NEW YORK /PRNewswire/ -- Algomi, the network company providing information-matching solutions for the optimization of fixed income liquidity, today announced that more than 50 buy-side firms are committed to its Honeycomb network globally.
Algomi's Honeycomb Network allows investment firms to see which dealer is best placed to facilitate illiquid bond trades without disturbing the markets and having the price move against them. The company soft-launched Honeycomb to the sell-side in the spring of 2014, and buy-side firms started to join the network towards the end of the year.
Algomi continues to add hedge fund, asset management, pension fund, sovereign wealth fund and endowment clients from offices in New York, London and Hong Kong, and client support and sales in Chicago, San Francisco, and Boston. To date there are now 10 banks installed or installing the Honeycomb network and 50 buy-side firms, with more coming online each week.
"We've gone from a small start-up to a global company, working with many of the largest names in banking and asset management in under three years," said Algomi co-founder and CEO Stu Taylor. "The reason for this is the recognition that voice fixed-income trading can be more efficient. With Algomi's technology and network, firms now have access to information that helps to make illiquid trades actually happen."
Algomi's growth stems from changing market conditions in the fixed income market, driven by regulation stipulating that banks are now unable to warehouse the risk associated with illiquid bonds on their balance sheets.
"Algomi is innovating the way the buy-side and sell-side trade fixed income securities, all while showing the overwhelming importance and dominant value of voice trading by empowering sales and trading operations," said Howard Edelstein, a strategic advisor to Algomi and long-time investor in financial technology companies. "For every investment firm already on the platform, there are many others who will come to benefit from being part of the Honeycomb network."
ABOUT ALGOMI LTD
Algomi connects fixed income professionals, empowering them to make better trading relationships, in the ever-changing landscape of capital, leverage and liquidity requirements. By harnessing the relationships between Fixed Income salespeople, traders and their clients, the Algomi Honeycomb suite of scalable software greatly increases the opportunities and velocity in large and illiquid voice trades between banks and buy side investors.
For banks, Algomi creates a real time internal sales and trading bond information network using their own data to identify the best trade opportunities and enables real-time collaborations between sales, traders and investors. This delivers more effective execution of less liquid bonds and integrates with Algomi Honeycomb. For investor firms, Algomi Honeycomb becomes their eyes and ears on the world's trading floors. Providing the data and market insight vital to select the right dealers and the right timing of the trade to ensure maximum likelihood of execution. The investor is able to deal in size, achieve Best Execution, and remain discrete in the market while banks get to use their large distribution network. Execution is voice based between investor and bank, as is appropriate for large sensitive trades.
Algomi was founded in 2012 by Stu Taylor (Former Global Head of Matched Principal Trading and creator of PIN-FI at UBS), Usman Khan and Robert Howes (Founders of CAPXD). Michael Schmidt (Former Head of European Credit Trading and IB Board Member at UBS) joined as Chairman in 2013. Algomi is backed by investment from Lakestar, and an exceptional panel of Strategic Advisors. Algomi has over 120 employees with offices in New York, London and Hong Kong, and client support and sales in Chicago, San Francisco, and Boston.[email protected]
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