Alexander Gerko’s XTX Markets posted a 50% surge in the volume of European equities traded directly with clients last year, as investors rely more and more on algorithmic firms to buy and sell stocks.
The London-based company had total trading volume of €177 billion ($212 billion) in 2025 and a daily average of €693 million via its UK and European systematic internalizers, a regulatory term for firms that match client buy and sell orders on the company’s own books rather than routing them to exchanges. In April, the US tariff shock sent average volumes above €1 billion per day for the first time, XTX said.
XTX’s rising volumes come as electronic market makers increasingly seek to stream customized quotes to investors, in a setup more akin to currency trading. The jump in trading means Gerko’s firm now sits at the top of Rosenblatt Securities’s widely-tracked ranking of non-bank SIs by volume for European cash equities, XTX said. Rosenblatt Securities declined to comment.
