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Edelstein invests in Algomi

04 March 2014  |  5445 views  |  0 Howard Edelstein

Capital markets STP veteran and former chairman and CEO of BondDesk, Howard Edelstein has joined Algomi as a 'strategic advisor' and taken an equity stake in the two-year old fixed income liquidity discovery start-up.

Founded in 2012 by Stu Taylor, Robert Howes and Usman Khan, who previously worked on projects including UBS PIN network, and Deutsche Bank Autobahn, London-based Algomi opened an office in New York in January and now employs 55 staff globally. Michael Schmidt joined as chairman in early 2013.

The firm claims nine global bank clients for its Synchronicity Crossing Engine, which enables users to formally organise their bond trading inventory in a marketplace that also accommodates real voice inquiries.

Edelstein has enjoyed a long career at the front-line of the automated trading revolution, including stints at NYFIX, BT Radianz and Omgeo predecessor Thomson ESG. Through the end of October 2013, he was Chairman and CEO of BondDesk, the US bond e-trading venue for retail investors that was acquired by Tradeweb in September last year.

Algomi chairman Michael Schmidt says Edelstein's experience and contacts will be a valuable asset to the firm as it looks to expand its global footprint, particularly in the US.

Says Edelstein: "As banks progressively come under pressure from global regulations that require them to work their balance sheet harder, there needs to be a sea-change in their fixed income trading strategy. Algomi delivers a truly innovative approach to information management within a bank's global fixed income trading franchise that helps them operate more efficiently and cope with the regulatory environment while maintaining profitability."

The size of his investment was not disclosed.

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