trueEX recorded the second highest Sef volumes across all platforms for the first half of year.
NEX SEF will facilitate electronic trading of non-deliverable forwards, and plans to expand into more FX products.
Full registration for smaller swaps trading venues could remove uncertainty and open up liquidity.
The derivatives industry has seen execution costs for USD swaps contracts fall by as much as $40 million daily since the onset of new trading rules, according to research from the Bank of England.
trueFIX platform aims to offer real-time, automated trading of dollar, euro and sterling interest rate swaps.