Barclays has added a new algorithm, BARX Peg, to its e-FX trading platform.
Available within Gator, the algo is designed to allow clients to minimise both the amount of spread paid and market impact by accessing Barclays’ franchise liquidity pools so that trades can be filled entirely through internalisation.
The algo has five different target execution rates which provide exposure to Barclays’ liquidity through a variety of channels, including: the BARX single dealer platform (GUI), multidealer platforms and API connections. The execution rates, which represent the varying speed at which fills may occur, range from fast, which includes all five of Barclays franchise liquidity pools, to slow, which only includes the GUI.
“BARX Peg represents an important enhancement to our BARX FX Gator suite,” says Mauricio Sada-Paz, global head of e-FICC product and distribution at Barclays. “The algorithm allows clients to access Barclays franchise liquidity pools, which enable trades to be filled entirely through the process of internalisation.”
“This new algo is another step towards establishing BARX as a leading FX platform” adds Fabio Madar, global head of G10 FX trading and distribution. “We have hired top talent and allocated resources to enhance the platform, and there’s a lot more to come for BARX.”