TruMid Launches Market Center Platform, Introduces On-Demand Bond Trading

New bond trading platform aimed at increasing efficiency and efficacy of corporate bond trading through on-demand controls.

Photograph of the New York City skyline including the Chrysler Building
New York-based TruMid has onboarded 275 buy- and sell-side firms since launching its bond trading platform last year.

Electronic corporate bond trading venue TruMid has launched its Market Center platform, introducing new “swarm on-demand” trading functionality.

The internally developed platform will feature the new swarm on-demand functionality, whereby trading sessions are launched when compatible orders exist, alongside its existing session-based "swarm" capabilities, which are scheduled by TruMid at specific times.

Users of the platform will have the ability to trigger a swarm, broadcast not to the entire network but only to a narrowed-down group of participants most likely to join the swarm that the system has earmarked through previously submitted data.

The Market Center platform also incorporates a combination of lit and dark protocols to optimize matches and enable price discovery, tailored notifications based on user preferences and inputs, and a customizable interface.

"Since our launch last year, we have been focused on bringing our technology fully in-house, increasing functionality, flexibility, and ease of use," said Mike Sobel, president of TruMid, in a statement. "In a year of operating, we have learned a lot through analysis and collaboration with our clients to ensure the new platform meets and anticipates their needs. We are quite proud to be able to iterate so quickly, incorporating all that we've learned into a fully proprietary platform."

Earlier this year, Sobel spoke to WatersTechnology in greater detail about how the new swarm on-demand functionality works.

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