CanDeal is a Canadian online

exchange Exchange may refer to: Physics *Gas exchange is the movement of oxygen and carbon dioxide molecules from a region of higher concentration to a region of lower concentration. Places United States * Exchange, Indiana, an unincorporated community * ...

for Canadian dollar

debt securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

. It provides institutional investors access to liquidity for Canadian Government Bonds and

money market The money market is a component of the economy that provides short-term funds. The money market deals in short-term loans, generally for a period of a year or less. As short-term securities became a commodity, the money market became a compon ...

instruments. CanDeal has offices in Toronto and Montreal and is owned by Canada's Six Major Banks and

TMX Group TMX Group Limited is a Canadian financial services company that operates equities, fixed income, derivatives, and energy markets exchanges. The company provides services encompassing listings, trading, clearing, settling and depository facili ...

(equally as of 2018 compared to a previous ownership structure in which TMX owned 47%). CanDeal became a member of the

Investment Dealers Association of Canada The Investment Industry Regulatory Organization of Canada (IIROC; ''Organisme canadien de réglementation du commerce des valeurs mobilières'' or ''OCRCVM'' in French) is a non-profit, national self-regulatory organization (SRO). Established thro ...

, and was granted

alternative trading system Alternative trading system (ATS) is a US and Canadian regulatory term for a non-exchange trading venue that matches buyers and sellers to find counterparties for transactions. Alternative trading systems are typically regulated as broker-dealers r ...

status by the

Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown agency which reports to the Ontario legislature through the Mi ...

on July 2, 2002.

History

*June 27, 2001 – CanDeal is created by founding shareholders

BMO Nesbitt Burns The Bank of Montreal (BMO; french: Banque de Montréal, link=no) is a Canadian multinational investment bank and financial services company. The bank was founded in Montreal, Quebec, in 1817 as Montreal Bank; while its head office remains in ...

, Basis100 inc., CIBC World Markets Inc., MoneyLine Network Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc. *July 8, 2002 – TMX Group acquires a 40% stake in CanDeal. *September 10, 2002 – CanDeal executes its first trade. *January 1, 2003 - CanDeal's founder Jayson Horner leaves TD Securities to become full-time President and CEO of CanDeal. *February 11, 2003 – CanDeal purchases Basis100's equity interest along with the rights to BasisXchange in Canada. *September 9, 2003 – CanDeal adds Provincial Bond issues to its marketplace. *August 18, 2004 – Aggregate volume traded on CanDeal surpasses $100 billion. *October 19, 2004 – CanDeal announces its single day trading volume surpasses C$1 billion. *December 1, 2004 – CanDeal trades $10 billion in a single month. *November 1, 2005 – CanDeal launches a new division, Revolution Trading, an electronic inter-dealer trading network. *March 24, 2006 - CanDeal acquires Moneyline's shares. *October 11, 2006 – CanDeal surpasses One-half Trillion in aggregate volume traded. *August 8, 2007 – CanDeal announces that it has surpassed One Trillion Dollars in aggregate volume traded since inception. *June 1, 2009 – CanDeal introduces butterfly trading to its marketplace. *February 24, 2010 – CanDeal launches mobile fixed income pricing application for institutional professionals. *July 7, 2010 – CanDeal Traded Volume Surpass $3 Trillion *April 13, 2011 – CanDeal Volumes Surpass $4 Trillion; New Record Month and Quarter Set. *January 13, 2013 – CanDeal launches the first multi-dealer-to-client trading platform for Canadian dollar interest rate swaps. *June 18, 2014 – CanDeal surpasses $10 Trillion in aggregate fixed income & derivatives volume traded. *October 30, 2018 – CanDeal's ownership restructured such that each of the six largest Canadian banks and the TMX have an equal stake in CanDeal. *February 12, 2019 – CanDeal and the ownership group create Canada's first comprehensive fixed-income and derivatives market data hub called CanDeal Data & Analytics (DNA). *December 16, 2019 – CanDeal surpasses $25 Trillion in aggregate volume traded. *March 9, 2021 – CanDeal Data & Analytics (DNA) acquires CIBC's fixed income data business. *June 27, 2022 – Canadian banks officially partner with CanDeal to deliver industry-wide KYC "

know your customer Know Your Customer (KYC) guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a ...

" solution.

Products

CanDeal has three divisions: CanDeal Markets, CanDeal Solutions and CanDeal Data & Analytics (DNA). CanDeal Markets provides institutional investors with online access to liquidity for Canadian debt securities, as well as access to global marketplaces in the United States and Europe operated by Tradeweb. CanDeal utilizes the "Request for Quote" (RFQ) trading protocol to trade the most active government securities and a commingled "inventory" based trading protocol for less active money market instruments. The electronic trading coverage includes: * Rates/Bond Trading: Canadian/Federal government bonds in the secondary market. * Money Markets Trading: Canadian short-term debt investments. * Over-the-counter Derivatives Trading: CAD and USD

interest rate swap In finance, an interest rate swap (IRS) is an interest rate derivative (IRD). It involves exchange of interest rates between two parties. In particular it is a "linear" IRD and one of the most liquid, benchmark products. It has associations with ...

s (IRS) in compliance with cross-border regulations. * Credit/Bond Trading: Canadian

corporate bonds A corporate bond is a bond issued by a corporation in order to raise financing for a variety of reasons such as to ongoing operations, M&A, or to expand business. The term is usually applied to longer-term debt instruments, with maturity of ...

with benchmarking against the previous day's 4pm price and spread, as well as Canadian provincial, municipal and mortgage bonds. Offerings include: * CanAuction: enabling fixed income auctions between issuers and dealers. * CANIssue: managing the workflow for dealers participating in the Canadian Corporate New Issue Bond Market. * Electronic Buyback Platform: developing and deploying a 'reverse auction' platform to provide dealers and clients with an opportunity to sell provincial and corporate securities to the Bank of Canada through an auction process. * KYC Compliance: improving "

" and

anti-money laundering Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdicti ...

practices for clients and dealers. CanDeal Data & Analytics (DNA) provides pricing in the Canadian OTC fixed income and derivatives markets. Trading products include: * a spreadsheet add-in, * pricing feeds, * daily pricing files, * trading files, * compliance files (buy-side only) and historical data.

References

{{Authority control Financial services companies of Canada