Despite ballooning to a record $4 trillion a day, the foreign exchange swaps and forwards markets have been surprisingly slow to adopt electronification – unlike their counterparts in spot trading.

Dealer-to-client trading may have shifted onto venues like Bloomberg and FX Connect where requests-for-quote (RFQ) are electronically executed, but behind the scenes, price formation and risk management work is often just down to a voice trader still using complex and unwieldy Excel spreadsheets.

Now, a