The development follows BlueX being granted its licence by the Jersey Financial Services Commission (JFSC).

The platform offers trading tools and workflow automation, providing global institutional market participants versatile and efficient trading solutions.

BlueX offers the integration of third-party applications directly into its trade flow. This interconnected ecosystem claims to simplify execution and make decision-making easier for traders, with data and analytics built into every trade.

“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,” said Graham MacGregor, chief executive of BlueX.

“Optimising execution decisions, while supporting flexibility and customisation, is central to our mission.”

To deliver its platform’s capabilities, BlueX has developed a number of strategic partnerships, including the integration of critical trade data from Tradefeedr; the sole regulated FX benchmark price feed for spot and forward trades from New Change FX; and the facilitation of rapid onboarding of liquidity providers through Lucera.

Owned by BlueCrest Capital Management, BlueX uses technology and systems that have been developed and tested over the years by BlueCrest, with trillions of dollars executed.

“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,” said Manuel Aranzana, head of systematic trading at BlueCrest.

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MacGregor joins from the London Stock Exchange Group (LSEG), where he most recently served as chief executive of FX transactions.

Elsewhere in his career, MacGregor was EMEA head of sales and relationship management and chief executive, FX MTF business at Refinitiv.

Set to launch in the next few months, Blue X utilises BlueCrest developed technology and systems to offer a platform that is ‘inspired by traders, for traders’.

When launched, BlueX aims to provide a range of trading tools to offer global institutional market participants versatile trading solutions and workflow automation in one application.

“BlueX will aim to set a new gold standard in FX trading. BlueX’s commitment to integrating data analytics lies at the heart of its mission to empower traders to achieve optimal execution decisions in both a normalised and fast-paced FX market,” said MacGregor.

Among the key features the platform aims to provide are unique data driven execution for value generation; versatility in trading solutions; integrated workflow automation and access to multiple FX liquidity pools.

BlueX’s launch is subject to regulatory approval from the Jersey Financial Services Commission.

 “The platform became the single execution venue for FX at BlueCrest thanks to its unique trading features and tools requested by the BlueCrest portfolio managers using it daily,” said Manuel Aranzana, head of systematic trading at BlueCrest Capital Management.

“BlueX is a mature, stable, and sophisticated solution and we are excited to pass on its legacy to an independent executive team, ably led by Graham MacGregor to harness its potential to revolutionise the trading landscape.”

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The hedge fund has transitioned its equities, equity futures and options trading to the Eze system, providing its traders and portfolio managers with advanced execution features through a single flexible platform.

Over the past year, SS&C said it has made multiple improvements to trade automation on Eze using artificial intelligence and machine learning technology for intelligent functionality. Clients can access liquidity, the improved functionality via APIs, and increased security on the Eze platform.

“We are excited to welcome BlueCrest Capital Management to Eze EMS,” said Michael Hutner, senior VP and general manager of SS&C Eze. “SS&C Eze is committed to working closely with our customers to develop, deliver and support technology that will help them successfully navigate the current market environment.”

SS&C Technologies acquired Eze Software in October 2018 for $1.45 billion. The trading systems provider offers its EMS and an order management system (OMS) solution to asset managers. SS&C added around 1,050 employees in 15 offices and more than 2,500 clients across five continents following closure of the deal.

In April, SS&C said it onboarded more than 110 clients to its front-to-back Eze Eclipse platform since its launch last year. Eze Eclipse combines the front-office order management software of Eze and the middle- and back-office services of SS&C GlobeOp.

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Both firms have started trading swap futures with Eris following the deal. BlueCrest is trading with Eris to manage interest rate risk, and Virtu is now streaming two-sided electronic markets.

News of the equity partnerships follows Eris Exchange’s announcement last month that Eris USD swap futures will migrate from the exchange to CME Group in the last quarter this year. 

The deal means Eris products will be listed on two of the biggest futures exchanges in the US, through CME and Intercontinental Exchange. Swap futures have become an alternative to OTC derivatives trading, which has become more costly under new regulations.

“BlueCrest is a recognised, global leader in interest rate swap trading among buy-side firms, and Virtu has an impressive track record in providing liquidity in fixed income markets,” said Neal Brady, CEO of Eris Exchange.

“Bringing both BlueCrest and Virtu on board as committed partners positions Eris swap futures to achieve another level of liquidity and volume growth ahead of our migration to CME Group later this year.”

Michael Platt, CEO and co-founder of BlueCrest, added that the equity partnership with Eris allows the firm to support the emerging pool of liquidity for expressing interest rate swap risk. He also said the company plans to increase its participation leading up to the CME migration.

Virtu Financial’s chief executive, Doug Cifu, has also joined the board at Eris Exchange. Cifu commented that Eris is on the “leading edge of innovation in fixed income markets”, providing traders and investors a product to express their interest rate views, and providing hedgers an instrument to manage long term rate exposure.

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