Trumid has expanded its data and intelligence and automation divisions, appointing Ryan Gwin as head of data solutions. The divisions were established four years ago.
In the newly-created role, Gwin will lead the design, development and distribution of customised data sets to clients, with a focus on data-driven automation in credit markets.
“Data and intelligence are going to be ever more important,” affirmed Jason Quinn, chief product officer and global head of sales, telling The DESK why Trumid has decided that now is the time to expand its services. “There’s data as a product, but there’s also data and analytics as an input to some really interesting approaches to automation.”
Gwin agreed that data is an increasingly important asset, opining “we are in the earlier innings of reliable real-time credit data. Market makers and technology-driven clients have been at the forefront, but now you see all profiles of clients devoting resources towards ways to take advantage of this data, ways to use this data to become more efficient.”
Quinn continued: “[while] data and analytics on their own are a very interesting product, they’re an ever more important input to the workflows and solutions that we deliver every single day as a platform. The important thing is the context and the usability of [the data] for the purpose of doing a trade. You have to have the things that are table stakes, but once you’ve got all that in place, conversations with clients are about analytics and how they can augment their decision-making process”.
Offering a differentiated service is in line with client demand, Gwin said, noting that “as I’ve talked to clients over the past several years, where there’s been this uptick in adoption of credit data, it has been [about] pricing, about liquidity. It’s been, ‘how quickly can I get these tools, and can I get them customised? How do I get something that’s specific to me that’s going to better inform my trading decisions?'”
The expansion has been possible thanks to the network growth and increased market share that Trumid has seen since its inception, Quinn explained. “That’s key in this space. You can have great ideas and thoughtful innovations on how electronic trading might happen, but if no one’s there to utilise what you’re creating it doesn’t really matter. And that is what takes the most amount of time.”
Considering his goals in the new position, Gwin told The DESK: “My goal is to work with our clients to create high-quality, applicable data solutions, not just in terms of pricing, but also in terms of understanding liquidity,” he said.
“Historically, corporate bond pricing has been choppy and updates have not been frequent enough. The market is fragmented with not enough available intelligence to properly inform real time data. I think that quality pricing is key, it is the base that we’re going to build everything off.”
Gwin has more than 15 years of industry experience and has been head of data sales at Trumid’s main competitors, MarketAxess and Tradeweb. Prior to these posts, which he held for five and nine years respectively, Gwin was an account manager at TheMarkets.com and Bloomberg Tradebook.
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