XTX Markets has released its principal FX algo the ‘XTX Markets Execution Algo’ into the FX market for eligible users
XTX Markets has released its execution algo, which is an implementation shortfall execution algorithm that has one aim: reduce overall slippage to arrival price.
It is a single algorithm stripped down to its essential features, with an intuitive real-time visualisation tool that allows users to observe the market whilst the order is being executed.
Clients can also adjust the speed of execution (“urgency”) of an order whilst in-flight and set limit prices within which the order must participate.
It is available for eligible counterparties. XTX provides access via its own web GUI and API and will support trading through major EMS providers and multi-dealer platforms.
XTX is also partnering with select partner banks to distribute the algo to the corporate and real money clients of those banks in each partner’s core geography. For the first time such clients will be able to access XTX’s product via their existing relationship bank and without needing to change workflow.
XTX is one of the largest market makers in the world by volume and its cross-asset pricing alpha (ability to successfully forecast short-term price movements) helps reduce adverse selection when trading. This pricing alpha means XTX routinely achieves fills better than mid-price on public FX markets when trading tens of billions of two-sided volume.
XTX is also highly experienced in ECN market micro-structure and has expertise in reducing signalling and information leakage.
Jeremy Smart, Global Head of Distribution at XTX Markets, commented: ‘We are excited to launch the XTX algo. This product allows buyside clients to benefit from our scale and market making expertise in FX. Our algorithm’s single aim is to measurably reduce the buyside’s trading cost when patiently executing larger orders.”
About XTX Markets:
XTX Markets is a leading financial technology firm which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the Equity, FX, Fixed Income and Commodity markets. XTX has 140 employees based in London, Paris, New York, Mumbai and Singapore. XTX is the 3rd largest FX liquidity provider globally and the largest eSpot FX liquidity provider globally (Euromoney 2020) and also the largest European equities (systematic internaliser) liquidity provider (Rosenblatt Q12020).
In a changing world XTX Markets is at the forefront of making financial markets fairer and more efficient for all.
Tim Moxon – Global Head of Marketing/Communications