Cboe’s Harkins to Join Electronic Bond-Trading Platform Trumid
(Bloomberg) -- Electronic bond trading platform Trumid Financial has hired Bryan Harkins to lead its sales organization as chief revenue officer, a company spokesperson confirmed.
Harkins comes from Cboe Global Markets Inc., where he held a variety of executive roles, most recently as president of the firm’s BIDS Trading subsidiary. Prior to that, he was executive vice president and head of markets at Cboe, leading the sales, product development and strategy for the exchange operator’s equities and options businesses, among others.
The credit trading space will be a new challenge for Harkins, an electronic trading veteran. Credit trading has lagged behind other markets like equities when it comes to technology, and many large deals still take place over the phone.
Electronic trading platforms including Trumid and large rivals MarketAxess Holdings Inc. and Tradeweb Markets Inc. have seen explosive growth in recent years, and received a boost from pandemic-related credit volatility and work-from-home trends. Trumid’s trading volume has grown 70% in 2021 and it has 50% more users trading daily than in 2020, according to the spokesperson.
Read More: Electronic Bond Trading Finally Coming of Age in Remote-Work Era
Trumid had an implied valuation of $1.4 billion after a January funding round led by DST Global, Bloomberg previously reported.
Harkins will be a member of Trumid’s executive team and report to President Mike Sobel, the spokesperson said.
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