LONDON & NEW YORK--(BUSINESS WIRE)--Algomi, the network company providing information-matching solutions for the optimisation of fixed income liquidity, today names Tom Glocer, former CEO of Thomson Reuters, as a Strategic Advisor. The company also announces the appointment of Howard Edelstein to the board, after serving two years as a Strategic Advisor. Edelstein is the former Chairman and CEO of BondDesk Group and is an investor in Algomi. Glocer has also made an investment in the business.
Algomi’s innovative approach to addressing scarce liquidity in corporate bond markets has led to its success in attracting buy and sell-side firms to its Honeycomb network. Honeycomb helps banks create a virtual balance sheet based on actual bond data – including trade information, enquiries, and holdings – and lets buyside firms see this validated virtual balance sheet at the banks. This information and distribution insight is not available anywhere else.
Currently, Algomi has over 160 buyside and 15 banks signed up to the Honeycomb Network, and services customers from its offices in London, New York and Hong Kong.
Following a long executive career at Reuters, Glocer drove the formation of Thomson Reuters in 2008, where he became CEO. He stepped down in 2012 and is now Managing Partner of Angelic Ventures, a family office focusing on early stage investments in FinTech, media, big data and healthcare. He is a director of Morgan Stanley, Merck & Co., Inc., K2 Intelligence, the Council on Foreign Relations and a member of numerous boards, including Symphony, the secure, cloud-based communications service.
Edelstein is the current Chairman of REDI Holdings, the former Goldman Sachs Group trading technology enterprise, which is a position he has held since 2014. Prior to joining REDI, Edelstein served as CEO of BondDesk, a leading electronic bond trading venue for retail investors, overseeing the sale of the firm to Tradeweb in 2013. He also currently holds positions as an advisor to BT Radianz and serves on the Boards of research data company, Alacra and collateral management firm, AcadiaSoft.
“Tom has joined us at a time of tremendous growth and development. His involvement is further recognition of the strength and potential of our digital offering to the fixed income markets,” commented Michael Schmidt, Chairman, Algomi. “We are also delighted to appoint Howard to our board, following his strong support of Algomi for the past two years in his role as a Strategic Advisor. Howard brings an unparalleled expertise and enthusiasm for the industry, boasting 30 years’ experience in financial technology.”
“We’re empowering our customers by giving them more actionable intelligence on the data they already hold within their businesses,” said Stu Taylor, CEO of Algomi. “Tom’s experience with Thomson Reuters and his track record of working with other successful financial services businesses will be invaluable for us as we continue to develop our offering.”
Tom Glocer commented: “Fixed income markets continue to suffer from a lack of liquidity. This will only worsen as capital requirements bite. Algomi’s approach of creating a bank balance-sheet based on actual data, and virtualising the assets in the market is fascinating and I’m looking forward to working closely with them.”
“Financial markets have been forced to operate differently since the financial crisis and Algomi offers a compelling new solution that has never been seen before,” added Howard Edelstein. “I’ve been working closely with Algomi for two years and believe the company delivers a second-to-none approach to a bank’s fixed income trading desks.”
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 140 employees with offices in New York, London and Hong Kong. sales@algomi.com
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