The investment banking division of the Barclays Group, Barclays Capital, has announced the launch of the Gulf's first on-line foreign exchange e-commerce service offering trading in 240 currency pairs and real-time, pre-deal credit checking.
The Barcap FX Trader service provides 'real time execution and ultimate security,' said Barclays manager, James Taylor, 'we are targeting Gulf-based corporate clients and financial institutions with demanding foreign exchange requirements.'
To provide a faster and more secure alternative to public Internet connectivity, Barclays Capital has invested in a Hub/spoke Virtual Private Network (VPN). VPN is a private data network employing public telecommunications infrastructure maintaining privacy via tunnelling protocols and security. The VPN's hub is at Barclays Capital's London headquarters with 'spoke' availability initially in Europe, USA and Asia and now in Dubai.
Taylor explained: '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.'
Barcap FX Trader allows 24-hour, five-day a week trading in 41 currencies. The 13 major currencies can be traded in any combination 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. It involves sophisticated 128-bit encryption and digital certificate security, and detachable live price ticker and rate calculators can remain on the user's desktop. 'A file upload facility for fund breakouts and sequential trades' execution are also included,' said Taylor.
Sultan Jamal, Barclays Capital Senior FX Dealer and E-Commerce Co-Ordinator in the Gulf added: '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.'
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