BarCap begins electronic trading of US dollar interest rate swaps on Barx on Bloomberg
Barclays Capital, the investment banking division of Barclays PLC, today announced the launch of US dollar interest rate swaps trading on BARX (Barclays Automated Real-time Execution), the firm's single dealer electronic trading platform on the Bloomberg Professional(R) service. This is the first time ever for electronic trading of U.S. dollar interest rate swaps provided by a single dealer.
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Commenting on this announcement was Harry Harrison, head of fixed income trading for Barclays Capital in the Americas.
Harrison noted, "We're delighted to be the first to bring this innovation to the US market. The trading of swaps has reached a point of maturity and routine practice, such that it is now possible to make it electronic. This brings transparency to an otherwise opaque market and provides the efficiency and low cost benefits of electronic trading. Last summer, we were the first to introduce single dealer electronic trading of interest rate swaps in both Euros and Sterling from our London office. Today's announcement extends that innovation to the US dollar swap market."