A $3 trillion-a-day market that hasn't seen meaningful, bank-friendly innovation in nearly 30 years.
FXswapX: Bank-Only Midrate Matching for Short-Dated FX Swaps
The interdealer market is still predominantly voice-brokered. In 2026, it shouldn't be.
Dealer-aligned dark pool matching
Full size
Zero leakage
No commercialization of data
No last look
The FXswapX Opportunity
The Problem FXswapX Solves
Banks used to trade directly with each other. Compliance challenges and regulatory action now make that difficult.
Over-reliance on voice brokers and platforms that don't have dealers' interests at heart.
Banks are caught in a squeeze.
On one side:
All-to-all platforms threatening disintermediation.
On the other:
$10 billion in enforcement fines over the last decade – voice trading central to nearly every case.
Voice trading is risky. Banks need a platform that doesn't undermine their business.
FXswapX is the safe option - modernize execution without the threat of disintermediation.
The FXswapX Solution
Automated matching at a trusted midrate. Full size. Zero leakage.
Automated matching
At a fully dark midrate.
You choose your counterparties
Only trade with who you want. No one else.
Full curve confidentiality
Contributors never disclose their pricing – not to counterparties, not even to us.
Your data is never sold
Not to the buy-side, the sell-side, or anyone.
Connect your way
FIX API or GUI. Your workflow, not ours.
The Team
Multiple platforms built. Two acquired. Now focused on the interdealer FX swaps market.
Richard Leader
Co-founder, Co-CEO
Co-founder: FX HedgePool (acquired by LMAX) / Co-founder: FastFin Labs
Simon Wilson-Taylor
Co-founder, Co-CEO
Founder: State Street FX Connect / Founder: Molten Markets (acquired by CME Group) / Co-founder: Loop FX / Formerly UBS
Rich Wenzel
Co-founder, Chief Platform Officer
Former trader & quant / ECN creator & operator / Citi, Bank of America, Morgan Stanley, CME Group, Soc Gen, State Street
David Steck
Chief Commercial Officer
Global markets executive formerly in leadership roles at Deutsche Bank, Nomura, RBC Capital Markets, Brevan Howard
Shereen Shermak
Advisor
Co-founder: Nth Party (acquired by Magnite), Atlantic Quantum (acquired by Google) / Serial founder & startup operator
Andrei Lapets
CTO
Co-founder: Nth Party (acquired by Magnite) / Former faculty: Harvard, BU
Advisory Board
Justin Gilmore
Co-founder: Shift Markets / Formerly Citadel, Hidden Road
Jasper Livingsmith
Trader. Former Head of G7 Portfolio Management: EBRD / ABN AMRO
Stephen Best
Former Head of FX Product: LSEG / Head of FX Solutions: CME Group
Andy Ead
Trader. Former Head of LatAm Rates & FX Trading: Bank of America / Rates & FX Trading: HSBC
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