Barclays announced today the launch of the first live and electronic execution of interest rate swaps on multiple Middle East and North Africa (MENA) currencies.
Accessible through Barclays’ trading platform BARX, via Bloomberg (shortcode MENA), clients can either click-and-trade or request quotes for large trades in the UAE dirhams and Saudi riyals, ranging from one to 10 years.
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John Vitalo, Chief Executive Officer, Barclays MENA, said, “Being the first platform to offer live and executable prices of interest rate swaps in multiple MENA currencies validates our strong commitment to the region.”
“This milestone offering is designed with the specific requirements of our regional clients in mind. We are confident that access to electronic execution for regional currency swaps will support clients in efficiently managing risks arising from their global operations”, added Vitalo.
“BARX joins the portfolio of other innovative offerings for our clients in the Middle East and North Africa,” said AvijitAgarwal, Managing Director and Head of EM Trading, EEMENA, Barclays. “Over the past few years, we have significantly extended our overall capabilities and footprint across the MENA region, including the build-out of a GCC rates and Forex trading capabilities in Dubai. The BARX launch will prove to be a major catalyst for Barclays to further strengthen its presence in the region.”