XTX MARKETS LIMITED

Company number: 09415174

Reporting period:
1 January 2020 to 30 June 2020

This information is as reported by the business, and responses are in their own words.

This report was filed on 24 July 2020

and approved by David Ireland

Payment statistics

Average time taken to pay invoices: 15 days

Invoices paid:

within 30 days: 98%
in 31 to 60 days: 2%

Invoices due but not paid within agreed terms: 2%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

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?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

30 days

No further comment provided

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, this business has not signed up to a code of conduct or standards on payment practices.

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.

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?