GOV.UK
XTX MARKETS LIMITED
Company number: 09415174
Reporting period:
1 July 2020
to 31 December 2020
This report was filed on 29 January 2021
and approved by David Ireland
Payment statistics
Average time taken to pay invoices: 18 days
Invoices paid:
- within 30 days: 94%
- in 31 to 60 days: 6%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 6 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
The standard payment terms relating to payments for qualifying contracts (as defined in the Regulation) is 30 days from the date of the invoice. XTX has opted for consistent payment terms where possible with all vendors irrespective of the service type or the size of the vendor.
However, there are certain long term contracts for which XTX would pay an agreed % of the total amount up-front and the balance is paid over the entire period of the contract. In this situation, the supplier will be consulted and the payment method mutually agreed at the beginning of the qualifying contract.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
In the unlikely event of a dispute with a supplier about a payment under a qualifying contract, the XTX Accounts Payable (“AP”) department will contact the supplier to resolve the dispute in the first instant. However, if the AP department is unable to help arrive at a resolution, then the relevant XTX key account manager will contact the supplier to further understand and resolve the dispute. Given the close relationship of XTX with its suppliers, it is unlikely that a viable resolution cannot be reached.
While the dispute is being investigated, this is communicated to the relevant supplier being queried and any payment is held. This is to make sure that no blocks are placed on the account. Once the query has been resolved, the Finance department will release the relevant payment or the supplier will issue a credit note.
Contact details of the AP department where invoices should be sent is ap@xtxmarkets.com. In the event where the supplier wants to send a paper invoice, this should be addressed to: Accounts payable department, XTX Markets, R7 14-18 Handyside Street, London N1C 4DN.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No