BARX FX Launches Commission for Cancer Initiative

Barclays’ global FX sales and trading teams are preparing to host the initial Commissions for Cancer charitable event from March 1-4. Between those two dates, all net commissions earned globally from the BARX Gator Algo platform will be donated to the Leukemia & Lymphoma Society (LLS).

Existing users of Gator can continue as usual, no special sign up is required for the initiative, non-Gator users can contact their e-FX salesperson in order to participate.Trades executed via any of the BARX Gator algos, including the firm’s most advanced strategy, Adapt, will generate funding for the charity.

Ajay Kataria, head of BARX FX sales for the Americas and one of the drivers and leaders of the initiative, says that all orders traded via Gator will contribute regardless of the channel through which they are submitted. “Non-Gator users can be onboarded quickly, or they can submit orders via their salesperson for execution using Gator,” he explains. “The response from our clients has been tremendous and many are working to push orders to Gator in time for the event.

“The great aspect of the initiative is that for many clients nothing changes – they continue to get a great execution experience and meet their best execution requirements,” he adds.

Ben Peto, director on the institutional FX sales desk for Barclays in New York, and the co-lead of the project says that while LLS conducts cancer research, it also focuses on improving patients’ quality of life. It also has a strong focus on paediatric cancer, an area that is currently under-funded – more details can be found here.

“The past two years have really highlighted the great work done in the health sector generally, and we want to make a difference and help LLS be a force for change,” he says, adding the observation that while blood cancer survival rates in children have improved, the actual outcomes of those children aren’t keeping pace. “Something like 80% of survivors, go on to have some residual issues, and LLS has made a $100 million commitment to paediatric cancers, to help combat this and drive innovation in treatment,” he explains.

Looking ahead, Kataria is keen to stress that the initial Commissions for Cancer event is the beginning of a new initiative. It also adds to Barclays’ wider charitable work, much of which has been done with LLS. “We really hope this event goes well,” he says, “We want to raise as much money for a great cause, without causing any disruption to our clients, if we achieve that, then this is just the start. We want to grow this even bigger in the years to follow.”

Further details can be found at https://www.barx.com/cfc.