If 2024 was about building momentum, 2025 was the year Wematch stepped decisively into its next phase of maturity, delivering meaningful new capabilities, strengthening our core products, and deepening our role as a trusted, regulated trading venue for institutions across TRS, SBL, FRM, ETF finance and post-trade functions.
Across every part of our business, 2025 has been a year defined by launches, enhancements, regulatory progress, growth of the network effect, and sharp operational focus.
🔹 One-List / One-API Inventory
We brought sharper focus to the “Unified Inventory” story, highlighting how our single API provides clients with a simple, consolidated entry point into TRS, SBL and equity repo liquidity.
🔹 bTRF Launch with Eurex
A landmark milestone for us. We delivered a unified TRS ↔ bTRF workflow in collaboration with Eurex, giving clients a capital-efficient, clearing-compatible way to manage synthetic equity baskets across bilateral and exchange-listed markets. The solution brings together basket construction, pricing, negotiation, execution, hedging and post-trade synchronisation with Eurex T7 into one seamless digital process. It marks an important step in Wematch’s evolution as a platform operating at the intersection of OTC and listed equity financing.
🔹 Cashflow Reconciliation Module
We launched the next phase of our Cashflow tool, introducing automated matching, exception handling, and a shared, centralised record for both sides of the trade. Adoption is progressing well, with multiple TRS institutions now testing and incorporating the workflow into their reconciliation processes.
🔹 Synthetic ETF Workflow Enhancements
We continued to refine ETF-related lifecycle workflows as part of our broader enhancements to TRS lifecycle automation. These improvements help reduce operational friction for clients trading synthetic equity exposures and support more consistent handling of ETF-related lifecycle events.
🔹 Continued depth across SBL & TRS workflows
New structures, more pricing pathways, more availability types, and enhanced cross-asset workflows have strengthened our multi-product foundation.
🔹 Data & Contribution (D&C) Programme Maturity
D&C has grown into a valued market utility. With 26 active contributors, 40,000+ tradable quotes, 4,200+ mids and 27 structures supported, we’ve created a credible, trustworthy transparency layer in markets that have historically lacked visibility.
🔹 Indicative Mids Expansion
More mid-market signals fed into the platform, supporting price discovery, valuation checks, and risk teams globally.
🔹 Daily directional insights and heatmaps for key participants
Enhanced dashboards gave clients and internal teams a much clearer view of interest trends, liquidity pockets, and demand/supply imbalances.
🔹 Regulatory Positioning Strengthened with MTF and SB-SEF
Enhancements to our FCA-authorised MTF and progress toward SB-SEF registration strengthened the regulatory infrastructure clients rely on. These improvements simplify onboarding and execution, tighten record-keeping, reduce operational risk and provide institutions with a venue aligned to both UK and US supervisory expectations.
🔹 Role as a neutral, regulated price formation venue reinforced
With growing client activity and rising notional records, 2025 saw Wematch cement itself as a trusted environment for safe, transparent, auditable execution across asset classes.
🔹 Automated lifecycle events strengthened for TRS
Process automation for resets, corporate actions, and cash movements reduced operational friction for clients handling growing TRS volumes.
🔹 Shared record-keeping between both sides of the trade
A key differentiator: enabling both sides to see the same digital truth, dramatically reducing breaks and misalignments.
🔹 Cash Flow and lifecycle integration
The linkage between lifecycle events and cash movements is becoming a cornerstone of our value proposition as clients scale activity.
🔹 Record Ongoing Notional – $1.5 trillion and growing
We saw continued growth in ongoing notional with repeated new highs through the year, signalling trust, depth, and expanding adoption.
🔹 SBL Growth Story
Strong YoY gains in SBL traded notional, monthly momentum and liquidity loaded; Wematch’s SBL product is now a clear, credible liquidity destination globally.
🔹 Expansion of contributing and trading institutions
More desks using the platform across front office, middle office, risk, and valuations, all benefiting from a single, regulated digital workflow.
🔹 Shaping Industry Dialogue at Global Events
We engaged directly with clients, regulators and market participants at events hosted by (among others) ISLA, ISLA Americas, CASLA and PASLA, as well as winning the SFT’s Trading System of the Year. These discussions allowed us to share product insights, listen to evolving market needs, and help shape conversations around transparency, lifecycle efficiency and regulated digital execution.
🔹 Deepening Partnerships with Key Market Institutions
Our collaboration with organisations such as ISLA Connects and Eurex continued to mature, spanning data initiatives, product development and regulatory alignment. These partnerships supported clients with clearer standards, more interoperable workflows, and stronger cross-market consistency.
A platform continuing to gain depth, sophistication and institutional trust.
We finish 2025 with stronger products, deeper client engagement, a more connected global network and a clearer, more resonant market identity. These foundations position us to enter 2026 with greater focus, sharper measurement and the ability to scale impact across regions and asset classes.
