XTX Markets says it can provide persistent midpoint liquidity by holding risk for meaningful periods instead of immediately hedging it away. The claim comes from The TRADE’s sponsored account of a Rothschild & Co panel, so it is the participants describing their own market designs, not an independent execution study.
The important measurement point is the holding period. A very short markout can answer only part of the question if a liquidity provider says it will carry the risk for longer. XTX’s proposed evidence sits at the parent-order level: quote stability, markouts, minimum-execution-quantity design and venue-specific flow behavior, rather than raw displayed size. The panel’s useful comparison is between XTX’s bilateral flow segmentation, IEX’s speed bump and D-Peg, and OneChronos’s periodic combinatorial auctions—three distinct ways to organize midpoint trading.