Digital broker attracts host of tier one banks with euro interest rate swaps platform

Wematch IRS adds JP Morgan, RBC, HSBC and Societe Generale to dealer-to-dealer platform.

Start-up digital broker Wematch has announced the addition of a cohort of tier one sell-side institutions to its matching and negotiations platform.

The dealer-to-dealer platform has been expanded to include euro-denominated interest rate swaps (euro IRS) and has gone live with an initial group of 10 banks, including HSBC and RBC, as well as backers JP Morgan and Societe Generale.

According to the firm, the platform supports euro IRS curves, butterflies, and basis structures for sell-side voice traders. Wematch already supports a range of multi-asset trading functions on the platform and plans to continue to broaden its scope of product support.

Joseph Seroussi, co-CEO of Wematch, hailed the platform as a “game changer for a traditionally underserved but enormously important” part of the financial service markets.

“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,” Seroussi said.

“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.”

Wematch is part of the JP Morgan ‘In-Residence’ FinTech programme, a start-up hub designed to foster new technology and FinTech firms by placing them within the bank, rather than in a dedicated hub.