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  • Swarms

Anonymous
Click-to-Trade Liquidity

Trumid’s innovative pool of undisclosed liquidity marries limit order and matching-based protocols, resulting in firm, click-to-trade liquidity in sessions throughout the day.
Swarms

Serving a Growing Need for Anonymous Session-Based Trading

41% of New Issue Secondary Traded Volume

Trumid accounted for a record 41% of all new issue secondary trading of deals in the market in the first two days after issuance across all its protocols in 2025, with users finding significant value in Swarms trading

Source: Trumid internal data.

Maximize Execution Quality, Minimize Market Impact

  • Execute trades, including large orders, with confidentiality and minimal market impact
  • Realize enhanced price discovery and execution quality via multiple Swarms on multiple bonds
  • Source liquidity in new issue, grey bonds, and seasoned bonds

Built for High Performance

Swarms can be two-sided executable markets or single-level (“mid”) markets with size and identity concealed. Each Swarm focuses on a single bond, but multiple Swarms can run simultaneously, enhancing price discovery and execution quality. 

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