This Thursday, Barclays announced that it has launched BARX Peg, a new algorithm which allows clients to reduce the amount of spread paid, on BARX FX, the multinational firm’s electronic foreign exchange (forex) trading platform.
The BARX FX platform provides users with access to liquidity in more than 50 currencies and 450 currency pairs. The new algorithm is available within Gator, an execution tool which brings together spot venues and joins them with BARX PowerFill orders, as well as Barclays own liquidity.
According to the statement released on Thursday, the key benefits of the new algorithm include the ability for traders to minimize the amount of spread paid, potentially reduce market impact and facilitates access to Barclays’ franchise liquidity pools. This allows trades to be filled completely through the process of internalization.
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Commenting on the new algorithm, Mauricio Sada-Paz, Global Head of eFICC Product and Distribution said: “BARX Peg represents an important enhancement to our BARX FX Gator suite. The algorithm allows clients to access Barclays [sic] franchise liquidity pools, which enable trades to be filled entirely through the process of internalization.”
BARX Peg Provides Access to 5 different Target Execution Rates
The BARX Peg also provides access to five different Target Execution Rates, namely the BARX Single Dealer Platform (GUI), Multi Dealer Platforms (MDPs) and API connections.
“This new algo is another step towards establishing BARX as a leading FX platform. We have hired top talent and allocated resources to enhance the platform, and there’s a lot more to come for BARX,” added Fabio Madar, Global Head of G10 FX Trading and Distribution.
The settings of the BARX Peg represent the varying rate (speed) at which order fills may occur. This ranges from “Fast,” which includes exposure to all 5 Barclays franchise liquidity pools, to “Slow,” which only includes the GUI, the statement from Barclays said.