Barclays launches new FX algo BARX Peg

Barclays has added a new algo called BARX Peg to its BARX FX Gator Suite. According to the bank, the algo was built to help clients to minimise the amount of spread paid and also potentially reduce market impact by accessing the range of liquidity pools available across the Barclays’ franchise.

Barclays launches new FX algo BARX Peg
Mauricio Sada-Paz

Barclays has added a new algo called BARX Peg to its BARX FX Gator Suite. According to the bank, the algo was built to help clients to minimise the amount of spread paid and also potentially reduce market impact by accessing the range of liquidity pools available across the Barclays’ franchise. “The algo is currently also available on Connect and Bloomberg and is in-flight to be rolled out on FXall and the other leading platforms,” says Mauricio Sada-Paz, Global Head of eFICC Product and Distribution. Joshua Mathew, director, BARX FX Trading adds: “We’ve also released a participation algo earlier this year with plans to release at least two more algos by the end of the year.” The BARX Peg algo enables the trade to be filled entirely through the process of internalization and because it relies exclusively on Barclays franchise liquidity pools, certainty of execution may be reduced. The algo also offers five different target execution rates, with varying speed settings at which the fills may occur.