The non-bank firm that dethroned global giants in currency trading

Wealth & Business · Published 18 October 2026 Swipe more like this →

In short: For decades, major banks dominated the flow of global currencies. Then came a British algorithmic trader using machine learning to flip the script. By moving from a spin-off startup to the world's largest foreign exchange spot liquidity provider, XTX Markets redefined how trillions of dollars move across borders.

Founded in January 2015 by Alexander Gerko as a spin-off of GSA Capital, XTX Markets quickly scaled into a global powerhouse. By 2016, it achieved a historic milestone: becoming the first non-bank company to break into the top ten liquidity providers in the foreign exchange market according to the Euromoney survey. This marked a significant shift in market dynamics, as algorithmic traders began capturing substantial market share from traditional banking institutions.

The firm's growth was explosive. In 2018, it held a 7.36% market share of global foreign exchange volume and an 11.5% share of European equity markets. By 2019, XTX Markets officially became the largest foreign exchange spot liquidity provider globally. Today, the London-based firm trades over $250 billion daily across 35 countries, utilizing state-of-the-art machine learning to generate price forecasts for more than 50,000 financial instruments.

Beyond trading, XTX has established itself as a major philanthropic force in mathematics and AI. Since 2017, the firm has committed over £250 million to charities, with a specific focus on advancing mathematics education. This includes launching the $10 million Artificial Intelligence Mathematical Olympiad Prize (AIMO) and partnering with Renaissance Philanthropy to launch an AI for Math Fund in December 2024. These initiatives aim to create long-term building blocks for mathematical advancement through new AI tools.

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