Barclays launches a new single dealer equity platform to be hosted by Nasdaq

Darren Sinden

This the first time that FinanceFeeds can recall that a bank has openly allowed a third party to host a trading platform and it’s more remarkable for the fact that the third party host is a competitor to the platform.

Barclays FX

Barclays, Britain’s last remaining investment banking business, has launched a new equity trading platform in collaboration with the US Nasdaq exchange.

The new single dealer platform is called BARX Book For Equities and will be hosted by Nasdaq. BARX Book will provide the banks, institutional clients, with access to Barclays principal liquidity, in US single name stocks and ETFs.

Nasdaq will host the Barclays trading system within its Nasdaq Execution Platform and will manage the systems operations, some elements of risk control and surveillance, as well as trade reporting and what was described as clearing facilitation.

Barclay’s Co-Head of Global Equities Tod Sandoz said that “Our partnership with Nasdaq to host the platform further allows us to focus on offering the most advanced liquidity solutions, which are backed by the scale and depth of Nasdaq’s growing Execution Platform infrastructure.”

Whilst Nasdaq’s Valerie Bannert-Thurner, VP and Head of Sell-Side and Buy-Side Solutions, Market Technology said that “Our extensive experience in regulated markets, coupled with delivering high-performing, scalable technology infrastructure, will provide Barclays with unique functionalities so they can focus on building and evolving BARX Book for Equities. We look forward to supporting Barclays as they continue to innovate their single dealer platform.”

Beyond the usual platitudes and pleasantries, the deal between Nasdaq and the UK bank is the latest in series of joint ventures between financial institutions and technology providers, for example, we recently wrote about the collaborative partnership between Deutsche Bank and Google Cloud.

The symbolism of the partnership with Nasdaq is probably more important than the BarX Book platform, after all, there is no shortage of execution venues and exchanges in US equities trading.

In a quick search, we found 36 and there are probably more. However this the first time that FinanceFeeds can recall that a bank has openly allowed a third party to host a trading platform and it’s more remarkable for the fact that the third party host is a competitor to the platform.

Barclays, of course, has let it be known that its has ambitions to boost its share of the investment platform market at a retail level too, and has set its sights on the likes of Hargreaves Landsdown.

The bank wants to expand its Smart Investor platform to allow retail customers and private investors to trade in stocks shares, ETFs, managed funds and other products.

Smart Investor has seen a 230 % growth in customer numbers during 2020 as people with time on their hands take control of their finances and look for better returns than are available in traditional savings and deposit accounts. Barclay’s target customers are those with a minimum of £5000 to invest.

This top-down and bottom-up approach has been tried by the bank before but perhaps it has a better chance of success in the current low-interest-rate environment, which has seen US equity indices regularly make new highs in the second half of the year.

Read this next

Digital Assets

Swiss regulator shuts down CoinShares’ partially-owned FlowBank

Switzerland’s financial regulator, FINMA, has closed FlowBank SA and placed it into bankruptcy due to severe breaches of capital requirements and other supervisory laws. This follows a series of enforcement actions against the bank that began in October 2021.


Presale Power Players: 5 Crypto Presales Primed for Success in 2024 According to Experts

Unlock the potential of the best presale cryptos available now. See why experts recommend BlockDAG, Bitbot, eTukTuk, 99Bitcoins Token, and ButtChain.

Executive Moves

Paxos axes 65 jobs, cuts headcount to below 300

Stablecoin issuer Paxos has laid off 65 employees, equating to 20% of its staff, despite maintaining a robust financial standing.

Institutional FX

US sanctions trigger major shifts in Russian FX market, says Sergey Romanchuk

The U.S. sanctions imposed on June 12 against the Moscow Exchange and its clearing entity, the National Clearing Center (NCC), are set to cause massive disruptions in the Russian currency market, according to FX industry veteran Sergey Romanchuk.


BlockDAG’s X1 Miner App Beta Sparks $49.2M Presale Rise; Uniswap & XRP Whales Getting Involved?

Experience BlockDAG’s meteoric 1120% presale rise, Uniswap’s UNI climbing 18%, and Ripple’s XRP anticipating ETF approval. Explore their latest breakthroughs!

Market News, Tech and Fundamental, Technical Analysis

GBPUSD Technical Analysis Report 13 June, 2024

GBPUSD currency pair can be expected to fall further toward the next support level 1.2700, which has been reversing the price from last month.

Institutional FX

U.S. sanctions halt dollar and euro trading on Moscow Exchange

New U.S. sanctions against Russia have led to the immediate suspension of trading in dollars and euros on the Moscow Exchange (MOEX), the country’s largest exchange group.

Digital Assets

MicroStrategy raises $500M to buy more Bitcoin, now holds 214,400 BTC

MicroStrategy, the largest corporate investor in bitcoin, plans to raise $500 million through a convertible senior note offering, with an option for an additional $75 million.

Crypto Insider

7 Best Upcoming New Crypto Coins : From  World of Virtual and Augmented Reality

In 2024, all new buyers want to know about the best upcoming new crypto coins. For those who have invested before, you know that there are often “hidden gems” that can give you huge returns on your money.