BarCap launches online metals trading

Barclays Capital Commodities Trader uses the technology of the bank’s online FX Trader tool. Clients and market counterparties can trade forwards on eight base metals (such as copper and aluminium) and spots on four precious metals (gold, silver, platinum and palladium).

All trades are conducted in the name of Barclays Bank, with London Metal Exchange contracts automatically registered via the London Clearing House. Users can trade spot precious metals and three months forward base metals on a continuous live basis. Prices can be requested for adjustments to specific dates, carries and strips. Barclays says the live pricing is driven by a suite of proprietary algorithms.

“[The platform] will free time for our sales people to focus on the more complicated risk management needs of Barclays Capital's client base," said Jason Tudor, head of metals trading at Barclays Capital.

The bank hopes that increased liquidity and transparency in the metals market will also attract new participants. Barclays says the platform, which has been in operation for one week, is already attracting more than 100 trades a day.

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