OpenFin is to the financial services industry what iOS and Andriod are to the mobile device industry. It is a common operating layer that is used to house financial apps from more than 35 of the world’s leading financial institutions and trading platforms. It is installed on more than 100,000 desktops worldwide and is the conduit through which apps are installed in local environments. It offers unprecedented security and allows apps to talk to one another. OpenFin is the first of its kind in the industry.
OpenFin links applications together so that changes made in one are reflected in the others. Financial applications have to be built over time in order to be useful. OpenFin assists in the construction and creates a faster process. They work with applications like high-speed market-maker Citadel Securities, interdealer broker TP ICAP, TruMid – a bond trading platform backed by George Soros and Peter Thiel, and the Treasury-trading start up OpenDoor.
The company itself employs 86 people and has an annual, estimated turnover of around $2 million. It was founded in 2010 and has offices in New York and London.
Earlier this year, in February 2017, OpenFin sourced a further $15 million investment in a Series B fundraising round. Backers include JP Morgan, Euclid Opportunities and DRW.
Algomi and OpenFin
Algomi Investment reports that Algomi have recently announced that they will utilise OpenFin’s HTML 5 layer to deploy new versions of their sell-side software, Synchronicity, and their buy-side software, Honeycomb. The potential of this match is staggering. The programs already create billions of data points for analysis and OpenFin will add even more to this number.
With permission of the banks involved, Algomi will track calls, queries and other movements and add them to the current sea of data. Algorithms are used to analyse the information in various ways and indicate potential trades. Algomi champion security and privacy so the data will be used to demonstrate opportunities but anonymity is maintained until a trader is ready to make the final call.
This is all designed to create liquidity in the bond market by leveraging big data. As Mazy Dar, CEO of OpenFin, stated: “Our operating environment gives change-resistant capital markets the ability to keep pace with the rapid innovation cycle that is emerging in the industry.”