Algomi, the network company providing information-matching solutions for the optimization of fixed income liquidity, today announced strong growth in its United States operations.
Algomi opened its American operation in 2013 after launching the previous year in London. The firm has recently moved to a larger space in Manhattan’s Union Square, with plans to triple staff in the next year. The firm will also be concurrently developing a new permanent headquarters, which is slated to open by the end of the year with a capacity for 75 employees.
Algomi’s growth has been fueled by high demand for its fixed income trading services, which allow all fixed income participants to better access the inventories inside their institutions and overall market liquidity. These solutions are increasingly important as the final Volcker rules come into place in 2015, which significantly limits the ability of broker-dealers to keep assets on their balance sheets. Algomi unlocks the full potential of the fixed income market through pioneering and pragmatic technology.
Algomi’s Honeycomb Network is aimed at both sellside and buyside firms. Algomi is live or being installed in 9 banks. The firm currently has more than 30 buy-side investor firms on-board, with a target to surpass 100 firms by mid-year.
“Our robust growth is a testament to the demand for our product and expert advice,” said Steve Gallagher, head of Algomi’s U.S. office. “Shrinking balance sheets and tighter margins, not to mention the idea of the end of near-zero interest rates in the United States, means the better communication and analysis of trading relationships is a must. We will continue to succeed in 2015 by helping our clients grow.”
"As the U.S. is the largest fixed income market and a key focus for Algomi, we are continuing our rapid growth and extensive investment to support our asset management and banking customers here," said Algomi co-founder and CEO Stu Taylor.