Trumid’s overall market share grew by a third in May, the firm has reported, with average daily volume (ADV) rising in tandem to US$5.2 billion – up 57% YoY.
Market share for US investment grade was up marginally more, it added, increasing by 36%.
Trading volumes rose substantially for high yield, up 42% YoY and market share up a reported 22%. Trumid attributes this growth to increases in new issue and non-new issue high yield traded volume on its platform.
Considering the month’s results, Justine Robertson, head of US sales and client strategy said: “The momentum in electronic bond trading shows no sign of abating as we continue to see healthy ADV on our platform, client engagement at all-time highs, and substantial growth in protocol usage. A key focus for us is to simplify traders’ workflows by giving them everything they need in one place.”
Platform usage grew by 44% YoY according to the firm, which stated that the majority of traders were transacting in more than one Trumid protocol. Particular growth was seen in Trumid Swarms, with the number of users trading each day up 95% YoY and traded volume up 35%.
Trumid RFQ and Trumid Portfolio Trading (PT) saw record-breaking months, the former continuing 12 months of sequential growth and the latter hitting client engagement highs, with more than 140 PT lists traded in May.
Trumid Attributed Trading saw similar client engagement success, with nearly 60 dealers and algorithmic liquidity providers streaming actionable market data into the network.
The firm released AutoPilot in May as part of its RFQ solution, marking its entry into automated trading solutions. Using the service, clients can set pre-determined parameters and have the platform execute trades on their behalf.
Jason Quinn, chief product officer and global head of sales, shared: “Trumid clients that are utilizing this workflow are already finding value with over 60% of their RFQ trades now being auto executed in May. With a full ecosystem of trading protocols to offer clients, AutoPilot is just the beginning of automation on the Trumid platform.”
Regarding May’s enhancements to the PT solution, Quinn continued: “We are seeing significant growth in Trumid Portfolio Trading with a record number of counterparties trading each day in the protocol – all reflecting the energy and enthusiasm around the corporate bond PT space. To advance the protocol, we have developed Trumid PT Pricer. This powerful pre–trade analytics tool is designed to accurately estimate where a list of names should transact with the ability to analyze and execute all in one application.”
These expansions are part of Trumid’s broader automation plans, which Quinn states is “the next phase in our journey”.
©Markets Media Europe 2024
