In recent news, Algomi has decided to review the legal requirements of their products and services. Algomi, expressed they are committed to offering their clients updated legal considerations in order to ensure the best possible use of their products and services”.

The nature of the trading business and the way their platforms work, entails trusting them with the most valuable elements of your trading data. Their General Counsel, Amanda Dominick, works in close collaboration with all the companies in their network and their lawyers to ensure the best outcome possible. Algomi stats “we value your privacy and take this responsibility very seriously”.

Licensing matters

An essential part of any agreement between their company and other parties, is how their software is certified for use and what warrants each party receives. Data protection is a fascinating yet intricate area of international law, which needs constant development in order to comply with rapidly developing financial technology.

Their experienced lawyers have therefore written two articles entitled ‘Warranties and Indemnities in software licence agreements’ and ‘Key issues in software licence agreements’. Both encapsulate the latest trends and considerations in software licences offered by Algomi. A summary of these articles are featured in the Algomi news section of their website. You can also access both articles through the subscription website LexisNexis.

The first article reviews the main legal and commercial issues that can arise between businesses when drafting and negotiating warranties and indemnities related to standard software licences, as well as more complex arrangements between two or more parties.

The second article looks into major considerations in drafting and negotiating software contracts. More specifically, themes such as identifying the software and its performance specifications, agreeing on ownership of intellectual property and determining the parties’ respective responsibilities and liabilities.

For most people, a software license invokes images of the legal requirements you must read before using a custom-made software package. But licenses come in a variety of forms. Generally, a software license is a legally-binding agreement that specifies the use and reallocation of software among different parties. Algomi are trying to make this process as straightforward as possible for their users.

In recent Algomi news, they announced that the company has been included in the prestigious TechTour list of the 50 most technologically advanced online financial businesses for 2017. Currency Cloud, LendInvest, nutmeg, Kreditech, Calastone and Acturis are some of the other Fintech companies that made the list this year.

About TechTour

Established in 1998, TechTour brings together various entrepreneurs from across the world through the organisation of events and online matching platforms between innovative Fintech companies and investors.

Each year, TechTour partners with Silverpeak Investment Bank and targeted investors from all over the world, to evaluate and give awards to over 275 European private technology companies, most of which have at least one US investor.

And here’s the great news – Algomi was included in the list for the second year in a row. Algomi is an example of a highly successful Fintech company, which has proven that great technology can transcend geographical borders.

For 2017, the selection committee was led by Jean-Michel Deligny, Managing Partner of Silverpeak Investment Banking. Other judges included 18 international venture capital firms, advisers and experts who ranked companies based on their achievement, influence and current impetus.

Jean-Michel Deligny elaborated on the selection process: “We combine the quantitative rigour of using multiple data sources for valuation, sales growth and financing with the qualitative insight of a selection committee of leading investors and advisers in order to come up with the list of great European tech companies beyond unicorns, in fact, we specifically excluded unicorns.”

He went on to say that: “Given the quality of the selection committee and the rigour of the process, the TechTour Growth 50 is now cemented as the reference tool for all those interested in up and coming European tech companies. Each year our work is becoming more difficult as there is a growing number of great European companies. It is, of course, a very nice problem to have and explains the growing appeal of the TechTour Growth Forum as the place to meet great late-stage European tech companies.”

Here at Algomi, we are delighted to be part of the TechTour Growth 50 network for another year and we are committed to continually improving our services.

In recent news, Algomi CEO and co-founder, Stu Taylor, has been included in the prominent Institutional Investor Trading Tech 40 for the third year in a row. This year, he occupied the 29th position among many influential market magnates. Stu’s nomination is founded in his important role in the fast and effective growth of Algomi, as well as the introduction of the innovative Honeycomb network.

All about Stu

Before co-founding Algomi, Stu Taylor was Managing Director, Global Head of Matched Principal Trading in Fixed Income at UBS, a Swiss global financial services company. In 2010 he introduced UBS PIN–FI, the first Fixed Income model at a global investment bank to cover bonds and CDS.

He has also held various positions both at UBS and Merrill Lynch, in addition to having served as a board member of Tradeweb and of Baymarkets, both trading systems for financial markets internationally. Stu Taylor also holds an MPhil in management studies and industrial economics from the UK’s Cambridge University.

Trading Tech 40

Institutional Investor’s Trading Technology 40 distinguishes the people behind successful Fintech companies, who build and maintain systems, react to augmented regulation and acquiescence and stay in the frontline of the latest trading advances with cutting edge technology.

The Trading Technology 40 winners are selected each year by the editors of Institutional Investor, taking into account external recommendations as well as the opinions of trade experts. Criteria for leadership include – but are not limited to – major career accomplishments, contributions to individual companies as well as the trade industry in general. Quite a few Trading Technology 40 frontrunners have remained in the list for consecutive years while alternating rankings.

International recognition

Here at Algomi, news of Stu’s continued presence in the Trading Tech 40 is something we are very proud of. We are all committed to constantly innovating the way the buy-side and sell-side trade fixed incomes interchange.

Further confirmation of Algomi’s status as a leading Fintech network came in November 2016, when Euronext announced a partnership with Algomi capitalised by the former with a $10 million strategic stake in order to expand to North America and Asia. This venture will make Algomi’s technology accessible to new international markets.

In recent news, Algomi has received a $10 million strategic investment from Euronext, a European stock exchange. The investment, which will be in the form of a Joint Venture between both companies, will enable corporate bond traders to access Algomi’s bond information network, Honeycomb, globally and avoid risk efficiently by identifying the most suitable counterparty.

This joint venture also includes collaborating with local connections and other partners to deliver access to the market on an international level. As part of this project, Euronext aims to establish Automated Trading System (ATS) in North America.

Paul Humphrey, head of fixed income, rates and FX at Euronext, will join Algomi as part of this venture. With this move, Euronext aims to expand its presence in the fixed income space. Stéphane Boujnah, CEO of Euronext, commented that Algomi’s innovative technology, combined with Euronext’s establishment in the market, “will enable us to further diversify our revenues and capture selected opportunities arising outside of Europe.”

About Algomi

Algomi is a leading Fintech company based in London. It 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 has developed two highly successful online tools, Honeycomb and Synchronicity, which enable all market participants to have access to data in order to make valuable trading connections safely and efficiently.

About Euronext

Euronext is a leading European stock exchange with offices in Amsterdam, Brussels, London, Lisbon and Paris. Euronext includes almost 1300 listed issuers and is worth almost €3.3 trillion in market capitalisation. Euronext has a flourishing international clientele.

With the exception of cash and derivatives markets, the Euronext group offers listing market data, market solutions, custody as well as settlement services. Its aggregate product offering contains equities, exchange traded funds, warrants and certificates, bonds, derivatives, commodities and indices, among others. Euronext also provides technology and financial management services to companies.

For Algomi, news such as this is very positive, as this coalition will strengthen the position of both companies in the market.

Algomi is collaborating with IPC Systems, a leading global financial markets technology and service provider, to deliver an exciting new application, DealCall. The innovative application will be incorporated into both Algomi’s award-winning Honeycomb network and IPC’s community of financial market participants, allowing Honeycomb users to connect to both of them.

They are working alongside IPC to allow unified communication for buy-side users of the Honeycomb application. With DealCall, users will be able to connect to the sales coverage teams of their choice at their respective banks. This is exciting news. Algomi customers will be able to enjoy the benefits of DealCall, which will bring together a big community of market participants from IPC and all of Algomi’s applications.

“We are very excited to be collaborating with Algomi,” stated Neil Barua, CEO of IPC. “The successful implementation of DealCall on the IPC Financial Markets Cloud means Honeycomb network participants can work with their counterparts on large sensitive trades in an efficient and secure manner”.

IPC

IPC is a leading company in global financial markets. Among its many services, IPC anticipates change and solves problems, setting the standard with industry expertise, outstanding service, and innovative technology. The company evolves around its customers and their individual needs. Through customer care, long-developed capability and concentrating on community, IPC provides efficient ways for customers to adapt to the rapidly changing requirements of advanced data networks around global financial markets.

Algomi news

Algomi was established in 2012 by Stu Taylor, Usman Khan, Robert Howes and Michael Schmidt. Today their team includes 120 employees with offices in London, New York and Hong Kong. Algomi provides a bond information network that enables all market participants to have access to various types of data in order to trade successfully. Algomi’s innovative technology allows individuals and firms to achieve their requirements, for both sides of the financial market.

They continue to grow and expect to reach 300 clients in the near future, subject to the successful implementation of DealCall, which will make voice trading more accessible than ever. Given that IPC has approximately 6,000 financial clients as well, they expect that the DealCall feature of Honeycomb will appeal to a significant number of firms in the bond market.

At Algomi, we aren’t the only ones that think our Honeycomb network is great. At Water Technology’s Buy-Side Technology Awards, Honeycomb was named ‘Product of the Year 2015’ and awarded ‘Best Buy-Side Newcomer’. In the rapidly changing environment of bond trading, Algomi’s innovative technology allows investors to satisfy their financial needs, for both sides of the market. In recent years, we have grown to include over 140 employees with offices in London, New York and Hong Kong. At the same time over 240 buy-side firms and more than 17 banks have connected to the Honeycomb network.

Algomi news on Honeycomb

Honeycomb is a unique tool that enables buy-side firms to have access to market intelligence without having to rely on phone calls. Honeycomb turns complex or abstract market data into actionable knowledge, thus helping investors trade with improved speed and effectiveness. Since its introduction, Honeycomb has set a new standard for dealing.

Honeycomb brings together a whole new aspect of market intelligence, namely understanding bank distribution capability. This innovative software displays the investor’s portfolio and scheduled dealings, allowing the investor to have access to information shared with them from various sell-side firms, without revealing their intentions until they are ready to bid.

Award-winning

The award for Honeycomb was presented to Usman Khan, Algomi co-founder and CEO, at a ceremony in London. He commented: “Honeycomb is an investor’s eyes and ears onto the world’s trading floors, connecting insight from inside the banks that is not available anywhere else. Only sophisticated technology is able to connect investors and salespeople without a ripple in the market. Algomi is the single solution on the market able to do this. It is an honour to receive this award and validation to the Algomi team that has been working relentlessly to develop the technology for our client’s needs.”

Winning this award is big on the Algomi news front, since the Buy-Side Technology Awards unanimously recognised the industry’s leading digital technologies. However it’s also big news for all Algomi clients as well as those seeking a solution for more effective and efficient trading.

We’re continuing to expand our clients and services across the globe, with client support and sales now in Chicago, San Francisco, and Boston.

Algomi was established in 2012 in London as a digital information network allowing investors and banks to interact with each other. Our first product, Synchronicity, was created for dealer banks and involves capturing all the abstract data circulating across the trading room. This way, new enquiries and orders can be assembled and focussed towards the right salespeople. This gives them a better chance at matching up customers anywhere in the world.

Award-winning Honeycomb, on the other hand, is a buy-side service that gives users direct access to the distribution capabilities of banks on the Algomi network. These digital platforms have revolutionised digital financial trading due to the much lower demands placed on bank or investor technology.

Rony Grushka

Algomi is constantly on the lookout for innovation and improved agility. We’re always enhancing our technology and attracting new clients. This is made possible by our continued investment in new ideas and people. Recent Algomi news sees Rony Grushka joining our ranks. A financial manager and co-founder of the Markit Group, Rony has joined the board of Algomi as a Non-Executive Director.

The Markit Group is an information and analysis company for businesses, in which Rony as co-founder played a major role in transforming into one of the world’s best financial information companies. Throughout his career at Markit, he assumed the roles of the Global Head of Corporate Strategy, CFO, membership of the Executive Management Committee and Secretary to the Board of Directors. He has accounting and finance degrees from LSE and Tel Aviv University and is also a Governor at LSE.

Michael Schidmt on this Algomi news

Chairman of Algomi, Michael Schmidt, shared his thoughts on this great news: “Algomi’s ability to give our customers an insight into their data is unrivalled. Nobody knows the data business, and the correct path to follow when dealing with sensitive information in OTC markets, better than Rony. We are honoured to have him join the board of Algomi and look forward to receiving Rony’s guidance as we develop the next stage of our strategy, building on our recent success launching our SaaS version of Synchronicity to the sell-side.”

Founded in 2012, London-based Algomi provides information-matching solutions for the optimisation of fixed income liquidity. Now with over 240 buy-side clients and at least 17 banks in the Honeycomb network, Algomi continues to grow. Honeycomb helps banks create a virtual balance sheet based on actual bond data, such as trade information, enquiries, and holdings. It also allows buy-side firms to have access to this authorised virtual balance sheet.

Working with Euronext

Algomi has revolutionised data circulation in the bond market. We are delighted to push further ahead with this revolution with recent Algomi news of our partnership with Euronext. Euronext is to invest 2.3 million dollars in order to create a joint venture company with Algomi directed at refining liquidity detection in pan-European corporate bond trading.

If you are part of the Honeycomb network, under the agreement with Euronext, you will be able to access this interface directly through your existing Algomi application. The virtual platform will employ complex algorithms to improve liquidity and search for the best possible implementation. This ambitious venture will connect banks and investors under a joint network, where deals can be completed online.

What both sides have to say

Stu Taylor, co-Founder and CEO of Algomi stated on Algomi news: “We are delighted to be working with such a significant market player as Euronext, who have already proven themselves to be highly nimble and forward thinking in this field. The long-term relationship is evidence of the commitment by both sides to improving the European corporate bond market.”

Stéphane Boujnah, CEO of Euronext said: “The creation of this platform will ultimately diversify Euronext’s offering, with further key synergies in technology and market data to be explored jointly with Algomi. This initiative, alongside our broader ambitions in FICC, fits with Euronext’s ‘Agility for Growth’ strategy of capturing innovative opportunities arising from the market environment, accelerating growth through strategic partnerships, enhancing agility and strengthening its core offering to finance the real economy.”

At Algomi, we are committed to unlocking the full potential of the fixed income market through inventive digital technology. Partnership with Euronext will create huge network effects and help banks and investors recognise the most profitable trades from mere ‘market noise’.

Algomi Honeycomb has been named as ‘Product of the Year; and awarded ‘Best Buy-Side Newcomer’, at this year’s Buy-Side Technology Awards from Waters Technology.

Presented to Algomi for its Honeycomb network, which now has 140 buy-side firms committed and 14 banks live or being installed. Honeycomb is the only solution on the market that delivers buy-side firms with a unique and powerful display of information on their portfolio. For portfolio managers, it turns complex data systems into actionable knowledge, helping investors trade with increased speed and success. Honeycomb sets the new standard in the way dealers market to the buy-side.

Honeycomb introduces a new dimension of data, namely insight into bank distribution capability. Honeycomb displays the investor’s portfolio and planned transactions in a visually engaging, informative and intuitive form, by allowing the investor to view information shared with them from multiple sell side firms, without revealing their intentions until they are ready to open a communication channel.

Usman Khan, Algomi co-founder and CTO collected the award in London, and commented: “Honeycomb is an investor’s eyes and ears onto the world’s trading floors, connecting insight from inside the banks that is not available anywhere else. Only sophisticated technology is able to connect investors and salespeople without a ripple in the market. Algomi is the single solution on the market able to do this. It is an honour to receive this award and validation to the Algomi team that has been working relentlessly to develop the technology for our client’s needs.”

“Technology has a clear role to play in how well the complex bond market functions. It’s exciting to see such a rapid take-up of Honeycomb in buy-side firms. The speed that buy-side firms have committed to the Honeycomb network is a strong indication of the vitality of the data and market insight that it provides, meaning that all complex and fragmented data can be put to good use”, added Rob Howes, CIO and co-founder.

The Buy-Side Technology Awards recognise the industry’s leading technologies and vendors, voted for by five buy-side focused technology consultants and two of Buy-Side Technology’s editors. The ‘Product of the Year’ award was independently awarded to Algomi following consideration of all shortlisted companies across all 29 categories.

Algomi is continuously adding 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.

 

For more Algomi News visit our homepage.

Algomi, the provider of information-matching solutions for fixed income liquidity, has named 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 Honeycomb network 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.

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.”

 

For more Algomi News click here.