BNY Mellon and HSBC team up with Algomi

17 October 2017 in COMPANY NEWS by Tim Binnington

BNY Mellon and HSBC are each partnering with Algomi to expand corporate bond trading opportunities for their custody clients and the wider market. The collaboration is expected to bolster fixed income market liquidity by giving clients the ability to make select holdings information available anonymously on the Algomi Honeycomb network of market participants.

The initiative will increase trading in the illiquid corporate bond market, which has seen turnover shrink while outstanding debt has risen by 75% in the last decade¹. In a recent FCA study, a leading fixed-income trading house reported that the number of corporate bond trades resulting from orders and request for quotes has declined from around 65% before the financial crisis to 20-25% in 2017.²

To address this growing liquidity challenge, custody clients of BNY Mellon and HSBC will have the opportunity to make their bond holdings in custody available on a non-disclosed basis through a system powered by Algomi’s Honeycomb network, and delivered through Algomi ALFA. Counterparties on the network will be able to query those bond holdings, which will alert the custody holder, and give them the ability to instruct their dealer to trade on their behalf while protecting the client’s identity. This can be done directly through BNY Mellon or HSBC affiliated broker dealer’s trading desk.

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