Barclays is continuing to commit additional efforts to revitalize its electronic trading business. After the company announced its significant commitment to the use of Artificial Intelligence (AI) in July, it has taken a number of steps to deliver on its message.
Tuesday’s news is split between the technology and the distribution aspect of the company’s electronic trading division. A major hire from Goldman Sachs is joining the company to optimize its electronic trading division. Barclays hired industry veteran Justin Brickwood who changes companies for the first time in almost 23 years.
He will be joined by senior FX sales executive Ben Peto, who’s coming in from Bank of America. The move is not a big surprise after earlier this year in June, Barclays announced the hire of Mauricio Sada-Paz, who has been the Global Head of eFX at Bank of America.
Electronic Trading Boost
The digitalization effort of Barclays is accelerating at a critical time when interest rates globally are rising, and FX volatility, particularly in EMFX is on the rise. The resources which the UK bank has committed to the effort are significant.
What’s Holding Back Blockchain Adoption? The Answer is Simple - ConnectivityGo to article >>
Back in July Barclays signed a deal with AI simulation company Simudyne Technology. The partnership is aiming to deliver a different decision-making process to the UK lender’s trading, lending and risk management divisions.
Simudyne has been at the forefront of AI technology for financial institutions, delivering products that are using computer simulations for a wide range of possible scenarios.
The Barclays’ investment bank leader, Tim Throsby is committed to optimizing the electronic trading systems of the company. Earlier this year he emphasized that the lack of technology investment on the part of the firm was at the core of its loss of market share in recent years.