Barclays Capital has enabled users of Bloomberg Professional to trade dollar interest rate swaps electronically via its automated real-time execution platform, Barx.Barclays said it is the first time a single dealer has provided electronically tradable dollar interest rate swaps. Last year, it introduced single-dealer electronic trading for interest rate swaps in sterling and euros.
The service is initially available during normal trading hours, although Barclays plans to extend this to 24-hour trading. Maturities are available from one year to 50 years. Orders are usually accepted automatically and fulfilled in about two seconds, the bank said.
“The trading of swaps has reached a point of maturity and routine practice such that it is now possible to make it electronic,” said Harry Harrison, head of fixed-income trading for Barclays Capital in the Americas. He added that electronic trading will bring transparency to an otherwise opaque market.
As of December 31, 2003, the total outstanding value of dollar swaps was $46.2 trillion.
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