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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

3x YoY Growth

In number of unique bonds traded daily in 2024 vs. 2023

~40% of New Issue Secondary Traded Volume​

Trumid accounted for ~40% of all new issue secondary trading in the first two days after issuance in 2024, 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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