The $4 trillion-a-day currency swaps market is attempting to reduce its reliance on phone-based trading, with venues pushing to automate this manually intensive segment of foreign exchange. According to the Bank for International Settlements, about 56% of FX swaps are traded electronically, compared with roughly 71% of spot transactions. The disparity is most pronounced in the inter-bank market, where traders frequently depend on voice brokers to manage large positions.