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London currency firm XTX taking on world's biggest stock market

Published Mon, Jun 19, 2017 · 09:50 PM

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New York

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 US$27 trillion United States 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 country second-biggest stock exchange operator.

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