STUDY RECORD · last re-checked 2026-09
XTX Markets — institutional liquidity provider
XTX Markets Limited operates as a non-bank algorithmic market maker, focusing exclusively on institutional clients. The firm is licensed in multiple jurisdictions, including the UK, USA, and France, but has a relatively short operational history since its founding in 2015. Self-measured claims regarding market impact and liquidity provision should be approached with caution, given the absence of external validation.
XTX Markets Limited · London, UK · evidence score 88/100
Licence, read on the register
last checked September 2026
| 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 rated | 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.
What this record teaches
Reading skills, each anchored to something the firm actually published.
- 01 — Teaching pointXTX Markets operates as a tier 1 non-bank liquidity provider in multiple countries.
- 02 — Teaching pointThe firm exclusively serves institutional clients, refusing individual and retail investors.
- 03 — Teaching pointXTX offers liquidity across various asset classes, including FX and cryptocurrencies.
Claims ledger
Claims specific enough to be falsified — and the ones that remain the venue's own measurement.
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 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 | none published | none published | 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 diligence than one that doesn't. The refusal list is treated here as a disclosure, not a defect.
Self-check
Answer these before you consider the record read. If you cannot, re-read the licence and the claims ledger — the answers are all in what the firm published.
- What types of clients does XTX Markets serve according to their disclosures?
- Which countries' financial authorities have tier 1 licenses for XTX Markets?