Algomi’s Honeycomb users will now have access to open source FIX connectivity, as the fixed income initiative rolls out a sell-side onboarding tool.
Honeycomb will become part of the FIX common standard, ensuring confidential pre-trade data exchange between client and dealer is protected, Algomi said.
Banks will also distribute axes, price and data via FIX to buy-side customers who will view the information in the context of their portfolios, facilitated by Algomi.
Co-founder and chief technology officer, Usman Khan, said customers will “now be able to have true bi-directional FIX connectivity in a secure and confidential way that goes beyond the simple point-to-point connection provided by FIX alone.”
The link up with FIX comes as Algomi confirms the launch of a tool aimed at reducing technology onboarding challenges.
Synchronicity – Algomi’s ‘sell-side engine’ – will be rolled out as software as a service (SaaS), allowing banks to adopt the new technology within four weeks without limiting any existing internal technology infrastructure.
Launched in 2012, Synchronicity is described as a platform which matches sell-side data with traders in real-time, ensuring “all relevant information is presented for each execution opportunity.”
CTO Khan added that Algomi’s development of Synchronicity as a SaaS has “compelling operational and financial benefits,” which can also help the banking sector with regulatory requirements.