Trumid Financial, the New-York based financial technology company and electronic trading platform for corporate bonds, today announced a strategic partnership with Citigroup to explore innovative solutions to provide liquidity and connectivity to fixed income institutional clients. Trumid’s trading platform aims to increase the volume of corporate bonds traded electronically, with a special focus on block trades, by leveraging an intuitively designed, data-driven platform and innovative trading protocols. As one of the latest generation of bond trading platforms, Trumid’s technology is dynamic, reliable and scalable, which allows for ease of integration with other systems, quick iterations and scaling into other products and geographies.
Citi has been a large advocate of technological advances in the credit markets, especially with the substantial growth of Portfolio and Algorithmic Trading within the ecosystem. “We are excited about the direction that Trumid has taken in regard to disclosed client-to-dealer connectivity. The Attributed Trading protocol creates technological efficiencies and transparency in the way we distribute liquidity to our clients, and we intend for it to be an integrated part of our client workflow,” said Derek Hafer, Head of North American IG & Macro Credit Trading.
Citi is backing Trumid through its Spread Products Investment Technologies (SPRINT) program, within the Citi Markets FinTech Investments unit. In light of this partnership, Citi will appoint an inaugural member to Trumid’s Trading Advisory Committee in order to provide long-term input into product development and market structure evolution.
Citi joins a broad and diverse network of nearly 450 institutions already on the Trumid platform. “We are extremely excited about adding a market leader like Citi to our already vibrant network and working closely with all of our clients to continue delivering innovative and thoughtful products,” said Ronnie Mateo, CEO of Trumid.
Trumid is a financial technology company bringing efficiency to credit trading through data, technology and innovative products. Trumid Market Center, the company’s electronic trading platform, provides corporate bond market professionals with direct access to liquidity and market intelligence. Trumid’s products leverage the network effect and data science to empower all credit market participants to make more informed decisions. Trumid was founded in 2014 by credit professionals with over 100 years of combined trading experience and is headquartered in New York City. Learn more at: http://www.trumid.com
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