As electronification has reshaped the spot FX market, FX swaps have remained largely bilateral and credit-intensive. Structural differences in liquidity formation, balance-sheet usage and credit intermediation continue to limit automation, workflow efficiency and price transparency-particularly during periods of market stress, when access and execution outcomes can diverge sharply from spot.

This panel will examine what structural changes are required to support the next phase of FX swaps evolution. From more flexible credit and connectivity frameworks to the emergence of streaming, improved intermediation models and the potential longer-term role of clearing, buy-side, sell-side and platform practitioners will explore how far automation can realistically go, and which practical steps traders can take today while the market structure continues to evolve.

Credit availability and dealer balance-sheet constraints now shape where the buy side can trade, how spreads are set, and which venues and LPs can support meaningful size. As SA-CCR pressures deepen and capital costs rise, credit considerations increasingly influence internalisation practices, liquidity depth and trading consistency across counterparties. This panel examines how credit limits, onboarding friction and emerging intermediation models affect execution quality- and how banks, platforms and solution providers are responding. Speakers will assess where credit is the binding constraint in FX today, which innovations may ease the bottlenecks, and what the buy side can realistically expect as credit and capital frameworks continue to evolve.