Wematch unveils Euro IRS platform with 10 banks onboard
The multi-asset-class, web-based matching and negotiation platform, Wematch, has added Euro Interest Rates Swaps (IRS) to its offering, reports Jane Connolly.
The platform has gone live with 10 banks – including JP Morgan, RBC, HSBC and Societe Generale – matching and negotiating Euro IRS curves, butterflies and basis structures. Wematch says that a dozen more banks are in the onboarding process.
Wematch IRS offers a next generation protocol for voice traders and has built usage and liquidity flow at a number of banks. More features will be added in the coming weeks.
“This is a game-changer for a traditionally underserved but enormously important segment of financial services,” says Wematch co-CEO, Joseph Seroussi.
Seroussi states that the addition of Euro Interest Rates opens the door to a truly cross-asset platform, adding: “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 roll out new instruments on a monthly basis, steered by the banks through a product committee. The web-based GUI provides workflow and audit tools and can be customised to any given asset class.
