Commerzbank Live on Refinitiv Forwards Matching API

Commerzbank has become the first participant to make prices using the full Refinitiv Forwards Matching API solution. Refinitiv says the bank is pricing on selected short and long dated instruments and tenors to the broad Matching community, and successfully executed trades with STP to their internal systems.

The API was launched last year by Refinitiv to provide the growing number of institutions demanding automated access to FX swaps markets, access to the MTF. Interest in greater automation in FX swaps markets has been growing steadily over the past few years with 360T launching its MidMatch FX swaps platform late last year and more recently 24 Exchange executed its first FX swaps trade.

“Until now, the interbank market has lacked an electronic central limit order book driven venue for trading FX swaps across the full spectrum of active maturities and in particular for EUR crosses,” says Marius Jubin, senior G10 e-forwards trader at Commerzbank. “We’re pleased to join Refinitiv’s initiative to deliver more liquidity beyond the funding tenors to the market and to our clients by being the first counterparty to actively trade on their flagship Matching venue via API.”

Dmitry Ilyaev, head of e-FX trading at Commerzbank, adds, “This development builds on a strong legacy of FX electronic trading at Commerzbank. Over the last few years we have dedicated significant effort towards extending our electronic trading capabilities beyond just FX Spot, and these efforts are bearing fruit. We’re excited to help pave the way for the future evolution of the FX Swaps market.”

Meanwhile, Paul Clarke, head of FX venues at Refinitiv, says, “The first participant live and trades done using the full API solution is a huge step for the venue and the electronification of the FX swaps market. We appreciate the support and work done by Commerzbank, especially in the current working environment. We are also working with other clients who are integrating with the solution.”