BlueX FX Trading Platform Launches With Backing From BlueCrest Capital

A new foreign exchange electronic trading platform, BlueX, has officially revealed its first trades in a live broadcast. The launch took place after the Jersey Financial Services Commission gave a license to the platform.

Designed by BlueCrest Capital Management, BlueX is focused on adjusting the rules of FX trading, by incorporating workflow automation and advanced tools into the trading system. The platform takes advantage of technology that BlueCrest has improved on over the years, having managed trades worth trillions of dollars.

The Platform Aims To Simplify Trade Processes

The Chief Executive Officer of BlueX, Graham MacGregor, stated that merging third-party trading tools with advanced core platform features into the end-user workflows. It allows BlueX to provide a special value plan that differentiates it from other Execution Management Systems.

The platforms have developed three important alliances before its launch. It works together with Tradefeed for combining trade data, with Lucera for quick liquidity provider, and New Change FX for controlled FX benchmark price feeds.

Manuel Aranza, the Head of Systematic Trading in Bluecrest, noted that requests from BlueCrest traders who are demanding, have led to many years of solid trading tools which have in turn helped trillions of FX annually.

BlueX focuses on a wide range of institutional market participants, which includes brokers, asset managers, regional banks, corporations, and hedge funds. The platform combines analytics and data into the trade cycle, striving to simplify execution processes.

The FX Market Is Presently Experiencing A Higher Volatility

The International currency market is going through a noticeable growth in volatility, and the US dollar’s volatility index is hitting its highest point of the year. This increase in currency changes is caused by a mix of factors, such as geopolitical issues, different monetary policies, and changing economic forecasts.

A provider of multibank FX aggregation services FXSpotStream, reported a record volume in the third quarter of 2024, with an average of about $96.8 billion. This makes a 4% rise from the July average and an almost 60% increase in comparison with the same time last year.

This trend is not limited to a particular location. Other important business hubs globally are reporting the same increase in activities. These regions include the United States, Asia, and Europe. In the United States, Choe’s spot volumes in the money market increased to $1.1 trillion in August, apart from the $1.2 trillion it had in July. The daily average volume climbed from $44 billion to almost $50 billion.

In Asia, August trading on the Tokyo Financial Exchange’s Click 365 platform topped 2.9 million contracts. The average daily volume increased by 5.6% from the month before and 26% from a year ago. In Europe, Euronext FX saw total trading volumes of $638 billion in August, compared to $583 billion in July.