FX’s Biggest Market Takes Another Run at Ditching Phone Trading

The foreign exchange swaps market, which processes approximately $4 trillion in daily transactions, is moving toward automated trading systems to reduce reliance on phone-based dealer negotiations. Trading venues are implementing technology to standardize execution in a market segment that has historically operated through direct phone communication between traders. The shift aims to increase efficiency in currency swaps, one of the foreign exchange market's largest but least automated segments.

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