LONDON & NEW YORK--(BUSINESS WIRE)--Algomi, the network company providing information-matching solutions for the optimisation of fixed income liquidity, has announced the roll-out of its award winning sell-side engine, Synchronicity, as a Software as a Service (SaaS) solution.
Synchronicity SaaS has been developed in collaboration with leading banks to enable improved liquidity in the global corporate bond markets for the widest possible group of dealers. It delivers an actionable Virtual Balance SheetTM and the same range of features available on the installed version of the platform, and connectivity with buy-side clients through Algomi’s Honeycomb network.
The SaaS solution helps banks overcome the challenges typically faced when adopting new technology, transforming the time to market and lowering the cost of on-boarding, with no capital investment. On-boarding can be completed within approximately four weeks and will not be limited by existing internal technology infrastructure at the bank. Each bank is on a separate encrypted server stack managed by Algomi to meet the standards prescribed under ISO 27002, with multiple levels of redundancy, on a secure scalable service hosted by Amazon.
In parallel to the SaaS roll-out, all Honeycomb network participants will now have access to open source FIX connectivity. This allows the benefits of FIX as a common standard to be harnessed, but ensures that sensitive and confidential pre-trade data exchange between client and dealer is still respected. Banks will be able to distribute their axes, prices and other pre-trade data via FIX to buy side customers, and the customers will be able to view this data in the context of their portfolios and easily respond with their Indication of Interests via FIX. Algomi will facilitate data attribution for both the buy and sell sides.
Usman Khan, Algomi co-founder and CTO commented, “These developments are further proof of how Algomi is continuing to bring real innovation to fixed income markets for both the sell-side and buy-side. The SaaS solution greatly lowers the time required for on-boarding, reducing the time to market. This, coupled with the greatly reduced requirement for internal resources, means that Synchronicity SaaS removes the challenges of technology adoption, while enabling banks to maximise their effectiveness in the market. Our customers will also now be able to have true bi-directional FIX connectivity in a secure and confidential way that goes beyond the simple point-to-point connection provided by FIX alone.”
The Synchronicity platform, which was originally launched in 2012, intelligently matches disparate sales and trading information with the salespeople and traders associated with that data within a bank via a customisable crossing engine. Information is matched in real-time to ensure that all relevant information is presented for each execution opportunity. This includes reference data, IOIs, sales coverage, client portfolios, trades, live prices as well as voice and electronic inquiries. Under MAD/MAR and MiFID II, Synchronicity is well placed to help banks meet their compliance obligations including pre and post trade transparency requirements. Encrypted Data is retained securely for 10 years using Amazon Glacier to meet Compliance and Legal requirements.
“Synchronicity has brought velocity to the global bond markets for the major dealers and buy-side firms that we’re already working with, markets which have been burdened by liquidity problems. Developing our Synchronicity engine as a SaaS offering has compelling operational and financial benefits, and is able to meet both unique business requirements and assist with the new regulatory requirements that the banking sector faces, for the widest possible range of sell-side institutions.” said Usman Khan.
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Notes to Editors
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 network of salespeople and traders, using their own data, external aggregators and other sources; enabling banks to identify the best trade opportunities and to generate efficient collaboration between traders, salespeople and a discreet dynamic connection to their universe of investor clients and interbank parties
For portfolio managers, execution desks and compliance teams, Algomi Honeycomb turns complex data systems into actionable knowledge, helping investors trade with increased speed and success. Honeycomb sets a new standard in the way dealers market to the buy side, recognizing that their value is now derived from their distribution network not their balance sheet. This provides the buy side firm with a unique and powerful display of information on their portfolio. 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 discreet in the market. 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. email@example.com