XTX Markets
XTX Markets Limited, a UK-based liquidity provider, caters exclusively to institutional clients since 2015.
XTX Markets Limited · London, UK · last re-checked 2026-09 · 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 | not classified | 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. Rows without a tier are recorded without classification rather than guessed.
Where the published model fits
- Institutional FX trading
- Equity market making
- Fixed income liquidity
Watch for
- Self-measured claims on market impact
- Age of the firm since 2015
XTX Markets operates as a non-bank algorithmic market maker, holding multiple tier 1 licenses across the UK, USA, and France. The firm focuses on providing bilateral liquidity across a wide range of asset classes, including FX and cryptocurrencies. However, it does not engage with individual investors or retail trading services, which may limit its market reach.
Testable claims
- 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 that remain the venue's own measurement
- '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
