Barclays Capital, the investment banking division of the UK bank, has rolled out an Internet-based utility for connecting lenders and borrowers of equity securities to its custodian, beneficial owner and hedge fund clients.
The product - called Strax - is only available to the custodial lenders or hedge fund clients of Barclays Capital's Prime Brokerage unit. It is the only service available in the market today that allows for lenders or hedge funds to submit live bids and offers and get instant fills, says the bank.
The roll out is part of a broad expansion of the collaterised financing, electronic execution and hedge fund business operated by Barclays Capital in the US and Europe.