Banks Install Bond Inventory Search
World Economy

Banks Install Bond Inventory Search

Some of Europe’s biggest lenders have opened their doors for a former UBS Group AG executive to install an internal search machine that tracks availability of their bonds. Especially the ones people rarely trade, according to Bloomberg. HSBC Holdings Plc, Deutsche Bank AG and Credit Suisse Group AG are among 14 banks that agreed to use the system developed by Algomi Ltd., according to co-founder Stu Taylor. It lets banks give access to their private data to fund managers who want to discreetly identify who owns corporate or government bonds that are not widely traded. Algomi, founded in 2012, increased its asset-management clients to 140 in October from 50 in May. The growth indicates an eagerness among investors for a new technology that helps them trade more efficiently as regulations curb banks’ ability to make markets and expand their bond inventories. “The bond-market liquidity problem is real and well-documented,” Taylor, Algomi’s chief executive officer, said in an interview at the Fixed Income Leader Summit last week in Barcelona. The company “seeks to address the issue with proper pre-trade information. None of this data appears on websites and terminals. This is why we are different.”

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