The FX swaps market, valued at $4 trillion per day and accounting for more than half of global foreign exchange activity, remains heavily reliant on phone-based trading in 2025 despite technological advances in other segments. Three platforms launched automation tools in April 2025: DIGITEC released its D3 Order Management System with dynamic repricing, 360T introduced a Potential Future Exposure model in partnership with CobaltFX, and FastFin Labs launched FXswapX, a dark matching platform for the interdealer market. These innovations address post-2008 regulatory demands for transparency and auditability while enabling systematic and quantitative funds to access a market traditionally dominated by voice trading. Automation also allows banks to handle growing volumes without increasing headcount by automating credit risk assessment and pricing.
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