Refinitiv Launches FX Forwards Matching API


Supporting the ongoing shift in the FX markets to trade more volume in FX Swaps electronically, Refinitiv has launched the Forwards Matching API solution, enabling automated access to its Forwards Matching MTF venue. Based on the Spot Matching API already used by many FX participants, the Forwards Matching API will further support trading efficiencies.

There is strong market demand to trade more volume in FX Swaps electronically, and with APIs also available for FX Swaps, customers will benefit from additional transparency on data and quick access to liquidity bringing greater efficiency across the trading workflow.

"With the move towards electronification of FX Swaps trading comes the need and the opportunities for more innovative solutions to drive efficiencies without sacrificing liquidity and effective trade execution. This is especially true in the ongoing market where the trading workflow has changed considerably," said Paul Clarke, Head of FX Venues, Refinitiv. "Matching Forwards API delivers on this need. With access to over 300 active client sites trading on the market leading venue for FX Swaps, Matching Forwards API will help achieve greater efficiency for FX Trading".

In the 2019 BIS Triennial Survey FX Swaps accounted for 49% of the overall FX volume, and had increased in volume by 35% from $2.4 trillion in 2016 to $3.2 trillion in 2019. A Greenwich Associates study noted that the percentage of deliverable forwards and swaps traded electronically were 77% and 75% in 2018 and 2019, respectively.