{"id":208930,"date":"2025-10-08T11:13:07","date_gmt":"2025-10-08T11:13:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/208930\/"},"modified":"2025-10-08T11:13:07","modified_gmt":"2025-10-08T11:13:07","slug":"trumids-us-electronic-credit-volume-in-sight-of-marketaxess-and-tradewebs-the-desk","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/208930\/","title":{"rendered":"Trumid\u2019s US electronic credit volume in sight of MarketAxess\u2019 and Tradeweb\u2019s – The DESK"},"content":{"rendered":"

US electronic credit activity accelerated in September as primary-market heavy issuance spilled into secondary trading. On FINRA\u2019s TRACE tape, combined US investment-grade and high-yield average daily volume (ADV) reached US$57.8 billion, up 29.5% month on month (MoM) and 3% year on year (YoY). Across our HY+IG electronic panel (MarketAxess, Tradeweb and Trumid), aggregate ADV rose to US$25.9 billion, up 29.9% MoM and 2.4% YoY.
Trumid reported a market beating performance in electronic credit trading growth at 39.3% MoM at US$8.5bn versus US$8.8bn and US$ 8.6bn for MarketAxess and Tradeweb respectively.\"\"\/<\/a><\/p>\n

MarketAxess electronic credit ADV remained narrowly in front at US$8.82 billion, rising 23.1% MoM but 10.4% lower than in September 2024. That equates to 15.3% market share of TRACE high yield (HY) HY plus investment grade (IG) for the month.
The firm said: \u201cDespite historic levels of new issuance in US credit in September, which dampened our estimated market share in the month, we set a new record for US credit portfolio trading ADV and market share\u201d
It also highlighted record U.S. high-yield portfolio trading market share of 25.9%. Management added that the platform had its single highest credit trading volume day ever on the last trading day of September. Preliminary total-credit fee per million printed at US$140 (versus US$142 in August and US$150 in September 2024).<\/p>\n

Tradeweb followed closely at US$8.57 billion, up 28.5% MoM and flat YoY according to our tally but down 0.9% YoY according to Tradeweb: for a 14.8% share of TRACE HY and IG.
The company said it \u201ccaptured 18% and 7.2% share of fully electronic US high grade and US high yield TRACE\u201d respectively. It flagged that cash-credit portfolio-trading ADV decreased 12.6% YoY and that non-comp PT fell 35.9% YoY, noting that PT carries a relatively lower fee per million as compared to the broader cash credit average.
On a brighter note, the firm pointed out that its municipal bonds ADV was up 35.3% YoY to US$521 mm.
It said: \u201cMunicipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was up 17.7%3 YoY\u201d<\/p>\n

Trumid posted a record electronic credit ADV for the platform at US$8.5 billion, up 39.3% MoM and 25% YoY, lifting its implied share of TRACE HY+IG to 14.7% and putting it within US$319 million of MarketAxess and just US$68 million behind Tradeweb.
Mike Sobel, CEO at Trumid said: \u201cSeptember 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.\u201d<\/p>\n

The firm highlighted its protocol momentum with combined Trumid RFQ and PT volumes up 81% \u00a0and automation with 88% of eligible RFQ line items executed fully no touch.
With new-issue activity surging, Trumid said it \u201chandled an average of 42% of all secondary trading in the first two days after issuance.\u201d<\/p>\n

Trumid does not break out its ADV in it its press release skewing any comparison to Tradeweb and MarketAxess.<\/p>\n

\u00a0
\n\u00a0<\/p>\n

\u00a9Markets Media Europe 2025<\/p>\n

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