Algomi Honeycomb has been named as ‘Trading Technology Product of the Year for the Buy-Side”, at this year’s Risk Magazine Awards, for the second consecutive year.
Algomi Honeycomb is the only solution on the market that delivers buy-side firms with a unique and powerful display of information on their portfolio, which now has 150 buy-side firms committed and 14 banks live or being installed. For investors, it turns complex data into actionable knowledge, helping them trade with increased speed and success. Over the past year, Honeycomb has been scaling significantly reaching the key buy-side market players, with one-third of buy-side Honeycomb users US companies.
Honeycomb introduces a new dimension of data, namely insight into bank distribution capability. Honeycomb displays the investor’s portfolio and planned transactions in a visually engaging, informative and intuitive form, by allowing the investor to view information shared with them from multiple sell side firms, without revealing their intentions until they are ready to open a communication channel.
“We are starting to reach new heights with Honeycomb and now have significant reach to key buy-side market players that traditionally have large bond holdings in their portfolios,” said Stu Taylor, CEO, Algomi. “Banks are finding that even where they don't have live inventory on balance sheet they do have hard data on recent distribution. This virtual balance sheet is allowing banks using Honeycomb to present a 12 fold increase in bond availability, versus live inventory and axes alone. Buy-side clients are directly benefiting from this, and are rewarding this extra data with a massive increase in volume towards those dealers - in some cases a 400% increase in volume is now being reported.”
“The speed that buy-side firms have committed to the Honeycomb network is a strong indication of the quality of the data and market insight that it provides. We’ve found that in 95pc of all inquiries on Honeycomb, we’ve been able to uncover at least one piece of information about that bond, actionable information that wouldn’t otherwise be visible. Algomi is the only solution on the market that is able to connect investors and salespeople around this information, without causing a ripple in the market. It is truly an honour to win this award for the second consecutive year, and receive the industry recognition that accompanies it,” added Michael Schmidt, Chairman of Algomi.
The Risk Awards are independent and fee-free. Designed to recognise best practice and the work of firms and individuals in the derivatives markets and risk management, each company pitched its story for consideration. Looking for innovation and creativity, one-to-one interviews were conducted by Risk Magazine editors with the shortlisted companies, before a panel of editors and writers voted on the winners.
The Risk Awards ceremony took place on 27 January, 2016 at The Brewery in London.