Fixed income trading solutions provider Algomi will open a US office in January led by former MarketAxess executive Stephen Gallagher who joined the firm this week as head of US operations.
Gallagher will be tasked with oversight of the firm’s expanding US operations and client base, as regulations within the Dodd-Frank Act and Basel III, which have significantly altered the market structure underpinning fixed income trading.
Algomi lets buy- and sell-side firms organise, process and distribute fixed income liquidity flows, prioritising trade opportunities that are pushed to the appropriate salespeople on a per trade basis.
In a statement, Stu Taylor, CEO of Algomi welcomed Gallagher and suggested the firm would look to capitalise on the impact of regulatory reform to build its US customer base.
“The US market is in many respects ahead of Europe when it comes to having a flourishing electronic credit market,” he said. “With Stephen's expertise and leadership, we hope to help firms better understand the post Dodd-Frank environment and ensure their businesses remain shored up and profitable."
Gallagher spent five years with MarketAxess, where he was head of Europe and Asia, and worked with institutional clients and dealers in established and emerging markets.
Previously, he was head of high grade trading at Wachovia Securities (now Wells Fargo) responsible for cash, credit default swaps, private placements, emerging markets and crossover trading. He has also held roles with Bank of America Securities, Bear Stearns and Merrill Lynch.