Vast network affects in the multi-trillion dollar bond corporate bond market are certainly appealing. The potential union of the two bond trading startups would combine the platforms' user bases, creating a single platform with 350 institutional users and 60 broker-dealers.
"The hundreds of users unique to Electronifie will be added to TruMid’s actively-engaged users, who in aggregate have traded nearly $5bn of bonds in the past 6 months," the note said. "We believe that the increased size and diversity of our combined user network will enhance the all-to-all liquidity available to our clients."