Traders Magazine spoke with Jason Quinn, Chief Product Officer & Global Head of Sales and Justine Robertson, Head of US Sales & Client Strategy, Trumid who won Best Fixed Income Trading Platform at the 2024 Markets Choice Awards.
Please tell us about your trading platform and its most important features.
Justine: Trumid is a fast-growing fixed income electronic trading platform providing a full ecosystem of trading protocols and solutions to the credit market. We combine agile technology and market expertise, with a focus on product design, to optimize the credit trading experience for over 860 institutional market participants that trade U.S. dollar-denominated Investment Grade, High Yield, Distressed and Emerging Market bonds. Founded in 2014, Trumid has grown to become one of the top three corporate bond e-trading platforms. More than 1,300 traders transact on Trumid each month.
How does your trading platform differentiate in a competitive landscape?
Jason: Sourcing liquidity in corporate bonds can be challenging. In a competitive market, traders may not have the time to search for the optimal protocol, data, and insights across multiple applications. Unlike other platforms, Trumid solves this problem by giving users everything they need in one place. Through Trumid, traders can access valuable network liquidity, a broad range of trading protocols, an aggregated view of the market with integrated pre-trade pricing tools, market data, and post-trade analytics, and automated corporate bond spotting and hedging technology.
What are recent accomplishments for Trumid?
Justine: Thanks to record adoption from our clients, the breadth and depth of liquidity on Trumid have grown tremendously. In Q1 2024, we recorded our highest ever average daily volume, up 79% YoY, and saw record client participation translate into record overall market share. We also experienced strong performance across each of our individual trading protocols with Trumid Portfolio Trading (PT), Request for Quote (RFQ), Attributed Trading (AT), and Swarms posting record volumes and engagement, proving the value of our trading protocol ecosystem and fast and intuitive UI.
What are your current initiatives at Trumid?
Justine: We focus on iterating with our clients and refining our protocols to deliver a differentiated trading experience. Each month, we’re completing more integrations, seeing increased volume, and most importantly enhanced client engagement. We’re rapidly enhancing Trumid PT and RFQ to make each the best-in-class version of the protocol. Jason: Last summer, we announced the launch of Trumid RFQ. In less than a year, we’ve deployed over 140 client-driven enhancements for RFQ alone. Trumid clients can now initiate, view, and respond to disclosed, fully anonymous, or partially anonymous single bond or list RFQs and Grey RFQs in one application. Trumid PT just marked its fifth consecutive quarter of sequential growth with record traded volume, up around 90% QoQ. We’re seeing an increased number of mixed lists going through, representing the use of the protocol for rebalancing, resetting positions, and taking profits.
What can we expect from Trumid in the near future?
Jason: We are believers that AI and automation will have a positive influence on our market. As our network continues to grow and is enriched by the activity that is happening here, we can develop data products and solutions that can guide traders in optimizing what, how, when, and with whom to trade. Given our nimble technology stack, established protocol set, and recognition as a market innovator, we are uniquely positioned to drive automation to the next level in the credit asset class.
