XTX Markets' pay rose £100k per head in one of its entities
Not everyone at XTX Markets is earning £14m ($18m), but most seem to be doing well for themselves. Recently released accounts for one of the electronic trading firm's UK entities suggest that the firm has been increasing its average pay and growing its headcount.
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XTX Markets has multiple UK entities. One of these, 'XTX Markets Technologies Limited' released its 2024 accounts via Companies House last Friday. The entity defines its principal activity as "the development, enhancement, protection and provision of intellectual property to affiliates."
The entity hired 15 people over the course of 2024, raising its total headcount to 113. 'Salaries and wages' per head were £435k ($558k), up from £326k in 2023. Employees at the entity receive salaries and discretionary bonuses, the latter of which vest over a three-year period.
XTX Markets Technologies accounted for ~61% of the firm's headcount across all entities in 2022. Today, Bloomberg reports the firm has over 250 employees, meaning the entity now represents ~45% of staff. The firm has been growing its global team, with offices in New York, Mumbai, Paris and Singapore, as well as an £850m data complex in Finland.
Staff at the entity have been earning their pay rise. Revenue across its three entities was up 37% to £2.74bn in 2024, almost entirely driven by XTX Markets Technologies.
The real money at XTX, however, is made by members of 'XTX Research LLP.' There, accounts for 2023 released last August revealed that 25 partners earned £14m per head.
New 2024 accounts for that entity haven't been released, but the LLP has inducted two new partners since the filing. Ivan Korostolev, promoted in December, previously worked on Project Alexandria, a big data and AI project from Microsoft Research. Evgeny Vanslov, inducted this month, previously worked at Apple. Both work as software engineers in the firm's London office.
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