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Wematch Interest Rates has been selected to join J.P. Morgan’s In-Residence fintech programme and will collaborate with the bank to explore ways of applying its technology at scale.
The In-Residence programme has been created by J.P. Morgan to help start-ups looking to commercialise ideas that solve real-world challenges in financial services.
Wematch.live will gain access to J.P. Morgan’s resources and expertise to better understand the growing requirements that dealers face at many levels of their daily operations.
According to J.P. Morgan, Wematch.live’s technology brings a new way of thinking to the dealer-to-dealer interest rate market as it applies a previously unseen level of automation to a trader’s workflow.
It does this via a user-friendly interface that is underpinned by a unique matching and negotiation engine.
Additionally, the Wematch.live platform is based on a subscription model, which sets it apart from traditional interdealer brokers, J.P. Morgan revealed.
David Raccat, CEO and founder of WeMatch.SecuritiesFinancing, noted: "We have just created a new entity at Wematch, which is called Wematch Interest Rates. It is going to be focusing exclusively on the interest rates market, and that entity has just integrated the J.P. Morgan InResidence programme."
"The objective of the project with J.P. Morgan is to come up with a new platform of interest rates swaps and swaptions, which will be released to the market H1 next year. The platform is going to be pushed to the market and to all dealers. It is going to be a new platform added to the Wematch satellites including today securities financing, equity exotics, and delta one (listed Eurex structures)."
Elie Slama, CTO at Wematch.live, said: “It is a fantastic opportunity for our company. We are confident that working with J.P. Morgan will help us improve our technology at every level. We are dedicated to bringing the benefits of this partnership to all our users.”
Michael Elanjian, head of digital strategy at J.P. Morgan, commented: “Wematch.live has an impressive track record in leveraging technology to change how market participants interact. We are excited to be their partner and extend their offering to create an alternative way of trading between dealers in the interest rate space.”
Mikhael Farouz, market expert for interest rates and foreign exchange at Wematch.live, added: “We are developing new matching and negotiation engines with J.P. Morgan’s product teams. This technology will be tailored to trading interest rate instruments while improving market efficiency and reducing execution costs for all dealers.”
Pasquale Cataldi, head of fixed income execution services at J.P. Morgan, cited: “It is exciting to see a small group of market experts have the chance to build a product that can significantly impact the bottom line of large banks while creating a platform that can reduce operational and conduct risks.”
