FX swaps remains a market in which sophisticated trading operations often depend on fragmented technology. DIGITEC stood out during the review period not through a single feature but by the way its components fit together. The suite connects data acquisition, curve construction, pricing, distribution and interdealer execution while preserving trader control and a full audit trail. DIGITEC wins the award for best solution for FX swaps because it has built a suite that addresses this lifecycle from end to end, while delivering evidence of broader automation, greater instrument coverage and higher client trading volumes.
The company’s reach reinforces the strength of its proposition. More than 50 banks worldwide use its services, while its client base includes more than half of the Euromoney top 50 FX trading firms. At the centre of its offering is D3, a modular software-as-a-service platform that allows banks to aggregate market data, construct and auto-price FX swaps and NDFs, and distribute those prices into internal and external channels.
Connecting the FX swaps lifecycle
The completeness of the product set was an important differentiator throughout the review period. D3 DataHub manages market-data connectivity and preprocessing, while D3 Curves and D3 Sheets support curve construction, price discovery, validation and adjustments. In addition, D3 Channels automates client-price distribution and D3 OMS handles interdealer order placement.
D3 DataHub addresses a persistent operational problem for trading desks. Banks have traditionally built and maintained an individual integration system for each data provider, increasing implementation work and ongoing complexity. DataHub instead provides a standardised layer through which a client can connect once and access several providers. It normalises provider-specific feeds and delivers the resulting data through DIGITEC’s established D3 FIX protocol, with monitoring, redundancy and operational support included in the managed service. Its connected sources include SGX, NCFX, 24X, LMAX and the Swaps Data Feed, with further integrations in development.
The strongest validation comes from client outcomes. According to the firm’s own data, banks typically double the number of instruments they price to clients after implementing DIGITEC
The April 2026 launch of D3 Channels further extended automation into price distribution. The module is designed for desks that want to automate pricing decisions without removing traders’ visibility or control. Users can establish rule- and scenario-based logic according to factors such as client tier, volume band and destination. By reducing the need to respond manually to individual pricing requests, the system is intended to free up traders to concentrate on active strategies, support additional currencies and manage larger volumes.
D3 OMS tackles the interdealer stage of the workflow. The system is live with clients trading on 360T SUN and LSEG FX Forwards Matching, giving desks a single screen from which to manage interdealer FX swaps orders. It supports continuous two-sided orders, real-time updates and several order types, including pegged and discretionary orders. Quantities and prices can be partially hidden, while dynamic order placement automatically updates multiple orders when a trader’s forward curve moves. This combination gives banks greater scope to automate execution without exposing the full shape of their curve to the market.
Better data, wider coverage
DIGITEC, under CEO Peer Joost, has also continued to develop its underlying pricing engine during the review period. The addition of overnight futures allows traders to build stepped overnight curves using published index averages such as SOFR and Sonia. The system detects which averages are required and adds them as curve sources automatically. Traders can combine the short end of a curve derived from futures with a smooth long end derived from overnight index swaps, while retaining the ability to adjust the curve or override rate rises manually.
Its data proposition is strengthened by the Swaps Data Feed, developed with 360T from the raw pricing of participating FX banks. New contributors have extended its currency, regional and trading-hour coverage, while a partnership with BestX has made the feed available beyond users of the 360T platform. Clients can integrate the feed into D3 Pricing to improve price discovery before distributing prices to execution venues and customers.
The platform also supports the operational and control requirements that surround pricing. D3 records outgoing rates and interactions with prices, creating an audit trail that can be used for compliance, risk and client transparency. The same pricing source can serve trading, risk, valuation and profit-and-loss functions, reducing the potential for inconsistencies between systems. D3 Curves can also support benchmark transitions by allowing banks to run old and new pricing models in parallel as liquidity shifts from one index to another.
The strongest validation comes from client outcomes. According to the firm’s own data, banks typically double the number of instruments they price to clients after implementing DIGITEC. One client reported a 10-fold increase in FX swaps and forwards volumes after going live, having expanded automated pricing to more currency pairs. DIGITEC also points to growing adoption among regional banks, for which cloud deployment can make specialist pricing technology more accessible than traditional on-premise applications.
Its breadth, interoperability and measurable effect on clients’ instrument coverage and trading activity make it Euromoney’s best solution for FX swaps.
