Trumid breaks out of the pack – Markets Media

Increased focus on helping corporate bond traders work more effectively Trumid from one of many startup fixed income trading platforms seven years ago, to a top player just below the top tier of the industry.

Bryan Harkins, Trumid

Trumid was founded on the need for technology solutions and to help traders improve their workflows as the bond market becomes increasingly electronic,” said Bryan Harkins, chief revenue officer at New York Trumid.

Trumid corresponded to its first trades in 2015, when electronic corporate bond trading platforms sprang up like mushrooms after a rain, each claiming its own unique solution to the liquidity puzzle.

Fast forward to 2022, and many trading platforms have closed shop or folded into larger organizations. The biggest and oldest names such as MarketAxess, Tradeweb and Bloomberg remain in the lead, and some of the newcomers are still in business. But out of the 2015 contingent of around forty platforms, only Trumid is notable not only for surviving, but also for becoming an established platform with nine-figure capital raised, senior executives hired and retained, and a US corporate bond market share above 5%.

“Trumid has shown over the past few years that they can scale successfully and quickly to meet changing client needs with new trading mechanisms and data products,” said Kevin McPartland, Head of Market Structure and Research technology at Coalition Greenwich. “This capability is a big part of what has allowed them to grow their market share in this incredibly competitive market segment.”

Harkins joined Trumid in September 2021 after 21 years in equities and derivatives, including senior positions at exchange operators Cboe Global Markets, BATS, Direct Edge and Nasdaq. The company is led by co-CEOs Ronnie Mateo, who founded the company, and Mike Sobel, who is also chairman. Harkins isn’t the only equity expat: Vlad Khandros, UBS’s longtime head of market structure and liquidity, has joined Trumid as Head of Corporate Development in February 2021.

Harkins said customers come to Trumid for the people, stay for the business experience. “We talk a lot about electronicizing the bond market and improved tools, but it’s really about getting clients to trust your platform,” he said. “Our management team and our sales team have strong relationships in the industry, and that helps us get in the door. Once we get in the door, we deliver an exceptional product that we improve on daily.

Corporate bonds are a large, fragmented and non-standardized market, and apart from a small upper tier of frequently traded issues, liquidity is being tested. There is no one-size-fits-all solution to enable effective trading; rather, the industry consensus is that institutions should take a multi-pronged approach to liquidity provisioning, spanning various protocols within e-commerce, as well as the legacy of voice eve.

TrumidThe evolution of followed that of the market in the broad sense. The company started as an anonymous blackbook, then built a fully disclosed attributed protocol, where sell-side dealers broadcast prices to over 625 buy-side institutional customers. Trumid intends to roll out new protocols later this year, with the aim of offering a complete set of trading solutions to users.

“We will have a complete one-stop-shop ecosystem for our customers,” Harkins said.

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