Deutsche Börse Make Trumid Investment
Deutsche Börse Group has entered into a strategic cooperation with Trumid Holdings LLC, which operates an electronic trading network for corporate bonds.
The Group will invest $10 million for a minority stake as an add-on to Trumid’s previously disclosed $28 million financing from earlier this year. Trumid will use the new funding to continue enhancing and expanding its technology offering. Both firms will work together to develop products and services for the European market.
“Trumid has already proven its ability to create a new transparent, electronic and efficient credit and bond marketplace in the U.S. With our investment we will gain new insight into this rapidly evolving market; and therefore we will find further ways to collaborate,” said Hauke Stars, Deutsche Börse executive board member and head of cash markets among other responsibilities.
Deutsche Börse’s investment will be managed by its corporate venture capital arm DB1 Ventures. “With our latest investment, we broaden our portfolio with a pioneer in bond trading with specific buy-side focus. We are pleased to partner with a top-quality team and platform with client traction and a strong vision,” said Ankur Kamalia, managing director & head of venture portfolio management and DB1 Ventures, Deutsche Börse.
Trumid, headquartered in New York, is a financial technology company that offers an electronic credit trading platform, which enables buy-side and sell-side market participants to transact directly and anonymously with one another. The platform allows market participants to collectively determine pricing in a transparent way and to execute the transaction at the market-vetted price.
“We are excited to combine Trumid’s innovative technology, deep corporate bond expertise and broad client network with Deutsche Börse’s strong brand, infrastructure, client relationships and European significance,” said Mike Sobel, President of Trumid. “Europe is a big opportunity. Through this partnership, we will continue to deliver valuable solutions for our clients, now on a broader scale.”
With Louise Drummond, Global Head of Investment Execution, Aberdeen Standard Investments
Corporate bond trading platform built on DLT will use Validus for surveillance and monitoring.
Tradeweb’s live prices for US corporate bonds will stream on Boerse Stuttgart’s bond order book.
Tradeweb notes the industry has a refreshingly simple litmus test for what innovation gets adopted and what ge...
Tradeweb's Iseult Conlin details a breakthrough in all-to-all trading.