US electronic credit activity accelerated in September as primary-market heavy issuance spilled into secondary trading. On FINRA’s TRACE tape, combined US investment-grade and high-yield average daily volume (ADV) reached US$57.8 billion, up 29.5% month on month (MoM) and 3% year on year (YoY). Across our HY+IG electronic panel (MarketAxess, Tradeweb and Trumid), aggregate ADV rose to US$25.9 billion, up 29.9% MoM and 2.4% YoY.
Trumid reported a market beating performance in electronic credit trading growth at 39.3% MoM at US$8.5bn versus US$8.8bn and US$ 8.6bn for MarketAxess and Tradeweb respectively.
Monthly Average Daily Volume (ADV) for US Credit Trading Venues (US$mm)
Source: The DESK
Trumid posted a record electronic credit ADV for the platform at US$8.5 billion, up 39.3% MoM and 25% YoY, lifting its implied share of TRACE HY+IG to 14.7% and putting it within US$319 million of MarketAxess and just US$68 million behind Tradeweb.
Mike Sobel, CEO at Trumid said: “September was our strongest month yet and a reflection of the depth and resilience of our network. Client activity reached historic highs across our full suite of trading protocols, spanning both new issue and secondary trading.”
The firm highlighted its protocol momentum with combined Trumid RFQ and PT volumes up 81% and automation with 88% of eligible RFQ line items executed fully no touch. With new-issue activity surging, Trumid said it “handled an average of 42% of all secondary trading in the first two days after issuance.”
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