Algomi, the network company providing information-matching solutions for the optimisation of fixed income liquidity, has won the “Most Innovative Trading Product/Service” category, for the second consecutive year, at this year’s Financial News Awards in Trading & Technology.

This award reflects rapid global growth and expansion working with buy-side firms. 140 buy-side firms have committed to Algomi’s Honeycomb network globally, and Algomi is live or being installed in 14 banks. The Honeycomb Network allows investment firms to see which dealer is best placed to facilitate illiquid corporate bond trades without disturbing the markets and having the price move against them.

Algomi is continuing to add asset management, pension fund, sovereign wealth fund, endowment and hedge fund clients from offices in New York, London and Hong Kong, and client support and sales in Chicago, San Francisco, and Boston.

Algomi employees collected the award at the gala dinner in London’s Victoria & Albert Museum on Wednesday 21 October, where they joined 300 other guests and nominees, from across the European trading and technology community.

The Financial News awards are independent and fee-free. The editors draw on a combination of anecdotal information from analysts, sell-side and buy-side firms, exchanges, clearing houses and industry experts, combined with empirical data, to draw up the shortlist. The shortlist is then voted on by an independent panel of industry practitioners, comprising established industry veterans and experts. Judges score each shortlisted entrant and the winner is determined by the nominee with the highest percentage from the accumulated scores.

“The speed at which buy-side firms have signed up to the Honeycomb network since it was opened up to the buy-side in December 2014, demonstrates that there is a clear need for a solution to help solve the liquidity problem that global credit markets face,” said Michael Schmidt, Algomi Chairman. “We have more than doubled the number of buy-side firms on the Honeycomb network in the last six months, and we hope to continue on-boarding firms, enabling the buy-side to access the information that helps make illiquid trades happen.”

Stu Taylor, CEO added: “The reception from the buy-side has been fantastic, as has the support from the Algomi team that have been working tirelessly to on-board firms and work with them through this process. It is an honour to receive this award for the second year running, and validates the significance and potential that Algomi has for fixed income trading globally.”