By Flora McFarlane.
Trumid, the all-to-all electronic credit trading platform, reports it has has doubled 2017 daily trade volumes on last year.
The finTech firm reports it has traded US$5 billion in volume in the past three months, building on its 80% growth in daily average order volume year-on-year. The number of traders active on the platform each day has increased by 65%.
The New York-based firm had a busy year in 2017. Deutsche Börse invested US$10 million in July for a minority stake, three months after the firm’s acquisition of rival all-to-all electronic platform Electronifie. The March acquisition saw Trumid expand its user base by approximately 20%.
Trumid has set about shaking up the bond and credit market, facilitating more transparent, electronic and efficient trading in an otherwise opaque environment, aiming to offer increased liquidity. In February it launched BondStream, which automatically streams TRACE pricing data for all bonds on a watch list, aggregating the relevant data for traders. In September, the firm launched a continuous pricing product through its Fair Value Model Pricing. The model aims to improve pre-trade transparency and extend reliable information on a broader range of fixed income securities.