Barclays Capital and Bloomberg have launched a single dealer online platform for interest rate swaps trading, available via the Bloomberg Professional service. The system, accessible through Barclays’ single dealer page BARX, enables users to trade on live euro interest rate swap prices.
“This initiative gives new choice to the interest rate swaps market and further expands the range of fixed income asset classes that can be traded through Bloomberg,” says Russell Levi, global head of fixed income electronic trading at Bloomberg. “We are very pleased that we are working with Barclays Capital on this launch as a leading liquidity provider in this market. We already allow our clients to monitor interest rate swap rates, view them historically and create, value and mark to market interest rate structures using our swap manager.”
The service, divided between 2-10 and 10-50 year euro swaps, is available to all clients enabled to trade with Barclays via Bloomberg. It has recently completed a pilot phase involving between six and 12 clients. This was a smaller pilot group than expected, but activity has been higher than anticipated, says Jerry del Missier, head of rates at Barclays.