Blue Ocean Technologies, an operator of US equities and options exchanges, has commenced a technological transition to the platform provided by MEMX to support and strengthen its growth initiatives. This move comes as Blue Ocean, renowned for its overnight trading of US stocks, aims to extend its operating hours, expand trading volume, and increase its presence across the Asia Pacific region.
Brian Hyndman, President and CEO of Blue Ocean, has expressed his excitement for the company’s trajectory in 2024 and has unveiled the new technology partnership with MEMX. He has highlighted MEMX’s proven track record in equities exchange technology, emphasizing its reliability, stability, redundancy, and compliance features, which are essential for Blue Ocean’s operational uplift.
Hyndman has announced the plan for Blue Ocean ATS to transition to MEMX technology in the early part of the second quarter of this year. Blue Ocean clients currently have the opportunity to trade US National Market System stocks between 8 pm and 4 am ET from Sunday to Thursday, catering to Asian investors seeking to engage in US stock trading during their local trading hours.
As part of its growth strategy, Blue Ocean is actively working to extend its trading hours to include pre-opening and post-closing in the US, pending regulatory approval. This move is in response to growing demand from Asian customers and is expected to provide increased scalability and compliance solutions as the company expands its market presence.
In addition to serving retail investors, the technology transition aims to attract institutional investors, such as high-frequency traders, by offering enhanced reliability and stability. The company’s focus on executing its technology roadmap aligns with its goal of targeting a broader customer base.
Jonathan Kellner, CEO of MEMX, has emphasized the firm’s agility and responsiveness as key factors in supporting Blue Ocean’s growth. MEMX’s technology platform, described as asset class agnostic, has the ability to operate 24/7 and is adaptable to client-defined operating hours and market sessions. This flexibility provides Blue Ocean with the leverage to expand its offerings and pursue its growth plans.
MEMX’s equities exchange has demonstrated significant market share throughout 2023, indicating the scalability and reliability of its technology. With its recent entry into options trading, MEMX’s growth trajectory aligns with Blue Ocean’s aspirations, further solidifying the collaboration between the two firms.
The announcement of Blue Ocean’s partnership with DriveWealth further emphasizes the company’s commitment to expanding its global reach. This partnership will enable DriveWealth’s global partners to access equities trading and trading data on the Blue Ocean ATS platform in real-time, thereby enhancing the platform’s accessibility and liquidity.
Looking ahead, Blue Ocean is poised to capitalize on its strong pipeline and partnerships, anticipating continued growth in 2024. With an eye on the Asia Pacific region, including Japan, South Korea, Hong Kong, Australia, and India, the company is set to further bolster its trading volume and market presence in the coming months.
In conclusion, Blue Ocean’s migration to MEMX technology marks a pivotal milestone in its growth journey, underscoring its commitment to enhancing its offerings and extending its market reach. The proactive measures taken by the company, in collaboration with strategic partners, position it for continued success and expansion in the evolving landscape of equities and options trading.
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