Barclays has announced the launch of new non-deliverable forwards (NDF) algorithms on the BARX electronic trading platform. The NDF algorithms are the latest addition to the BARX GatorTM algorithm suite for FX trading. BARX GatorTM is Barclays electronic order execution channel which combines liquidity available on external venues with BARX principal liquidity. The channel now supports 1-month NDFs for multiple algorithms in seven Asian currency pairs; USDCNY, USDIDR, USDINR, USDKRW, USDMYR, USDPHP, USDTWD.This new global offering is a direct result of strong client demand, particularly in Asia, to trade NDFs in the same way as deliverable currencies.
The electronification of the NDF inter-bank market has created an ideal environment to launch NDF algorithms and improve liquidity. Naseer Al-Khudairi, Global Head of Markets Electronic Trading and Digital Strategy at Barclays 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.”