Trumid Adds RFQ to Ecosystem of Credit Trading Protocols

Trumid, a financial technology company and fixed income electronic trading platform, announced the launch of its new Request for Quote (RFQ) offering. Trumid clients can now initiate, view, and respond to disclosed, fully anonymous, or partially anonymous single bond or list RFQs in one application. RFQ is fully integrated within Trumid’s existing electronic trading platform, with straight-through processing to leading OMS providers and proprietary systems. Instruments covered include U.S. dollar-denominated investment grade, high yield, distressed, and emerging market sovereign and corporate bonds. The addition of RFQ enhances Trumid’s ecosystem of credit trading protocols and solutions. Clients can trade with a full network of peers and counterparties, moving easily between Trumid’s Anonymous, Attributed Trading (AT), Portfolio, and RFQ trading protocols, based on their preferred workflows and trading objectives. Trumid clients will be able to trade grey bonds using RFQ, providing a unique workflow for trading and price discovery into new bonds coming to market. Trumid dominates secondary trading of new issues, with outsized market share in the first several days after issuance. Over 1,000 clients have traded new issues on Trumid in 2023, accounting for approximately one-third of all secondary market trading in new issues. Roughly 25% of this new issue volume on Trumid traded in the grey market. Trumid publicly announced its expansion into list-based trading in February with the launch of Trumid Portfolio Trading. Hundreds of high yield, investment grade, and emerging market portfolio trades have been facilitated since launch. Trades with nearly 2,000 line items have been processed, with the system scaled to handle 3,000 bonds with sub-second calculation times.