LONDON, Oct. 23, 2015 /PRNewswire/ -- Algomi, the network company providing information-matching solutions for the optimisation of fixed income liquidity, has won the "Most Innovative Trading Product/Service" category, for the second consecutive year, at this year's Financial News Awards in Trading & Technology.
This award reflects rapid global growth and expansion working with buy-side firms. 140 buy-side firms have committed to Algomi's Honeycomb network globally, and Algomi is live or being installed in 14 banks. The 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 in New York, London and Hong Kong, and client support and sales in Chicago, San Francisco, and Boston.
Algomi employees collected the award at the gala dinner in London's Victoria & Albert Museum on Wednesday 21 October, where they joined 300 other guests and nominees, from across the European trading and technology community.
The Financial News awards are independent and fee-free. The editors draw on a combination of anecdotal information from analysts, sell-side and buy-side firms, exchanges, clearing houses and industry experts, combined with empirical data, to draw up the shortlist. The shortlist is then voted on by an independent panel of industry practitioners, comprising established industry veterans and experts. Judges score each shortlisted entrant and the winner is determined by the nominee with the highest percentage from the accumulated scores.
"The speed at which buy-side firms have signed up to the Honeycomb network since it was opened up to the buy-side in December 2014, demonstrates that there is a clear need for a solution to help solve the liquidity problem that global credit markets face," said Michael Schmidt, Algomi Chairman. "We have more than doubled the number of buy-side firms on the Honeycomb network in the last six months, and we hope to continue on-boarding firms, enabling the buy-side to access the information that helps make illiquid trades happen."
Stu Taylor, CEO added: "The reception from the buy-side has been fantastic, as has the support from the Algomi team that have been working tirelessly to on-board firms and work with them through this process. It is an honour to receive this award for the second year running, and validates the significance and potential that Algomi has for fixed income trading globally."
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. sales@algomi.com
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About Financial News
Financial News is the leading source of news and analysis for the European asset management and investment banking industry. With a dedicated team of sector specialists covering investment banking, asset management, pensions, hedge funds, wealth management, private equity, technology and trading, Financial News delivers exclusive news, in-depth analysis and commentary via print, online, mobile and tablet to a senior audience across the industry.
