Algomi CEO Scott Eaton sees end of central bank bond-buying as a tailwind that will drive ‘electronification’ of the market
The new boss of one of London’s most feted financial technology companies said he left the investment banking world because, as computers began taking over markets, there was less and less for traders like him to do.
A lack of work is no longer a problem for Scott Eaton. As chief executive of Algomi, a firm at the forefront of the emerging revolution in electronic bond trading, Eaton has to convince stubborn bond market participants to put down their phones, hurry up and embrace the growing (some would say inevitable) ‘electronification’ of the market.
The aspiration is that Algomi can play a central role in transforming the multi-trillion-dollar global bond trading world, where much of the trading is still done by telephone — and where, unlike assets traded on an exchange, it is very difficult to know whether the buyer or seller is getting a good price relative to what others in the market are paying.