Barclays Capital, the investment banking division of Barclays Bank Plc, announced today that it has added cross-currency basis swaps to its award-winning BARX via Bloomberg service.
This is the first electronic trading platform to offer cross-currency basis swaps.
Users are now able to instantly click-and-trade EUR-USD, GBP-USD and EUR-GBP cross-currency basis swaps for 1-30yr benchmark maturities throughout European market hours.
"BARX has been an increasingly important part of our overall swaps offering in recent years. The addition of this growth product will bring even more value, transparency and simplification to the trading process for our clients," said Nick Hallett, Director and Head of Cross Currency Swap Trading.
Amy Nauiokas, Head of global ecommerce at Barclays Capital added: "Barclays Capital has led the way in the evolution of the electronic swaps market through our BARX service, and we are very pleased to continue that innovation with the addition of cross-currency swaps to the platform."
The cross-currency swap product will be available via BXSW on BARX via Bloomberg, and will be targeted primarily at major financial institutions.
Barclays Capital was the first dealer to pioneer the electronic trading of swaps, and remains the leader in terms of number of electronic trades and volume executed, and currencies offered. BARX on Bloomberg introduced the first electronic single-dealer trading platform for interest rate swaps in 2003, and has since booked over 17,000 trades for US$1.5 trillion notional value. BARX supports 6 currencies for vanilla swaps: EUR, USD, GBP, JPY, DKK, and SEK, and is available 24hrs a day in USD.
Barclays Capital also offers its BARX liquidity through TradeWeb where it was one of the founding members of their electronic swaps platform.