BlueX Goes Live

BlueX, the FX trading technology provider owned by hedge fund BlueCrest Capital Management, says it has officially gone live and printed its first trades, following the granting of its licence by the Jersey Financial Services Commission.

The firm says the platform provides a range of trading tools and workflow automation, offering institutional market participants versatile and efficient trading solutions. Central to the firm’s approach is, it says, the integration of third-party applications directly into the trade flow. “This interconnected ecosystem simplifies execution and makes decision-making effortless for traders, with data and analytics built into every trade.,” BlueX says.

The third-party integrations are with Tradefeedr, to allow clients to evaluate execution costs and expected outcomes; New Change FX, to enable real-time pre-trade price checks and tolerance checks from the benchmark data provider; and Lucera, which is facilitating the onboarding of liquidity providers and providing a single connection for multiple execution methodologies.

The technology and systems underpinning the BlueX have been developed and extensively tested by BlueCrest for many years, with trillions of dollars executed. The firm says these have demonstrated “exceptional performance, stability, and reliability”. The platform is designed to provide universal client segment support across the buy- and sell-side, including regional banks, hedge funds, corporates, asset managers, and brokers.

“By combining advanced core platform features with third-party trading tools directly into the end-user workflows, BlueX delivers a unique value proposition that sets it apart from other Execution Management Systems,” says Graham MacGregor, CEO of BlueX. “Optimising execution decisions, while supporting flexibility and customisation, is central to our mission.”

Manuel Aranzana, head of systematic trading at BlueCrest, adds, “Requests from demanding BlueCrest traders, combined with partnerships with best-in-class data and analytics providers, have led, over many years, to an optimised, robust trading tool supporting trillions in FX yearly. BlueX’s use of this technology marks an exciting new stage of innovation for the industry.”

BlueX is the second FX platform to be launched with the major backing of a hedge fund, following those of MillTechFX, backed by Millennium Global, in 2021.

“BlueX is focused on building highly functional workflows, seamlessly integrated into the trading environment,” MacGregor says. “Our aim is to simplify execution by embedding data and analytics directly into the trade cycle, optimising broker liquidity selection while guiding users to the most efficient execution methods, leveraging pre- and post-trade transaction cost analysis.

“With the recent granting of our license by the Jersey Financial Services Commission (JFSC), BlueX has the requisite structures in place that the market demands,” he continues. “With the first production trades now executed, I am excited to bring BlueX’s unmatched versatility to market.”