Trumid has launched a new offering – List Optimiser – with the aim of boosting data-driven protocol selection across credit trading.
Paris Pender
The new solution serves as a decision engine to analyse bond lists and suggest how individual bonds can be allocated between Trumid’s portfolio trading (PT) and request for quote (RFQ) protocols.
Specifically, the offering combines the Trumid platform’s pricing, analytics and optimisation capabilities to support clients in making more informed execution decisions.
The launch complements client demand for better ways to decide whether to use Trumid’s PT or RFQ, or to combine both.
Speaking to The TRADE, Paris Pender, head of portfolio and macro credit trading at Trumid, added: “Most lists show a benefit from the analysis, meaning the answer isn’t always PT or always RFQ. The quantitative benefit will vary depending on the list composition and market conditions.
“The goal is to help traders make a data driven evaluation of what combination of Trumid PT and RFQ could improve expected total net proceeds relative to executing the full list through either protocol.”
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Pender also explained that traders are able to review proposed allocations alongside list-level pricing analytics using List Optimiser, to then send split live for quoting with minimal clicks, allowing for traders to retain control over how to proceed.
The solution also leverages dynamic inputs to allow the analysis to take into account changes in pricing conditions reflected by underlying prices, to ensure allocation depends on the expected execution economics of the particular list.
Jason Quinn, chief product officer and global head of sales added that the launch reflects a “broader shift toward embedding model-driven pricing intelligence and decision support directly into the trading workflow.”
He continued that the integration of AI is supporting approaches to workflow construction and development, to ensure traders are able to focus on higher value decisions while also maintaining oversight and control.
He continued: “As clients expand their use of our ecosystem, spanning RFQ, portfolio trading, swarms and attributed trading, we see growing opportunities to help them evaluate and access liquidity across the platform.
“Our focus is on connecting those capabilities more closely and developing them further through client feedback.”