Former Thomson Reuters chief Glocer invests in Algomi

Former Thomson Reuters chief Glocer invests in Algomi

Former Thomson Reuters CEO Tom Glocer has invested in, and become a strategic advisor to, fixed income liquidity discovery start-up Algomi.

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 has over 160 buyside and 15 banks signed up to its Honeycomb Network.

The 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.

Glocer stepped down from Thomson Reuters in 2012 and is now a managing partner at Angelic Ventures as well as a board member at a host of firms, including Bloomberg rival Symphony.

Says Glocer: "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."

Meanwhile Howard Edelstein has joined the Algomi board. Edelstein, the chairman of Redi Holdings and a former BondDesk CEO, invested in Algomi in 2014.

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