Electronic bond trading platform announces monthly activity
NEW YORK, May 8, 2024 /PRNewswire-PRWeb/ -- Trumid, a financial technology company and fixed income electronic trading platform, today announced trade volume and user participation highlights for April 2024.
April Highlights:
Reported Average Daily Volume (ADV) of $5.5B, up 77% year-over-year.
Overall market share up 30% and U.S. investment grade market share up 31% versus April 2023.
U.S. high yield continued to be an area of network strength. High yield traded volume on Trumid was up nearly 50% year-over-year ? the third consecutive month of $1B+ ADV trading in high yield. Trumid's U.S. high yield market share was up 22% year-over-year.
In what was a quieter month for U.S. dollar bond issuance this year, Trumid continued to strengthen its new issue market share. In April, Trumid accounted for an average of around 40% of all new issue secondary trading of deals in the market in the first two days of trading (versus a 2023 platform average of 33%).
Continued growth was seen in Trumid's individual trading protocols.
Trumid RFQ logged its eleventh consecutive month of sequential growth with record traded volume, up 27% month-on-month. Continued network adoption saw new monthly records for the number of RFQ initiators and RFQ responders.
Trumid PT enjoyed record traded volume, up around 15% month-on-month. A record number of counterparties traded each day and over 140 PT lists traded in the month.
Trumid Swarms saw traded volume increase nearly 50% year-over-year. 80% more users traded each day in the protocol compared to a year ago, demonstrating the powerful network effects of the Trumid protocol ecosystem.
The expanding breadth of client participation resulted in a 47% year-over-year increase in daily average users trading on the platform. Over 1,300 traders transacted on Trumid for the fourth consecutive month.
Trumid's fast-growing client network now includes 850+ buy-and sell-side institutions, including 57 major dealers and leading algorithmic liquidity providers.
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.
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