(Bloomberg) -- BlueCrest Capital Management has launched a new currency trading platform called BlueX, joining a market that has rapidly expanded in recent years.
The hedge fund, founded by Michael Platt, one of Britain’s richest people, has been developing the technology for years and the first trade was executed on Aug. 15 following regulatory approval from the Jersey Financial Services Commission, according to a statement released on Wednesday.
Currency markets have become increasingly competitive in recent years and there are now around 90 different trading platforms, up from just 20 in 2012, according to ION Markets. Bloomberg LP, the parent company of Bloomberg News, also hosts a currency-trading platform.
BlueX is led by Graham MacGregor, the former chief executive officer for FX transactions at the London Stock Exchange Group, and functions across FX cash, non-deliverable forwards and precious metals. It will operate independently from BlueCrest.
Platt’s private investment fund, which runs his own capital and that of his partners, is known for using leverage to supercharge returns and produce some of the best trading profits in the world. He has expanded his wealth since 2016 after he handed back about $7 billion in external money to focus on trading for himself. Last year’s 20% gains at his firm was its lowest since 2016 and after he made a record 153% in 2022, Bloomberg has reported.
The new platform is partnered with third-party data providers Tradefeedr and New Change FX, as well as liquidity on-boarding firm Lucera, to offer combined real-time analytics and access to bank and non-bank liquidity providers.
--With assistance from Nishant Kumar.
©2024 Bloomberg L.P.
