Trumid, a financial technology company and fixed income electronic trading platform, today announced trade volume and user participation highlights for June and Q2 2024.
NEW YORK, July 9, 2024 /PRNewswire-PRWeb/ -- June Highlights:
- Reported Average Daily Volume (ADV) of $4.7B, up 47% year-over-year.
- Overall market share up 27% across U.S. high yield and investment grade corporate bonds.
- Trumid PT set a new high for client engagement as a record number of counterparties traded each day in the protocol.
- Around 40% more users traded daily on the platform compared to a year ago. Over 1,300 traders transacted on Trumid for the sixth consecutive month.
Q2 2024 Highlights:
- Increased client activity and protocol adoption were driven by a growing and engaged user network of more than 860 buy-and sell-side institutions. ADV grew 61% versus Q2 2023 and overall market share was up 30%.
- The majority of traders transacted in more than one Trumid protocol, proving the benefits of offering clients everything they need in one place - valuable network liquidity, a broad range of trading protocols, integrated pre-trade pricing tools, market data, and post-trade analytics, and automated corporate bond spotting and hedging technology.
- Trumid PT enjoyed its sixth consecutive quarter of sequential growth with record traded volume, up around 40% quarter-over-quarter. A record number of counterparties traded each day and over 450 PT lists traded in the quarter.
- Trumid RFQ logged its fourth consecutive quarter of sequential growth with record traded volume, up nearly 40% quarter-over-quarter. Around 600 users initiated a Trumid RFQ in Q2 and around 700 users responded to an RFQ in Q2. Trumid RFQ's integrated responder network includes all the top dealers and several leading algorithmic liquidity providers.
- Trumid Swarms and Trumid Attributed Trading saw continued growth and engagement with traded volume up over 40% year-over-year in each protocol.
- Trumid continued to strengthen its new issue market share. Across both investment grade and high yield, Trumid accounted for an average of 36% of all market wide new issue secondary traded volume in the first two days of trading.
- Trumid's strong high yield momentum continued into the second quarter of 2024. Trumid's high yield ADV was up 32% year-over-year and market share was up 17%. Growth was driven by a mix of elevated new issue and non-new issue high yield traded volume on the platform.
- Trumid continued its rapid pace of product development through the quarter. New in-app enhancements included:
- Trumid AutoPilot™ – Trumid's entry into automated trading solutions was rolled out for RFQ. Designed to ensure efficient trade execution, AutoPilot uses pre-determined parameters, set by a client, to allow the platform to seamlessly execute trades on their behalf. Trumid clients that are utilizing this workflow are already finding value with around 60% of their RFQ trades now being auto executed.
- Trumid PT Pricer™ – Trumid's newest analytics tool launched in May. PT Pricer estimates where a list of names should transact as a PT and compares versus single name execution. The PT Pricer accounts for list features and market context, and ticks in real-time, providing live updates on where a list may be priced by estimating transaction costs as a distance to mid. Analytics are available both pre-trade and in-session.
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About Trumid
Trumid is a financial technology company and fixed income electronic trading platform focused on US dollar-denominated Investment Grade, High Yield, Distressed, and Emerging Market bonds. Trumid optimizes the credit trading experience by combining agile technology and market expertise, with a focus on product design. The result is a differentiated ecosystem of protocols and trading solutions delivered within one intuitive platform. Learn more at www.trumid.com.
© 2024 Trumid Holdings LLC and its affiliates. All rights reserved. Trumid Financial LLC is regulated by the SEC and is a member of FINRA and SIPC. Information included in this message does not constitute a trade confirmation or an offer or solicitation of an offer to buy/sell securities or any other products. There is no intention to offer products and services in countries or jurisdictions where such an offer would be unlawful under the relevant domestic law.
Media Contact
Trumid Press, Trumid, 1 2126180300, [email protected], www.trumid.com
SOURCE Trumid
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