BlueCrest Capital Management, the hedge-fund-turned family office founded by Michael Platt, has launched a new currency trading platform named BlueX, marking its entry into the rapidly expanding foreign exchange market, according to a report by Bloomberg.
The platform, which BlueCrest has been developing for several years, executed its first trade on 15 August after receiving regulatory approval from the Jersey Financial Services Commission.
BlueX, which will operate independently from BlueCrest, is led by Graham MacGregor, former CEO of FX transactions at the London Stock Exchange Group. The platform offers trading across FX cash, non-deliverable forwards, and precious metals.
The currency trading market is becoming increasingly competitive, with the number of trading platforms soaring to around 90 today from just 20 in 2012, according to ION Markets. BlueX aims to distinguish itself by partnering with third-party data providers Tradefeedr and New Change FX, along with liquidity onboarding firm Lucera, to deliver real-time analytics and access to a broad range of bank and non-bank liquidity providers.
BlueCrest, which now manages only internal capital after returning approximately $7bn to external investors in 2016, is known for its high-leverage strategies that have yielded exceptional trading profits. Despite last year’s 20% gain being the firm’s lowest since 2016, BlueCrest achieved a record 153% return in 2022.
