Barclays Joins Cürex P2P FX Platform
Posted by Colin Lambert. Last updated: August 11, 2022
Cürex Group has announced that Barclays has become the seventh bank to join its peer-to-peer FX matching platform that launched in August 2021.
The platform enables the buy side to anonymously match against each other at the mid‐point derived from the FTSE Russell/Cürex benchmark rates, customers can choose to show their trading interest to the peer-to-peer pool through their bank algorithms which can continue to work their algo trades while gaining exposure to the Cürex peer to peer platform.
“Given the breadth of our buy side client base, it was natural for Cürex to enhance our offerings with a peer-to-peer platform,” says James Singleton, Cürex’s chairman and CEO. “Our customers wanted the opportunity to trade against other institutions at a mid‐point reference rate without changing their trading workflows. In collaboration with our bank partners, we are able to provide our customers access to peer to peer directly through bank algorithmic trading platforms.
“Our customers receive anonymous, mid‐point matching against other buy side institutions without changing their trading relationships, credit or processes,” he continues. “Traders can customise their exposure to the peer-to-peer platform while setting the parameters of their algorithmic trades with their existing algo banks. We believe this is the optimal path for peer-to-peer matching for the buy side.”
Franz Schmidpeter, Cürex’s senior managing director, adds, “Cürex’s peer-to-peer platform is generating significant two‐way interest and the addition of bank platforms like Barclays certainly enhances match possibility for our client base. Our customers receive a fair and transparent mid‐point price for their trades derived from the FTSE Russell/Cürex benchmark rates. With no clearing or trading relationship changes needed to access peer-to-peer, customers simply request the addition of peer-to-peer to their existing bank algorithm functionality and gain access to this no market impact environment.”