- Platform goes live with an initial group of 10 banks, including J.P. Morgan, RBC, HSBC and Societe Generale, which will match and negotiate Euro IRS curves, butterflies, and basis structures: there are a dozen more in the process of on-boarding
- Platform working with banks to add more products and instruments monthly
- Growing usage and liquidity in Wematch with 39 banks trading on a cross-asset basis
London/New York: Wematch, the global multi-asset-class, web-based matching and negotiation platform, has added Euro Interest Rates Swaps (IRS) to its expanding scope of live products.
Wematch IRS is a web-based, dealer-to-dealer platform, giving sell-side human traders greatly enhanced tools and workflow to match and negotiate trades.
It offers tools to support Euro IRS curves, butterflies, and basis structures, adding to its existing portfolio of instruments, with more to be added in the coming weeks.
The platform delivers a next generation protocol for voice traders at banks and has built usage and liquidity flow with multiple banks.
Joseph Seroussi, co-CEO of Wematch said: “This is a game changer for a traditionally underserved but enormously important segment of financial services.
“We have built up our network of users and liquidity steadily, working closely with the dealers at the banks to ensure we deliver functionality to enhance the way these instruments are matched and negotiated.
“The growth in bank usage and connectivity to Wematch and liquidity flow has been beyond our expectations.”
“The addition of Euro Interest Rates in our product offering opens the door to being a truly cross-asset platform.”
“We are offering dealers a system which gives them total control over how their orders go to market, giving them enhanced protection to mitigate conduct issues and information leakage.”
Wematch plans to release new instruments on a rolling monthly programme, with the choice of those instruments steered by the banks through a product committee.
The Wematch web-based GUI can be customised to any given asset class and provides workflow and audit tools which augment and improve the matching and negotiation process.
Interest Rate Swaps is one of the largest and most liquid financial markets, worth over USD 2.1 trillion a day, according to the Bank for International Settlements.
While Interest Rate Swaps have largely transitioned to a highly electronic market, there is a still a significant amount of business conducted via phone by experienced voice traders.
Gregory Mimoun, co-CEO, Wematch said: “We have worked closely with the bank dealers to develop and deliver the platform and functionality they need. Their input has driven our design and their connectivity and use of Wematch is now driving very strong liquidity flow across a range of asset classes.
“We are working with the banks to improve the whole process of managing IRS products. We have a very strong pipeline of banks either onboarding now or wanting to join the Wematch ecosystem.”