The previous version of Barx, released in May 2007, enabled clients to post their own bids and offers into the system. At the time, this was a radical move, although the orders were not displayed to other clients. Barclays admitted that as well as allowing its customers to potentially reduce their trading costs by saving the spread, it would also serve to build up its own internal liquidity pool.
This would seem to have worked. Nick Howard, Barclays’ head of FX and emerging markets distribution, says the bank’s electronic volumes have grown at a compounded annual 88% since 2003.
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