Barclays has added equities to BARX and announced that it will now function as the bank’s cross-asset electronic trading platform.
Prior to this, clients could trade FX, fixed income and futures on the BARX platform.
“We are excited to announce that BARX will be our newly integrated, cross-asset electronic trading platform that will continually innovate and deliver expert analysis for our clients’ evolving needs,” says Nas Al-Khudairi, global head of electronic trading at Barclays. “The offering leverages BARX’s historical strengths as a respected brand, and at the same time provides a platform to fuel growth across our global markets franchise.”
The BARX platform itself has also been given a revamp in order to offer a more integrated, cross asset trading experience. In a release issued today, the bank says that the platform will harness Barclays’ data science capabilities to deliver better trade analytics, provide deep pools of liquidity for each asset class in addition to innovative ways of accessing this liquidity and increase transparency, providing greater control and visibility in electronic trading for clients.
“We believe bringing together each asset class under the BARX brand will help drive innovation and create a better trading experience for our clients,” says Mauricio Sada-Paz, global head of e-FICC product and distribution at Barclays.
Clearly, this change is a result of Barclays’ plan, announced last year, to “digitise” its markets business. In June 2018, Profit & Loss reported that the bank believed that its digitisation strategy would prove instrumental in defending its business and pursuing new revenue opportunities in the face of technological advances that are disrupting the status quo of the banking industry. The article noted that part of the effort would involve having the electronic teams across rates, FX, credit and equities working closer together in order to drive efficiencies.
On the equities side, the bank has also announced BARX One as its “next generation” algorithmic trading offering. BARX One hosts all new algorithm strategies in a platform that centralises all signals, models and decision making in a bid to deliver a more efficient and effective trading experience.
“We are boldly reimagining algorithmic trading with a brand new and innovative approach. The power of one single underlying trading approach will allow a significant level of flexibility and customisation capabilities for our clients,” says Daniel Nehren, head of statistical modeling and development for equities at Barclays. “We believe BARX One is a critical step in taking our electronic trading platform to the next level.”
BARX One will be rolled out in phases over the coming months.