Tom Glocer, the former CEO of Thomson Reuters, has joined fixed-income solutions provider Algomi as a strategic advisor, while Howard Edelstein, the former CEO of BondDesk Group, has been appointed to Algomi's board after serving two years as strategic advisor.
"Fixed income markets continue to suffer from a lack of liquidity," said Glocer in a statement. "This will only worsen as capital requirements bite. Algomi's approach of creating a bank balance-sheet based on actual data, and virtualizing the assets in the market is fascinating and I'm looking forward to working closely with them."
Algomi's Honeycomb Network helps banks create a virtual balance sheet based on live bond data ─ including trade information, enquiries, and holdings ─ and lets buy-side firms see this validated virtual balance sheet at the banks, according to the company. Algomi has over 160 buyside and 15 banks signed up to the Honeycomb Network.
After four years as Thomson Reuters' CEO, Glocer departed in 2012 to take over as managing partner of Angelic Ventures, where he still resides. Angelic focuses on early-stage investments in fintech, media, big data and healthcare. It was also announced that Glocer has made an investment in the business for an undisclosed amount.
Edelstein is currently the chairman of REDI Holdings, which provides an order/execution management system (OEMS).
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