Direct Match LLC

About Direct Match LLC

Direct Match LLC was established in 2014 as a financial software company with the goal of creating a more transparent trading venue for U.S. Treasuries. The firm was founded by Jim Greco, an experienced developer of rates trading technology and market infrastructure who had previously developed Getco's U.S. Treasuries market-making business. His background in developing trading systems directly informed the company's core offering.

The company's primary product was an all-to-all, anonymous central limit order book (CLOB) platform. This electronic system was designed to allow buy-side customers, such as asset managers and institutional investors, to trade U.S. Treasuries directly with each other, aiming to provide better access to liquidity and improve the cost of execution. The business model was centered on facilitating these trades through its proprietary front-end platform.

Based in New York, Direct Match secured $8.48 million in funding from investors including Canaan Partners, Compound (New York), and IA Ventures. Despite its promising model, the platform encountered difficulties in gaining the necessary support from sell-side firms. The venture ultimately did not achieve a full launch after a key partner withdrew its support. In December 2016, Direct Match was acquired by OpenBondX, marking the end of its journey as an independent entity.