Interactive Data to Provide Evaluated Pricing Data to Algomi's Honeycomb Network
Interactive Data's Fixed Income Evaluated Pricing Will Provide Algomi Honeycomb Clients with Pre-Trade Transparency and Price Discovery
NEW YORK, July 7, 2015 /PRNewswire/ -- Interactive Data, a leading, trusted provider of fixed-income evaluated pricing, today announced that it will provide hourly snaps from its continuous evaluated pricing feed to Algomi Honeycomb ("Algomi"). Interactive Data will provide evaluated prices to the Honeycomb platform for high-yield and investment-grade US and European corporate bonds. The data will be available to help Algomi buy-side clients to achieve increased pre-trade transparency and price discovery.
"Our goal is to give our clients the ability to access pre-trade price data which can be used to help facilitate trades in increasingly illiquid markets," said Usman Khan, Chief Technology Officer and co-founder, Algomi. "Our Honeycomb buy-side clients will have access to Interactive Data's evaluated prices as an important additional reference point that can be considered when comparing dealer bid and offer levels for execution," he added.
Interactive Data's continuous evaluated pricing launched in 2014 against a backdrop of a fast-evolving fixed income market structure characterized by shrinking dealer inventories, reduced liquidity, and a changing broker/dealer landscape. The continued shift to electronic trading platforms requires a supply of independent, high-quality data that allows users to assess quote quality and enhance price discovery, in the absence of traditional protocols. Continuous evaluated pricing facilitates this activity.
Andrew Hausman, President of Pricing and Reference Data at Interactive Data said: "Continuous fixed income evaluated pricing continues to expand its use cases to the fixed income community, on both the buy- and the sell-side. Helping clients with price discovery and transaction cost analyses and reporting are important areas of focus for us right now, as the market has been challenged to meet the expectations of regulators in this area." The provision by Interactive Data of fixed-income evaluated pricing to Algomi is another deal in a succession of agreements with electronic trading and software platforms.
About Interactive Data
Interactive Data Corporation is a trusted leader in financial information. Thousands of financial institutions and active traders, as well as hundreds of software and service providers, subscribe to our fixed income evaluations, reference data, real-time market data, trading infrastructure services, fixed income analytics, desktop solutions and web-based solutions. Interactive Data's offerings support clients around the world with mission-critical functions, including portfolio valuation, regulatory compliance, risk management, electronic trading and wealth management.
Pricing, evaluations and reference data are provided in the US through Interactive Data Pricing and Reference Data LLC and internationally through Interactive Data (Europe) Ltd. and Interactive Data (Australia) Pty Ltd.
For more information about Interactive Data please visit: www.interactivedata.com.
About Algomi
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 sales and trading bond information network using their own data to identify the best trade opportunities and enables real-time collaborations between sales, traders and investors. This delivers more effective execution of less liquid bonds and integrates with Algomi Honeycomb. For investor firms, Algomi Honeycomb becomes their eyes and ears on the world's trading floors. Providing the data and market insight vital to select the right dealers and the right timing of the trade to ensure maximum likelihood of execution. The investor is able to deal in size, achieve Best Execution, and remain discrete in the market while banks get to use their large distribution network. 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). Michael Schmidt (Former Head of European Credit Trading and IB Board Member at UBS) joined as Chairman in 2013. Algomi is backed by investment from Lakestar, and an exceptional panel of Strategic Advisors. Algomi has over 120 employees with offices in New York, London and Hong Kong, and client support and sales in Chicago, San Francisco, and Boston.
SOURCE Interactive Data Corporation
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