Electronic trading in US corporate bonds continued to gain ground in May 2026, with the three main fully electronic platforms collectively handling an estimated $26.6bn in average daily volume against a TRACE investment-grade and high-yield universe of $59.7bn, lifting the panel’s combined share of overall market activity to 44.6% from 43.5% in April. MarketAxess posted $9.3bn, up from $8.3bn a month earlier, while Tradeweb advanced to $10.0bn from $9.2bn, with both platforms benefiting from a broader pickup in secondary market turnover as TRACE volumes themselves rose from $56.5bn. Trumid, the third member of the fully electronic cohort, reported $10.4bn for May against $10.2bn in April, though those headline figures are subject to an adjustment. Because Trumid’s methodology captures both sides of matched trades, its reported volumes are conventionally scaled by a factor of 0.70 to produce a single-counted figure more directly comparable with the conventions used by its peers and by TRACE; on that basis, Trumid’s contribution is estimated at $7.3bn for May and $7.1bn for April. Taken together, the three platforms have now accounted for more than two-fifths of TRACE corporate bond flow in each of the past two months, a milestone that underscores the structural shift away from voice and request-for-quote intermediation that has accelerated since the post-pandemic liquidity dislocation prompted buy-side desks to embrace all-to-all and anonymous electronic protocols more systematically.