Barclays launches a new equities trading platform built on Nasdaq's market technology. They already have their own dark pool... I guess this is a platform for larger block trades?https://www.businesswire.com/news/home/20201208005167/en/Barclays-Launches-BARX-Book-for-Equities-a-New-Single-Dealer-Platform-Developed-in-Partnership-With-Nasdaq …
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bilateral (i.e. SDP) v. multilateral (i.e. ATS)
It seems like a relatively less liquid venue, no? Can you explain the impact of bilateral vs multilateral trading/ why Barclays would want to launch this? Any info would be appreciated
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In a SDP, Barclays would take the other side. Non-anonimity means they can offer "good prices" (price improvement with resort to current NBBO) to "good customers" (nontoxic flow). At the individual level, good customers like receiving good prices...
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... at the aggregate level, the impact of the growth of bilateral channels derivatively priced off the NBBO (including retail wholesaling) to the detriment of price-forming central order books is unknown.
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