Electronic bond market operator Trumid, has launched new Request for Quote (RFQ) trading on its platform. Trumid clients can now initiate, view, and respond to disclosed, fully anonymous, or partially anonymous single bond or list RFQs in one application. RFQ is integrated within Trumid’s existing electronic trading platform, with straight-through processing to order management system (OMS) providers and proprietary systems. Instruments covered include US dollar-denominated investment grade, high yield, distressed, and emerging market sovereign and corporate bonds.
The addition of RFQ expands Trumid’s ecosystem of credit trading protocols and solutions. Clients can trade with a network of peers and counterparties, moving between Trumid’s Anonymous, Attributed Trading (AT), portfolio, and RFQ trading protocols, based on their preferred workflows and trading objectives.
Designed and built in collaboration with network participants, Trumid RFQ includes:
- Connectivity and access to diversified liquidity – an Attributed Trading dealer network of disclosed responders, and nearly 750 institutions anonymously. Major dealers and leading algorithmic liquidity providers reportedly stream actionable market data on more than 13,000 CUSIPs daily into AT, all of which can be leveraged within Trumid RFQ.
- Flexible negotiation features to allow clients to engage and counter within the application, with multiple protocol session types supported.
- Targeted real-time alerts on trading opportunities based on a user’s customized bond watchlist(s) and live incoming IOIs and OMS orders.
- List processing for up to 500 line items, significantly more than primary providers in the market.
- Integrated rates automation tools, including delayed spot flexibility, net spotting, and automated hedging enabling Trumid to execute Treasury hedges more efficiently on behalf of buy-side clients and dealers.
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