Wematch.live: securities-finance trading and lifecycle workflows

Wematch.live provides institutional securities-finance trading and workflow technology. It connects banks, brokers, prime-services teams, asset managers and other professional participants across total return swaps, securities borrowing and lending, equity repo and related financing activity. Its published remit is institutional; it does not provide retail investment accounts or automated trading services for individuals.[2]

The service combines matching and negotiation with trade-lifecycle tools. The US description also distinguishes regulated venue services from standalone post-trade and communication solutions. That distinction matters when specifying whether a firm needs access to an execution venue, operational software for existing trades, or a combination of the two.[14]

The Data and Contribution service collects observable, tradable quotations in scheduled sessions and produces TRS funding-curve information, historical quote and trade data, and configurable API outputs. These are inputs to valuation and analysis. The product’s discussion of FRTB does not establish that a bank’s use of the data automatically satisfies a particular capital-model requirement.[8]

The trading modules are delivered as web-based SaaS, with live APIs connecting clients’ own systems. Wematch describes bespoke manual or API integration and a common platform update process. Connectivity should be scoped around the institution’s chosen workflows, data fields and system responsibilities rather than assumed to replace its whole trading architecture.[3][1]

FRM integration can ingest inventory and recall lists manually or through APIs and return customised booking templates by email or API. This provides a concrete link between optimisation and the institution’s booking process. The same configuration must preserve the applicable trade constraints when inventory or collateral changes.[5]

The TRS cash-flow service combines the matching, lifecycle and collateral modules with corporate-action data. Reconciliation therefore depends on agreement between the imported book, the subsequent lifecycle events and the calculation inputs. Its automation is useful for locating differences, but the public product description does not establish that all external records will always reconcile without exception.[6]

Wematch announced the go-live of its Eurex basket total return futures workflow on 26 November 2025. The published integration connects basket construction, pricing and negotiation with Eurex T7 synchronisation, linking bilateral TRS work with an exchange-traded alternative. The announcement describes potential margin and capital benefits; the actual result depends on the relevant positions and clearing arrangements.[9]

The UK MTF publishes a tariff effective 1 July 2026. Selected recurring charges follow; transaction and RFQ charges, waivers and negotiated arrangements also apply.[10]

The tariff mentions quarterly subscription notice but also effectiveness at the notice month’s end. Confirm this inconsistency before committing.[10]

The UK membership terms provide for monthly invoicing and payment within 30 days, with fees excluding applicable taxes. They permit fee increases on at least 30 days’ notice and ordinary agreement termination on at least 30 days’ written notice. Agreement termination and a product-subscription opt-out are distinct provisions.[11]

US pricing should be established separately. Wematch’s March 2026 US filing concerns an amendment to its SBSEF rate card and requests confidential treatment of commercially sensitive information. The accessible extraction did not expose complete numerical rates, so this profile does not apply UK prices to the US entity.[16]

The UK rulebook requires membership approval, compliance due diligence, appropriate professional-client or eligible-counterparty classification, and adequate financial, operational and settlement capacity. It also specifies technical and connectivity requirements. Access is therefore an institutional admission process, with the necessary agreements and counterparty arrangements established before trading.[12]

Wematch’s FAQ describes integration with internal booking, risk and post-trade processes, with options varying by client infrastructure. A practical implementation plan should identify which system owns the trade, inventory and lifecycle records and how exceptions reach operations. The public material does not provide a universal deployment timetable.[2]

The Sales to Trader module supports imported trades, client RFQs and active or passive lifecycle oversight through live APIs. Firms selecting this module should align user permissions with the actual division between client-facing sales staff and the desk responsible for execution and ongoing risk.[7]

The UK rulebook includes functional and technical training proportionate to a member’s needs and an organisation administrator responsible for authorised-user access. The public US operating page publishes trading hours of 7:00 a.m. to 4:00 p.m. Eastern Time, Monday through Friday. Trading hours should not be treated as a group-wide support-response commitment.[12][15]

The business-continuity summary covers the US broker-dealer and describes recovery procedures, record protection, operational restoration and stakeholder communications. IT recovery is supported by Wematch.live R&D Ltd. This is a description of continuity planning, not a published contractual recovery-time or uptime guarantee.[20]

Wematch identifies Wematch.live FS Ltd, company number 14144354, as its UK MTF operator and states FCA reference 1019144. Its published operator MIC is WMFS, with WMSW for TRS and WMSL for securities lending and repo. These are provider-published details; the FCA register did not expose a usable firm-level permissions record in this review.[13]

For the United States, the inspected FINRA report identifies Wematch.live LLC, CRD322944 and SEC number 8-71007, with approved SEC and FINRA registrations. It states that the firm does not hold customer funds or securities and does not provide clearing services for other broker-dealers.[17]

The SEC’s order of 29 January 2025 expressly includes Wematch.live LLC among the applicants granted security-based swap execution facility registration. The SEC’s current filings page, updated in September 2026, also lists its 2026 rule amendments as effective. These findings concern the named US entity and activity.[18][19]

The UK rulebook makes members responsible for bilateral settlement and their open TRS lifecycle events; Wematch is not a party to their bilateral agreement and does not hold member assets. Workflow automation therefore does not transfer the counterparty’s settlement obligations to the platform.[12]

The regulatory FAQ gives a specific reporting service: the UK MTF reports reportable TRS executed by members outside UK MiFIR’s scope, excluding repo and SBL from that described RTS22 process. This is narrower than taking over every reporting obligation of every member.[13]

Wematch’s company history dates its founding to 2017. Its contact page lists a presence in London, New York, Paris, Tel Aviv and Hong Kong. Regional contracting and venue arrangements matter more than an office address when determining which service a client is buying.[22][21]

The US FINRA report identifies Wematch.Support US Inc. as the direct owner of Wematch.live LLC and Wematch.live R&D Ltd. as an indirect owner. The French platform disclosure separately names Market Securities (France) SA as an operator of Wematch technology; that disclosure does not establish ownership by Wematch.[17][1]

On 2 September 2026, Apax announced an investment intended to make the Apax Digital Funds Wematch’s majority shareholder after completion. The announcement expected completion in the fourth quarter, subject to regulatory approvals, with strategic investors and management remaining invested. No later primary completion confirmation was located for this review, so the transaction remains described as pending.[23]

Operator

Wematch group; UK MTF: Wematch.live FS Ltd; US: Wematch.live LLC

Service scope

Institutional securities-finance matching, negotiation, lifecycle management and data services; venue and standalone software scope varies by entity.

Customer types

Banks; Brokers; Prime-services teams; Asset managers; Institutional counterparties

Delivery

SaaS; API

Pricing publication

Public and quoted pricing

Platforms

TRS; Securities Lending; FRM Optimiser; Sales to Trader; TRS Cash Flow Management; Data and Contribution

Integrations

Live APIs to client systems; Eurex T7 basket futures workflow

Pricing scope

Published UK MTF subscription and transaction schedule; regional agreements and bespoke services require separate commercial confirmation.

Implementation

Web-based modules, live API connectivity and institutional membership onboarding; no universal delivery timetable is published.

Support

Public contact form and US enquiry email; member training is described, without a universal published response-time SLA.

Permissions and regulatory scope

US broker-dealer registration and SBSEF grant matched to primary regulatory evidence. UK MTF details are provider-published; no firm-level FCA permission verification is claimed.

Provider metadata checked 21 Oct 2026Source 1Source 2Source 3Source 14Source 13Source 15Source 12Source 17Source 18Source 19Source 21Source 9

The UK membership terms limit liability, subject to their stated exceptions, to fees paid or payable in the quarter in which the claim arises. They also contain exclusions for specified losses and do not guarantee the service’s accuracy, completeness or fitness for a particular purpose. These contractual provisions should be considered alongside the product pages’ automation and efficiency claims.[11]

The Data and Contribution product provides session-derived information and configurable historical outputs. Access to a dataset and permission to redistribute it are separate questions; an institution building downstream analytics or client reports should establish its permitted use under the applicable data and membership agreements.[8]