The company launches a data center project in Kajaani, Finland, with the construction of the first facility underway for 2026 completion.
“We're building ahead of our needs to establish a backbone for future growth,” said Joshua Leahy, Chief Technology Officer at XTX Markets.
Source: XTX Markets
Billionaire
quant trader Alex Gerko's XTX Markets unveiled plans today (Wednesday) for a €1
billion investment in Finland, marking one of the largest data center
developments in the Nordic region. The ambitious project, centered in the
northern city of Kajaani, kicks off with the construction of the first facility
scheduled for completion in 2026.
XTX Markets Breaks Ground on Nordic Computing Hub in €1 Billion Deal
The
development, situated on a 478-acre site, represents a shift for the
algorithmic trading firm as it moves to house its extensive computing
operations. The initial facility will span 15,000 square meters and feature
three data halls with 22.5MW of IT power capacity, alongside office space for
50 personnel, according to the official press release.
Joshua Leahy, Chief Technology Officer at XTX Markets
“We're
building ahead of our needs to establish a backbone for future growth,”
said Joshua Leahy, Chief Technology Officer at XTX Markets. “Our need for
compute has outgrown available leasing options.”
The
facility's design incorporates environmental considerations, using the region's
natural climate for cooling systems rather than water-intensive methods. The
company states it will offer excess heat from the facility to the local
community without charge.
XTX Markets
currently handles $250 billion in daily trading volume across 35 countries. The
company intends to construct four additional data centers at the same location
in subsequent phases. The selection of Kajaani reflects Finland's position as a
data center location, with its infrastructure and climate conditions.
Mike Irwin, Chief Operating Officer at XTX Markets
“We do
not believe data centers need to be constructed in cities or in built-up areas
with warmer climates,” explained Michael Irwin, Chief Operating Officer at
XTX Markets. “In Kajaani, we can bring real benefits in terms of energy
and local employment throughout the duration of the project and beyond.”
The
construction phase is expected to generate hundreds of local employment
opportunities. The company has engaged Finnish firms Granlund Oy for design
services and A-Insinöörit Rakennuttaminen OY for construction management.
Gerko and UK’s Court
According to a Bloomberg report, Gerko lost a legal dispute with British tax authorities in July 2024 concerning the tax treatment of a deferred payment plan. The ruling results in Gerko
facing a £22.5 million ($29.1 million) tax liability, which he argues
constitutes double taxation.
Appeal judges determined that
Gerko, along with other traders at GSA Capital Partners, where he was employed
between 2010 and 2015, is required to pay income tax on their share of trading
profits. The core of the dispute revolves around whether the profits from the
deferred payment plan, allocated to an internal investment unit prior to
distribution, should be subject to both corporation tax and the higher-rate
income tax.
In a separate development in
May, the UK subsidiaries of XTX Markets disclosed their 2023 financial results,
revealing a significant decline in profitability. Despite the drop, the
company’s management expressed satisfaction with the outcomes, emphasizing that
2022 was an exceptionally strong financial year.
According to the report, XTX
Holdings (UK) Limited, which includes XTX Markets Limited and XTX Markets
Trading Limited, posted net revenue of £654.4 million, a 33% decrease from
£972.7 million in 2022. The decline in net profit was even steeper, falling 56%
from £19.2 million to £8.4 million. Nonetheless, the company’s leadership
described the results as acceptable.
XTX Markets Technologies
Limited, another UK subsidiary responsible for a significant portion of the
firm's revenue and profits, also reported declines. Its net revenue fell by
over 13%, from £1.51 billion to £1.35 billion, while net profit dropped 23%, from
£1.08 billion to £826.9 million. Despite these declines, the company remains a
key contributor to XTX's overall operations in the UK.
Billionaire
quant trader Alex Gerko's XTX Markets unveiled plans today (Wednesday) for a €1
billion investment in Finland, marking one of the largest data center
developments in the Nordic region. The ambitious project, centered in the
northern city of Kajaani, kicks off with the construction of the first facility
scheduled for completion in 2026.
XTX Markets Breaks Ground on Nordic Computing Hub in €1 Billion Deal
The
development, situated on a 478-acre site, represents a shift for the
algorithmic trading firm as it moves to house its extensive computing
operations. The initial facility will span 15,000 square meters and feature
three data halls with 22.5MW of IT power capacity, alongside office space for
50 personnel, according to the official press release.
Joshua Leahy, Chief Technology Officer at XTX Markets
“We're
building ahead of our needs to establish a backbone for future growth,”
said Joshua Leahy, Chief Technology Officer at XTX Markets. “Our need for
compute has outgrown available leasing options.”
The
facility's design incorporates environmental considerations, using the region's
natural climate for cooling systems rather than water-intensive methods. The
company states it will offer excess heat from the facility to the local
community without charge.
XTX Markets
currently handles $250 billion in daily trading volume across 35 countries. The
company intends to construct four additional data centers at the same location
in subsequent phases. The selection of Kajaani reflects Finland's position as a
data center location, with its infrastructure and climate conditions.
Mike Irwin, Chief Operating Officer at XTX Markets
“We do
not believe data centers need to be constructed in cities or in built-up areas
with warmer climates,” explained Michael Irwin, Chief Operating Officer at
XTX Markets. “In Kajaani, we can bring real benefits in terms of energy
and local employment throughout the duration of the project and beyond.”
The
construction phase is expected to generate hundreds of local employment
opportunities. The company has engaged Finnish firms Granlund Oy for design
services and A-Insinöörit Rakennuttaminen OY for construction management.
Gerko and UK’s Court
According to a Bloomberg report, Gerko lost a legal dispute with British tax authorities in July 2024 concerning the tax treatment of a deferred payment plan. The ruling results in Gerko
facing a £22.5 million ($29.1 million) tax liability, which he argues
constitutes double taxation.
Appeal judges determined that
Gerko, along with other traders at GSA Capital Partners, where he was employed
between 2010 and 2015, is required to pay income tax on their share of trading
profits. The core of the dispute revolves around whether the profits from the
deferred payment plan, allocated to an internal investment unit prior to
distribution, should be subject to both corporation tax and the higher-rate
income tax.
In a separate development in
May, the UK subsidiaries of XTX Markets disclosed their 2023 financial results,
revealing a significant decline in profitability. Despite the drop, the
company’s management expressed satisfaction with the outcomes, emphasizing that
2022 was an exceptionally strong financial year.
According to the report, XTX
Holdings (UK) Limited, which includes XTX Markets Limited and XTX Markets
Trading Limited, posted net revenue of £654.4 million, a 33% decrease from
£972.7 million in 2022. The decline in net profit was even steeper, falling 56%
from £19.2 million to £8.4 million. Nonetheless, the company’s leadership
described the results as acceptable.
XTX Markets Technologies
Limited, another UK subsidiary responsible for a significant portion of the
firm's revenue and profits, also reported declines. Its net revenue fell by
over 13%, from £1.51 billion to £1.35 billion, while net profit dropped 23%, from
£1.08 billion to £826.9 million. Despite these declines, the company remains a
key contributor to XTX's overall operations in the UK.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
