London Currency Trader Is Taking On World's Biggest Stock Market
- XTX says its ‘smart, not fast’ algorithms give an edge in U.S.
- European rival has struggled in vast, fragmented U.S. market
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A tiny London firm with no human traders made its name last year beating banks to climb up the currency trading ranks. Now, it wants a bite of something new: the $27 trillion U.S. stock market.
XTX Markets Ltd. is only two years old, but its executives say it has what it takes to compete with more established American trading Goliaths in the world’s largest, most complex and most saturated equity market. The firm is prepping a new Manhattan office, lining up the necessary regulatory nods and scooping up a big-name hire: Eric Swanson, who helped Bats Global Markets Inc. become the nation’s second-biggest stock exchange operator.