Barclays targets internalisation with new NDF algos

UK bank’s five algos aim to match-off more flow than G10 pairs


As the non-deliverable forwards market moves increasingly electronic, and more venues start offering these products, the buy side is asking dealers for execution algos to bring that liquidity together.

External liquidity on venues can still sometimes be low, however, making internalisation – where the algo matches off part of an order against the offering bank’s internal flow before going into the market – an important way to avoid market impact and lower execution cost.   

The technique is

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services -, or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: