BNY Mellon and HSBC have each teamed up with a London-based start-up, which is backed by exchange operator Euronext and analytics firm S&P Global, in a bid to revivify trading in the corporate bond market.

The custodian banks have partnered with Algomi to enable investor clients to share information about the bonds they hold in accounts with each of the institutions in a bid to improve liquidity. Custodian banks hold securities on behalf of customers to keep them safe, and are able to look into and catalogue entire portfolios.