Trumid sees electronic bond trading volumes surge 500%

Electronic corporate bond trading jumped at Trumid in April, with the firm’s anonymous all-to-all protocol proving useful to traders seeking liquidity.

Trumid has said total volume on its electronic corporate bond trading platform surged 500% in April, after setting new trade volume records every month so far this year.

In April, the fixed income trading platform provider said a record 500 market participants traded on Trumid Market Centre, its electronic corporate bond trading platform, totalling $23.4 billion in trade volume, up 500% compared to April last year.

Monthly volumes via Trumid’s anonymous all-to-all trading protocol also exceeded the trailing 6-month average by 142%, as well as record user participation and order flow as April hit rates reached all-time highs. Trumid said the tool proved valuable to traders seeking liquidity and efficient execution.

“Our users are managing challenging conditions and beginning to think about the longer-term operating environment,” said Trumid’s president Mike Sobel. “We are glad to be an increasing part of their workflow and will continue working with our clients to deliver liquidity and efficiency.”

New York-based Trumid’s trading platform aims to increase electronic trading of corporate bonds. With a focus on block trades, the platform is data-driven and provides various trading protocols, which can be integrated with other systems and scaled into other products.

In February, investment bank Barclays joined the trading advisory committee at Trumid. Barclays will work with the firm to develop future products and trading protocols. The bank joined other members on the advisory committee including Citi, which made an investment in Trumid in 2019.

“We are supportive of the continued growth and expansion of electronification in credit. We believe innovation, competition and diversification of protocols are necessary for a healthy electronic market and are critical to the further evolution of credit trading,” said Justin Lada, global head of electronic strategy for credit trading at Barclays, at the time.