XTX Markets, the leading algorithmic trading firm, ended 2025 as the top ranked ELP Systematic Internaliser (SI) based on notional volume traded.
The Rosenblatt ranking reports the volume of UK and EU cash equities that ELP SIs trade with their clients. XTX Markets’ SI has held the top spot in five of the past six years.
XTX Markets’ SI volumes totalled EUR 177bn for the year, a 50% increase from 2024. This resulted in a huge Average Daily Trading Volume (ADV) of EUR 693mn on the SI.
Figures include the firm’s UK and European SIs, which provide liquidity in UK and EU equities.
2025 also saw a record ADV for the firm in a single month. For the first time, the ADV hit 1bn EUR in April, reaching 1.02bn EUR. During extreme market conditions fuelled by volatility around tariffs, the firm stepped forward for its clients. We believe it’s the first time any electronic liquidity provider’s SI has ever hit a billion EUR ADV in a single month.
Ritesh Saigal, Global Head of Business Development, XTX Markets said:
We’re proud to claim the number-one spot once again. This reflects the quality and reliability of our differentiated liquidity allowing us to provide low market impact liquidity to our clients, and underscores the strong partnerships we have with our clients.
Securing this year’s number‑one position demonstrates our ability to outperform even the largest non‑bank trading firms in a highly competitive market.
Competition among the top three ELP SIs increased significantly in 2025, driven in part by a market structure in Europe that emphasizes order-by-order competition – ultimately benefiting end users of liquidity and standing in contrast to the US market. We are encouraged by a growing appetite for order-by-order competition in off exchange liquidity in the US, particularly for retail, and we expect the trend to accelerate in 2026.
Source: XTX
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