Algomi, a network company providing information-matching solutions for the optimisation of fixed income liquidity, says a 100th buy-side firm has committed to its Honeycomb network globally.
The 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 goes on to say it 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.
Alongside the 100 buy-side firms, 11 major banks have either installed or are installing the network and a further 120 buy-side firms are in contract negotiations, it says.
“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 network since May is indicative of the liquidity problems that global credit markets face, he says.
The company made the 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 says its 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.
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Century up for Honeycomb
Algomi, a network company providing information-matching solutions for the optimisation of fixed income liquidity, says a 100th buy-side firm has committed to its Honeycomb network globally.
Century up for Honeycomb
Algomi, a network company providing information-matching solutions for the optimisation of fixed income liquidity, says a 100th buy-side firm has committed to its Honeycomb network globally.
Alongside the 100 buy-side firms, 11 major banks have either installed or are installing the network and a further 120 buy-side firms are in contract negotiations, it says.
“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 network since May is indicative of the liquidity problems that global credit markets face, he says.
The company made the 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 says its 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.
Posted at 10:53 AM in News & Comment | Permalink