Wematch.live
Wematch.live team
17 June 2025
David Raccat, co-founder and chief revenue officer, David Culshaw, global head of fixed income, Anne Taeib, chief product officer, and Grant Davies, head of equity sales and coverage, EMEA at Wematch.live discuss how the firm鈥檚 move to consolidate positions into a unified, real-time inventory pool
Image: Wematch.live
In a period of rapid structural change across the financial markets, the securities finance industry is under increasing pressure to adapt. Fragmented liquidity, evolving regulations, and the growing influence of buy side participants are reshaping how firms operate.
Now more than ever, the industry needs flexibility with an infrastructure that allows desks to optimise across product types, access liquidity more efficiently, and unlock value wherever it resides.
Since 2017, Wematch has been building a platform designed precisely for this environment: one that creates liquidity bridges across total return swaps (TRS), securities borrowing and lending (SBL), and collateral upgrade/downgrade (FRM). We are the only globally regulated platform offering this breadth, and our mission is clear: to empower our clients to move beyond product silos, and manage positions 鈥� not just lists of individual interests.
A unified gateway to liquidity
In today鈥檚 markets, sell side and buy side firms alike are constrained, not only by regulations and operational friction, but by the very structure of the market itself. Trading desks are often forced to operate within specific product lines, such as physical lending or synthetic financing, limiting their ability to optimise funding, balance sheet usage, and counterparty exposure.
Wematch was created to change that.
From day one, our platform was built with cross-product flexibility in mind. As early as 2017, clients could already execute both TRS and SBL on Wematch. The firm did not tack on products later, it architected the platform to be product-agnostic from the start. Today, we continue to expand on that vision by offering connectivity to cleared TRS structures, basket of total return futures (BTRFs), and deeper post-trade capabilities.
The result? A single entry point to manage liquidity, regardless of whether a firm wants to engage in synthetic financing, physical lending, or cleared structures. This is the future of securities finance: liquidity-led, not product-bound.
Real results, tangible impact
Our growth metrics reflect the success of this strategy.
In TRS, Wematch continues to lead the market in natural matching. In May alone, we facilitated US$10.4 billion in TRS naturals new trades 鈥� an increase of over 40 per cent year-on-year. Clients increasingly rely on our matching engine not only to find the right counterparties, but to improve capital efficiency by quickly and easily identifying natural liquidity.
On the SBL front, Wematch has firmly established itself as the only globally regulated alternative platform in the market. Our European network continues to see strong adoption, while our expansion into APAC is now live, supported by a growing regional team to drive local engagement.
In North America, we are reinforcing our presence with two key additions to our US coverage team, positioning us for accelerated growth across all core markets. Clients increasingly recognise the value of accessing and routing liquidity through a single, regulated, cross-product platform 鈥� one that delivers both reach and flexibility.
A global, regulated advantage
The ability to bridge liquidity across structures only matters if you can do so safely, and that is where Wematch鈥檚 regulatory footprint comes into play.
We are proud to operate as a globally regulated entity; we view regulation not as a burden, but as a strategic asset that underpins trust, transparency, and long-term growth. That status is not a marketing claim; it is a foundation for trust and scalability.
In an environment where regulatory scrutiny is intensifying, especially around non-bank financial institutions and principal trading models, firms need platforms that understand the rules across jurisdictions and can facilitate compliant trading across borders.
Our global regulatory approvals underpin the integrity of our entire offering. Whether firms are trading in Europe, Asia, or the Americas, they can do so on Wematch with confidence.
From trading to post-trade: Building more bridges
Liquidity is only part of the picture. The real cost of doing business in securities finance often lies in the complexity of post-trade operations: term sheet negotiation, cash flow reconciliation, and lifecycle management.
That is why we are extending our liquidity bridges into post-trade. Our term sheet and confirmation tools provide transparency and auditability for every event. These tools are already being adopted by a growing number of clients looking to streamline post-trade workflows and reduce operational risk.
Our platform also helps clients better assess the trade-offs between different structures. For example, some may find synthetic trades more balance-sheet efficient, while others may prefer cleared transactions to optimise margin or counterparty exposure. With Wematch, firms can compare these options in real time, selecting the structure that best aligns with their objectives and internal constraints.
This flexibility is particularly important for the buy side. Many firms do not engage daily in every product we offer, but having access to the full toolkit when needed is a clear competitive advantage.
In that sense, Wematch is not just a trading platform; it is an optimisation engine.
New TRS connectivity with Eurex
Wematch is also expanding its product connectivity through the integration of cleared TRS via BTRF, in partnership with Eurex.
This development marks another key liquidity bridge, enabling clients to route trades into a centrally cleared environment while retaining the benefits of our intuitive negotiation and matching interface.
By offering access to Eurex鈥檚 BTRF, we are helping market participants optimise balance sheet usage, benefit from cross-margining, manage counterparty risk, and meet growing regulatory expectations around clearing. For clients seeking greater optionality across synthetic and cleared structures, this is a powerful extension of our cross-product model.
Data as a strategic asset
Our data product offering is also evolving rapidly. Through increased participation in our Data & Contribution (D&C) sessions, clients are beginning to see how market-observable data can transform TRS trading and valuation strategies.
Risk teams use our data to benchmark TRS exposures. Valuation control groups leverage it to support fair value determinations. Trading desks use it to understand real-time activity in otherwise opaque markets.
The growing scale and richness of our data is a direct result of our community-led approach. By engaging our user base and building tools that add immediate value, we have created a flywheel effect: more usage drives better data, which in turn creates more opportunity.
A platform built for 鈥榳hat鈥檚 next?鈥�
As market structures evolve and trading desks become more cross-product in nature, the need for seamless integration between liquidity sources will only grow. At Wematch, we are not reacting to this change; we have been anticipating it for years.
The ability to direct liquidity through the optimal structure 鈥� be it synthetic, physical, or cleared 鈥� is no longer a 鈥榥ice-to-have鈥�. It is fast becoming the standard for desks seeking to remain competitive and compliant in an increasingly complex environment.
What sets Wematch apart is that we are already there. Our platform is mature, our products are proven, and our global network is expanding.
We do not mind whether clients trade TRS, SBL, or cleared products every day. What matters is that when they need to act, the bridge is there. And it works.
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