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Wematch strengthens team

Wematch, the global multi-asset-class, web-based matching and negotiation platform, has appointed Jack Jeffery as Chairman of its Board.

With more than 35 years’ experience in financial markets, Jack was previously CEO at electronic fixed income platform MTS and also at EBS, the spot FX electronic broking platform. Jack served 11 years at Citigroup, where he was Global Head of FX options.

Jack has previously served on the Bank of England and US Federal Reserve Foreign Exchange committees and hisappointment follows Wematch’s recent funding round, which saw banking titans J.P. Morgan and Société Générale – both users of Wematch – invest in the fintech. There are now 40 banks and more than 750 traders using Wematch’s platform, with more currently onboarding.

Wematch provides technology to transform how traders match, negotiate and manage trades. This brings the audit and control benefits of electronic tools to trading, delivered as web-based software-as-a-service technology. This significantly cuts costs and, enhances the orderly execution of processes for traders, enabling seamless settlement.

Despite the growth and benefits of e-trading, in some markets institutional investors still conduct most of this activity over the phone, or through interdealer brokers. It is estimated that more than 80% of structured products and 80% of FX derivatives are still transacted by voice. To put it into context, the interest rate swaps market is worth $2.1 trillion a day, with more than 70% of that business handled by phone negotiation.

Jack Jeffery, Chairman of Wematch, said: “The Wematch platform represents an extraordinarily significant step forward in the world of inter-bank trading. Its proprietary architecture enables enhanced efficiencies, providing enormous cost benefits as well as improving regulatory compliance. As a neutral platform that is constantly developing to the markets’ needs, Wematch is reshaping the trading market. It is the right product at the right time.

“Having built my career bringing electronic innovation to the capital markets, I am thrilled to be part of a team that is leading such a profound transformation in the market.”

Joseph Seroussi, co-CEO of Wematch, said: “The voice market remains robust and an integral part of the trading process – its continued usage is a demonstration of its fundamental importance to participants’ business. But it is time that traders have the best technological tools to facilitate optimal trading with confidence. Jack Jeffery’s experience will be invaluable to Wematch as we work to bring the benefits of electronic trading’s auditing and transparency to traders across capital markets.”

Gregory Mimoun, co-CEO of Wematch, said: “Jack has an impeccable track record of steering technical innovation across multiple asset classes which have benefited those markets enormously.

“His appointment is a significant vote of confidence in our technology and our business. We are delighted to welcome him to Wematch as we move to the next exciting chapter in our vision to transform trading markets.”

JP Morgan and SocGen invest in Wematch

JP Morgan and Societe Generale have invested in fintech firm, Wematch, as the company advances its plans to transform traditionally voice-traded financial markets.

Wematch provides technology which augments how traders at banks match, negotiate and manage trades. This brings the audit and control benefits of electronic tools to voice trading, delivered as web-based software-as-a-service technology.

There are now 40 banks and more than 750 traders on Wematch cross assets with more onboarding and billions of dollars in deal flows matched using its technology.

Despite the growth and benefits of e-trading, in some markets institutional investors still conduct most of their trading over the phone, or through interdealer brokers.

Wematch delivers the benefits of the newest web technologies to traders at banks, improving the matching and negotiation process, cutting costs for banks and increasing efficiency and reducing conduct risk for traders.

Wematch came through J.P. Morgan’s In-Residence Programme and Societe Generale’s Global Markets Incubator to foster the expansion of the fintech’s offer across asset classes and instruments.

The funding takes J.P. Morgan’s and Societe Generale’s relationship with Wematch from users to investors, with the banks already active on Wematch across all existing platforms.

There is enormous potential for Wematch to help the capital market industry in further adopting digital solutions across multiple markets globally, and to adapt this awarded technology to internal and client-facing solutions.

Despite pressure from regulators for more trades to be conducted on electronic trading venues, it is estimated that over 80% of structured products and FX derivatives are still transacted by voice.

The interest rate swaps market is worth USD 2.1 trillion a day, according to the Bank for International Settlements, with over 70% of that business handled by phone negotiation.

Gregory Mimoun, co-CEO of Wematch, said: “Wematch is delivering the next generation in trading protocols, with intuitive GUIs and workflow tools to give voice trading professionals the edge. Everything we build is designed to support the trader’s decision, giving them the tools to make the right call with confidence and certainty.”

Joseph Seroussi, co-CEO of Wematch, said: “Wematch is leveraging on the latest available technologies and the traders’ community permanent feedbacks and inputs to develop its capital market solutions. Our objective is to have a significant impact on the bottom line expenses of Financial Institutions by rolling out the Wematch technology on all markets, internal, or dealer-to-client activities.”

Pasquale Cataldi, Head of Markets Lab, J.P. Morgan, said: “J.P. Morgan was an early supporter of WeMatch. As a member of our InResidence Programme, the platform showed real potential to transform the interbank interest rate dealing market through automation, resulting in audit and control benefits. The level of market adoption has already been encouraging and we’re delighted to continue the journey with them.”

Albert Loo, Deputy Head of Sales for Global Markets at Societe Generale, said: “Societe Generale is excited to contribute to the Wematch development after a successful collaboration within our Global Markets Incubator. Innovation in trading technology will drive efficiencies for market participants and we strongly believe that Wematch can sustainably improve dealing processes across asset classes.”

Wematch launched its interest rates offering in June, with 10 banks matching and negotiating Euro IRS curves, butterflies, basis and gadgets structures, with single stock & Index options to follow in the coming months.

This was built on existing Wematch services for securities lending and equity derivatives and the firm now plans to build out services to more asset classes and instruments.