Trumid's Record Year Signals Shift in Fixed Income Trading

NEW YORK, NY – January 09, 2026 – Financial technology firm Trumid reported a landmark year, with its trading volumes growing at double the pace of the broader fixed income market, signaling an accelerated shift in how credit markets operate. The company announced that its Average Daily Volume (ADV) surged by 24% year-over-year in 2025 to a record $7 billion, while the overall market, as measured by TRACE™, grew by 12%.

This outperformance culminated in a record $1.7 trillion of total volume traded on the electronic platform throughout the year. The growth underscores a significant trend in the bond market: the increasing migration of trading activity from traditional voice-brokering to sophisticated, integrated electronic platforms that offer a suite of tools designed for modern efficiency.

"2025 was a standout year for Trumid," said Mike Sobel, Co-CEO & President of Trumid, in a statement. "Client activity accelerated across our full suite of electronic trading protocols, reflecting deeper network engagement and Trumid's expanding role as a core liquidity source across market conditions."

The Growth Engine: Protocols and Client Adoption

At the heart of Trumid’s explosive growth is the rapid adoption of its list-based trading protocols, Trumid RFQ (Request for Quote) and Trumid Portfolio Trading (PT). Combined volumes for these protocols skyrocketed by 85% year-over-year, demonstrating strong demand for solutions that allow traders to execute large, complex lists of bonds with greater efficiency.

The platform's engagement metrics tell a story of deepening client relationships. A record of over 2,300 traders transacted on the platform in 2025, trading more than 18,000 unique bonds. Critically, the data reveals a behavioral shift in how these traders interact with the market. Approximately 40% of all users who traded on Trumid during the year utilized three or more of the platform’s distinct protocols, such as its anonymous Swarms, attributed trading, and list-based tools. This multi-protocol adoption highlights the value of an integrated ecosystem where traders can seamlessly switch between workflows within a single application to find the best execution strategy for any given trade.

This flexibility is a key differentiator in a market historically fragmented across various venues and communication methods. By offering a unified environment, the platform helps traders optimize their decision-making and streamline their daily operations, a crucial advantage in fast-moving credit markets. The strength was particularly notable in new issues, where Trumid captured a record 41% of secondary trading in the first two days after issuance.

Outpacing the Competition in a Shifting Market

Trumid's 24% ADV growth not only doubles the market average but also places it ahead of its primary, more established competitors. For comparison, Tradeweb reported a full-year ADV increase of 16.9% for 2025, while MarketAxess saw its total credit trading volume grow 11% year-over-year in the fourth quarter. This performance allowed Trumid to increase its overall platform market share by 11% year-over-year, hitting new highs in both Investment Grade and High Yield bond trading.

The results position the firm as a formidable force in the ongoing "electronification" of the fixed income space. For years, the corporate bond market has lagged behind equities and foreign exchange in its adoption of electronic trading, largely due to its fragmented nature and the complexity of its instruments. However, platforms like Trumid are breaking down these barriers by providing the technology and liquidity networks necessary to digitize even complex trading strategies.

This shift is evident in the growth of specific protocols. Trumid RFQ, for instance, saw its full-year ADV grow by an astounding 136% year-over-year. The demand for block-sized liquidity on the platform also strengthened, with inquiries for trades of $5 million and above increasing 81% in the fourth quarter compared to the prior year, indicating growing institutional trust for executing large, significant trades electronically.

Innovation as a Catalyst: Automation and AI-Enabled Execution

A key driver of Trumid's success and its strategy for the future lies in its commitment to technological innovation, particularly in automation and artificial intelligence. "After several years focused on deploying and improving new electronic protocols, we are now entering an era defined by automation and AI-enabled execution," Sobel noted.

One of the flagship examples of this strategy is Trumid AutoPilot™ for RFQ. This feature allows clients to automate the execution of RFQ trades based on pre-determined parameters, enabling "no-touch" trading. In 2025, executed trades via AutoPilot™ more than tripled year-over-year, with a remarkable 84% of all eligible RFQ line items being executed automatically without manual intervention. This level of automation frees up traders to focus on more complex, high-value decisions while ensuring routine trades are executed efficiently and within specified risk controls.

Behind the scenes, the company is also leveraging machine learning to enhance its predictive pricing models. Its Fair Value Model Price (FVMP™), which provides real-time, two-sided pricing for approximately 22,000 corporate bonds, was significantly enhanced to update every 30 seconds. This AI-powered tool provides traders with crucial pre-trade intelligence and price discovery, especially for less liquid securities where reliable data is scarce. By integrating these advanced data products directly into trader workflows, Trumid is not just facilitating transactions but also augmenting the decision-making capabilities of its users.

Redefining Fixed Income Workflows

The platform's comprehensive suite of tools is fundamentally altering traditional workflows for both buy-side and sell-side participants. Trumid's portfolio trading solution, Trumid PT, has established a double-digit market share in just two years, growing its volume by approximately 50% in 2025—more than double the 22% growth in the broader TRACE-reported portfolio trading market. This protocol, supported by tools like the PT Pricer™ for pre-trade analytics, simplifies the complex process of trading large baskets of bonds, a task that was once a cumbersome, manual negotiation.

Simultaneously, the platform continues to support more direct liquidity channels. Trumid AT, its bilateral dealer-to-client protocol, also had a record year, with ADV increasing 17%. This demonstrates that as the market electronifies, there remains strong demand for efficient, direct access to dealer liquidity, which the platform facilitates through click-to-trade execution and streamlined processing.

By successfully integrating multiple trading protocols—from anonymous all-to-all networks to direct dealer streams and sophisticated list-based systems—Trumid is creating a holistic trading environment. This model challenges the old paradigm of siloed liquidity pools and manual processes, pushing the entire fixed income industry toward a more efficient, transparent, and data-driven future. The continued growth of its institutional client network, which now stands at approximately 1,000 firms, suggests this new model is rapidly becoming the standard.