European banks share bond data with matchmaker Algomi
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London
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.
HSBC Holdings plc, Deutsche Bank AG and Credit Suisse Group AG are among 14 banks that have agreed to use the system developed by Algomi Ltd, according to co-founder Stu Taylor. It lets banks give access to their pre-trade data to fund managers who want to discreetly identify who owns corporate or government bonds that are not widely traded.
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