Euronext Takes $10 Million Stake in Fixed-Income Tech Provider Algomi
Latest investment in London-based vendor follows $2.3 million licensing agreement in November last year to create joint venture to launch new pan-European bond multilateral trading facility.
Euronext’s minority stake in Algomi is aimed at increasing both the exchange operator’s presence in the fixed-income market and furthering the joint venture between the two organizations designed to increase the availability of pre-trade information through a collaborative approach between banking users through the establishment of a new pan-European multilateral trading facility (MTF).
The development of the new MTF will be undertaken by Algomi, which will supply an internally developed exchange-grade bond-matching solution to provide the functionality required for algorithmic smart matching to create an auction between dealers. Banks that have already deployed Algomi’s information-matching platform Synchronicity will automatically have access to the MTF after it launches.
Euronext will also seek to build out its global operations through the launch of a number of worldwide fixed-income venues; the firm is already undertaking the launch of an automated trading system in North America, in conjunction with partners in the Asia-Pacific region.
“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,” says Stéphane Boujnah, CEO of Euronext. “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.”
Algomi was established in 2012 with the goal of enhancing bond liquidity information availability for both the buy side and sell side. Its flagship Honeycomb network, winner of the Best Buy-Side Product category at the Buy-Side Technology Awards 2015, provides buy-side traders with information from sell-side participants on illiquid bonds and facilitates over-the-counter (OTC) trading, while reducing information leakage through anonymous indications of interest. The Honeycomb network currently hosts 240 buy-side firms and 18 banks.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Removal of Chevron spells t-r-o-u-b-l-e for the C-A-T
Citadel Securities and the American Securities Association are suing the SEC to limit the Consolidated Audit Trail, and their case may be aided by the removal of a key piece of the agency’s legislative power earlier this year.
After acquisitions, Exegy looks to consolidated offering for further gains
With Vela Trading Systems and Enyx now settled under one roof, the vendor’s strategy is to be a provider across the full trade lifecycle and flex its muscles in the world of FPGAs.
Enough with the ‘Bloomberg Killers’ already
Waters Wrap: Anthony interviews LSEG’s Dean Berry about the Workspace platform, and provides his own thoughts on how that platform and the Terminal have been portrayed over the last few months.
BofA deploys equities tech stack for e-FX
The bank is trying to get ahead of the pack with its new algo and e-FX offerings.
Pre- and post-trade TCA—why does it matter?
How CP+ powers TCA to deliver real-time insights and improve trade performance in complex markets.
Driving effective transaction cost analysis
How institutional investors can optimize their execution strategies through TCA, and the key role accurate benchmarks play in driving more effective TCA.
As NYSE moves toward overnight trading, can one ATS keep its lead?
An innovative approach to market data has helped Blue Ocean ATS become a back-end success story. But now it must contend with industry giants angling to take a piece of its pie.
BlackRock, BNY see T+1 success in industry collaboration, old frameworks
Industry testing and lessons from the last settlement change from T+3 to T+2 were some of the components that made the May transition run smoothly.
