Algomi Wins Most Innovative Trading Product
London, 21 October, 2014 – Algomi, the network company providing information-matching solutions for the optimisation of fixed income liquidity, has won the “Most Innovative Trading Product/Service” category at this year’s Financial News Awards in Trading & Technology.
Algomi employees collected the award at the gala dinner in London’s Victoria & Albert Museum on Wednesday 15 October, where they joined 300 other guests and nominees for the main categories.
This award reflects two years of impressive growth for Algomi. Launched in 2012, Algomi’s solutions to plug into banks’ fixed income trading desks to help optimise their businesses against a regulatory backdrop that places severe constraints on balance sheets. Algomi is live or being installed in 9 banks, and will open its network to the buyside later this year.
The Financial News awards are independent and fee-free. The editors draw on a combination of anecdotal information from analysts, sellside and buyside firms, exchanges, clearing houses and industry experts, combined with empirical data, to draw up the shortlist. The shortlist is then voted on by an independent panel of more than 50 judges comprising established industry veterans and experts. Judges score each shortlisted entrant out of five.
“This award is testament to the Algomi’s valuable market proposition and the grit and determination of employees who worked tirelessly to build it into the successful company that it is today,” said Michael Schmidt, Chairman. “We created Algomi to help the markets adapt in a post-financial crisis world mired by illiquidity. Our solutions are already helping the sellside organise their fixed income businesses, and soon we hope to bring this to other market participants.”
Stu Taylor, CEO, added, “There has been a huge business-model shift for banks from a risk business to a broking business. We’re about enabling the voice salespeople to be much more efficient with their time and focus on the trades that really count. Winning this award demonstrates the relevance and potential that Algomi has for fixed income trading globally.”