MTS, a European electronic fixed income platform that is part of the Euronext Group, is teaming up with fintech Wematch to create a new web-based interdealer trading platform called MTS Swaps by Wematch.live. The platform will be focused on the interest rate swaps (IRS) market and aims to bring together voice trading workflows with digital capabilities, providing users with negotiating functionalities to create a unique hybrid solution. Access to MTS Swaps will be available through a web browser via Wematch.live
MTS Swaps is designed to offer interest rate swaps dealers a range of benefits, including increased automation leading to enhanced efficiency and productivity, transparent electronic audit trails for reduced conduct risk, and improved trade protection features such as pre-trade price and size controls and auto-protect functionalities. In addition, the platform will help reduce IRS trading costs through a simple and transparent fee schedule that offers users the choice of ‘all-you-can-eat’ or ‘pay-per-trade’ fees.
According to Angelo Proni, CEO of MTS, Euronext Group, there has been a significant shift towards electronic trading in the interest rate swaps market since the introduction of new regulations, and MTS Swaps aims to combine MTS’s established network, regulated markets, connectivity, and rates franchise with Wematch’s flexible and agile technology to deliver a cutting-edge solution that prioritizes the trader’s needs.
The platform will leverage MTS’s vast network across Europe, which trades an average daily volume of over €160 billion, and Wematch’s technology to bolster the digitization of dealing workflows.
MTS’s regulated markets and MTFs connect to relevant post-trade systems including central clearing houses.
“Wematch is on a mission to empower financial institutions through digitisation. Our cross-asset platform is designed to serve dealers with ease and efficiency,” said Joesph Seroussi, chief executive and founder at Wematch.
“We remain committed to delivering robust and scalable alternatives to voice trading, and are thrilled to announce the launch of MTS Swaps by Wematch.live in partnership with MTS.”
Anna Lucarelli, European head of corporate and public sector rates sales ex DACH at Deutsche Bank, added: “We see clear value in this new proposition from MTS and Wematch, with the opportunity to accelerate dealing workflows and help firms to increase productivity and reduce costs.”
