The trading startup Algomi lost nearly £9 million in its third year since being launched by former UBS executives, in a sign of the difficulties facing such initiatives aimed at restoring liquidity in fixed-income markets.

The London-headquartered company incurred losses of £8.8m in the 12 months to the end of June 2015. Since it was founded in 2012, the company's total losses amount to £13.6 million, according to its latest accounts filed with Companies House. As of the end of June 2015, it had received capital of £23 million.