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Barclays Capital introduces foreign exchange trading in Gulf

Barclays Capital, the investment banking division of the Barclays Group launched in 1997, has introduced the Gulf region’s first on-line foreign exchange e-commerce service offering trading in 240 currency pairs and real-time, pre-deal credit checking.

Barclays Capital, the investment banking division of the Barclays Group launched in 1997, has introduced the Gulf region’s first on-line foreign exchange e-commerce service offering trading in 240 currency pairs and real-time, pre-deal credit checking. Currency trading is a highly profitable business with wide margins with $1.5 trillion traded by global institutions and banks in the interbank foreign-exchange (forex) market.

“'Barcap FX Trader' provides real time execution and ultimate security. We are targeting Gulf-based corporate clients and financial institutions with demanding foreign exchange requirements,” said James Taylor, Manager at Barclays. " Barclays Capital invested in a 'Hub/spoke' Virtual Private Network (VPN); a private data network employing public telecommunications infrastructure maintaining privacy via 'tunnelling' protocols and security, to provide a faster and more secure alternative to public Internet connectivity.

"This allows GCC-based clients to 'click and trade' having one direct feed to the world's major markets making Dubai one of our global network's VPN spoke sites, alongside New York, Tokyo and Frankfurt," added Taylor."

Barcap FX Trader will enable around the clock, five-day a week trading in 41 currencies. Potential clients can trade the 13 major currencies up to two years in advance. The remaining currencies are tradable against the US dollar; the euro and sterling up to one-year in advance. The service, which was launched in the UK last year, has been quite popular.

"Our security systems are second to none. This, combined with our reputation and global market knowledge and expertise has made this e-commerce-based trading platform a very popular foreign currency investment mode in Europe and is now set to take off in the Gulf. "We are providing valued clients access to the latest technological advances while maintaining competitive market prices," said Sultan Jamal, Barclays Capital Senior FX Dealer and e-commerce coordinator, Gulf.

Benefits of trading foreign exchange currency on the internet include: dealing directly from live price quotes, instantaneous trade execution and confirmation, fast and efficient execution of deals, lower transaction costs, real-time profit and loss analysis and full access to market information.

Barclays Capital was recently selected by Qatar Airways to coordinate and be the lead arranger in financing the second phase of the airline’s fleet expansion. The loans will support the acquisition of four A330-200 aircraft due for delivery between April 2002 and April 2003. This mandate follows a similar mandate awarded to Barclays Capital late last year to arrange financing for six A320-200 aircraft.

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