Steelhead Systems Start-Up Expands Coverage, Staff


London-based Steelhead Systems, makers of the Clovis system for distributing prices by e-mail, is expanding its product coverage and headcount in preparation for a wider marketing drive, officials say.

Clovis’ first client is Merrill Lynch, which actually built the system to disseminate corporate bond prices between dealers and bulge-bracket buy-side clients. In 2002 the bank decided to set up a business to market Clovis commercially and called in venture capitalist firm Episode 1 to run it.