Barclays targets internalisation with new NDF algos

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

Barclays

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

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