XTX Markets' UK pay averaged £338k each in one of its entities
Electronic trading firm XTX Markets' UK arm had a very good 2022, making a profit of £19.2m ($24.4m). Last year, however, profits fell, and it looks like compensation fell for some employees too.
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XTX Markets has three entities listed on Companies House: 'XTX Holdings (UK) Limited' and its two subsidiaries, 'XTX Markets Limited' and 'XTX Markets Technologies Limited'. Each of these released their 2023 accounts last Friday, with the parent company reporting a 56% fall in profit to £8.4m.
Only one entity, XTX Markets Technologies Limited, gave full headcount figures and compensation data. The company provides "quantitative research services, management and back office services" to the other entities. Here, headcount rose from 84 in 2022 to 98 in 2023.
In spite of the headcount rise, payroll expenditure at XTX Markets Technologies fell. Total compensation, consisting of "wages and salaries" plus the "cost of defined contribution programs" fell from £38.1m to £33.3m. This means average total compensation went from £453.8k to £339.8k. This team doesn't appear to be representative of the entire UK team, but still accounts for a noticeable amount of employees. We previously noted XTX Markets Technologies as having 137 employees back in 2022.
XTX Markets is still hiring in London in 2024. It has 11 open positions, including internships in finance, risk and engineering. XTX has also invested heavily into in-house high-performance computing clusters and is recruiting several senior technologists to join the team managing their implementation.
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