MTS, Euronext’s electronic fixed income platform, has partnered with Wematch, a fintech specialist in digitising buy- and sell-side processes, to launch MTS Swaps by Wematch.live, “a web-based interdealer trading venue for the Interest Rate Swaps (IRS) market”.
MTS Swaps makes voice trading workflows digital and is described as a bridge between legacy voice trading models and pure electronic alternatives. It features negotiating capabilities such as options to “meet in the middle” or “upsize”. On launch, the platform has interdealer order book functionality and will add dealer-to-client request for quote (RFQ) later this year.
MTS Swaps is expected to contribute to MTS’s daily trade volume, which averages €160 billion. The platform’s launch follows Euronext’s acquisition of the technology businesses behind MTS, from payment systems provider Nexi, in a deal finalised late last year.