These growing incumbents and up-and-coming newcomers are taking advantage of innovative tools and artificial intelligence to power capital markets more efficiently.
Trumid
Corporate debt trading platform that executes large trades of investment-grade, high-yield, distressed and emerging market bonds for users at 815 financial institutions. More than 1,000 users trade on the platform every month, with total volume for 2023 of nearly $1 trillion. In 2023, it added features for list-based trading, allowing users to buy portfolios in addition to single securities, and a “request for quote” protocol that makes it easier for clients to view and respond to listings.
Headquarters: New York, New York.
Funding: $650 million from Point Break, Motive, Dragoneer and others.
Latest valuation: $2.4 billion.
Date of last valuation: October 2021.
Bona fides: Average daily trading volume in November 2023 was up 74% year-over-year to $4.6 billion.
Founder: Co-CEO Ronnie Mateo, 50, a former bond trader at Trinity Brokers; Lehman Brothers and Barclays vet Mike Sobel, 44, joined Trumid as president and was named co-CEO in 2021.
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