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FEATURE


through internal means. Trough its prime internet portal, Barclays Capital’s FXPB offers seamless transition from reconciling transactions traded anonymously, to direct execution in a disclosed fashion, all while observing the necessary wall of confidentiality. “Tis, in addition to the strong joint venture we have with our execution desk and the fact that Barclays Capital Prime Services is an integrated offering across FX, futures, fixed income, equity, and OTC clearing will allow us to grow with all client needs into the future,” he adds.


Barclays Capital FX and FXPB teams have both prioritised a continuous investment in technology and Telmer believes this is evidenced by the strong performance in terms of capacity and client service during the high volume days of May 2011. He says: “From our real time risk management platform to our automated notification systems that alert clients of growing line usage and unmatched trades, and our automated margin methodologies and centralised reporting suite, our FXPB and FX desks continue to work together to provide automated solutions for all client types.”


Barclays Capital’s FXPB offering leverages its origination, product development, risk management, client service, and IT teams to meet the needs of clients in all regions of the globe, ranging from high frequency trading clients to Japanese retail margin aggregators, to European UCITs funds, to American CTAs. Telmer says that being part of integrated global prime services division that understands local regulatory issues allows Barclays Capital’s FXPB legal documentation and system flow to be fully operational and compliant with all related requirements in a client’s location.


“Our FXPB platform is part of an integrated OTC clearing platform within Barclays Capital Prime Services as well as integrated with the firm’s BARX platform, and we view this as a very strong competitive advantage as opposed to soliciting technologies from outside,” he adds.


For Telmer, the continued re-investment and innovation is managed and delivered more expediently


48 | april 2011 e-FOREX


An FXPB relationship is inherently a long term relationship, and as connecting to a new provider is a significant undertaking, Telmer believes that clients should look very closely at the level of STP automation a provider has developed, as well as their margining methodologies and client service offering, when choosing an FX prime broker. “Clients should look for a provider that offers a time tested mature platform and trading terms that they can count on over time,” he says.


Growth across all regions


Joseph Buthorn, managing director and head of foreign exchange prime brokerage at BNP Paribas, says that the sector has seen growth across all regions, particularly in the US, Euro zone and the UK, where a high number of asset managers are located, alongside the emergence of large money markets, such as Brazil, Latin America and the Middle East. He says: “We are starting to see local firms starting up and seeking out the main prime brokers, worldwide. Te demand for FX prime brokerage will increase as the number of markets increase. Ten years ago, the markets in Brazil, the Middle East and parts of Asia were not that significant and now they are.”


Buthorn adds that demand for FX prime brokerage


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