Trumid Rolls Out Attributed Trading
Trumid’s New Attributed Trading Protocol Brings Additional Liquidity and Data to Bond Market Participants
Financial technology company continues rapid growth, with record third-quarter volume and user participation.
NEW YORK, October 07, 2019 — Trumid, a financial technology company bringing trading efficiency and market intelligence to credit professionals, has announced the rollout of Attributed Trading, a new trading protocol on Trumid Market Center, the company’s electronic bond trading platform.
Trumid users now have the option to negotiate bilaterally or to trade anonymously. When utilizing the new Attributing Trading protocol, traders may connect directly with each other to negotiate and trade. This relationship-based protocol allows sell-side traders to advertise axes via FIX or enter orders directly in the Trumid Market Center. Trades are negotiated and completed within the Trumid ATS, efficiently closing the execution loop. Through Attributed Trading, Trumid also provides users with business intelligence about their interactions in the form of structured data—information that is traditionally lost for trades that are negotiated via phone conversations or chat messages.
The rollout of Attributed Trading has contributed to rapid volume growth on the Trumid Market Center platform. In the third quarter of 2019, trade volume grew 140% year-over-year, doubling Trumid’s market share. User participation has also increased, with a record number of 849 active traders on the platform in Q3. Trumid has a large and diverse network of nearly 450 buy- and sell-side institutions, having added 50 new institutions to the platform this year.
“We are always working to create tools that provide genuine value for bond market participants,” said Mike Sobel, President of Trumid. “Our new protocol gives users flexibility between anonymous and attributed trade execution. Users are excited to be able to capture and utilize their own structured data to make better trading decisions.”
Trumid is a financial technology company bringing efficiency to credit trading through data, technology, and innovative products. Trumid Market Center, the company’s electronic trading platform, provides corporate bond market professionals with direct access to market intelligence and anonymous or attributed liquidity. Trumid’s products leverage the network effect and data science to empower all credit market participants with business intelligence to make more informed decisions. Trumid was founded in 2014 by credit professionals with over 100 years of trading experience and is headquartered in New York City. Learn more at http://www.trumid.com
RBC Capital Markets paid more than $800,000 to resolve charges that it engaged in unfair dealing in munis.
Electronification of the municipal bond market also presents a large opportunity.
The success of Northbound trading showed electronic execution is way forward for the bond market.
IRS trading volumes have fragmented without an equivalence agreement.
Increased electronification has created useable and accessible real-time and historic trade data.