TruMid, the electronic trading platform for corporate bonds has now traded over $1 billion since its revamp just over a month ago. The firm passed the milestone on Tuesday August 9. Well done Ronnie!
TruMid is one of several firms trying to take advantage of increased interest in electronic bond trading at a time when many are complaining about reduced liquidity. Many have struggled to gain traction in a market that is one of the last to switch to electronic platforms. TruMid focuses on roundlot trading, matching buy and sell orders in excess of $1 million. The firm launched around two years ago with a group of well-known Wall Street traders, capturing headlines as a result. It has also attracted big name backers such as Soros and Thiel, while former Barclays CEO Bob Diamond has endorsed the platform.