For internal use by Barclays clients only. Please do not forward.
Equities
Equities Electronic Order Handling
As of June 2014
1
Contents
Electronic Trading Practices ................................................................................................................................. 2
1.
Electronic trading anonymity
2.
Advertisement of executed volume
3.
Accessible venues
4.
Execution and venue transparency
The Barclays ATS – LX
®
......................................................................................................................................... 4
5.
Makeup of LX dark pool
6.
Execution priority
7.
Barclays’ principal trading interaction with LX
8.
LX data feeds
9.
Monitoring LX market data accuracy
10.
Access fees
11.
LX surveillance 12.
Restricting counterparties
13.
Order types
14.
Conditional orders
15.
Price improvement
16.
Locked markets
17.
Co-Location
18.
Reporting to the tape
Smart Order Routing .............................................................................................................................................. 8
19.
Smart order router overview
20.
Sweep logic
21.
Posting logic
22.
Customization options
23.
Dynamic SOR interaction with Barclays LX 24.
Order types and features
25.
SOR market data
26.
Use of IOIs by the SOR
Algorithms .............................................................................................................................................................. 10
27.
Algorithms and routing logic
28.
Performance evaluation of algorithms
29.
Information leakage prevention and anti-gaming protection
30.
Internal algorithm use
31.
Conditional orders support
32.
Dark Liquidity Accessor (DLA)
33.
DLA customization options
2
Electronic Trading Practices
1.
Electronic trading anonymity
Only designated employees of the Electronic Trading business unit are able to monitor client electronic trading flow on a need-to-know basis.
High-touch traders have no ability to view client electronic trading flow.
The ability to monitor client electronic trading flow is administered through permission-based systems, with permissions managed by Supervisors.
High-touch sales traders have no ability to view client electronic trading flow, unless a client specifically requests to have a single point of contact for both high-touch and electronic coverage. On a post-execution basis, high-touch sales traders and research salespeople are able to view client electronic trading revenue, but no trade details.
Compliance staff can also view order information on a T+1 basis for surveillance and monitoring purposes, and can ask to see real-time order information, if needed.
Certain equities senior management employees may be permitted to view order information in accordance with the firm’s internal controls and approval processes.
Execution-related information may be provided to Barclays Equities employees for the purpose of conducting execution quality analysis for clients as well as for fulfilling the firm’s best execution obligation.
2.
Advertisement of executed volume
We advertise our electronic volumes in near real time via Bloomberg IOIA and RANKA screens. Only symbol and aggregated volume are displayed for Bloomberg users utilizing this function. Advertising is delayed by 10 minutes and does not include the executed volume of clients who have opted out. By clicking on a BARC advertisement, users can separately view volumes executed through the high-touch cash desk (indicated by BCAP) versus through Barclays Electronic Trading (indicated by BCET).
3.
Accessible venues
For Reg NMS securities, the following venues are accessible through Barclays Electronic Trading. Aqua Instinet CBX Barclays LX ITG Posit BATS Y Knight Link BATS Z Knight Match BIDS LavaFlow ECN Bloomberg Tradebook LeveL BNY Millennium MS Pool BNY Vortex NASDAQ Chicago Stock Exchange NASDAQ BX Citadel Apogee NASDAQ PSX Citadel Connect NYSE Citi Cross NYSE Arca CS CrossFinder NYSE MKT DB Super-X PDQ ATS Direct Edge A PULSE Blockcross Direct Edge X UBS ATS Fidelity CrossStream Wells Fargo WELX IEX ATS
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