Canada's big six banks are teaming up with local online exchange CanDeal to build a fixed income and derivatives market data hub.
The new Data-as-a-Service business, DataVault Innovations, will pull in data from the banks to create a consolidation and distribution point for Canadian OTC bond and derivatives data, which will be available directly to end-users as well as third-party distributors. Other marketplace data contributors are being courted.
It will also provide evaluated pricing, risk and analytics services to help comply with regulatory mandates, improve internal risk models and address business requirements.
Jayson Horner, CEO, CanDeal, says: "By recognising data rights for contributors while expanding access to broad, high-quality OTC data, DataVault Innovations will enable the entire industry to vastly improve risk management and regulatory compliance. Consolidation of market data is also a significant step towards the formation of a suite of benchmark products for the domestic markets."
Andre Craig, head, DataVault Innovations, adds: "While highly secure, the platform is being built to ensure interoperability with other solution providers to spawn new products in Canada and other markets. This will enable us to provide better industry solutions more quickly to a wider group of clients and interested parties."