pipelines and AI-mathematics research.
XTX Markets firmographics
Firmographics- Name
- XTX Markets
- Legal name
- XTX Markets Technologies Limited
- Website
- https://xtxmarkets.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- XTX Markets is a London-based algorithmic trading firm founded in 2015 that uses proprietary machine learning to produce price forecasts for 53,000+ financial instruments and provide liquidity on exchanges and directly to institutional counterparties across 35 countries.
- Ownership category
- akta.pro rank
XTX Markets industry classification
Industry- Product category
- Algorithmic Trading & Market Making
- NAICS
- Investment Banking and Securities Intermediation (523150), Commodity Contracts Intermediation (52316), Commodity Contracts Intermediation (523160)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Algorithmic Trading & Execution Platforms (FSAFANAN)
- akta.pro secondary industry
- Centralized Crypto Exchanges (CEX) (FSAPADAA)
Keywords
Where XTX Markets is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices8 records
Markets served
XTX Markets business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Infrastructure, Technology or R&D, Operations
Revenue model
- Market Making: XTX Markets provides differentiated liquidity to clients worldwide as a leading algorithmic market maker. They offer liquidity on exchanges and alternative trading venues, and directly to counterparties.
- Proprietary Trading: The firm also engages in proprietary trading activities alongside market making operations, generating revenue from price movements across asset classes.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
XTX Markets product offering
Product offeringCore offering
XTX Markets is an algorithmic trading firm that uses machine learning to produce price forecasts for over 53,000 financial instruments across equities, fixed income, currencies, commodities and crypto. It uses those forecasts to trade on exchanges and alternative trading venues and to provide differentiated liquidity directly to institutional clients worldwide, including via its Systematic Internaliser in UK and EU equities.
Product overview
XTX Markets is a single-product algorithmic trading platform built around proprietary machine learning technology. The firm operates as one unified offering: an AI-powered electronic trading system that produces price forecasts for over 53,000 financial instruments (equities, fixed income, currencies, commodities, and crypto) and uses those forecasts to trade on exchanges and alternative trading venues while offering differentiated liquidity directly to clients worldwide. The company also developed TernFS, its proprietary exabyte-scale distributed filesystem, which has been open-sourced. The firm operates without traditional product modules or add-ons.
Differentiator
Problem solved
Functional benefit
Products and services
- Algorithmic Market Making & Liquidity Provision
Quantifiable outcome
- Daily trading volume of $250 billion across 35 countries
- +4 more outcomes
Companies that use XTX Markets
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
XTX Markets technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability5 records
Feature3 records
XTX Markets partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- YIT CorporationcoreFinnish construction company YIT is building XTX Markets' third data centre (frame and shell phase) in Kajaani, Finland, with construction beginning in summer 2026. This marks the third data centre YIT has constructed for XTX Markets in Kajaani, reflecting an ongoing operational relationship. YIT previously completed structure and envelope works and the interior finishing contract for the second data centre.
- Global Talent FundcoreXTX Markets committed $40 million to the Global Talent Fund to expand the BIG Talent Scholars programme, which provides scholarships for exceptional young mathematicians and scientists. The multi-year funding enables 50 new scholars per year for three cohorts starting in 2026, making it the largest global scholarship programme dedicated to exceptionally talented STEM students. Also supports expansion of national Olympiad ecosystems across more than 50 countries and the Global Talent Lab research initiative.
- Lean FRO and MathlibminorXTX Markets founder Alex Gerko donated $10 million through Renaissance Philanthropy to Lean FRO and Mathlib, two initiatives focused on AI-assisted mathematical research. Funds split evenly between the two organizations to improve AI-assisted formal proof interfaces and expand the Mathlib library of formalized mathematics built on the Lean proof assistant.
- Finnish Advisory Firms (Granlund Oy, A-Insinöörit Rakennuttaminen OY, Borenius Attorneys Ltd)coreXTX Markets partnered with Finnish firms for the Kajaani data centre project: Granlund Oy for design and project management services, A-Insinöörit Rakennuttaminen OY for construction management services, and Borenius Attorneys Ltd as legal counsel.
- Dell TechnologiesminorAdversarial relationship - XTX Markets' Finnish subsidiary is suing Dell Technologies in Dublin for $70m over disputed price increases for servers at a new data centre in Finland. XTX agreed to pay $549m for 1,680 servers plus a $5m fee to avoid future price rises, but Dell subsequently imposed additional charges of $62m-$70m.
Scale indicators14 records
Recent moves9 records
Expansion highlights5 records
XTX Markets competitors and assessment
Company assessmentEmerging players
- Wintermute: Leading crypto-native algorithmic trading firm and OTC liquidity provider. Comparable to XTX on the algorithmic liquidity provision side of its crypto business and co-invested in Crossover Markets' Series B alongside XTX.
Direct peers
- Jane Street: One of the world's largest proprietary trading firms and market makers across equities, ETFs, options, FX, and crypto. Comparable to XTX as a multi-asset, ML-driven liquidity provider serving institutional counterparties globally.
- IMC Financial Markets: Global market maker in equities, options, futures, and FX, using algorithmic strategies to provide liquidity on exchanges and to institutional clients. Comparable to XTX on multi-asset, multi-region electronic market making.
- Virtu Financial: Publicly listed electronic market maker and institutional trading technology provider operating across global equities, ETFs, fixed income, and FX. Comparable to XTX as a multi-asset, technology-led liquidity provider, with more of a SaaS/data overlay.
- DRW Trading: Diversified principal trading firm active in global equities, fixed income, commodities, and crypto (via Cumberland). Comparable to XTX as a privately held multi-asset liquidity provider using quantitative strategies.
- Susquehanna International Group (SIG): Quantitative-focused global trading firm providing liquidity in equities, options, ETFs, and FX, with a strong options market-making franchise. Comparable to XTX on multi-asset electronic liquidity provision.
- Optiver: Dutch-headquartered global market maker in derivatives, equities, fixed income, and FX. Comparable to XTX as a quantitative, multi-asset market maker using proprietary technology to provide liquidity on exchanges and to clients.
- Hudson River Trading (HRT): Quantitative trading firm providing liquidity across global equities, futures, options, and ETFs using ML and high-performance computing. Closely comparable to XTX on technology stack, multi-asset focus, and exchange-based market making.
- Citadel Securities: Leading global market maker across equities, options, ETFs, and fixed income, and one of the largest designated market makers on US exchanges. Directly comparable to XTX as a high-volume, multi-asset electronic liquidity provider.
- Jump Trading: Global quantitative trading firm active in equities, derivatives, FX, and crypto, with deep investments in crypto infrastructure (e.g., through Cumberland). Comparable to XTX on multi-asset algorithmic market making and crypto exposure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
XTX Markets social profiles
Digital presenceXTX Markets compliance and trust
Trust signalCompliance5 records
XTX Markets financial estimates
Financial estimateRevenue estimate
Valuation estimate
XTX Markets leadership team
Management profileNumber of profiles
Profiles6 records
XTX Markets subsidiaries and ownership
Company hierarchySubsidiaries7 records
XTX Markets funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
XTX Markets M&A and investment
M&A and investmentM&A
Investments11 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about XTX Markets
What does XTX Markets do?
XTX Markets is an algorithmic trading firm that uses machine learning to produce price forecasts for over 53,000 financial instruments across equities, fixed income, currencies, commodities and crypto. It uses those forecasts to trade on exchanges and alternative trading venues and to provide differentiated liquidity directly to institutional clients worldwide, including via its Systematic Internaliser in UK and EU equities.
Is XTX Markets a public or private company?
XTX Markets is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was XTX Markets founded?
XTX Markets was founded in 2015. It employs 101 to 250 people.
Where is XTX Markets based?
XTX Markets is headquartered in London, United Kingdom, in the Europe region.
How does XTX Markets make money?
Two revenue lines are on record. Market Making is the primary driver. The others are proprietary Trading.
Who are XTX Markets's main competitors?
Wintermute is listed as an emerging player. Direct peers are Jane Street, IMC Financial Markets, Virtu Financial, DRW Trading, Susquehanna International Group (SIG), Optiver, Hudson River Trading (HRT), Citadel Securities and Jump Trading.
Does XTX Markets have an API?
No public API is recorded for XTX Markets.
What industry is XTX Markets in?
XTX Markets's product category is Algorithmic Trading & Market Making. Its primary akta.pro industry code is FSAFANAN, Algorithmic Trading & Execution Platforms, with a secondary code of FSAPADAA, Centralized Crypto Exchanges (CEX). Its NAICS code is 523150 and its SIC code is 6211.