Jefferies is set to collaborate with fixed income e-platform provider Trumid to deploy its trading protocol for emerging markets credit trading and workflows.
The investment bank will use Trumid’s attributed trading protocol, its electronic dealer-to-client workflow, to expand access to liquidity for its institutional clients.
Trumid added the attributed trading protocol to its emerging markets business in October, connecting fixed income traders to emerging markets, high yield, and investment grade securities. The platform hired former emerging markets sales trader from Goldman Sachs, Ben Sobel, to lead the emerging markets business.
“Market structure is evolving quickly and we are excited to take a proactive role in collaborating with Trumid,” says Justin Weinberg, managing director of Latin American credit trading at Jefferies.
“We strive to connect with our clients as efficiently and as consistently as possible. Trumid’s Attributed Trading provides both the network and the secure connectivity to do just that.”
Jefferies is already part of Trumid’s network, which includes 550 buy- and sell-side institutions.
The collaboration follows news in January that the Trumid platform had secured a $50 million investment led by new investor DST Global and Dragoneer Investment Group. The firm claims to have experienced exponential growth in electronic bond trading volumes, which surged 500% in April last year.
“Jefferies has a powerful franchise in emerging markets and we are excited to have them join our trading community,” says Ronnie Mateo, Founder and CEO of Trumid. “We will work together to electronically connect them to their customers and expand their footprint.”