A key exec in driving Wall Street's adoption of electronic trading strategies has left UBS for Trumid, the Peter Thiel-backed startup looking to disrupt the bond market
- Vlad Khandros, UBS' global head of market structure and liquidity strategy, has left the bank's equities trading department to join startup Trumid.
- Trumid, which is backed by the Peter Thiel and George Soros, is an electronic marketplace for bond trading. In August, it announced $200 million in new funding to reportedly push its valuation to more than $1 billion.
- Electronic trading in bond markets has been on the rise in recent years, leading some executives to make the jump over from equities.
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A longtime UBS executive who has helped lead Wall Street's efforts in electronic trading is departing for a startup focused on the electronification of the bond market, Insider has learned.
Vlad Khandros, UBS' global head of market structure and liquidity strategy, has left the Swiss bank after nearly a decade to join electronic marketplace Trumid, according to a source familiar with the situation who spoke on the condition of anonymity to preserve relationships.
Khandros, who was a managing director at the bank, also served as the global co-head of principal investments and strategic ventures in global markets for UBS' investment bank.
A spokesperson for UBS declined to comment. Khandros did not return a request for comment. A Trumid spokesperson declined to comment.
Insider could not immediately determine what title or exact responsibilities Khandros will have upon joining Trumid.
Trumid, which is backed by the Peter Thiel and George Soros, is an electronic marketplace for bond trading. In August, the startup announced $200 million in new funding to push its valuation to more than $1 billion, according to a report from Bloomberg.
Electronic trading in the bond market has been on the rise in recent years, thanks in large part to developments at marketplaces such as MarketAxess, Tradeweb, and Trumid. The market, which long resisted the shift away from voice trading made by other asset classes, has started to turn the corner as firms recognize the efficiencies and savings that can be recognized via electronic trading.
See more: As credit liquidity evaporated, some investors pounced on a bond fire-sale with the help of electronic trading platforms. Insiders explain how a wild 2 weeks unfolded.
Total volume of electronic trading in November for investment-grade (35%) and high-yield (25%) bonds were both new records, according to a December report from consultancy Greenwich Associates. Average daily volume for November was $35 billion, up 9% year-over-year.
As the bond market has continued to evolve, it's looked for inspiration from those in equities. In 2019, Chris Concannon, the former CEO of Bats Global Markets and president and COO of Cboe Global Markets, joined MarketAxess, the largest electronic marketplace for US corporate bond trading, to serve as president and chief operating officer.
Khandros is no stranger to the world of trading venues. Prior to joining UBS in 2011, he spent over five years at Liquidnet, where he rose to global co-head of corporate strategy, according to his LinkedIn. He also serves as a board observer on the Members Exchange, the newly launched equity exchange that UBS is an investor in.
At UBS, Khandros served on the management committees at the bank for digital transformation and electronic trading. Part of his remit at the bank involved understanding which cutting-edge technologies should be leveraged as part of its trading operation.
Read more: Quants focused on the corporate bond market are in high demand as firms like AQR, Blackstone, and Point72 lean in
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