NatWest bids for order-book management business

The UK dealer's frosted glassbox serves as segregated order execution desk for fixings and stop losses

The Great Wall of China
NatWest’s Daren Blaker: “We think we can take over order-book management for other banks”

NatWest Markets is on a mission to offer the services of its ‘frosted glassbox’ to other institutions. In 2015, the UK bank started to build a so-called segregated order execution (SOE) desk, manned by a team of eight ex-spot traders, to execute fixings completely separately from its principal trading desk. The move came in response to the fixings scandal that hit the industry five years ago.

While the UK regulator requires at least four rows of desks to be the distance between duties to be

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