By Flora McFarlane.
Deutsche Börse Group has announced a “strategic investment and partnership” with New-York based Trumid, a company that provides an electronic trading network for corporate bonds.
Adding to Trumid’s previously disclosed US$28 million financing from earlier this year, Deutsche Börse will invest US$10 million for a minority stake. DB1 Ventures, Deutsche Börse’s corporate venture capital arm, will manage the investment.
The Group is looking to expand its offerings in the US bond market, as well as collaborating with its latest investment to develop products and services for the European market.
Trumid’s electronic credit-trading platform allows market participants to collectively determine pricing offers, through direct and anonymous transaction between buy-side and sell-side participants. The financial technology company will use the investment to enhance and expand its technology offering, as well as branching out into the European marketplace.
Hauke Stars, Deutsche Börse Executive Board member, praised Trumid’s ability to “create a new transparent, electronic and efficient credit and bond market place”.
President of Trumid, Mike Sobel, emphasised the potential of expanding into Europe, enabling the company to deliver solutions for clients on a broader scale.
This partnership comes six months after Trumid’s acquisition of fellow all-to-all trading platform, Electronifie, which increased the number of institutions on Trumid’s network to over 350, and more than 60 broker-dealers.
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