The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs Seeks to Disrupt Voice Traded Interest Rate Swaps, a digital broker, reports growing interest in the Euro interest rate swaps (IRS) matching and negotiating platform it released in late July. The platform went live with an initial group of 10 banks, including JP Morgan, Société Générale, HSBC and Royal Bank of Canada, and has since increased usage and liquidity, with 39 banks trading on a cross-asset basis.

Wematch, which is based on a subscription model, defines itself as a global multi asset class, web-based matching and negotiation platform. It says it is able to give sell-side human traders greatly enhanced tools and workflow to match and negotiate trades. The start-up is seeking to disrupt IRS, one of the largest and most liquid financial markets, with over $2.1 trillion a day changing hands, according to the Bank for International Settlements. Although most IRS is traded electronically, there is still a significant amount of business conducted via phone by experienced voice traders.

With the addition of Euro IRS to the Wematch platform, these traders are able to match and negotiate Euro IRS curves, butterflies, and basis structures. According to Wematch, a dozen more instrument types are in the process of being onboarded, as the company works with banks to add more products and instruments on a monthly basis.

“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.” is based in Tel Aviv and has offices in London and Paris. It also has platforms for equity derivatives and securities financing structures. Since 2016, Wematch Interest Rates has been part of the JP Morgan ‘In-Residence’ FinTech programme. The programme is a start-up hub designed to foster new technology and FinTech firms, and is embedded within J.P. Morgan’s Corporate & Investment Bank. Each member is personally sponsored by a member of the Corporate & Investment Bank Management Committee. The equity derivatives platform is part of the Société Générale global markets incubator programme.

Related content


Recorded Webinar: MiFID II – How prepared are we?

Don’t miss this opportunity to view the recording of this recently held webinar. With the compliance deadline for Markets in Financial Instruments Directive II (MiFID II) just over six months away on 3 January 2018, how ready are market practitioners to meet the challenges and obligations of the regulation? This webinar will identify outstanding challenges...


Rapid Addition Teams with Overbond to Boost Bond Market Automation

Hot on the heels of its recently announced partnership with Valantic, AI-driven data and analytics provider Overbond has forged a strategic alliance with London-based trading technology provider Rapid Addition. The combination is aimed at bringing interoperability and market connectivity to bond trading automation. The idea behind the collaboration is to facilitate greater automation of the...


TradingTech Summit Virtual

TradingTech Summit (TTS) Virtual will look at how trading technology operations can capitalise on recent disruption and leverage technology to find efficiencies in the new normal environment. The crisis has highlighted that the future is digital and cloud based, and the ability to innovate faster and at scale has become critical. As we move into recovery and ‘business as usual’, what changes and technology innovations should the industry adopt to simplify operations and to support speed, agility and flexibility in trading operations.


Entity Data Management

Entity data management has historically been a rather overlooked area of the reference data landscape, but with the increase focus on managing risk, the industry is finally taking notice. It is now generally agreed to be critical to every financial institution; although the rewards for investment in entity data management appear to be rather small,...