NEW YORK--(BUSINESS WIRE)--TruMid, a new frontier for corporate bond and CDS trading, today announced the closing of the majority of an investment round led by tech investor Peter Thiel. Thiel is joined by a private investment fund managed by Soros Fund Management and by Shumway Capital, which led TruMid’s first external financing round earlier this year. The capital will bolster the e-trading platform’s ability to improve liquidity for all market participants.
TruMid’s all-to-all system uses trading sessions called “swarms”, allowing anonymous and efficient interaction between its institutional users to drive mid-market pricing and best execution on round lot transactions.
In only six months since launch TruMid is establishing itself as an early leader in electronic trading, with many of the market’s top institutional investors trading on the platform. TruMid has 191 institutional clients live on the platform and nearly 400 more in the onboarding process. TruMid’s highly experienced team from the buy-side, sell-side and interdealer broker space has the relationships necessary to attract a critical mass to trade.
The current round is expected to be $27 million and will be fully closed before the end of the year.
About TruMid Financial:
TruMid is a FINRA-approved broker dealer and SEC registered ATS operator of an electronic trading platform for round lots of corporate bonds and CDS. TruMid launched April 29, 2015 and was designed with the fragmented nature of credit market liquidity in mind. It is an innovative all-to-all marketplace where buy-side can transact directly and anonymously with other buy-side and sell-side participants alike.
The team is made up of credit professionals with decades of experience on the sell-side and buy-side. TruMid’s approach utilizes trading sessions called “swarms” to concentrate a critical mass of the most important users in the market in the same place at the same time. The idea is to let all market participants determine pricing, and through anonymity and protection of information, to unlock liquidity that may otherwise be on the sidelines. TruMid’s multi-stage trading protocol allows all market participants to reveal their full intentions with no information leakage, to collectively determine pricing in a transparent way, and to execute efficiently and anonymously at the market-vetted price. TruMid is currently trading high yield, distressed and investment grade securities and will be launching CDS in early 2016. See more information at www.trumid.com
