By James Cawley and Christopher Jonns, Founders, RTX
According to newly published data from Clarus, an ION company, RTX reached a 5.1% share of D2D platform cleared SOFR swap risk trading in December 2025 — just over two years after our first trade in September 2023. In one of the most conservative and structurally entrenched parts of the rates market, that kind of shift reflects not just the growth of our venue, but a broader change in how interdealer swaps are beginning to trade.
Even more telling is where that share has come from. Over the same period, the data shows a clear redistribution of activity away from traditional voice-brokered platforms toward more automated execution models. Between December 2023 and December 2025, the largest share losses came from voice-centric venues, while the biggest gains accrued to session-based and fully electronic protocols — including RTX.
That change has been a long time coming. While the rest of the derivatives ecosystem has largely moved to electronic execution, interdealer swaps have long remained dominated by voice workflows, manual processing, and operational friction — even as volumes have grown and trading has become more complex. At the same time, overall SOFR swap risk trading volumes have grown significantly, and platform-based execution has grown faster than off-platform activity.
Clarus’ data demonstrates that D2D SOFR risk trading continues to grow, particularly in complex package types. Spreadovers, butterflies, and curve spreads now account for a growing share of interdealer activity — instruments where execution certainty, speed, and downstream processing efficiency matter most.
Our own volumes reflect this directly. RTX activity today is led by spreadovers, followed by butterflies and curve spreads, establishing consistent participation across the three most important interdealer package types. This shows that electronic execution is no longer confined to simple or opportunistic trades — it is increasingly being used in the core risk-transfer instruments that define the interdealer market.
RTX: Built Around Real Interdealer Workflows
We founded RTX around a simple observation: the interdealer market needs infrastructure that removes the operational friction from how it already trades.
Rather than forcing interdealer flow into models designed for other markets, we built RTX around a protocol that reflects real dealer behavior. Our Request-for-Trade (RFT) model preserves the discretion and control that interdealer participants require, while delivering firm pricing, immediate execution, and straight-through processing into risk, clearing, and post-trade systems. The result is a trading experience that improves speed, certainty, and operational efficiency without changing how dealers manage risk.
Infrastructure Informed by Market Reality
From day one, we’ve built RTX in close partnership with the dealer community. Our platform development cycle is driven by live trading feedback, and we iterate quickly — improving execution workflows, enhancing performance and refining the user experience in step with how the market behaves.
The benefits are tangible: automated execution reduces operational risk and straight-through processing lowers cost and friction. Faster confirmation and downstream integration improve balance sheet and risk management. And with a commission model meaningfully below traditional voice brokerage, the economics of interdealer execution start to align with the realities of modern electronic markets.
The Path Toward a More Automated Interdealer Market
Today, RTX is live with 18 major dealers on the platform, with many more in active onboarding. We’re expanding product coverage, extending our geographic footprint, and continuing to invest in the core execution experience.
When a new platform reaches meaningful share in one of the most conservative parts of the rates market — and does so in the instruments that matter most — it tells you something fundamental is changing.
The interdealer swaps market needs infrastructure that finally matches its importance, sophistication, and scale. That’s the phase we believe the market is now entering — and at RTX, we’re proud to be helping lead it.
