28 March 2017
visit nextgenbanking.co.uk

Euronext and Algomi to build corporate bond trading network

03 November 2016  |  3072 views  |  0 Group of arrows with one odd pointing other direction

Euronext is to invest $2.3 million to create a joint venture company with fixed income technology outfit Algomi aimed at improving liquidity discovery in pan-European corporate bond trading.

The JV will license Algomi’s technology on a pan-European exclusive basis to a newly established multilateral trading facility (MTF) owned and operated by Euronext.

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.

Under the agreement with Euronext, dealers will be able to access the trading interface either directly through their existing Algomi implementation or through their stand-alone systems. The platform will use algorithmic smart matching processes to create an auction between dealers to improve liquidity and search for best execution.

Euronext says the JV will link banks and investors in a collaborative network which creates a centralised market place, improving liquidity matching in an opaque market where most deals are still completed on the telephone.

Paul Humphrey, head of fixed-income, rates & FX at Euronext, comments: “Banks are under increasing pressure to de-risk balance sheet and hold less bond inventory. This platform will create huge network effects that will assist multi-located global sales and trading teams to identify the most profitable trades from the “market noise."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

SBI Securities and IBM test blockchain for bond trading system

SBI Securities and IBM test blockchain for bond trading system

21 October 2016  |  7907 views  |  0 comments | 9 tweets | 5 linkedin
R3 banks use Intel distributed ledger technology for bond trading

R3 banks use Intel distributed ledger technology for bond trading

26 September 2016  |  7031 views  |  1 comments | 16 tweets | 10 linkedin
Former Thomson Reuters chief Glocer invests in Algomi

Former Thomson Reuters chief Glocer invests in Algomi

10 March 2016  |  6139 views  |  0 comments | 1 tweets | 2 linkedin
Pre-trade fixed income utility Neptune goes live

Pre-trade fixed income utility Neptune goes live

07 August 2015  |  6560 views  |  0 comments | 6 tweets | 4 linkedin
Deutsche Börse-backed bond trading startup closes after 3 months

Deutsche Börse-backed bond trading startup closes after 3 months

23 July 2015  |  3959 views  |  0 comments | 3 tweets | 1 linkedin
European government bond trading goes electronic

European government bond trading goes electronic

26 March 2015  |  4462 views  |  0 comments | 3 tweets | 5 linkedin
Electronic trading in corporate bond market on the up

Electronic trading in corporate bond market on the up

16 September 2014  |  5632 views  |  0 comments | 9 tweets | 7 linkedin
Liquidnet moves into fixed income market through Vega-Chi acquisition

Liquidnet moves into fixed income market through Vega-Chi acquisition

18 March 2014  |  4166 views  |  0 comments | 6 tweets | 3 linkedin
MTS agrees Bonds.com acquisition

MTS agrees Bonds.com acquisition

06 March 2014  |  4230 views  |  0 comments | 1 linkedin
Edelstein invests in Algomi

Edelstein invests in Algomi

04 March 2014  |  5530 views  |  0 comments | 3 tweets | 1 linkedin
Nyse Euronext testing MTF for European corporate bonds

Nyse Euronext testing MTF for European corporate bonds

13 January 2011  |  8460 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit abe-eba.eu

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57667 views comments | 17 tweets | 36 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
11303 views comments | 47 tweets | 28 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
11177 views comments | 33 tweets | 44 linkedin
hands typing furiouslyTwo key technologies driving Machine Learn...
7979 views 0 | 15 tweets | 3 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job