Ryan Gwin
Head of Data Solutions, Trumid
How does Trumid’s growing market share strengthen FVMP?
Being recognized for FVMP’s U.S. investment grade and non-investment grade pricing accuracy is something we’re extremely proud of, and it reflects the growing data set that underpins the model and a flywheel effect that has been building for years.
As trading activity across Trumid has grown, so has the range of data that can inform FVMP. Thoughtful use of these inputs, along with ongoing model enhancements, help improve the model’s pricing accuracy, which in turn makes the platform more attractive to traders and generates more data. This flywheel continues to strengthen the model, and the recognition is a snapshot of where it has brought us today.
That progress is also reflected in how the product has evolved. This year, we introduced size-adjusted pricing, delivering a fully formed, real-time price and spread across six size buckets, from $100K to $5M+. We also expanded FVMP coverage to more than 30,000 U.S. corporate bonds across investment grade, high yield, and emerging markets, alongside continued investment in the speed and accuracy of the pricing model.
Importantly, this isn’t a one-time effort. FVMP is continuously recalibrated against live market activity, and we see significant opportunity to keep building on that foundation.
What does this recognition tell clients about how FVMP is built?
FVMP benefits from Trumid’s multiple trading protocols, our growing client network, and continued investment in technology.
Using a broad range of permitted platform data, the model draws insights from activity spanning micro-lots to large block trades, across both liquid and illiquid bonds. That breadth provides a more fulsome perspective than a single trading protocol alone.
From there, the model itself is purpose-built for that data: drawing on real-time trade activity for actively traded bonds, and derived spread and yield curves for less liquid credits where trading history can be sparse. Each price also comes with a confidence score, giving clients additional context to assess the pricing.
For us, this recognition reflects the strength of the data pipeline and technology, not just the output at the end of it.
What sets FVMP apart from other pricing models in the market?
One of the biggest differentiators is the breadth and timeliness of the data informing the model. Many pricing models draw from one slice of the market, such as RFQ flow, and extrapolate from there. Because of the diversity of Trumid’s trading protocols, FVMP can reflect a broader range of trading behavior in real time, rather than relying on a single source type.
Another important piece is how we deliver the price itself. FVMP provides clients with a ready-to-use, size adjusted bid, mid, and offer level, without requiring additional calculations on their end.
Together, ready-to-use pricing, confidence-scored outputs and continuous benchmarking and leveraging live trades and quotes deliver a pricing engine designed to support trading decisions, not simply provide a reference point.
For Further Reading
Download the SS&C 2026 Fixed Income Evaluations Vendor Benchmark Study.
Read the Trumid FVMP White Paper.