Move to HTML5 allows Algomi to deploy software and roll out updates rapidly, responding to client needs and changing market conditions
Algomi, the network company providing information-matching solutions for the optimization of fixed income liquidity, today announced a partnership with OpenFin, the world’s first common operating layer for financial desktop applications.
Algomi will use OpenFin’s operating layer to deploy new versions of the firm’s Synchronicity Software as a Service (SaaS) solution for the sell-side and its Honeycomb solution for the buy-side.
Algomi built a new common framework using HTML5, which will underpin all of its applications going forward. Using OpenFin, Algomi will be able to deliver its software updates faster, more securely and with greater interoperability with a client’s existing technology. With OpenFin, applications can be updated from a common source rather than individual on every machine.
Usman Khan, CTO, Algomi said, “We are delighted to soon be running Algomi’s suite of solutions in OpenFin’s common operating layer – a move that will enable us to deploy our Honeycomb and Synchronicity products quickly and implement updates more efficiently. Technology in bond markets is changing faster than ever before and increasingly requires rapid and scalable software deployment across desktop applications. We are now entering a world in which capital markets technology providers can roll out software updates as frequently as technology companies update apps on smartphones. Being at the forefront of this evolution is a major part of our strategy.”
Mazy Dar, CEO and co-founder of OpenFin said, “At OpenFin, we help companies throughout the financial industry to ‘move fast’ and ‘break nothing’. Our operating environment gives change-resistant capital markets the ability to keep pace with the rapid innovation cycle that is emerging in the industry. We welcome Algomi to a group that includes dozens of the most well-known names in banking – including several of Algomi’s own clients.”
Backed by JP Morgan, DRW and NEX Group, OpenFin launched in 2010 and now works with 35 of the world’s largest banking institutions and trading platforms and is licensed across more than 100,000 desktops. The technology underpinning OpenFin is Google's Chromium engine, which runs on Windows, Mac and Linux and provides a highly secure, sandboxed environment.
The partnership with Algomi follows the integration of a SaaS solution on Algomi’s award winning sell-side engine, Synchronicity in 2016. Currently Algomi has over 240 buy-side and 18banks signed up, and services customers from offices in London, New York and Hong Kong.
Algomi connects fixed income professionals, empowering them to make better trading relationships, in the ever-changing landscape of capital, leverage and liquidity requirements. By harnessing the relationships between Fixed Income salespeople, traders and their clients, the Algomi Honeycomb suite of scalable software greatly increases the opportunities and velocity in large and illiquid voice trades between banks and buy side investors.
For banks, Algomi creates a real-time internal network of salespeople and traders, using their own data, external aggregators and other sources; enabling banks to identify the best trade opportunities and to generate efficient collaboration between traders, salespeople and a discreet dynamic connection to their universe of investor clients and interbank parties
For portfolio managers, execution desks and compliance teams, Algomi Honeycomb turns complex data systems into actionable knowledge, helping investors trade with increased speed and success. Honeycomb sets a new standard in the way dealers market to the buy-side, recognizing that their value is now derived from their distribution network not their balance sheet. This provides the buy side firm with a unique and powerful display of information on their portfolio. Honeycomb provides the data and market insight vital to selecting the right banks and the right time to trade. The investor is able to deal in size, seek best execution, and remain discreet in the market. Execution is voice based between investor and bank, as is appropriate for large sensitive trades.
Algomi was founded in 2012 by Stu Taylor (Former Global Head of Matched Principal Trading and creator of PIN-FI at UBS), Usman Khan and Robert Howes (Founders of CAPXD), and Michael Schmidt (Former Head of European Credit Trading and IB Board Member at UBS). Algomi is backed by investment from Lakestar, and an exceptional panel of Strategic Advisors. Algomi has 140 employees with offices in New York, London and Hong Kong.
Move fast. Break nothing. OpenFin is the financial industry's first common operating layer, enabling rapid and secure deployment, native experience and desktop interoperability. The world’s largest banks and trading platforms use OpenFin to deploy desktop applications both in-house, and to their buy-side and sell-side customers. OpenFin investors include Bain Capital Ventures, DRW Venture Capital, Euclid Opportunities, J.P. Morgan, Nyca Partners and Pivot Investment Partners among others. The company is based in New York with offices in London.
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