The new algorithms have been launched by the bank to address the growing client demand, particularly in Asia


Barclays introduces new algorithms for FX trading. (Credit: Barclays PLC.)

British bank Barclays has launched new non-deliverable forwards (NDF) algorithms on its electronic trading platform BARX’s Gator algorithm suite for foreign exchange (FX) trading.

BARX Gator is the bank’s electronic order execution channel where available liquidity on external venues and BARX principal liquidity are combined.

With the new algorithms, the channel can now support 1-month NDFs and in multiples across seven Asian currency pairs including USDCNY, USDIDR, USDINR, USDKRW, USDMYR, USDPHP, USDTWD.

The bank further said the launch NDF algorithms is driven by the ideal environment created as a result of the electronification of NDF inter-bank market.

The NDF algorithms will address the increased demand in Asia for NDFs trade

The new algorithms have been launched by the bank after an increased client demand particularly in Asia was noticed, to trade NDFs in the same way as deliverable currencies are traded.

Barclays markets electronic trading and digital strategy global head Naseer Al-Khudairi said: “The launch of our NDF algorithms puts Barclays at the forefront of a significant evolution in FX algos and we’re pleased to offer this innovative product to our clients.

“This is an exciting addition to the BARX platform as we continue to make significant investments to our electronic offering to provide clients with the solutions they need.”

BARX is Barclays cross-asset electronic trading platform that allows clients to access deep pools of liquidity through Barclays innovative and evolving trading technology solutions.

In March, GTS had completed the previously announced acquisition of equities automated options trading unit from Barclays.

GTS is an electronic market maker of financial instruments and the deal was expected to increase its scope and scale as a top-tier electronic market maker and global broker.

The deal included the purchase of Barclays’ options market maker unit that quotes more than 735,000 individual securities across 13 global options exchanges.