London-based market maker XTX Markets is spending €1bn to build five data centres in Finland.
According to Bloomberg, the first data centre will go live next year. The whole project is set to take five years to complete.
Most companies in XTX’s position, whether they are market making or otherwise, farm out their hardware to a third-party provider.
However, the market maker’s Chief Technology Officer – Joshua Leahy – said the investment would allow the firm ‘to build ahead of its needs.’
The investments appear to be primarily for improving XTX’s market making capabilities.
However, the company’s founder – Alex Gerko – has also set up a grant to provide funding to any AI and machine learning research projects that can verify proofs in mathematics. The company also has a machine learning residency programme for machine learning researchers.
Unlike the majority of the UK’s politicians, Gerko has expressed a genuine interest in improving the country’s mathematical education level. The XTX founder has earmarked more than £50m since 2017 for charitable projects in the UK that support careers and education in mathematics.
