FX swaps are the funding engine of the currency market. How they trade between banks today, what each ticket costs, and how IDBX trades them differently.
An FX swap is two currency trades in one. Two parties exchange currencies on a near date and agree to reverse the exchange on a later date at a rate fixed today. The difference between the two rates is quoted in forward points.
Banks use FX swaps to fund themselves in currencies they do not hold, to roll positions forward and to manage liquidity. That makes them one of the most traded instruments in the interbank market, and one of the most repeated.
Between banks, FX swaps trade through interdealer brokers, by voice and on electronic platforms. Brokerage is typically charged on every ticket, scaled by size and tenor. For a desk that rolls the same funding every day, that charge repeats every day.
Subscription access. Participants pay a fixed subscription per active trader instead of brokerage on each ticket, so rolling a position more often does not cost more.
Rules based matching. Orders match on the venue's published rules. How the execution works.
Both legs, netted correctly. An FX swap creates obligations on two different dates. IDBX nets each leg only within its own settlement set, meaning the same rail, the same currency and the same settlement date, so a near leg never offsets a far leg. Execution stage netting, explained.
AIDANN on every desk. AIDANN, the IDBX trade assistant, explains positions and net obligations in plain language from day one. It holds no permission to trade.
On the phone. Live prices, matches and positions follow participants in IDBX on the move, view only by design.
A subscription is not cheaper for every desk. A desk that trades rarely may pay less per ticket. The point of a subscription is that cost stops tracking activity, which matters most to the desks that trade the most. The Meter lets you enter your own rates and volumes and see where the line falls for you.
What is an FX swap?
An exchange of two currencies on a near date, combined with the reverse exchange on a later date at a rate agreed today.
How are FX swaps quoted?
In forward points, the difference between the near rate and the far rate.
How does IDBX charge for FX swaps?
A fixed subscription per active trader, with no per ticket brokerage.
Does IDBX trade NDFs as well?
Yes. IDBX launches in FX swaps, NDFs, interest rate swaps and bonds.
Who can trade?
Banks and dealers, onboarded institution by institution. Request onboarding.