Project Rio is a live monitoring tool that connects to multiple FX trading venues and analyzes activity in real-time. It uses data streaming technology to identify market dislocations, liquidity issues, and spillovers as they occur. A user-friendly dashboard, designed for central bankers, allows for intuitive and interactive visualization of market developments. With today’s fast and interconnected markets generating millions of transactions per second, central banks face the challenge of monitoring and understanding these markets to implement policy, manage reserves, and assess risks. Rio addresses this challenge by providing real-time monitoring and analysis capabilities. It is built on open-source technologies with a modular architecture, allowing for the addition of new markets, metrics, and visuals. Rio is a cloud-based tool that will continue to evolve to meet the needs of central banks and potentially expand into other use cases beyond financial markets.