A new trading platform for the Asian bond market that was spun out of the Singapore Exchange (SGX) is bulking up in Hong Hong.
XinTru is a joint venture between SGX, US credit trading specialist Trumid and private equity firm Hillhouse Capital. It launched in February and has made a series of eye-catching hires.
The JV operates Trumid XT, a trading platform that connects SGX’s Bond Pro and Trumid’s Market Center. Loh Boon Chye, CEO of SGX refers to TrumidXt as “the missing link between Asian and U.S. markets.”
Trumid XT’s status as a new fintech has already attracted trading talent in Hong Kong. This month it hired Killian Tracey, the former head of Asian credit trading at Credit Agricole CIB as a managing director. Tom Carlone also joined as an MD from Citi Securities-owned brokerage CLSA.
Trumid has also been hiring for business development roles. Joseph Li, a former director in fixed income currencies and commodities (FICC) at Huatai Financial Holdings, has joined as head of business development. Anshul Birla who spent seven years at Barclays before helping develop Bond Pro at SGX, has joined as head of business development in Singapore.
SGX led a $53 million funding round for Trumid in 2018. In 2019, Hillhouse Capital came on board as an investor.
Trumid XT’s management team is headed by chief revenue officer Ben Falloon, a former head of fixed income at Morgan Stanley who is based in Hong Kong, and chief operating officer Mark Leahy, the former head of fixed income at SGX who works in Singapore, according to their LinkedIn profiles.
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