Barclays LX
The Barclays LX dark pool is available in the US, Europe and Japan and offers flow from institutions, broker-dealers, electronic liquidity providers, and internal trading desks. |
The pool includes its liquidity profiling tool – a monitoring framework that scores participants based on flow characteristics – and conditional order support for block liquidity. It also provides full spread trading and participants can post sub-tick size orders in Europe and Japan. The pool is integrated with Barclays’ algorithms and Barclays can exercise discretion on access and interaction.
Functionality and order types
Order types supported in the pool include limit,
peg (primary, mid and market), immediate or cancel, day and conditional orders.
Access and participation
Access to the pool is provided via Barclays
Equities electronic trading platform. Bespoke client reports upon request are
offered including per symbol average daily volume and international reports
based on liquidity profiling segments. All activity is reported to regulatory
agencies and consolidated tapes as required.
Instruments traded
All US National Market System securities can be
traded in the pool in addition to pan-European securities for Europe and
securities within the TOPIX universe in Japan.
Order protection
Liquidity profiling is a data-driven monitoring framework that allows
the dark pool team to police participants, and manage segments, based on
behaviour.
Connectivity/sharing agreements
There are no liquidity sharing agreements in place,
but Barclays’ liquidity seeking algorithm, Hydra, can access liquidity from all
dark and lit venues including Barclays LX.
Future developments
The firm will seek to improve its liquidity
profiling tool, block discovery and processing of market data in the near future
in addition to reducing latency.