Euroclear takes stake in Algomi

Euroclear takes stake in Algomi

Euroclear has made an undisclosed investment in fixed income liquidity matching firm 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.

Peter Golder, CEO of Euroclear Information Solutions says the investment will enable it to tap into the market for illiquid fixed income securities by providing clients with the ability to query bond holdings anonymously through Algomi's data aggregation service.

“Our investment in Algomi is driven by client demand to access untapped liquidity pools," he says. "This venture represents an opportunity to transform our data into an asset to increase transparency and provide a substantial boost for global fixed income markets.”

Euroclear joins earlier investors including stock exchange Euronext, asset manager AllianceBernstein and index provider S&P Global, alongside prominent angels Peter Glocer and Howard Edelstein.

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