The Russian-educated mathematician behind one of the biggest success stories in the currency markets is sounding the alarm over regulations coming to European equity markets.

Alex Gerko built XTX Markets into a top player in the $1.7tn-per-day spot foreign exchange markets. The former FX quantitative trader at Deutsche Bank has been busy expanding XTX’s footprint into European equities. The firm is now a member of the Aquis, Bats Europe, London Stock Exchange and Nasdaq OMX stock exchanges.