WeMatch, a web-based thus far focused on equity markets and OTC-cleared derivatives, has added euro interest rate swaps to its suite of products and says 10 banks are using the service.
The dealer-to-dealer platform offers, the firm says, human traders tools and workflow to match and negotiate trades and now supports euro IRS curves, butterflies, and basis structures, 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,” the firm says.
Wematch adds it 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 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, it says.
While IRS have largely transitioned to a highly electronic market, there is a still a significant amount of business conducted via phone by experienced voice traders. “This is a game changer for a traditionally underserved but enormously important segment of financial services,” says Joseph Seroussi, co-CEO of Wematch. “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,” he continues. “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.”
Gregory Mimoun, co-CEO, Wematch adds, “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.”