Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul class="summary-list"><li>Alex Gerko's wealth is now estimated at $10.8 billion as his firm XTX has become a top global player.</li><li>He is now number 182 on the Bloomberg Billionaires Index, which just calculated that his fortune doubled.</li></ul><p>Alex Gerko, the former Deutsche Bank trader who founded XTX Markets in 2015, now holds a net worth of <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">$10.8 billion</a>, according to the Bloomberg Billionaires Index. </p><p>He has jumped to number 182 on the index, which just calculated that his fortune doubled, after adding $5.17 billion to his wealth compared to the prior trading day. For the year to date, his fortune has swelled by $4.94 billion.</p><p>The rise in Gerko's fortune, which tops Stanley Druckenmiller's, can be attributed to XTX's notable performance in recent years.</p><p>According to reports last month, the proprietary trading and market-making firm saw <a href="https://www.ft.com/content/330ef72c-02fa-4f48-9528-6b654c10d308" target="_blank" rel="noopener">revenue surge 68%</a> in 2022 to 2.5 billion pound sterling ($3.2 billion), while profit jumped more than 50% to 1.1 billion pounds. </p><p>And earlier this year, XTX — which is 75% owned by Gerko — paid a record-high dividend of <a href="https://www.bnnbloomberg.ca/quant-trader-doubles-fortune-to-11-billion-as-xtx-profit-surges-1.1961606#:~:text=Alex%20Gerko's%20fortune%20has%20surged,its%20owners%20earlier%20this%20year" target="_blank" rel="noopener">1.6 billion</a> pounds to its stakeholders.</p><p>While revenue still trails Citadel Securities' $7.5 billion in 2022, XTX is emerging as one of the top players in global markets.</p><p>That's as XTX especially stood out as global markets were roiled last year by the spike in interest rates as well as the US bank crisis. </p><p>The firm handles a trading volume of around $300 billion a day, involved in equities, commodities, currencies, and fixed-income. According to the Financial Times, though the global company has <a href="https://www.ft.com/content/330ef72c-02fa-4f48-9528-6b654c10d308" target="_blank" rel="noopener">nearly 200 employees</a>, no human trader is employed. </p><p>Instead, XTX aims to optimize all its trade through automation, and the firm's name is a reference to a mathematical formula used in related algorithms.</p><p>Gerko, who is a Russian native living in the UK, is also considered the Britain's largest taxpayer.</p>

Trader who founded XTX sees fortune soar to $11 billion as quant firm becomes a top global player

<ul class="summary-list"><li>Surging trade in <keyword id="363661" type="COMPANY" weightage="60" keywordseo="GameStop">GameStop</keyword> reflects a broken part of the equities market, Alex Gerko told the FT.</li><li>The allure of commission-free trades won't end well for retail traders betting against Wall Street, he said.</li><li>"I can assure you in the long run it won't be retail participants winning this game," he said.</li></ul><p>The <keyword id="2657399" type="PERSON" weightage="60" keywordseo="retail-trading">retail trading</keyword> frenzy that saw groups of amateur traders encourage one another on Reddit to buy and hold <keyword id="10688429" type="UNKNOWN" weightage="60" keywordseo="meme-stocks">meme stocks</keyword> is the product of zero-commission trading, according to the co-chief executive of a London-based trading firm.</p><p>Apps like <keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword> that offer commission-free trades on stocks have created the impression that retail traders place wagers against the broader stock market and <a href="https://markets.businessinsider.com/news/stocks/reddit-day-traders-wallstreetbets-gamestop-gme-rally-upending-stock-market-2021-1-1030009280">make money in the process</a>. But the boom in meme-stock trading is an example of a battle against Wall Street that small traders cannot win, Alex Gerko of <keyword id="11405266" type="UNKNOWN" weightage="60" keywordseo="xtx-markets">XTX Markets</keyword> told the <a href="https://www.ft.com/content/d813fe90-29ba-4c98-ac57-c2919a7970b1">Financial Times</a> in an interview.</p><p>That's because trading apps use a practice that makes inexperienced investors together spend billions of dollars in hidden costs when buying or selling stocks, he said. Brokerages direct stock orders to third-party market makers for execution, in exchange for compensation known as "<keyword id="10728314" type="UNKNOWN" weightage="60" keywordseo="payment-for-order-flow">payment for order flow</keyword>." This does <a href="https://www.businessinsider.com/personal-finance/which-investing-apps-receive-payment-for-order-flow#which-apps-accept-payment-for-order-flow?">not necessarily secure the best price</a> for an order.</p><p>"The GameStop episode made it obvious that the retail part of the market is particularly broken," Gerko told the FT about the video-game retailer's surging shares in January. "The incentives are there to create a lot of churn in very illiquid stocks, which is exactly what we are seeing this year."</p><p>In an effort to beat Wall Street at its own game, Reddit traders banded together to ignite GameStop's share price, which led to almost unprecedented volatility. The company's surging stock delivered a rare victory to small retail traders and a crushing defeat to some of the hedge funds and prominent traders that had bet against it.</p><p><strong><em>Read More: </em></strong><em><a href="https://www.businessinsider.com/7-real-estate-stocks-to-own-post-pandemic-world-ubs-2021-6" target="_blank" rel="noopener noreferrer">UBS handpicks 7 real estate stocks to own in the post-pandemic world as they benefit from major changes brought on by the ongoing economic reopening</a></em></p><p>But Gerko doesn't consider the fiasco as a win for Reddit traders. "If you think of zero commissions, on paper it sounds great - trading was expensive and now it's free. That's obviously complete nonsense," he said.</p><p>Charges for trading are buried in the difference between the buy and sell price, or the so-called spread, that market makers are willing to commit to. Brokers and Wall Street trading firms want to trade shares where this gap is the widest, especially for stocks where there are only a handful of buyers and sellers and volumes are low.</p><p>US brokers earned nearly $3 billion in 2020 through payment for order flow operations without charging upfront commission, according to the FT. "So where does this money come from? The retail investors," Gerko said.</p><p>This practice is banned in the UK and Canada for example. </p><p>Gerko suggested one solution would be for the US to strip out the process for its brokerages too, and instead provide the orders to exchanges where they would match off against each other, or trading firms would compete for execution.</p><p>But even with those changes, he doubts retail traders can triumph from another battle against Wall Street. </p><p>"Retail investors have managed to cause some pain to one hedge fund," he said. "I can assure you in the long run, it won't be retail participants winning this game, that's just impossible."</p>

Trading meme stocks like GameStop can mean billions in hidden costs for retail investors - reflecting how the equities market is broken in places, a markets chief says

The <keyword id="19956320" type="General" weightage="20" keywordseo="United-Kingdom" source="keywords">United Kingdom</keyword> hosts a diverse group of individuals and families who have accumulated substantial wealth through various sectors, including industry, finance, retail, and technology. Below is a look at the 25 <keyword id="23033805" type="General" weightage="20" keywordseo="richest-people-in-Britain" source="keywords">richest people in Britain</keyword>, each with their own unique journey to wealth, according to The Sunday Times Rich List 2024.<br /><strong><h2><br /></h2><h2>25. Tom Morris and family</h2></strong>Net Worth: £6.673bn<br /><br />Tom Morris, the founder of Home Bargains, has quietly built a discount retail empire in the UK. Home Bargains has grown to over 500 stores, and Morris’s approach to low-cost, high-volume retailing has earned him and his family a spot among Britain’s wealthiest.<br /><strong><h2>24. Anders Holch Povlsen</h2></strong>Net Worth: £6.73bn<br />Anders Holch Povlsen, a Danish fashion retailer, owns Bestseller, a company with brands such as Vero Moda and Jack &amp; Jones. Povlsen has also become Scotland’s largest landowner.<br /><br /><strong><h2>23. <keyword id="6354819" type="General" weightage="20" keywordseo="Anil-Agarwal" source="Orion">Anil Agarwal</keyword></h2></strong><div type="image" title="Anil Agarwal" agency="BCCL" msid="113051472" hostid="261" sizebytes="1024664"></div>Net Worth: £7bn<br />Anil Agarwal is the founder and chairman of Vedanta Resources, a mining and metals company with operations in India, Africa, and Australia. Agarwal’s rise from a scrap metal trader to a mining tycoon is marked by his aggressive business strategies and expansion into global markets.<br /><br /><strong><h2>22. John Reece</h2></strong><div type="image" title="John Reece" msid="113051663" hostid="261" sizebytes="456630"></div>Net Worth: £7.224bn<br />John Reece is a significant figure in Ineos and is the chief financial officer of the company. Reece's expertise is in finance and management, owing to his Chartered Accountancy background.<br /><br /><strong><h2>21. Andy Currie</h2></strong><div type="image" title="Andy Currie" msid="113051609" hostid="261" sizebytes="455580"></div>Net Worth: £7.257bn<br /><br />Andy Currie is a director of Ineos, the chemicals company founded by Sir Jim Ratcliffe. Currie’s wealth is closely tied to the success of Ineos, where he has played a key role in its strategic direction and expansion into new markets.<br /><br /><strong><h2>20. Denise, John, and Peter Coates</h2></strong>Net Worth: £7.467bn<br /><br />The Coates family founded Bet365, one of the largest online gambling companies in the world. Denise Coates, the driving force behind the company, has built Bet365 into a dominant player in the industry, with significant revenues generated from its online platform.<br /><strong><h2>19. Lord Bamford and family</h2></strong><div type="image" title="Lord Bamford" msid="113051678" hostid="261" sizebytes="1568515"></div>Net Worth: £7.65bn<br /><br />The Bamford family owns <keyword id="107342" type="General" weightage="20" keywordseo="JCB" source="Orion">JCB</keyword>, a leading manufacturer of construction equipment known for its distinctive yellow machines. Under Lord Bamford’s leadership, JCB has grown into a global brand, exporting to over 150 countries and maintaining a strong market presence in the UK.<br /><br /><strong><h2>18. <keyword id="469673" type="General" weightage="20" keywordseo="nicky-oppenheimer" source="Orion">Nicky Oppenheimer</keyword> and family</h2></strong>Net Worth: £7.937bn<br /><br />Nicky Oppenheimer, ex-chairman and once the controlling shareholder of De Beers, sold his family’s stake in the diamond company to Anglo American for $5.1 billion. Since then, Oppenheimer has diversified his investments, focusing on conservation, private equity, and venture capital. <br /><br /><strong><h2>17. Carrie and François Perrodo and family</h2></strong>Net Worth: £9.168bn<br />The Perrodo family’s wealth comes from their privately-held energy company, Perenco, which operates oil and gas fields around the world. François Perrodo, who took over the company after his father’s death, has continued to expand its global footprint, solidifying their position among Britain’s richest.<br /><br /><strong><h2>16. Marit, Lisbet, Sigrid, and Hans Rausing</h2></strong>Net Worth: £9.188bn<br />The Rausing siblings, part of the Tetra Pak dynasty, have expanded their wealth through diverse investments and philanthropy. While their fortune originates from the packaging industry, they have also made significant contributions to charitable causes, particularly in the arts and education.<br /><br /><strong><h2>15. Barnaby and Merlin Swire and family</h2></strong>Net Worth: £9.986bn<br /><br />The Swire family has deep roots in shipping and aviation, with their conglomerate, Swire Group, operating in industries ranging from property to beverages. Barnaby and Merlin Swire oversee a global empire that includes Cathay Pacific Airways and significant property holdings in Hong Kong.<br /><br /><strong><h2>14. The Duke of Westminster and the Grosvenor family</h2></strong>Net Worth: £10.127bn<br />The Duke of Westminster, Hugh Grosvenor, inherited a vast real estate empire that includes prime properties in London's Mayfair and Belgravia. The Grosvenor family’s wealth is tied to their vast land holdings and investments, managed through the Grosvenor Group.<br /><br /><strong><h2>13. Charlene de Carvalho-Heineken and Michel de Carvalho</h2></strong>Net Worth: £11.751bn<br /><br />Charlene de Carvalho-Heineken, the controlling shareholder of Heineken, along with her husband Michel de Carvalho, manages one of the world’s largest brewing companies. Their wealth is underpinned by the global reach of Heineken, which operates in over 70 countries.<br /><br /><strong><h2>12. Michael Platt</h2></strong>Net Worth: £12bn<br />Michael Platt is a hedge fund manager and the co-founder of BlueCrest Capital Management. Once one of the world’s largest hedge funds, BlueCrest now operates as a private investment firm, with Platt’s fortune growing from his successful investment strategies and management fees.<br /><br /><strong><h2>11. Alex Gerko</h2></strong>Net Worth:  £12.055bn<br /><br />Alex Gerko, a mathematician turned financier, made his fortune through algorithmic trading. He is the founder of XTX Markets, one of the world’s largest electronic trading firms. Gerko's innovative approach to trading has positioned him as a significant figure in the finance industry, with a rapidly growing net worth.<br /><br /><strong><h2>10. Kirsten and Jorn Rausing</h2></strong>Net Worth: £12.634bn<br /><br />The Rausing family, heirs to the Tetra Pak fortune, continue to benefit from the global success of the packaging company. Kirsten and Jorn Rausing have also ventured into philanthropy and have stakes in various other businesses, maintaining their status among the wealthiest in the UK.<br /><br /><strong><h2>9. John Fredriksen and family</h2></strong>Net Worth: £12.867bn<br />Norwegian-born shipping magnate John Fredriksen has a net worth built on his dominance in oil tanker shipping. He owns the world’s largest oil tanker fleet through his company Frontline and has substantial stakes in offshore drilling, fish farming, and other maritime sectors.<br /><br /><strong><h2>8. Guy, George, Alannah, and Galen Weston Jr and family</h2></strong>Net Worth: £14.493bn<br /><br />The Weston family has long been involved in retail, owning well-known brands such as Selfridges, Primark, and Fortnum &amp; Mason. Their wealth is not only tied to these retail ventures but also to their vast land holdings and investments in the food industry.<br /><br /><strong><h2>7. <keyword id="29201" type="General" weightage="20" keywordseo="Lakshmi-Mittal" source="Orion">Lakshmi Mittal</keyword> and family</h2> </strong><div type="image" title="Lakshmi Mittal" agency="BCCL" msid="113051708" hostid="261" sizebytes="1017200"></div>Net Worth: £14.921bn<br /><br />Lakshmi Mittal, a steel tycoon, transformed a small family steel business into ArcelorMittal, the world’s largest steel producer. Despite facing challenges in the steel industry, Mittal remains one of Britain's wealthiest individuals, with his family holding extensive investments in real estate, including properties in London’s prestigious Kensington Palace Gardens.<br /><br /><strong><h2>6. Idan Ofer</h2></strong>Net Worth: £14.96bn<br />Israeli billionaire Idan Ofer made his wealth through holdings in shipping and energy. His company, Quantum Pacific Group, owns significant stakes in the shipping firm ZIM and the energy company Pacific Drilling. Ofer’s influence extends to football, with ownership stakes in the Spanish club Atlético Madrid.<br /><br /><strong><h2>5. Sir James Dyson and family</h2> </strong>Net Worth: £20.8bn<br /><br />Sir James Dyson revolutionized the home appliance market with his innovative vacuum cleaners, hand dryers, and bladeless fans. His company, Dyson Ltd, continues to expand into new areas such as electric vehicles and robotics, reflecting Dyson's relentless pursuit of innovation.<br /><br /><strong><h2>4. Sir Jim Ratcliffe</h2></strong><div type="image" title="Sir Jim Ratcliffe" msid="113051750" hostid="261" sizebytes="459440"></div>Net Worth: £23.519bn<br /><br />Sir Jim Ratcliffe, the founder and chairman of the chemical company Ineos, is one of the most prominent industrialists in Britain. Starting as a chemical engineer, Ratcliffe built Ineos into a global giant with operations in chemicals, oil and gas, and automotive, including the recent acquisition of the British brand, Grenadier.<br /><br /><strong><h2>3. David and Simon Reuben and family</h2></strong>Net Worth: £24.977bn<br /><br />The Reuben brothers, David and Simon, have amassed their wealth through real estate, particularly in London's lucrative property market. Originally making their fortunes in metals and commodities, the Reubens have since transitioned into property, owning prime real estate across London, including iconic locations like Millbank Tower and the Burlington Arcade.<br /><br /><strong><h2>2. Sir Leonard Blavatnik</h2></strong>Net Worth: £29.246bn<br /><br />Sir Leonard Blavatnik, a Ukraine-born American-British billionaire, built his fortune through diversified investments in industries such as oil, gas, and media. A major shareholder in Warner Music Group, Blavatnik's wealth also stems from his private equity firm, Access Industries, which has stakes in a wide array of sectors including chemicals, technology, and real estate.<br /><br /><strong><h2>1. <keyword id="675132" type="General" weightage="20" keywordseo="Gopi-Hinduja" source="Orion">Gopi Hinduja</keyword> &amp; family</h2></strong><div type="image" title="PP Hinduja and Ashok P. Hinduja" agency="BCCL" msid="113051799" hostid="261" sizebytes="944901"></div>Net Worth:£37.196bn<br /><br />Leading the wealth rankings, the Hinduja family, under Gopi Hinduja's leadership, has a vast empire spanning banking, energy, automotive, and more. The Hinduja Group’s origins trace back to India, and today, the family's business interests are spread across 38 countries, with significant assets in the UK.<br /><br /><br /><br />

These are the top 25 richest people in Britain

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>XTX</span></p><p class="caption">XTX co-CEO Zar Amrolia</p></div><p></p></div></div></p><ul><li>XTX Markets an algorithm-based electronic trader started four years ago, handling $150 billion in trades  each day.</li><li>They're <a href="https://challenge.xtxmarkets.com/">using an online contest</a> to find the next round of data scientists to hire.</li><li>The winner of the contest could win $100,000 and a job.</li><li><strong><a href="https://markets.businessinsider.com/?utm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl">View Markets Insider's homepage for more stories.</a></strong></li></ul><p>XTX Markets, a London electronic trading firm that employs no human traders, is on the hunt for data scientists, and plans to lure them using an <a href="https://challenge.xtxmarkets.com/">online contest</a>.</p><p>Winners could snag a prize of $100,000, and may even be hired to join the team.</p><p>The candidates are asked to answer basic theoretical knowledge questions, then create a financial forecasting model, and XTX will judge its performance.</p><p>"We have a real need on the recruitment front," XTX Markets co-founder Alex Gerko said in an email. "We are looking for exceptional people, and finding these candidates is a very long and difficult process. We don't hire 100 people hoping one will work out, we take our time to find unique, talented candidates." </p><p>The electronic market trader is adopting a technique that first made a splash back 15 years ago. Back in 2004, Google put a math problem on a billboard, with successful brainiacs being directed to a recruitment site for the tech giant.  </p><p><em><strong>Read more:</strong></em> <a href="https://www.businessinsider.com/what-google-can-teach-us-about-solving-problems-2011-7?r=US&amp;IR=T">What Google's Genius Billboard From 2004 Can Teach Us About Solving Problems</a></p><p>Wall Street has taken note of four-year-old XTX. <span>The firm has climbed the ranks in currency trading, taking market share from big, bulge-bracket rivals along the way. </span></p><p><span>The firm only has 118 people currently, but now handles more than $150 billion in trades every day. The firm doesn't employ a single human trader.</span></p><p><span>The battle for attracting the top minds to Wall Street over tech start ups has been uphill. Big banks and hedge funds <a href="https://www.businessinsider.com/nomura-traders-on-new-electronic-trading-team-hiring-after-job-cuts-2019-5?r=US&amp;IR=T">have been going head-to-head </a>against speed trading firms, big banks, fintech startups, and tech companies - <a href="https://www.businessinsider.com/hedge-funds-competing-with-startups-for-talent-2019-4?r=US&amp;IR=T">some are even</a> promising the chance to work on products that are more start up like. </span></p><p><span>XTX, which was started by Deutsche Bank's former global head of currencies, Zar Amrolia, declined to say how much it pays new recruits. </span></p><p><span>But salaries "are highly competitive in terms of our remuneration packages compared to other technology and financial firms," XTX said. </span></p><p><span>"It's one of the reasons why we have a high retention rate of staff here at XTX. When we find the right person, they are well looked after."</span></p><p>XTX's challenge will be publicized at many of the world's top academic institutions and universities that have been identified as prolific producers of machine-learning talent.</p><p>XTX also added that they have state of the art offices with an on-site gym, healthy snacks 24/7, sleeping pods, communal spaces for creativity (including an Apollo landing capsule). <a href="https://qz.com/1210374/how-do-you-design-an-office-for-robots/">Check out these pics of its swanky King's Cross office. </a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/mclaren-600lt-longtail-quickest-sport-series-car-modifications-2019-6">Inside McLaren's quickest sports series car, the $240,000 600LT</a></h3>        <div>                    </div>    </div>

You Searched For "xtx markets" and got 4 results

Trader who founded XTX sees fortune soar to $11 billion as quant firm becomes a top global player

Filip De Mott

Trading meme stocks like GameStop can mean billions in hidden costs for retail investors - reflecting how the equities market is broken in places, a markets chief says

Shalini Nagarajan

These are the top 25 richest people in Britain

BI India Bureau

A London trading firm is offering a $100,000 prize and a job for aspiring quants who can pass its online test

Yusuf Khan

Popular Keywords

Buying Guides