LONDON /PRNewswire/
-- Algomi, the network company providing information-matching
solutions for the optimisation of fixed income liquidity, today
announced its 100th buy-side
firm has committed to its Honeycomb network globally.
Algomi's
Honeycomb Network allows investment firms to see which dealer is
best placed to facilitate illiquid corporate bond trades without
disturbing the markets and having the price move against them.
Algomi is continuing to add asset management, pension fund,
sovereign wealth fund, endowment and hedge fund clients from
offices inNew
York, London and Hong
Kong, and client support and sales in Chicago, San
Francisco, and Boston.
More firms are
coming online each week. Alongside the 100 buy-side firms, a swift
increase in the 50 buy-side firms that had signed on
by May
2015, 11 major banks have either installed or installing the
Honeycomb network. An additional 120 buy-side firms are in contract
negotiations.
"The rapid uptake
of the buy-side to the Honeycomb network demonstrates that there is
an increasing need for more efficiency in voice corporate bond
trading," said Algomi co-founder and CEO Stu
Taylor. "Doubling the number of firms on the Honeycomb
network in such a short period of time is indicative of the
liquidity problems that global credit markets face, and is
testament to our robust sales process and technology teams that are
onboarding the firms, enabling the buy-side to access the
information that helps make illiquid trades happen."
The company made
the Honeycomb network available to the sell-side in the spring of
2014, and buy-side firms started to join towards the end of the
year. 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.
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), and Michael
Schmidt (Former Head of European Credit Trading and IB
Board Member at UBS). Algomi is backed by investment from Lakestar,
and an exceptional panel of Strategic Advisors. Algomi has over 140
employees with offices in New
York, London and Hong
Kong, and client support and sales in Chicago, San
Francisco, and Boston. [email protected]
https://www.facebook.com/AlgomiLtd
https://www.linkedin.com/company/algomi-ltd
https://twitter.com/Algomi_Ltd
http://www.algomi.com
PRESS
CONTACTS:
Charlie
Morrow / Cognito Europe
Jon
Schubin / Cognito US
Tim
Williamson / Cognito APAC
[email protected]
Cognito
Asia
+65-6221-7310