Structured comparison · last re-checked 2026-09
XTX Markets vs. Evaluate XTX Markets against other non-bank liquidity providers or traditional banks.
Founded in 2015, XTX Markets is a non-bank algorithmic market maker headquartered in London. It holds tier 1 licenses in the UK, France, and the USA, but has no published venues or connectivity details. The firm claims to provide market-leading liquidity while focusing on institutional clients only, excluding retail investors.
88Evidence score/100
0Venues
0Connectivity
5Asset classes
01
Licence, read on the register
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.
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| FCA | 949967 | UK | tier-1 | https://www.xtxmarkets.com/disclosures/ |
| FCA | not verified | UK | tier-1 | https://www.xtxmarkets.com/disclosures/ |
| ACPR (AMF-supervised) | CIB 13283 | France | tier-1 | https://www.xtxmarkets.com/disclosures/ |
| SEC/FINRA | SEC 8-70009 (CRD 289846) | USA | tier-1 | https://www.xtxmarkets.com/disclosures/ |
| SEC/FINRA | SEC 8-70532 (CRD 309266) | USA | tier-1 | https://www.xtxmarkets.com/disclosures/ |
| SEBI | INZ000293058 | India | tier-2 | https://www.xtxmarkets.com/disclosures/ |
Source: www.xtxmarkets.com · open source ↗
02
The comparison ledger
Where the model wins, where it merely competes, and which claims a counterparty can actually test.
A
Wins where
- Bilateral liquidity for institutional clients
- Access to diverse asset classes
- Low market impact trading strategies
B
Merely competes where
- Non-bank liquidity providers
- Traditional bank liquidity
- Multi-venue brokers
C
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
D
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
03
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' |