VENUE FILE · filed 2026-09 · last re-checked 2026-09
XTX Markets — the liquidity layer, one venue at a time
XTX Markets, a non-bank algorithmic market maker, provides bilateral liquidity to institutional clients across multiple asset classes in major markets.
XTX Markets Limited · London, UK · evidence score 88/100
Licence, read on the register
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| FCA | 949967 | UK | tier-1 | open source ↗ |
| FCA | not verified | UK | tier-1 | open source ↗ |
| ACPR (AMF-supervised) | CIB 13283 | France | tier-1 | open source ↗ |
| SEC/FINRA | SEC 8-70009 (CRD 289846) | USA | tier-1 | open source ↗ |
| SEC/FINRA | SEC 8-70532 (CRD 309266) | USA | tier-1 | open source ↗ |
| SEBI | INZ000293058 | India | tier-2 | open source ↗ |
Tier classification follows the same scale as the retail register: tier-2 means real supervision and client-money segregation, without an investor compensation scheme — never misread it as tier-1 protection.
The claims ledger
Claims specific enough to be falsified — and the ones that remain the venue's own measurement.
- 4testable claims
- 2venue-measured claims
- 0named data centres
- Disclosures page states XTX does not deal with individual investors, does not accept deposits and provides no retail trading services
- Providing liquidity directly to institutional clients since the firm's inception in 2015 (clients page)
- Bilateral liquidity across more than 10,000 assets (clients page)
- TernFS storage deployment >500PB across 30,000 disks, 10,000 flash drives and three data centres as of September 2025; firm constructing a large-scale data centre in Finland
Claims we cannot verify from outside
- 'Market-leading, differentiated liquidity' and 'low-market impact by holding risk for meaningful periods' are the firm's own characterisations
- Price forecasts for over 50,000 financial instruments is the firm's own internal figure
Perimeter and coverage
| Asset classes | Venues | Connectivity | Clients accepted | Explicitly refused |
|---|---|---|---|---|
| FX, US/UK/European equities, Fixed income, Commodities, Cryptocurrencies | Institutional clients (bilateral relationships established through venues or via brokers) | Individual/retail investors — 'XTX does not deal with individual investors and does not accept deposits or provide retail trading services' |
A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to assess than one that doesn't. The refusal list is treated here as disclosure, not as a defect.
What the desk watches next
The follow-up plan attached to this file — each item re-checked on a future pass, dated and kept falsifiable.
- Self-measured claims on market impact
- Age of the firm since 2015