(Bloomberg) — BestEx Research Group LLC, the trading platform driven by algorithms, added new exchanges and cryptocurrency to expand in the futures markets and asset classes.
The firm’s futures-trading platform now includes exchanges in Europe and the Asia Pacific regions: Eurex and Euronext, as well as Singapore Exchange and Australian Securities Exchange, executives said Tuesday. It also added access to crypto futures products traded on CME.
BestEx Research built its model for the U.S. futures market last year and has expanded based on “client demand,” founder and Chief Executive Officer Hitesh Mittal said in an interview.
“Overall and over time, we want to be the Amazon of algorithmic trading,” he said.
Founded in 2017, BestEx Research developed a cloud-based platform that offers trading for equities, futures and foreign exchange. The futures algorithm, launched in 2021, aims to cut transaction costs through a model that factors in volatility, volume, spreads and other variables across exchanges.
By adding the four exchanges to its original six U.S.-based exchanges, BestEx Research is covering close to 80% of the futures market, according to Mittal. Once it reaches the entire futures market, the firm plans to expand in foreign exchange, he said.
This isn’t the first time BestEx Research has grown abroad. At the end of last year the Bank of Nova Scotia added the firm’s algorithmic execution program to its ScotiaRED electronic-trading service in a bid to boost equities-trading capabilities.
Read More: Scotiabank to Add BestEx for Canadian Equity Algorithmic Trading
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