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Bailey McCann, Opalesque New York: A host of new platforms for trading fixed income have come to market in recent years as traders and investors search for signs of life in their fixed income portfolios. However, widespread adoption has been limited.
One provider - Algomi, has built its offering on data mining from the sell-side itself as well as pricing providers like Interactive Data. That information is then visualized within Algomi's Honeycomb network, which provides data back out to would-be players in the market. To date, the company has signed on 100 asset managers, and is on pace to sign 100 more by the end of the year.
The company was founded by a group of former UBS bond traders and is backed by an investment from Lakestar. "We aren't a trading platform, what we are trying to solve for is poor pre-trade information management. We specialize in providing information to traders in terms of which broker to call for a specific transaction," explains Steve Gallagher, head of Algomi US in an interview with Opalesque.
Honeycomb works on a firehose of data from the biggest brokers, and other specialist providers. That firehose contains a range of information about how the brokers are doing business, and data providers show evaluated prices on things like high-yield and investment-grade US and European corporate bonds. Traders are able to get a view into how those brokers have fared on recent and similar transactions without facing adverse p...................... To view our full article Click here
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