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BarCap Pushes OTC Commodity Trading Service
- Article from:
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Daily News
- Article date:
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July 3, 2008
- Author:
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Copyright informationCopyright 2008 Daily News. Provided by ProQuest LLC. (Hide copyright information)
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LONDON (Reuters) - Barclays Capital plc is the first bank to
offer to intermediate over-the-counter commodity trades that will
save hedge funds money and reduce paperwork, the investment bank
told Reuters.
Mark Croxon, a director at the bank, said the service comparable
to that offered by clearing houses such as LCH.Clearnet is unique
and that other banks looking at offering a similar service had
withdrawn. "If a hedge fund transacts deals with several parties
which all go through Barclays, the advantage is you have one point
of contact for operational purposes, in terms of reporting, in terms
of settlement," Mr. Croxon said.
"There is an advantage to be had in terms of margin. You could ...