WeMatch hit a $20 billion record high on the ongoing balance matched and managed in its securities financing platform on 15 July.
This balance includes total returns swaps (TRS) on both naturals and financing, securities lending on both specials, general collateral, and upgrades/downgrades, and repos.
WeMatch co-founder and head of Europe, the Middle East and Africa, David Raccat, tells SLT that daily balances have been growing steadily over the past six to eight months and the latest record high is “a testimony of the growing trust our users put in the platform”.
The milestone has also been achieved despite WeMatch revising its timeline for going live in the US with its TRS platform as a consequence of the on-going disruption caused by the pandemic.
The platform was meant to launch in July but is now scheduled for a September release.
Raccat confirms that WeMatch has executed two contracts with US dealers and the additional time will allow more clients to be onboarded to ensure a critical mass of liquidity is reached.
“Our upgraded matching protocols and post-trade features (lifecycle management on TRS and interoperability with Pirum on securities lending) are now putting our offer in a unique position with cross-asset complete and straight-through processing workflows,” Raccat says. “Those will be fully leveraged for our coming go-live in the US.”
