Tradeweb launches FX Swap Workflow to link local currency EM bonds and FX swaps

Rick Steves

“Facilitating the connection of our EM bond marketplace with FXall’s liquidity pool provides buy-side traders with access to enhanced and efficient local currency EM trading workflows.”

Tradeweb, the operator electronic marketplaces for rates, credit, equities, and money markets, has announced the launch of FX Swap Workflow, a solution to help institutional investors trade Emerging Markets (EM) products more efficiently.

FX Swap Workflow is a multi-asset digital solution linking trading workflows in local currency EM bonds and FX swaps through a single user interface (UI), developed in collaboration with LSEG’s FXall.

Mutual clients of Tradeweb and FXall are now able to buy or sell an EM bond via the Request-for-Quote (RFQ) or Request-for-Market (RFM) protocols on Tradeweb and then seamlessly hedge the local currency risk by executing an FX swap trade via direct connectivity to FXall.

By being able to request prices from multiple dealers simultaneously on both legs of the transaction, clients can achieve better real-time transparency, prove best execution, and benefit from existing straight-through-processing (STP) channels.

Increasingly interlinked EM markets with seamless execution and STP

Enrico Bruni, Head of Europe and Asia Business, Tradeweb, commented: “Facilitating the connection of our EM bond marketplace with FXall’s liquidity pool provides buy-side traders with access to enhanced and efficient local currency EM trading workflows. Clients trading EM products can now take advantage of markets that are increasingly interlinked, while also benefitting from seamless execution and STP. This latest innovation underpins our commitment to creating solutions that cater to the needs of our EM clients, and help them move risk more efficiently.”

Neill Penney, Group Head of FX, LSEG, said: “We are excited to provide our customers with an enhanced multi-asset integrated workflow, replacing what used to be either a voice-based process or a sequence of workflows split between different trading desks. Greater collaboration between LSEG and Tradeweb has enabled us to offer our mutual clients an effective solution in FX Swap Workflow, with all the inherent advantages of electronic trading and our world-class liquidity pools.”

Morgan Stanley acted as the liquidity provider for the first transaction using Tradeweb’s FX Swap Workflow solution. “We are supportive of new initiatives that help markets evolve and become more streamlined, so we are proud to provide liquidity for the first-ever trade bringing together EM bond and FX swap markets”, said Morgan Stanley’s MD Volkan Dikmen.

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