Barclays Capital has gone live on Reuters Trading for Foreign Exchange (RTFX) through the Barclays’ BARX electronic trading platform, initially in Asia. Meanwhile, Deutsche Bank also plans to go live on the platform by the end of this year.
BarCap is the sixth bank to go join RTFX. Another nine (including Deutsche) are expected to go live by the end of the year, says Reuters.
Gyan Newman, director, head of e-commerce for Asia Pacific at BarCap, says the service features global 24-hour FX liquidity from BarCap and access to its Precision Pricing service, in which pricing is provided up to a fifth decimal place in key currency pairs and a third decimal in USD/JPY and EUR/JPY. BarCap is the only bank to offer the Precision enhancement.
Mark Robson, head of Reuters Treasury and Fixed Income services, says: “With Barclays and Deutsche Bank confirming their support, it is clear now that RTFX is not just another multibank portal…Reuters is now actively working to grow the liquidity and number of transactions on RTFX to ensure that we add value to all users of the service, quickly.”
RTFX enables financial market professionals to execute spot and forward FX and manage post trade processing through a single sign-on, using Reuters’ global desktop footprint in the FX marketplace.
Reuters said in a statement that “in the five months since launch, RTFX has over 100 price takers actively trading on the system around the world”.
Reuters desktops are used by more than 350,000 financial professionals worldwide. Reuters Dealing 3000 platform is used by nearly 18,000 FX and money market professionals across 4,000 organisations to trade FX spot, forwards, options, futures, plus interest rate and overnight index swaps.