XTX Markets, a large market maker, announced today that it has released its principal foreign exchange algo – XTX Markets Execution Algo, into the forex market for eligible users.
The XTX Markets Execution Algo is an implementation shortfall execution algorithm, which is aimed at reducing overall slippage 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.
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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.