FX swaps technology and data provider DIGITEC has launched its new order management system which automates interdealer FX swaps workflows, while also connecting to trading venues.
Named D3 OMS, the platform combines position management, risk management, OMS and EMS functionality to allow workflow automation to increase, while also giving traders the ability to connect and place orders in the interdealer FX swaps market.
AT launch, D3 OMS is connected to 360T SUN and LSEG FX Forwards Matching, with additional venues set to be included at a later stage.
“Increased client demand for FX Swaps pricing has led banks to automate their trading workflows in a drive for efficiency. The volume of data required to make accurate FX Swaps prices along the curve has moved the industry towards a data-driven approach,” Stephan von Massenbach, chief revenue officer at DIGITEC, told The TRADE.
“Interdealer FX Swaps trading has stayed largely manual due to the current market structure and use of voice brokers, but increased regulation, better technology access via the cloud, and the need for transparency are driving change towards a more electronic market, while trading volumes continue to increase.”