The leading non-bank liquidity provider in the industry, XTX Markets has announced the outcome of 2018 in a filing with the UK Companies House. The firm reports a significant spike in revenues and profits for the year at a time when major banks have been experiencing a difficult phase in a relatively challenging market environment.
Revenues of the company increased by 98 percent year-on-year, reaching a whopping £305 million. At the same time, administrative expenses only rose 85 percent to £148.7 million.
Operating profits more than doubled, reaching £156 million. The company maintained a solid margin of 38 percent, a figure which was only lower by a single point when compared to the previous year.
The returns on assets of XTX Market last year rose to 44 percent, up from 24 percent in 2017.
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XTX Markets Client Satisfaction
The competitive position of XTX Markets remains underpinned by its rapidly increasing prominence as one of the best liquidity providers for foreign exchange. The company topped out Euromoney’s client satisfaction survey this year.
According to the trading volumes poll, XTX Markets took home about ten percent of FX spot and forwards volumes. Overall, the firm held nine percent of the total eFX market, while surpassing JPMorgan in spot transactions with an 11.5 percent market share.
Overall, the rise of the non-bank liquidity provider is continuing to reshape the industry as we know it. After years of heavy dependence on traditional LPs, the buy side now has a valid alternative choice, outside of front-running HFT shops.
The high client satisfaction scores are driving continuing growth for a company which is now consistently outperforming many of its peers in the FX industry.