Algomi and OpenFin have joined forces to bring new stack technology to the fixed income markets.
Algomi will use OpenFins operating layer to deploy new versions of the firms Synchronicity Software as a Service (SaaS) solution for the sell-side and its Honeycomb solution for the buy-side.
Algomi built a new common framework using HTML5, which will underpin all of its applications going forward. Using OpenFin, Algomi will be able to deliver its software updates faster, more securely and with greater interoperability with a clients existing technology. With OpenFin, applications can be updated from a common source rather than individual on every machine.
Usman Khan, CTO, Algomi said, We are delighted to soon be running Algomis suite of solutions in OpenFins common operating layer – a move that will enable us to deploy our Honeycomb and Synchronicity products quickly and implement updates more efficiently. Technology in bond markets is changing faster than ever before and increasingly requires rapid and scalable software deployment across desktop applications. We are now entering a world in which capital markets technology providers can roll out software updates as frequently as technology companies update apps on smartphones. Being at the forefront of this evolution is a major part of our strategy.
Mazy Dar, CEO and co-founder of OpenFin said, At OpenFin, we help companies throughout the financial industry to move fast and break nothing. Our operating environment gives change-resistant capital markets the ability to keep pace with the rapid innovation cycle that is emerging in the industry. We welcome Algomi to a group that includes dozens of the most well-known names in banking – including several of Algomis own clients.
Backed by JP Morgan, DRW and NEX Group, OpenFin launched in 2010 and now works with 35 of the worlds largest banking institutions and trading platforms and is licensed across more than 100,000 desktops. The technology underpinning OpenFin is Google’s Chromium engine, which runs on Windows, Mac and Linux and provides a highly secure, sandboxed environment.
The partnership with Algomi follows the integration of a SaaS solution on Algomis sell-side engine, Synchronicity in 2016. Currently Algomi has over 240 buy-side and 18 banks signed up, and services customers from offices in London, New York and Hong Kong.