CanDeal introduces straight-through link to CIBC Mellon

CanDeal introduces straight-through link to CIBC Mellon

Dealer-backed Canadian fixed income network CanDeal has instituted a direct link between its DealXpress platform and custodian CIBC Mellon for the electronic exchange of matched trade information and allocations with investment managers.

Robert Shier, CIBC Mellon's senior vice president, chief operations officer, says the latest version of DealXpress will improve straight-through processing rates between investment managers and custodians.

"Trades that come to us through DealXpress shouldn't require our intervention, and result in higher matching rates at the depository, which means we experience fewer trade exceptions," he says.

CanDeal says it worked closely with its customers and CIBC Mellon to define and test this new capability.

In a recent paper promoting trade processing best practices, the Canadian Capital Markets Association (CCMA) stated that the ability to pass financial information electronically on a timely, accurate system-to-system basis, to all parties in a transaction chain, is considered a pre-requisite to shortening the settlement cycle to trade date plus one day (T+1).

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