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Barclays Capital Executes & Clears IRS E-Transaction for Citadel

April 15, 2011

New YorkBarclays Capital today announced that it served as
the executing and clearing broker on an interest rate swap
(“IRS”) transaction for Citadel, which became the first end user
to electronically execute and clear an interest rate swap
through CME Clearing, using Bloomberg’s Fixed Income Trading
(“FIT”) platform. The transaction used full electronic
connectivity across a number of industry participants:

-Interest rate swap transaction executed between Citadel and
Barclays Capital using the dealer’s BARX electronic trading
platform, on the Bloomberg Professional® service
-Interest rate swap details transmitted to CME Clearing and to
Barclays Capital as clearing broker using Bloomberg’s FIT
middleware service
-Barclays Capital clears the trade on behalf of Citadel through
CME Clearing

The transaction represents a first for both Barclays Capital and
for Bloomberg FIT, being the first time that Barclays Capital
has cleared an interest rate swap electronically at CME Group,
and the first time that Bloomberg’s execution service has
executed a fully-electronic CME Group-cleared interest rate

Citadel also executed an IRS transaction and cleared the trade
at LCH.Clearnet Ltd’s clearing service, SwapClear, again using
the full electronic connectivity of Barclays Capital and

“Being able to execute and clear OTC transactions electronically
using reliable and seamless platforms will be key to promoting
the fast adoption of OTC derivatives clearing,” said Ray Kahn,
head of OTC derivatives clearing for Barclays Capital. “By
partnering with Citadel in the early stages, we have been able
to work with them on preparing for and implementing the
requirements of central clearing in a controlled environment.”

“We are pleased to have been part of an important milestone in
the reform of OTC derivatives,” said Gerald Beeson, Chief
Operating Officer of Citadel LLC. “Electronic execution and
real-time clearing of swaps for all participants fulfills a core
objective of the Dodd-Frank bill by ensuring that our markets
are open, transparent and competitive.”

Citadel and one other large US asset manager have also recently
electronically executed and cleared credit default swaps (“CDS”)
trades through Barclays Capital, again using Bloomberg’s FIT
platform and CME Clearing. These transactions were made possible
by Barclays Capital’s recent introduction of electronic trading
of CDS on Bloomberg for all major U.S. and European credit
indices and more than 70 single-name CDS across several sectors.
Barclays Capital has a history of innovation in OTC products,
having also been the first broker-dealer to offer electronic
trading of interest rate swaps on Bloomberg across major and
minor currencies.

Harry Harrison, head of Rates Trading for Barclays Capital said,
“These transactions demonstrate Barclays Capital’s ability to
offer scalable solutions for the clearing and execution of OTC
derivatives transactions, in compliance with the requirements of

“These trades are significant for Bloomberg Fixed Income
Trading, as they are the latest in a series of trades that meet
the spirit of the upcoming swaps execution facilities
guidelines,” said Ben Macdonald, global head of Bloomberg’s
Fixed Income business. “Bloomberg FIT is well positioned to meet
our clients’ needs to trade a diverse set of products that can
be cleared at all major clearinghouses for CDS and IRS.”

Barclays Capital’s OTC Derivatives Clearing business is a multi-
asset class offering and part of the firm’s Prime Services
business. In December 2009, Barclays Capital was the first
broker to clear client credit default swaps (CDS) and interest
rate derivatives. The firm was recently recognized by Risk
magazine as its Interest Rate Derivatives House of the Year and
by IFR magazine as its Credit Derivatives House of the Year, and
received 130 Best-in-Class awards out of a possible 144 in
Global Custodian magazine’s 2011 OTC Derivatives Prime Brokerage
Survey. Through BARX, Barclays Capital’s electronic trading
platform, clients can benefit from straight-through processing,
clearing and reporting of OTC transactions.

About Barclays Capital
Barclays Capital is the investment banking division of Barclays
Bank PLC. With a distinctive business model, Barclays Capital
provides large corporate, government and institutional clients
with a full spectrum of solutions to their strategic advisory,
financing and risk management needs. Barclays Capital has
offices around the world, employs 25,000 people and has the
global reach, advisory services and distribution power to meet
the needs of issuers and investors worldwide. For further
information about Barclays Capital, please visit our website

Media Contact:

Mark Lane, +1 212-412-1413,

-0- Apr/15/2011 18:09 GMT