Wematch has announced that it has received investment from both J.P Morgan and Societe Generale. The fintech provides technology that 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 says it delivers the benefits of the newest web technologies to traders at banks, which is designed to improve the matching and negotiation process, cut costs for banks and increase efficiency and reduce 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.
“J.P. Morgan was an early supporter of Wematch," said Pasquale Cataldi, head of Markets Lab, J.P. Morgan. "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.”
“Societe Generale is excited to contribute to the Wematch development after a successful collaboration within our Global Markets Incubator," commented Albert Loo, deputy head of Sales for Global Markets at Societe Generale. "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 and Index options to follow in the coming months.
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