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Euronext furthers fixed income ambitions with $10 million stake in Algomi

03 March 2017  |  5429 views  |  0 buy and sell button

Euronext has upped its investment in fixed income technology outfit Algomi, spending $10 million on a minority stake in the business and expanding its planned European joint venture globally.

In November last year, Euronext announced a $2.3 million investment in Algomi to create a joint venture aimed at improving liquidity discovery in pan-European corporate bond trading.

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 new deal, Euronext says its existing pan-European partnership will be expanded globally to launch a new network of fixed income venues. This will entail working closely with regional exchanges to open up market access points, an effort which is already underway in North America, where Euronext is looking to establish an Automated Trading System, and via discussions with partners in Apac.

The idea is to create a network of centralised information venues, turning disparate data into trade opportunities between counterparties yet maintaining the current client-to-dealer market structure.

Stéphane Boujnah, CEO of Euronext says the joint venture will enable the exchange operator to diversify its revenue stream and capture opportunities outside of Europe.

"This partnership with Algomi is central to our fixed-income ambitions and our wider FICC diversification plans as part of our ‘Agility for Growth’ plan," he says. "As a strategic investor taking a board seat, we will be in a strong position to oversee the successful growth of the business, and consolidate future trading activity globally.”

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