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§ Private Profile · New York City, NY, USA
All-to-all US Treasury trading platform for all market participants, focused on the exchange-style trading of US Treasury bonds.
Direct Match has raised $9.0M across 2 funding rounds.
Key people at Direct Match.
Direct Match was founded in 2014 by Galen Simmons (Founder).
Direct Match has raised $9.0M in total across 2 funding rounds.
Based in New York City, Direct Match developed an all-to-all trading platform designed to facilitate exchange-style transactions for United States Treasury bonds among all market participants. The venture-backed financial technology startup secured approximately $9 million across two funding rounds to build its proprietary infrastructure and scale its operations to a team of 11 to 50 employees. Prior to its planned market debut, the company successfully secured onboarding commitments from more than 50 institutional clients to utilize the new electronic marketplace. However, the platform ultimately failed to launch after a critical clearing partnership with State Street Global Markets collapsed, prompting executive chairman William O'Brien, the former chief executive officer of Direct Edge, to explore strategic alternatives including a potential corporate sale. Direct Match was originally founded in late 2014 by Jim Greco and Kristi Neller.
Direct Match has raised $9.0M across 2 funding rounds. Most recently, it raised $6.0M Series A in January 2016.
Key people at Direct Match.
Direct Match was a venture-backed startup that developed the first all-to-all U.S. Treasury trading venue, creating a centralized limit order book (CLOB) where all market participants—dealers, principal trading firms, institutional investors, and others—could trade anonymously and directly with each other[4]. The platform aimed to enhance pre-trade and post-trade transparency and improve liquidity by enabling continuous two-sided quotes and anonymous matching, addressing inefficiencies in the traditionally dealer-centric Treasury market[4][5].
Founded by industry insiders with deep knowledge of Treasury market structure, Direct Match emerged to challenge the existing interdealer broker (IDB) platforms like BrokerTec and eSpeed (now part of Tradeweb), which historically limited access and liquidity to a subset of market participants[3][4]. By offering an all-to-all marketplace, Direct Match sought to democratize access, reduce trading frictions, and foster a more competitive and transparent secondary Treasury market[4].
Direct Match was founded by professionals with backgrounds in Treasury trading and market structure, motivated by the recognition that the U.S. Treasury secondary market was fragmented and dominated by dealer-to-dealer trading venues that restricted broader participation[3][4]. The idea arose from the need to create a truly open, anonymous, and electronic trading platform that could serve all participant types equally, including principal trading firms and institutional investors, not just dealers[4]. Early traction was challenged by resistance from incumbent players who controlled existing platforms and liquidity pools, leading to legal and market battles over the platform’s launch and acceptance[3].
Direct Match rode the wave of electronification and democratization of fixed income markets, particularly the U.S. Treasury market, which historically relied on voice brokers and dealer-centric platforms[1][4][5]. The timing was critical as regulatory reforms post-2008 financial crisis increased demand for transparency, central clearing, and electronic trading[5]. Market forces such as the rise of principal trading firms, algorithmic trading, and the need for better price discovery created fertile ground for an all-to-all venue[4][5]. Direct Match’s approach influenced the broader ecosystem by pushing incumbents to innovate and expand access, contributing to the evolution of Treasury market structure towards more open and efficient trading[3][4].
Although Direct Match faced significant competitive and regulatory challenges, its pioneering all-to-all model set a precedent for future Treasury trading platforms emphasizing inclusivity and transparency. Going forward, trends such as increased automation, regulatory emphasis on market resilience, and the growth of principal trading firms will continue to shape Treasury market venues. Platforms inspired by Direct Match’s model are likely to expand, integrating advanced technology and broader clearing solutions to further enhance liquidity and price discovery. The legacy of Direct Match underscores the ongoing transformation of fixed income markets towards more open, efficient, and technology-driven ecosystems.
This trajectory ties back to Direct Match’s original mission: to democratize access and improve the efficiency of U.S. Treasury trading through innovative electronic market design.
Direct Match was founded in 2014 by Galen Simmons (Founder).
Direct Match has raised $9.0M in total across 2 funding rounds.
Direct Match's investors include Angelic Ventures, Bain Capital Ventures, Bowery Capital, Zachary Bogue, Flex Capital, Frazier Healthcare Partners, David Krane, Khosla Ventures, QED Investors, Union Square Ventures, Dennis Crowley, Jim Pallotta.
