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Barclays Capital Offers FX Algorithmic Trading

Allows clients to anonymously work bids and offers

Barclays Capital, the investment banking division of Barclays, has launched PowerFill+, a suite of online foreign exchange tools providing clients with an order management and access to liquidity.

Reportedly, this new functionality on BARX is free to use and it gives clients an execution capability without brokerage fees. The main feature of PowerFill+ is that it allows clients to anonymously work bids and offers. The best bid/offer forms part of the price that users see, enabling BARX to provide all clients with tighter spreads and deeper liquidity.

According to the company, PowerFill+ is built on the algorithmic capabilities made available to clients through PowerFill Orders, unveiled on BARX FX in 2007. It has said that this new and improved tool enables clients to access a broader range of order types from an easy to use order entry screen with the ability to delay orders to a specific time. Order types available include: Take Profit, Stop Loss OCO, Immediate, VWAP TWAP and Call Level.

The features of the new tool include: ability to trade directly from an intraday graph and monitor or edit any unfilled orders; liquidity ladder showing depth of book – provides key market insight; an order management tool that automatically uploads or downloads order books, giving full visibility and control of all orders based on their proximity to market. In addition, a real-time fill progress of each order can be seen.

Tim Cartledge, head of BARX FX Trading at Barclays Capital, said: “Zero brokerage plus Barclays Capital’s certainty and depth of liquidity, coupled with the extra liquidity resulting from our clients’ own orders, means we are providing clients with an optimal trading environment.”