Algomi, a provider of information-matching solutions to optimise fixed income liquidity, has appointed Neil Murray as head of European sales.
Murray will lead the growth of the Algomi European sales efforts, based in Algomi’s London office. He is a veteran of the credit trading industry, having worked for 13 years at various investment banks, and will focus on growing Algomi’s client base across the buy and sell-side.
Murray joins Algomi as the firm is rapidly expanding, against a backdrop of incoming regulation and changing market structure. Incoming regulations such as Basel III mean there are now much larger capital costs from taking on principal positions in fixed income. As liquidity provision becomes much more expensive, banks are under pressure as they seek to preserve client relationships and service trades in a more challenging environment.
Algomi allows dealers to centrally organise, process and distribute its liquidity flows, so that trade opportunities are prioritised and pushed to the appropriate sales people on a per trade basis. This allows firms to service client trades in a strategic and coordinated effort, delivering the best service and balance sheet visibility.
Murray will work closely with Algomi chairman Michael Schmidt and CEO Stu Taylor in driving the firm’s European sales and marketing. In addition, Murray will also contribute in future product design. His previous two roles were as head of investment grade corporate trading at Nomura and BNP Paribas, and previous to that he was a senior credit trader at RBS, UBS and Commerzbank.
“Given the pressures being exerted on the market by regulation and subsequent client demand, Algomi’s product is clearly compelling, and the firm has the expertise to support its proposition,” says Murray. “I look forward to working with the senior management and the rapidly growing team to deliver a viable and innovative solution that will help both buy and sell-side firms evolve and modernise their fixed income businesses.”
“Neil’s considerable experience of working in and among the fixed income market place will help us to position Algomi as a partner on which clients can rely to help transform their approach to trading fixed income and credit products. The quality of information management will decide the winners and losers of the next five years, and we are well placed to help the world’s leading financial firms as they transform their fixed income businesses for a new era,” says Taylor.