XTX Markets

XTX broke the banks' grip on FX. A non-bank that uses machine learning to price tens of thousands of instruments, it cracked the Euromoney FX top ten in 2016 and by 2019 was the largest spot FX liquidity provider in the world.

Alex Gerko spun the firm out of GSA Capital in 2015 and built it on raw computation: a research cluster among the largest in the trading industry, with a major data center under construction in Finland. It trades principal capital only, across equities, FX, fixed income, futures, and crypto, and became the largest Systematic Internaliser in European equities under MiFID II. Gerko has committed hundreds of millions of pounds to charity since 2020, most of it aimed at mathematics education, from schools through doctoral research.