I received a fascinating press release from Barclays Capital
last week - and I really do mean fascinating, despite the
apparently unpromising title "Barclays Capital launches base
metal trading via FIX." Why so, I hear you ask? Well, on
printing the document out (to read on the train home, of
course, not to line the dog's basket) I discovered that all the
amendments that had been made to the document in its drafting
process had been carefully recorded in the margin, with
footnotes. Here we discover some fascinating things about the
negotiation process that goes on before a release hits the
streets, such as "Barclays Capital also offers FIX
functionality for foreign exchange and futures trading. (Can we
say we're the only bank to offer FIX across these
three asset classes?)"
And a certain lack of respect for us gentlemen of the press:
"Clients can choose to either utilise the Barcap Trader system
to access the FIX capability, or take a direct FIX feed to XYZ.
(This sounded complex to me - shouldn't we just keep
short/sweet?)" Finally, a moment of uncertainty about whether
or not to show off a bit more: "?and can be accessed via the
Barcap Trader system. (We probably should say something else
Speaking for myself, I think it would be great to see more
documents come out in this format. That said, I'm not entirely
sure I'd like to see FO Week hit the streets with "What on
earth are you on about, Clarke?" scrawled all over my latest
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