FXswapX

About FXswapX

FXswapX is an FX swaps matching platform designed for banks to exchange risk with minimal market impact or data leakage. Announced in March 2025, the platform was created by FastFin Labs, a capital markets innovation lab and incubator. The company's co-founders are Richard Leader and Simon Wilson-Taylor, who serve as Co-CEOs, and Rich Wenzel, the Chief Platform Officer. Leader previously co-founded FX HedgePool, which was acquired by LMAX, and FastFin Labs. Wilson-Taylor has a background that includes founding State Street's GlobalLink and FX Connect, Molten Markets (acquired by CME Group), and co-founding LoopFX.

The platform addresses key issues in the inter-dealer FX swaps market, which is estimated to be a $3 trillion a day market that has been dominated by voice trading. FXswapX provides a solution for modernizing execution without the threat of disintermediation that can come with other platforms. It supports both traditional voice traders and modern API connections from banks with internal electronic order books. A core feature is a matching process that prioritizes large transactions, which is suitable for the FX swaps market and makes it difficult to game the system or extract information. The platform operates as a dealer-aligned dark pool, ensuring automated matching at a trusted, fully dark mid-rate with zero leakage.

A significant technological aspect of FXswapX is its use of secure multi-party computation (MPC) and homomorphic encryption (HE) techniques. This allows the platform to derive trusted market insights and create reference rates from encrypted bank pricing data without ever decrypting or exposing the underlying proprietary information. This method ensures security and confidentiality, eliminating opportunities for data collusion. FastFin Labs intends to partner with a consortium to bring FXswapX to the global market, with industry working groups providing oversight.