Wematch, the global multi-asset-class, web-based matching and negotiation platform, has appointed Jack Jeffery as Chairman of its Board.
With more than 35 years’ experience in financial markets, Jack was previously CEO at electronic fixed income platform MTS and also at EBS, the spot FX electronic broking platform. Jack served 11 years at Citigroup, where he was Global Head of FX options.
Jack has previously served on the Bank of England and US Federal Reserve Foreign Exchange committees and his appointment follows Wematch’s recent funding round, which saw banking titans J.P. Morgan and Société Générale - both users of Wematch - invest in the fintech. There are now 40 banks and more than 750 traders using Wematch’s platform, with more currently onboarding.
Wematch provides technology to transform how traders match, negotiate and manage trades. This brings the audit and control benefits of electronic tools to trading, delivered as web-based software-as-a-service technology. This significantly cuts costs and, enhances the orderly execution of processes for traders, enabling seamless settlement.
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% of structured products and 80% of FX derivatives are still transacted by voice. To put it into context, the interest rate swaps market is worth $2.1 trillion a day, with more than 70% of that business handled by phone negotiation.
Jack Jeffery, Chairman of Wematch, said: “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. 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.
“Having built my career bringing electronic innovation to the capital markets, I am thrilled to be part of a team that is leading such a profound transformation in the market.”
Joseph Seroussi, co-CEO of Wematch, said: “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. Jack Jeffery’s experience will be invaluable to Wematch as we work to bring the benefits of electronic trading’s auditing and transparency to traders across capital markets.”
Gregory Mimoun, co-CEO of Wematch, said: “Jack has an impeccable track record of steering technical innovation across multiple asset classes which have benefited those markets enormously.
“His appointment is a significant vote of confidence in our technology and our business. We are delighted to welcome him to Wematch as we move to the next exciting chapter in our vision to transform trading markets.”