Canadian debt trading platform goes live

Canadian debt trading platform goes live

CanDeal, a joint venture debt securities trading platform established by major Canadian investment dealers and technology partners, has initiated its first live transactions.

The new marketplace is a joint venture between Canada's six largest investment dealers, technology companies Basis 100 and MoneyLine Telerate and the Toronto Stock Exchange Group (TSX), which hold a 40% share.

Jayson Horner, president and CEO, CanDeal, says the system was set up to establish a fair and open marketplace that will increase efficiency and transparency. He adds: "Our clients receive a commingled best bid and offer, price and yield display from all participating dealers for each bond and money market security. And they can simultaneously request trades with multiple dealers."

The underlying technology platform was developed by local software company Basis100 and has now been shrinkwrapped and branded BasisXchange FI.

Gary Bartholomew, Basis100 chairman and CEO says the first live transaction follows two years of development and partnership with CanDeal and the major financial institutions in Canada. "Our goal now is to offer BasisXchange FI to the institutional and over the counter fixed income markets around the world."

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