Barclays Announces NDF Algorithms For Its BARX FX Offering

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Barclays, the UK banking giant, made an announcement on Tuesday. This announcement was regarding its launch of non-deliverable forwards (NDF) algorithms within the BARX electronic trading platform. This, in turn, will see BARX increase its FX trading offerings.

BARX Gator Gains New Asia-Focused NDFs

In particular, BARX Gator had the new NDFs added to it, and stands as the cross-asset electronic order execution channel for the bank. This channel combines the principal liquidity of BARX with the liquidity made available from external venues, as well.  The platform itself offers its trading services in fixed income instruments, equities, FX, and futures.

As it stands now, the channel has incorporated a new 1-month NDF selection, for multiple algorithms. These NDFs cover seven Asia-based currency pairs: USD/IDR, USD/CNY, USD/KRW, USD/INR, USD/PHP, USD/MYR, USD/TWD.

Responding To Demand

The bank explained that this new product was launched as a direct response to the increase in demand from Asian clients. Particularly, to trade in NDFS similar to deliverable currencies.

Naseer Al-Khudairi stands as the Global Head of Digital Strategy, Markets, and Electronic Trading. He explained that this NDF algorithms launch had put Barclays at the front of the FX algo evolution. As such, he said that Barclays is pleased to offer these new innovative products to its clients.

A New Age In Technology

Al-Khudairi explained that the BARX platform had gained an exciting new addition to it, with assurances that the bank is making significant investments into its electronic offering. This, he said, is all in a bid to provide Barclays’ clients with the solutions they need.

Barclays highlighted the fact that the interbank market’s electronification of the NDF algorithms has allowed for the ideal infrastructure to launch the NDF algorithms, themselves. This, in turn, allows for liquidity to be improved, as well.

Barclays had incorporated NDFS to its Markets business in the first half of this year, adding it to its impressive £4,564 million income. This income stands as 62.65% higher than it was the year before. The bank further reported that H1 2020 saw a skyrocket of 83% when it comes to FICC income, as well.

It remains to be seen how profitable this new feature will serve Barclays, but undoubtedly it will see a large amount of popularity. With any luck, the massive COVID-19 induced profits that markets have seen will continue to benefit everyone, even as the pandemic slowly gets reined back into control.

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