London-based Algomi is on a quest to help solve low levels of liquidity in the bond markets

 

By Tim Cave
November 17, 2016 

Algomi, a London-based fixed income startup, has appointed a co-founder of data giant IHS Markit to its board as it continues its quest to help solve low levels of liquidity in the bond markets.

Rony Grushka has joined Algomi with immediate effect, the company said in a statement on November 17.

Grushka was one of the five founders of Markit – the financial data company led by Lance Uggla that has proved to be one of the City’s great success stories, turning itself from startup into a $5 billion company in less than 15 years.

Grushka held roles such as global head of strategy and chief financial officer, before leading Markit’s flotation on Nasdaq in June 2014. He left the company soon after that IPO. Earlier this year, Markit merged with the Colorada-based data company IHS to form IHS Markit, a company worth more than $13 billion.

In joining Algomi, Grushka will now be offering his advice to another high-profile London startup.

Algomi, which was founded in June 2012 by three former UBS executives including Stu Taylor, provides software designed to help banks find matches for bond trades, by automatically scraping trade histories and new issuance records.

Its major clients include Deutsche Bank, HSBC and Nomura and it is also acting as the technology partner for exchange groups Six Swiss Exchange and Euronext, which are building corporate bond platforms.

It is one of a many initiatives designed to help investors overcome low liquidity in fixed-income markets as new capital rules have forced banks to retreat from the sector.

In March, Tom Glocer, who was the chief executive of Thomson Reuters from 2008 to 2012, became a strategic adviser to Algomi.

Grushka is also a board member of BondIT, a bond portfolio building platform and a governor of the London School of Economics.