Wematch appoints new chair
07 November 2019 London
Image: Shutterstock
Wematch has selected former-Citi senior executive Jack Jeffery as the new chair of its board as part of plans to expand the benefits of electronic trading’s auditing and transparency to traders across capital markets.
Wematch is a global multi-asset-class, web-based matching and negotiation platform that aims to provide software-as-a-service technology to transform how traders match, negotiate and manage trades.
Its service cuts costs and enhances the orderly execution of processes for traders, enabling seamless settlement, according to Wematch.
The new chair, who most recently served as global head of foreign exchange at Citi, has around 35 years of financial markets experience, which Joseph Seroussi, Wematch’s co-CEO, said will be “invaluable” for this new initiative.
In the span of his career, Jeffery has been CEO at electronic fixed income platform MTS and also at EBS, the spot FX electronic broking platform.
Jeffrey has also previously served on the Bank of England and the US Federal Reserve Foreign Exchange committees.
According to Wematch, 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 percent of structured products and 80 percent of FX derivatives are still transacted by voice.
Serossi explained: “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.”
In Jeffrey, Wematch expect that this will help up the benefits of electronic trading, and his new appointment follows its recent funding round, which saw users of Wematch including J.P. Morgan and Société Générale invest in fintech.
There are now 40 banks and more than 750 traders using Wematch’s platform, with more currently onboarding, Wematch revealed.
Jeffrey commented: “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.”
He continued: “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.”
Wematch is a global multi-asset-class, web-based matching and negotiation platform that aims to provide software-as-a-service technology to transform how traders match, negotiate and manage trades.
Its service cuts costs and enhances the orderly execution of processes for traders, enabling seamless settlement, according to Wematch.
The new chair, who most recently served as global head of foreign exchange at Citi, has around 35 years of financial markets experience, which Joseph Seroussi, Wematch’s co-CEO, said will be “invaluable” for this new initiative.
In the span of his career, Jeffery has been CEO at electronic fixed income platform MTS and also at EBS, the spot FX electronic broking platform.
Jeffrey has also previously served on the Bank of England and the US Federal Reserve Foreign Exchange committees.
According to Wematch, 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 percent of structured products and 80 percent of FX derivatives are still transacted by voice.
Serossi explained: “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.”
In Jeffrey, Wematch expect that this will help up the benefits of electronic trading, and his new appointment follows its recent funding round, which saw users of Wematch including J.P. Morgan and Société Générale invest in fintech.
There are now 40 banks and more than 750 traders using Wematch’s platform, with more currently onboarding, Wematch revealed.
Jeffrey commented: “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.”
He continued: “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.”
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