Web-based matching and negotiation platform Wematch is feeling bullish about having conducted what it says is a market-first electronic EUREX/LCH basis swap trade and Landesbank Baden-Württemberg (LBBW).
Wematch claimed no other firm offers electronic EUREX/LCH basis swap sale. The company’s tool is described by Wematch as enabling traders to easily manage their clearing house risk and could give complete control over orders and confidentiality and at a significantly lower cost than voice-based or hybrid trading pathways.
“Wematch is delighted to announce the first electronically negotiated EUREX/LCH basis trade between LBBW Stuttgart and Societe Generale,” Joseph Seroussi, co-founder and co-CEO at Wematch. “At Wematch, we pride ourselves on being directed by our clients in growth of the platform.
“Since the launch of Wematch, six months ago, we have delivered 3mth/6mth Basis Curve and Flies, EONIA/EURIBOR Basis, Gadget Swaps and now EUREX/LCH basis. Wematch has seen a rapid rise in the number of banks on the platform, with 18 currently onboarded. Wematch is a non-hybrid, pure electronic negotiating platform, allowing traders complete control over their prices in the market at a fraction of the cost of conventional IDBs.”
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