XTX Markets offers OTC liquidity across FX and metals products. Clients range from retail brokers to regional and central banks and institutional investors.
In the most recent Euromoney FX Survey (2020), XTX was ranked the 3rd largest FX liquidity provider (LP) globally across all products, the largest e-spot/forward LP globally and the only LP to be top 3 across overall market share and client satisfaction.
We form our own prices and hold risk for meaningful (i.e. typically measured in tens of minutes for EMFX) amounts of time, allowing our clients to minimise their market impact when trading.
Our market making principles include a strong preference for non-last look liquidity. We are advocates for increased transparency and encourage all our clients to measure liquidity providers, including us, using third-party analytics to facilitate informed liquidity management.
We contribute to various regulatory efforts such as the Global FX Code, various central bank initiatives, and the FICC Market Standards board. We aim to modernise market structure so that it is fairer and more transparent.
XTX is one the largest equities liquidity providers globally. In Europe alone, XTX’s passive market share across all lit continuous pan-European cash equity venues is over 13% (Q4 2019) and we are also a top-three liquidity provider on the SIX Swiss, Oslo Bors and Nasdaq OMX exchanges (Q1 2020).
XTX launched its Systematic Internaliser for European Cash Equities in late-2018. We were also the largest ELP SI in Europe by volume (Rosenblatt: Q4 2019-Q1 2020).
The Autorité des Marchés Financiers (AMF) recently produced a report on Systematic Internalisers and their role in markets. This was the first independent, authoritative analysis from a regulatory body into the SI liquidity providers. It demonstrated that XTX had the lowest market impact and most price improvement in the French Equities SI market: https://www.amf-france.org/sites/default/files/2020-05/202005_etude_internalisateurs_en.pdf
This was also highlighted in an article: https://www.thetradenews.com/analysis-of-amf-data-reveals-largest-elp-si-market-shares-in-france/
Our focus and differentiation is on supplying low-market impact liquidity and holding risk on our own balance sheet for meaningful periods, while providing significant price improvement to our clients.
XTX believes in making electronic markets fairer for all participants and we work closely with regulators, exchanges, and clients to improve the market ecology across asset classes. An example of this is our desire for anti-latency arbitrage mechanisms to be implemented on equity exchanges for the benefit of non-latency arbitraging participants in the market, benefiting end investors through tighter spreads.
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