XTX Markets Releases its Principal FX Algo for Market Participants

XTX Markets, a large market maker, announced today that it has released its principal foreign exchange algo - XTX Markets Execution Algo, into the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term market for eligible users.

The XTX Markets Execution Algo is an implementation shortfall execution algorithm, which is aimed at reducing overall Slippage Slippage In financial trading, slippage refers to the difference in price between the price an order was intended or expected to be filled and the actual price an order was filled. Slippage is a very contentious issue among retail traders, which can lead to issues. Many traders view levels of slippage at brokers as a key determinant for their business. For example, in forex trading, if a trader places a trade intending to enter a buy on the EUR/USD at 1.1080, but they only get into the market at a price In financial trading, slippage refers to the difference in price between the price an order was intended or expected to be filled and the actual price an order was filled. Slippage is a very contentious issue among retail traders, which can lead to issues. Many traders view levels of slippage at brokers as a key determinant for their business. For example, in forex trading, if a trader places a trade intending to enter a buy on the EUR/USD at 1.1080, but they only get into the market at a price Read this Term to arrival price. The single algorithm is equipped with a real-time visualisation tool which provides users with the ability to observe the market while the order is being executed.

In order to make its FX algo widely available to market participants, the market maker has partnered with select banks to distribute the solution. These banks will provide access to the algo to corporate and real money clients.

Because the market maker has partnered with banks, clients of these financial institutions will be able to access XTX’s product without needing to change their workflow. Alternatively, access can also be obtained via XTX’s own web GUI and API. Further, the company will support trading through major EMS providers and multi-dealer platforms.

Available for eligible counterparties, XTX’s forex algorithm also allows for the speed of execution of an order to be adjusted whilst in-flight. According to the market maker, users can set limit prices within which the order must participate.

Commenting on the product distribution, Jeremy Smart, Global Head of Distribution at XTX Markets, said in the statement: "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.”

XTX Markets Reports Healthy 2019 Performance

Today’s announcement follows on from XTX Markets recording a healthy uptick in revenues and profit for 2019. As Finance Magnates reported, the company achieved a year on year revenue jump of 11.3 per cent with a total of £339.8 million for the year.

This jump was propelled by the internal trading model improvement and favourable market conditions, according to XTX Markets.