CanDeal, the leading multi-dealer-to-institutional investor online debt securities trading platform in Canada, and Thomson TradeWeb, a unit of the Thomson Corporation (NYSE: TOC; TOR: TOC) announced today a long-term technology and co-marketing agreement.
Under the terms of the agreement, TradeWeb will supply CanDeal with its leading, world class trading network and straight-through trade processing solutions to significantly enhance the domestic trading services offered by CanDeal to Canadian institutional investors and investment dealers.
"The CanDeal TradeWeb partnership creates a powerful link into the global capital markets for the institutional fixed-income marketplace in Canada," said Jayson Horner, Chief Executive Officer of CanDeal. "By having the CanDeal trading platform integrated with TradeWeb, CanDeal has ensured that the Canadian debt capital markets will have the necessary infrastructure to remain competitive with other G10 markets and that institutional investors, inside and outside of Canada gain electronic access to a larger liquidity pool from leading global investment dealers. They also benefit from highly efficient trade processing with the dealers."
Through CanDeal, Canadian institutional investors and investment dealers will gain unprecedented access to TradeWeb's global network of online fixed- income markets. Furthermore, this strategic alliance will provide CanDeal investment dealers with the opportunity to receive trade flows in CanDeal products from TradeWeb's global client base of more than 2,000 buy-side institutions.
"We are delighted to team up with CanDeal in the Canadian market and provide institutional investors with unparalleled online access to global capital markets." said Jim Toffey, Chief Executive Officer of Thomson TradeWeb. "With its rapidly growing trading volumes and extensive franchise among dealers and institutional investors CanDeal is an excellent partner. It provides Thomson TradeWeb with a strong foundation for expanding its business within the Canadian market."
Tim Cain, Managing Director and Global Head of Fixed Income Electronic Trading, RBC Capital Markets, said "We have embraced the manner in which global fixed income markets are evolving electronically. The benefits of electronic trading are widely recognized and we have a strong commitment to servicing client needs in this increasingly important aspect of their business."
"NBF's expanding capital markets business is planning to take full advantage of the domestic and global opportunities afforded to us through this dynamic platform. We strongly believe that the platform will broaden our client base and enhance customer service." said Denis Girouard, Executive Vice President and Managing Director, National Bank Financial.
Gary Gibson, Director of Capital Markets for Manitoba Treasury said "CanDeal and TradeWeb deliver benefits in terms of access to depth of products, services and liquidity that will improve trade execution and increase overall transparency in the market. As an investor, the new platform provides a trading environment that helps us with our compliance needs and now it will provide access to debt securities in foreign markets. As an issuer, we also look forward to the benefits of the online exposure created through this partnership."
When the new CanDeal system becomes available over TradeWeb later in 2005, clients will be able to seamlessly execute trades in all the asset classes traded by TradeWeb and CanDeal, as well as having access to leading straight-through processing and market data.