oneZero Targets Regional Banks With New FX Swap-Curve Tool
Trading-technology firm oneZero is making a deeper push into the institutional market with the launch of Swap Curve Manager, a product that gives regional banks tighter control over how they price and manage foreign-platform swaps.
The Boston-headquartered company said on Wednesday that the tool will allow banks to construct and monitor their own swap curves, rather than depending on dealer quotes or opaque third-party streams. The move comes as FX swaps remain the workhorse of global finance, accounting for close to half of daily turnover in the $7.5 trillion currency market, according to the Bank for International Settlements.
FX swaps are used by banks, asset managers and corporates to roll positions or to borrow one currency against another, typically for funding or hedging. Despite their ubiquity, pricing often turns volatile around quarter-ends when large banks pull back to reduce balance-sheet usage, creating funding squeezes and a persistent “cross-currency basis” that can be costly for smaller lenders.
By building their own swap curves, regional banks can track that basis in real time and reduce reliance on global dealers who may embed mark-ups into their pricing. oneZero says its product integrates with its Hub and EcoSystem platforms, which already , brokers and banks.
oneZero was founded in 2009 by Andrew Ralich and Jesse Johnson, both veterans of electronic trading. Initially focused on technology for retail brokers, the firm with the launch of its EcoSystem — a distribution network linking liquidity providers and brokers — and later its Data Source analytics arm.
The company now employs more than 200 staff across offices in Boston, London and Asia, and says it serves more than 250 clients worldwide. In 2024, it drew new and Lovell Minnick Partners, private-equity groups with long track records in financial technology.
The swap-curve product reflects a wider trend among mid-tier institutions to internalise that were once outsourced to counterparties. The launch also highlights the commercial opportunity in assisting regional banks cope with regulatory constraints introduced later than the global financial crisis. Basel have made it more expensive for large banks to warehouse FX swap positions, exacerbating liquidity strains at quarter-ends. Technology that lets smaller banks watch the curve and hedge more efficiently has become increasingly sought later than.
