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Algomi, the provider of information-matching solutions to optimise fixed income liquidity, has named former Chairman and CEO of BondDesk Group Howard Edelstein as a Strategic Advisor, effective immediately. Edelstein has also made an investment in the company.
Since its London launch in 2012, Algomi has enjoyed sustained growth. A New York office was opened in January 2014, and the firm now has over 55 employees globally. Algomi allows dealers to centrally organise, process and distribute its liquidity flows, so that trade opportunities are prioritised and pushed to the appropriate salespeople on a per trade basis. This allows firms to service trades in a strategic and coordinated effort, delivering the best balance sheet visibility.
Nine global banks have now implemented or are implementing Algomi’s Synchronicity Crossing Engine, its solution that allows users to formerly organise their bond trading inventory, and was recently named as a “Top 10 Company to Watch in London” by Hot Topics, a technology networking community. Last year Celent named Algomi as one of eight great technologies in fixed income that you should care about.
Mr Edelstein has devoted a large portion of his professional career to driving efficiencies through automation around the trading process across market sectors. Through the end of October 2013, he was Chairman and CEO of BondDesk, the US bond e-trading venue for retail investors.
Previously, Mr Edelstein was President and CEO of NYFIX, Inc., a transaction processing and broker-dealer service provider that he turned around and eventually sold to NYSE Euronext in 2009. Prior to that, Edelstein had been President and CEO at market infrastructure provider Radianz, leading the firm to its successful sale to British Telecom. In the late 1990s, under Mr Edelstein’s leadership, Thomson Financial ESG became the first commercial entity to provide U.S. trade confirmation services before merging with the Depository Trust and Clearing Corp. (DTCC) to create OMGEO, the industry utility for securities processing.
Michael Schmidt, Chairman, Algomi, commented: “Having a business leader like Howard join us is a real testament to the innovation, design and momentum behind Algomi. With his expertise and knowledge of global bond markets, banks’ trading operations, and also his understanding of bond investors and client bases, Howard’s guidance is going to be valuable as we continue to expand our offering and develop our global footprint, particularly in the US.”
Howard Edelstein, Strategic Advisor, Algomi, added: “As banks progressively come under pressure from global regulations that require them to work their balance sheet harder, there needs to be a sea-change in their fixed income trading strategy. Algomi delivers a truly innovative approach to information management within a bank’s global fixed income trading franchise that helps them operate more efficiently and cope with the regulatory environment while maintaining profitability. I’m looking forward to working with the team and helping them to further develop their offering.”
Mr Edelstein also currently serves on various other boards including Alacra and AcadiaSoft.
