NEW YORK--(BUSINESS WIRE)--Algomi, the network company providing information-matching solutions for the optimization of fixed income liquidity, today announced strong growth in its United States operations.
Algomi opened its American operation in 2013 after launching the previous year in London. The firm has recently moved to a larger space in Manhattan’s Union Square, with plans to triple staff in the next year. The firm will also be concurrently developing a new permanent headquarters, which is slated to open by the end of the year with a capacity for 75 employees.
Algomi’s growth has been fueled by high demand for its fixed income trading services, which allow all fixed income participants to better access the inventories inside their institutions and overall market liquidity. These solutions are increasingly important as the final Volcker rules come into place in 2015, which significantly limits the ability of broker-dealers to keep assets on their balance sheets. Algomi unlocks the full potential of the fixed income market through pioneering and pragmatic technology.
Algomi’s Honeycomb Network is aimed at both sellside and buyside firms. Algomi is live or being installed in 9 banks. The firm currently has more than 30 buy-side investor firms on-board, with a target to surpass 100 firms by mid-year.
“Our robust growth is a testament to the demand for our product and expert advice,” said Steve Gallagher, head of Algomi’s U.S. office. “Shrinking balance sheets and tighter margins, not to mention the idea of the end of near-zero interest rates in the United States, means the better communication and analysis of trading relationships is a must. We will continue to succeed in 2015 by helping our clients grow.”
"As the U.S. is the largest fixed income market and a key focus for Algomi, we are continuing our rapid growth and extensive investment to support our asset management and banking customers here," said Algomi co-founder and CEO Stu Taylor.
ABOUT ALGOMI LTD
Algomi creates the network that enables all market participants to securely and intelligently harness data to make valuable financial trading connections. By maximising the relationships between salespeople, traders and investors, the Algomi Honeycomb suite of scalable software greatly increases the opportunities and velocity in large and illiquid voice trades between banks and institutional investors.
For banks, Algomi Honeycomb creates both a real-time internal network of salespeople and traders, and a discrete dynamic connection to their universe of investor clients and interbank parties, using their own data, external aggregators and other sources. Honeycomb enables banks to identify the best trade opportunities and to generate efficient collaboration between traders, salespeople and their clients.
For portfolio managers, investor dealers and compliance teams, Honeycomb provides the data and market insight vital to selecting the right banks and the right time to trade. The investor is able to deal in size, seek best execution, and remain discrete in the market while the banks 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. Backed by investment from Lakestar and an exceptional panel of Strategic Advisors, the Algomi team has grown to 90 employees in offices in London and New York.