NEW YORK--(BUSINESS WIRE)--TruMid, a new frontier for corporate bond trading and CDS, announced today the addition of Investment Grade corporate bond trading to its all-to-all electronic trading platform that launched April 29th, 2015.
TruMid now allows institutional investors to trade round lots across the spectrum of corporate debt, including U.S. Investment Grade, High Yield and Distressed. TruMid is designed to unlock liquidity in the credit market. As Investment Grade makes up approximately 2/3 of corporate bond trading volume, it is an essential part of TruMid’s mission to improve liquidity for all credit market participants.
“We've been actively trading High Yield and Distressed bonds for the past four months, and just did our first spread-based trades. We received approximately 3 Billion in executable orders and executed nearly 50 round lot trades in our first five days as participants took advantage of the ability to either hedge or spot treasuries,” said Josh Rubinson, head of Investment Grade at TruMid. “We currently have 177 institutions onboarded, and are excited to offer this new product to them as well as the approximately 370 institutions in the process of joining."
“To really move the needle for our clients in the challenged credit market, we needed to offer a robust Investment Grade offering and Josh’s experience as a market maker and risk taker makes him uniquely qualified to build this capability,” said Ron Mateo, Founder and CEO of TruMid.
“Liquidity in the corporate bond market is deteriorating. Building an alternative electronic solution is a major challenge given embedded behavior. The ability to deliver a proven model for intermediation with a new twist on the mouse trap, offering it via a fully electronic platform and network that is congruent with embedded work flows, is noteworthy,” said Anthony Perrotta, partner, global head of research and consulting at TABB Group.
About TruMid Financial:
TruMid is a FINRA-approved broker dealer and SEC registered ATS operator of an electronic trading platform for round lots of corporate bonds and CDS. TruMid launched April 29, 2015 and was designed with the fragmented nature of credit market liquidity in mind. It is an innovative all-to-all marketplace where buy-side can transact directly and anonymously with other buy-side and sell-side participants alike.
The team is made up of credit professionals with decades of experience on the sell-side and buy-side. TruMid’s approach utilizes sessions called “swarms” to concentrate a critical mass of the most important users in the market in the same place at the same time. The idea is to let all market participants determine pricing, and through anonymity and protection of information, to unlock liquidity that may otherwise be on the sidelines. TruMid’s multi-stage trading protocol allows all market participants to reveal their full intentions with no information leakage, to collectively determine pricing in a transparent way, and to execute efficiently and anonymously at the market-vetted price. TruMid is currently trading high yield, distressed and investment grade securities and will be launching CDS in Q4. See more information at www.trumid.com