Algomi ALFA has taken a step closer to becoming a smart order router (SOR) for fixed income, by enabling actionable liquidity alerts for the Liquidnet and Trumid markets, in addition to providing data aggregation technology to spot fixed income liquidity, pre-trade.
It allows traders to engage with Liquidnet’s corporate bond liquidity on any actionable alert, by populating orders directly from ALFA before sending to Liquidnet via the FIX protocol. Liquidnet subsequently launches an active negotiation window to traders from its desktop application. Once the trade is completed, traders can view and export the execution report from ALFA.
For Trumid, traders can engage with all Trumid actionable alerts from within Algomi ALFA, through Algomi’s graphical user interface and using the OpenFin message bus. When a trader engages with an alert in Algomi ALFA, Trumid displays the appropriate dialogue, depending on the current state of the trader’s activity and bond’s activity on Trumid. The trader then engages directly within Trumid.
Scott Eaton, CEO of Algomi said, “As a market neutral provider, we are delighted to announce this initiative with Liquidnet and Trumid. Fund managers can now easily action and execute decisions based on the front-end data aggregation we provide. This is a major step in creating an efficient workflow process that leads to trading with increased speed, improved liquidity and efficiency in the market.”
Constantinos Antoniades, global head of fixed income at Liquidnet, said, “This additional workflow makes it easier for our Members to both consume and react to liquidity alerts from our Virtual High Touch ecosystem directly on Algomi ALFA. We are very pleased to continue to work closely with Algomi to help develop innovative features that create efficiencies for our Members and help improve access to greater liquidity.”
“As a company focused on trading efficiency and market intelligence, we are happy to be working with Algomi to provide additional workflow solutions for our shared client base,” said Mike Sobel, president of Trumid. “This initiative allows Algomi ALFA users to easily engage with the large Trumid network and liquidity pool.”