What metrics would you use to evaluate Trumid's Attributed Trading protocol?

Introduction

Evaluating Trumid's Attributed Trading protocol requires a comprehensive approach to product success metrics. To address this challenge effectively, I'll follow a structured framework that covers core metrics, supporting indicators, and risk factors while considering all key stakeholders. This approach will help us gain a holistic understanding of the protocol's performance and impact.

Step 1

Product Context

Trumid's Attributed Trading protocol is a feature within their electronic bond trading platform. It allows traders to disclose their identity to potential counterparties, fostering trust and potentially leading to better pricing and increased liquidity in the bond market.

Key stakeholders include:

1. Bond traders (buy-side and sell-side)
2. Asset managers
3. Broker-dealers
4. Regulators
5. Trumid (the company)

User flow:

1. Trader logs into Trumid platform
2. Selects bonds to trade and enters order details
3. Chooses to attribute their identity to the order
4. Order is displayed to potential counterparties with trader's identity
5. Counterparties can engage, negotiate, and execute trades

This protocol fits into Trumid's broader strategy of increasing transparency and efficiency in the bond market. Compared to competitors like MarketAxess or Tradeweb, Trumid's Attributed Trading offers a unique balance of anonymity and transparency.

Product Lifecycle Stage: Growth - The protocol has been introduced and is gaining traction, but there's still significant room for adoption and refinement.