NEWS UPDATE
FIXED INCOME
Goldman Sachs forms strategic relationship with Trumid following rapid growth
The investment bank will offer liquidity to its institutional clients through the Trumid platform ’ s network and will join its advisory committee to aid product development .
Fixed income e-trading platform provider , Trumid , has formed a strategic relationship with Goldman Sachs following a year of significant growth for the New York-based FinTech firm .
Goldman Sachs will offer liquidity to its institutional clients through Trumid ’ s attributed trading network and will offer input on long-term product development as a member of its advisory committee , alongside other major institutions including Barclays and Citi . Together with its anonymous trading protocol , Trumid said its attributed trading network accounted for 374 % year-on-year volume growth for its platform .
“ Our market structure strategy is grounded in offering clients improved pre-trade transparency , ease of execution , liquidity , and workflow efficiencies ,” said
Amy Hong , head of market structure for the global markets division at Goldman Sachs .
“ Trumid ’ s rapidly growing network and operational momentum show the company ’ s thoughtful solutions for the corporate bond market .”
A continuous list of collaborations and developments have followed Trumid since its announcement in May that it had seen its volumes for its electronic corporate bond trading platform , the Trumid Market Centre , surge 500 % in April to a total of $ 23.4 billion .
After securing a $ 200 million investment in a funding round from BlackRock and T . Rowe Price in August , Trumid then collaborated with US exchange group Nasdaq to develop a solution for real-time US treasury hedging for corporate bonds .
FOREIGN EXCHANGE
FX desks predict less trading in singledealer platforms , study finds
The Integral survey found that only 2 % of firms expected to use single-dealer platforms in the next year , while 46 % expected an increase in the use of multi-dealer platforms .
Just 2 % of FX firms have said they expect trading on single-dealer platforms to increase in the next year , an industry-wide survey has found . A report from FX technology provider Integral showed a significant decrease in the percentage of firms who expected to use single dealer platforms in the previous 12 months , dropping to just 2 % compared to the previous figure of 18 %.
At the same time , the report , which surveyed 94 heads of FX trading and senior FX managers at banks at banks , asset managers and other financial institutions , found that 46 % of desks surveyed expect an uptake in the use of multi-dealer platforms in the same period .
8 // TheTRADE // Spring 2021