XTX Markets commits £26m to boost pure maths research in UK universities
Early-Career Research Funding programme to address the growing funding gap at top UK universities
London, 1st December 2025 — XTX Markets, a leading algorithmic trading firm, today announced £26.37 million in multi-year funding for PhD students and postdoctoral researchers in pure mathematics at seven top UK universities.
Advanced maths is vital to many of the UK's strategic industries, including AI, cryptography, defence and finance. Our future technologies and prosperity depend on a sustained pipeline of exceptional pure mathematicians.
However, funding for pure maths research has been cut repeatedly in recent years. Only 40% of the government's promised £300 million funding for mathematical sciences was allocated before the programme was cancelled in 2022. In addition, following the latest round of UKRI funding for centres for doctoral training (CDTs), there are now no CDTs for pure maths in England.
Senior mathematicians across the country, including Dame Alison Etheridge, President of the Academy for Mathematical Sciences, have indicated that the lack of early-career research funding is their biggest concern for the advancement of pure maths research in the UK.
The Early-Career Research Funding programme
In response, XTX Markets is launching the Early-Career Research Funding programme, designed to increase the number and quality of PhDs and postdocs entering the talent pipeline at top UK universities. The programme aims to create more than 100 new early career research positions, across seven universities, with entry in 2026, 2027 and 2028. The funding will support PhD students and postdoctoral research associates in pure maths.
Alex Gerko, Founder and CEO, XTX Markets said,
"Despite successive governments' pro-innovation rhetoric, years of underfunding in mathematics research have caused UK universities to miss out on too much of the world's top talent. This programme may help to fill the gap, but leaving strategically vital funding to philanthropy is a dereliction of duty."
Dame Alison Etheridge, President of the Academy for Mathematical Sciences said,
"Maths underpins so much of our economy. Research from the Academy for the Mathematical Sciences suggests that over five million people in the UK, 15% of the labour market, work in mathematical occupations. And whether it is inventions that support our everyday lives, or academics exploring the cutting edge of the discipline, or new businesses based on AI, it all depends on having a strong pipeline of early career academics and researchers.
It is hugely welcome to have XTX Markets, as a long-time supporter of maths at all levels, making this strong commitment to early research."
The institutions receiving the funding are University of Bristol, University of Cambridge, University of Edinburgh, Imperial College London, University of Oxford, University of Liverpool and University of Warwick.
Ivan Smith, Professor of Geometry and Head of the Department of Pure Mathematics and Mathematical Statistics, University of Cambridge said,
"PhD students and postdocs are the lifeblood of any mathematics department - full of excitement and fresh ideas, they drive existing projects forward and initiate new ones. The dynamic interaction of PhD students, postdocs, and faculty fosters an ideal creative environment for pursuing ambitious, groundbreaking research.
This remarkable donation will enable Cambridge University to appoint around 10 PhD students and up to two postdoctoral researchers in each of the coming three years. These appointments are vital for sustaining the critical mass of early-career researchers driving our world-leading research."
XTX Markets has provided sustained support to UK universities, committing more than £70 million since 2020. The philanthropic funding supports a range of initiatives, including graduate and postgraduate scholarships through The BIG Programme and the Martingale Foundation, and the development of new degree curricula that link foundational mathematics to key applications, coordinated by The Campaign for Mathematical Sciences.
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About XTX Markets
XTX Markets is a leading algorithmic trading firm which uses state-of-the-art machine learning technology to produce price forecasts for over 50,000 financial instruments across equities, fixed income, currencies, commodities and crypto. It uses those forecasts to trade on exchanges and alternative trading venues, and to offer differentiated liquidity directly to clients worldwide. The firm trades over $250bn a day across 35 countries and has over 250 employees based in London, Singapore, New York, Paris, Bristol, Mumbai and Yerevan.
Since 2020, XTX Markets has committed over £350 million to charities and non-profit partners, establishing the firm as a major philanthropic donor in the UK and globally. The firm's philanthropy focuses on advancing mathematics education and research, having committed over £90 million in grants to UK charities and education institutions, with the aim of supporting more students to progress to degrees, PhDs and highly-skilled careers in maths, especially those from low-income backgrounds. XTX Markets has also committed more than £25 million to support elite mathematics talent worldwide. More broadly, the firm's giving also supports high-impact education programmes in low- and middle-income countries, humanitarian relief and local community initiatives in the regions where our offices are located internationally.