2026 · Evidence audit

XTX Markets — institutional liquidity provider

XTX Markets Limited operates as a bilateral electronic liquidity provider since 2015. It holds multiple tier 1 licenses across the UK, USA, and France. The firm has self-reported claims regarding its liquidity provision and data storage capabilities, which should be independently verified.

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 verified	open source ↗

Tier classification follows the same scale as the retail register: tier-1 = FCA/ASIC/CFTC-class supervision, tier-2 = CySEC/FSC-Mauritius/MFSA-class, tier-3 = offshore registration. A tier-2 licence is genuine supervision without an investor compensation scheme — never misread it as tier-1 protection.

What the firm commits to

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			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.