Experts examine the 2026 landscape for foreign exchange, as electronic trading seems set to transform interdealer FX swaps in particular and modernise the market throughout the course of the year.
James Cawley, founder and chief executive,
RTX Fintech & Research
Next year will spotlight the growing need for transformation within the interdealer swaps market.
In 2024, risk-adjusted interest rate derivatives trading volume rose 15.6% to $366 trillion, and US swap execution facilities processed $22 trillion in notional volume in November 2024 alone.
Nearly 90% of dealer-to-client inquiries were electronic, underscoring the rapid advancement of digital protocols across the broader rates ecosystem.
That progress stood in sharp contrast to the interdealer swaps market in 2025, where voice-based execution remained dominant despite rising activity.
Increasing volumes exposed the limits of manual workflows, inconsistent fills and restricted access to trade-level data, prompting institutions to accelerate their move toward scalable and reliable electronic infrastructure.
As 2026 unfolds, the interdealer swaps market is expected to advance toward meaningful structural modernisation. This shift will bring more consistent execution, reduced operational friction and continued movement away from voice-dominated practices, in favor of data-driven electronic models that better align with the complexity and scale of today’s rates markets.
Working with its dealer partners. RTX is helping drive this evolution by delivering lower cost, frictionless trade execution, trade automation and scalability needed for modern interdealer workflows.
