Tibor Gergely, Commerzbank: Building Smarter FX Liquidity in Fragmented Markets

Tibor Gergely, Head of e-FX Liquidity at Commerzbank, joins the 360T Podcast to discuss the evolving structure of electronic FX markets and the growing role of data, automation, and pricing intelligence across Spot and Swaps trading. Drawing on extensive market-making experience, he explores how liquidity providers build pricing from fragmented market data, the continued electronification of Swaps, and the operational challenges of managing global FX liquidity.Gergely also examines how market makers assess liquidity quality, execution performance, and market impact in an increasingly data-driven environment. From RFQ analysis and flow profitability to real-time risk optimisation, he explains how FX participants are using technology and quantitative analysis to refine pricing and strengthen client relationships.Finally, Gergely shares his perspective on the electronification of FX Swaps through platforms such as 360T’s Swaps User Network (SUN), highlighting the benefits of greater transparency, execution certainty, and efficiency — while also addressing the technological and risk-management demands facing liquidity providers.