Trumid Reports Record September and Q3 2025 Market Share

Broad-based protocol strength drives 24% YoY ADV growth and record client participation in September

NEW YORK, Oct. 7, 2025 /PRNewswire/ -- Trumid, a financial technology company and leading fixed income electronic trading platform, today announced trade volume and user participation highlights for September and Q3 2025.

Mike Sobel, Co-CEO and President of 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. A record $8.5 billion Average Daily Volume (ADV) traded on Trumid in September, up 24% year-over-year, as list protocols continued to lead growth with combined Trumid RFQ and PT volumes up 81%.

It's encouraging to see how consistently Trumid performs across all market conditions. Whether in periods of heightened activity or quieter markets, our protocols deliver strong results for clients. Our ongoing investments in technology, automation, and scalability are driving deeper client participation, strengthening our multi-protocol platform.

No matter the market backdrop, Trumid's continued outperformance reflects the trust and adoption by clients and our focus on innovation and efficiency across trading workflows."

September Highlights:

September was another milestone month, with record trading volume, market share, and client engagement. Platform activity was broad-based across Trumid trading protocols, reinforcing Trumid's position as a leading U.S. electronic trading platform.

• Trumid reported Average Daily Volume (ADV) of $8.5B, up 24% year-over-year, compared to 3% growth in TRACE™ reported volumes.
• Record overall platform market share, up 20% year-over-year.
• Record U.S. Investment Grade market share, up 29% year-over-year.
• Record buy-side client adoption supported continued strength in Trumid RFQ and Trumid PT, with combined ADV up 81% year-over-year.
  • Trumid RFQ delivered another record month, more than doubling volume year-over-year and posting the highest frequency of $1 billion+ volume days to date. Trumid AutoPilot™ for RFQ also reached new highs, with 88% of eligible RFQ line items executed fully "no touch." Trumid's integrated responder network continues to deliver fast, competitive pricing at scale, automating the RFQ process so clients can focus on high-value opportunities.
  • Trumid Portfolio Trading (PT) volumes increased nearly 60% year-over-year, with a record number of buy-side accounts trading and a record number of PT lists transacted in a single day.
• With both U.S. Investment Grade and High Yield new issuance marking their largest month of 2025, Trumid Swarms and Trumid Attributed Trading (AT) continued to deliver value. Swarms remained a key liquidity source in both grey and new issue bonds, enabling anonymous electronic trading, while AT enhanced efficiency through streamlined electronic voice processing and integrated rates savings.
• Trumid handled an average of 42% of all secondary trading in the first two days after issuance, with particularly strong participation from asset managers.

Q3 2025 Highlights:

• Buy-side network engagement reached record levels, accelerating 2025 market share gains and overall quarterly performance. Trumid ADV rose 23% year-over-year, outpacing TRACE™ reported market-wide growth of 5% over the same period, while overall market share increased 17% versus Q3 2024.
• Trumid RFQ delivered its ninth consecutive quarter of sequential growth, setting new platform records for both traded volume and trade count, up 132% and 118% year-over-year respectively, with record daily participation from buy-side and sell-side traders. Trumid AutoPilot™ for RFQ also achieved all-time highs across both volume and trade count.
• Trumid PT continued to outperform even as market-wide portfolio trading activity slowed. Trumid PT ADV was up 40% versus Q3 2024 — more than double the ~15% year-over-year growth in TRACE™ portfolio trading volumes. Buy-side participation also expanded, with approximately 40% more traders executing daily in the protocol and a record number of lists traded, also up around 40% for the quarter.
• More than 14,000 unique bonds traded on Trumid in Q3 2025 – a new record – with over 1,700 traders transacting on the platform for the second consecutive quarter.

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

About Trumid
Trumid is a financial technology company and 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