Gerko’s Quant Firm Sees Profit Slide 25% on Low Volatility
- XTX Markets posted £827 million in 2023 profit: filings
- Market swings helped firm double profit in prior two years
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Billionaire Alex Gerko’s XTX Markets saw its profit tumble last year, halting a recent earnings boom that vaulted the quantitative trading firm into the ranks of the world’s top market-makers alongside Ken Griffin’s financial empire.
Profit at London-based XTX fell 25% in 2023 from a year earlier to about £827 million ($1.05 billion), according to registry filings. Both net revenue and profit for the three main UK operating entities of XTX previously more than doubled between 2020 and 2022 on the back of wild swings in financial markets, filings show.