The foreign exchange swap market, which has an average daily trading volume of 4 trillion US dollars, is trying to get rid of its dependence on telephone transactions, and major trading platforms are seeking to automate the foreign exchange market, a field that has relied on manual operation for a long time. According to Bank for International Settlements data, about 56% of foreign exchange swaps have now been completed electronically, compared to about 71% of spot foreign exchange transactions. This gap is most evident in the interbank market, where traders still often rely on voice brokers when dealing with large positions.

The foreign exchange swap market, which has an average daily trading volume of 4 trillion US dollars, is trying to get rid of its dependence on telephone transactions, and major trading platforms are seeking to automate the foreign exchange market, a field that has relied on manual operation for a long time. According to Bank for International Settlements data, about 56% of foreign exchange swaps have now been completed electronically, compared to about 71% of spot foreign exchange transactions. This gap is most evident in the interbank market, where traders still often rely on voice brokers when dealing with large positions.