TD Bank and BondDesk have formed a joint venture to provide a Web-based alternative trading system (ATS) for retail investors in Canada.
BondDesk Canada will deliver real-time pricing of fixed income products from large liquidity providers to retail investors in Canada, say the companies. TD Waterhouse is currently using the BondDesk ATS through its WebBroker site. The institutional fixed income desk of TD Securities is providing prices.
US debt product will be available to participants through the BondDesk (US) commingled network, along with a wide spectrum of Canadian fixed income products, including: Government of Canada's, government agencies, provincials, corporates, municipals, strips, bankers acceptances, commercial paper, treasury bills and GIC's (asset-backed securities and mortgage-backed securities products are currently being added).
According to Donald Wright, chairman and CEO of TD Securities, TD is the first major bank in Canada to endorse a fixed income trading ATS for the retail investor.
The joint venture plans to make the BondDesk ATS available in Canada to other participants involved in the retail fixed income marketplace such as independent broker/dealers, e-brokers and correspondent dealer networks.