Trumid Reports December and Full Year 2025 Trading Highlights

2025 marked a record year for Trumid, with Trumid growing twice as fast as the overall market

Trumid 2025 ADV up 24% YoY
TRACE™ reported market-wide 2025 ADV up 12% YoY

NEW YORK, Jan. 9, 2026 /PRNewswire/ -- Trumid, a financial technology company and leading fixed income electronic trading platform, today announced trade volume and user participation highlights for December 2025 and full year 2025.

Mike Sobel, Co-CEO & President of Trumid said:

"2025 was a standout year for Trumid. 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. A record $1.7 trillion of volume traded on Trumid in 2025, up 24% year-over-year and a double-digit increase in market share."

"Trumid RFQ and Trumid Portfolio Trading drove our growth, with combined list-based protocol volumes increasing 85% year-over-year. Client engagement grew across all of our protocols, with a record number of traders transacting on the platform each day. Around 40% of all users who traded on Trumid executed in three or more protocols during the year."  

"Trumid delivered value and gained share by working closely with clients to provide differentiated products with speed, quality, and reliability. After several years focused on deploying and improving new electronic protocols, we are now entering an era defined by automation and AI-enabled execution. With trusted partnerships from our clients and technology that is more scalable and agile than ever, Trumid is excited to drive continued innovation and value creation in 2026."

Full Year 2025 Highlights:

• Market outperformance: Trumid reported record full-year ADV of $7B, up 24% year-over-year, significantly outpacing TRACE™ reported market-wide volumes, which increased 12% over the same period and reached record levels of more than $50B ADV.
• Record market share: Trumid's overall platform market share increased 11% year-over-year, with Investment Grade and High Yield market share also at record highs, supported by strong client participation across key credit market segments.
• Record platform engagement: More than 18,000 unique bonds traded on Trumid in 2025, with over 2,300 traders transacting on the platform, both new annual records.
• Increased multi-protocol adoption: Around 40% of all users who traded on Trumid executed in three or more workflows during the year, demonstrating growing use of Trumid's integrated, multi-protocol ecosystem within a single application.
• List protocols drove growth: Continued strength in list-based trading sustained platform momentum, with combined Trumid RFQ and Trumid PT volumes up 85% year-over-year. The number of traders transacting in both protocols also reached record levels.
  • Record Trumid RFQ volume: Trumid RFQ delivered record quarterly volumes throughout 2025, surpassing $1B in ADV in Q4 2025. Full year RFQ ADV grew 136% year-over-year and 21% quarter-over-quarter from Q3 to Q4.
    • Across the buy- and sell-side, more than 1,100 users initiated and also responded to a Trumid RFQ in 2025, with approximately 80% executing a trade during the year.
    • High response rates from Trumid's integrated RFQ responder network supported fast, competitive pricing and drove record automated trade volumes. Trumid AutoPilot™ for RFQ saw elevated engagement in 2025, with executed trades up more than threefold year-over-year. 84% of eligible RFQ line items executed "no touch" via Trumid AutoPilot™ for RFQ during the year.
    • Demand for block-sized liquidity also continued to strengthen, with asset manager inquiries of $5 million and above steadily increasing each quarter and reaching their highest proportion of all inquiries in Q4 2025, up 81% vs. Q4 2024.
  • Record Trumid PT volume and market outperformance: Trumid PT volume outpaced broader market growth in 2025, up approximately 50% year-over-year compared to 22% growth in TRACE™ portfolio trading volumes.
    • In just two years, Trumid PT has established meaningful double-digit market share in electronic portfolio trading. From Trumid PT to Trumid PT Pricer™, portfolio analytics, and Trumid's PT reoffer workflow, Trumid has built a unified portfolio trading ecosystem designed to support both dealers and buy-side clients across the full trade lifecycle.
• Strength across grey and new issue bonds: With new issuance volumes reaching historic highs in 2025, Trumid accounted for a record 41% of new issue secondary trading of deals in the market in the first two days after issuance across its protocols. Trumid Swarms continued to serve as a key source of network liquidity, supporting anonymous electronic trading across grey, new issue, and seasoned bonds.
• Streamlining liquidity via established D2C workflows: As market participants continue to seek more efficient and direct access to liquidity, Trumid's bilateral dealer-to-client protocol, Trumid AT, delivered a record year. ADV increased 17% year-over-year, supported by a record number of clients executing AT trades.
  • • Launched six years ago, Trumid AT remains a core digital access point for dealer-to-client liquidity on the platform. It supports efficient axe distribution, click-to-trade execution, and electronic voice-processing, with added benefits including rates savings and executable algo streams.
• Trumid's institutional client network now comprises approximately 1,000 buy- and sell-side institutions.

December 2025 Highlights:

• Reported ADV of $4.9B, up 14% year-over-year.
• Combined ADV across Trumid RFQ and Trumid PT grew 80% year-over-year.

Trumid press
+1 (212) 618-0300
[email protected]

About Trumid
Trumid is a financial technology company and leading fixed income electronic trading platform focused on US dollar-denominated Investment Grade, High Yield, Distressed, and Emerging Market bonds. Trumid optimizes the credit trading experience by combining agile technology and market expertise, with a focus on product design. The result is a differentiated ecosystem of protocols and trading solutions delivered within one intuitive platform. Learn more at www.trumid.com.

SOURCE Trumid