Barclays Capital
Geographies and asset classes
Barclays
Capital offers non-equity algorithms in FX, futures and options and US equity-listed
options via its BARX cross-asset electronic execution platform. Futures and
options algos are available across 35 futures exchanges globally.
Trading strategies and benchmarks
Futures
algos include profile and participation driven strategies, singular execution and
multi-leg strategies, which are popular with clients who want to reduce market impact
in VWAP, TWAP and participation orders. US equity listed options algos support
a variety of order types and benchmarks that address specific trading objectives
and workflows and are primarily used by clients that have volatility-driven strategies.
Access and functionality
Futures
algorithms can be accessed via BARX, with additional support through FIX and
selected independent software vendors. In markets where non-fungible products have
listings on different exchanges, the firm uses smart order routing technology.
US equity
options algos are accessible via all major order and execution management systems,
or via direct FIX connections from a proprietary system. BarCap’s options
router provides access to all US listed options exchanges and seeks liquidity based
on the best available prices and combines sweeping, posting and reserve
functionality in a single, low-latency product.
Pre- and post-trade reporting
In US
equity options, clients are given execution details at the venue level, including
fill rate and latency. A full analytics suite is also being developed for
futures trading.
Future developments
Both
futures and options algorithms have user-defined parameters that allow users to
control the level of aggressiveness with which they trade. BarCap plans to develop
an implementation shortfall algorithm for futures and will continue to improve the
core framework for US equity listed options algos that include enhancements to market
data and exchange access and SOR flexibility. Enhancements to the BARX FX
algorithmic trading suite are soon to be announced.