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From Voice to Velocity: New Data from Clarus Shows Interdealer Swaps Entering Its Next Phase 

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 […]

Clarus Financial Technology: Derivatives innovation: RTX and D2D execution automation

This blog looks at RTX Fintech & Research (RTX), a recent start-up interest rate swap SEF (Swap Execution Facility). Key takeaways: Read on for more details. All the charts, data, and statistics in this blog were sourced from SDRView. D2D SEF development After the 2008 Global Financial Crisis (GFC), the G20 consensus and national regulators exerted pressure […]

Traders Magazine: Outlook 2026: James Cawley, RTX Fintech & Research

James Cawley is Co-Founder & CEO, RTX Fintech & Research. What were the key theme(s) for your business in 2025? 2025 was focused on delivering long-needed modernization to the interdealer swaps market. Even as nearly 90% of dealer-to-client inquiries had already shifted to electronic channels, interdealer trading continued to rely heavily on voice, exposing a […]

TabbFORUM: The Biggest Fintech and Capital Markets Stories of 2025 – and What’s Coming in 2026

The year 2025 offered no shortage of headlines – from a new administration and new SEC leadership in Washington, D.C. to continued innovation across prediction markets, overnight trading, tokenization and the evolution of institutional crypto. Across these areas and more, there was considerable evolution in the infrastructure, regulation, data and services that underpin the capital […]

The TRADE predictions series 2026: What’s in store for foreign exchange

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 […]