The XinTru joint venture with corporate bond trading platform provider Trumid and private equity firm Hillhouse Capital, will launch a new electronic bond trading platform later this year.
This partnership combines Trumid’s cutting-edge technology and fixed income expertise, SGX’s deep experience in Asian financial market infrastructure and electronic trading, and Hillhouse’s expertise and network in Asia and the financial services sector», SGX said in a statement on Monday.
The Trumid XT platform will connect liquidity from SGX’s Bond Pro and Trumid’s Market Center in the U.S. to provide a network for Asian fixed-income trading. This will enhance international access to Asian bond markets and facilitate Asian investor participation in U.S. and global emerging market credit, SGX said.
XinTru’s independent management team includes chief revenue officer Ben Falloon who brings 20 years of Asia fixed income experience and relationships, and chief operating officer Mark Leahy, who has significant experience building and operating capital markets businesses in the region.
SGX led a $53 million growth equity financing round in the New York-based startup in 2018, and subsequently joined Hillhouse Capital in another round of investment in 2019 when the firm took a minority stake in Trumid.
Our early investment in Trumid paved the way for this deeper collaboration to advance the overall bond market infrastructure in Asia,” said SGX chief Loh Boon Chye.
Trumid experienced exceptional growth in 2020, with trade volumes growing 374 percent year-on-year.