CanDeal announced the launch of the first electronic multi-dealer-to-customer marketplace for Canadian dollar interest rate swaps in collaboration with Tradeweb Markets LLC.
The new platform provides a more effecient means for market participants to meet G20 mandates and adhere to pending swap execution facility (SEF) rules.
While CanDeal has been the leading provider of electronic markets for Canadian bonds and money market trading for over a decade, this is its first move into derivatives. To date, nine bank/dealers are providing liquidity on the new platform.
"We are pleased to take a pioneering role in the development of the Canadian derivatives markets," said Jayson Horner, President, CEO and Co-Founder from CanDeal. "Increased transparency and effeciency are hallmarks of pending global swaps regulation, which electronic markets such as this are set up to deliver. We look forward to providing these benefits to our global client base in the same way they have become accustomed to in the broader Canadian fixed income markets. "
"CanDeal stands for improved transparency and liquidity - that is something we support. We look forward to the trading opportunities their new Canadian dollar swap product will bring," said George Karkas, Vice President, Fixed Income Trading of Maple Securities.
The multi-dealer-to-client marketplace is powered by Tradeweb technology and supports trading for both Canadian dollar and U.S. dollar interest rate swaps as part of a North American product package on CanDeal.
CanDeal clients are now also able to access Tradeweb markets for Euro, Yen, Sterling, Swiss Franc, Danish Krone, Norwegian Krone, Swedish Krona, Australian dollar and New Zealand dollar interest rate swaps. Multiple trading models are available depending on the currency, and the platform provides access to clearing houses, market a affirmation vendors and data repositories.
Tradeweb, the leading electronic multi-dealer-to-customer marketplace for U.S. and European derivatives, now offers 11 currencies for interest rate swap trading with the addition of Canadian dollar swaps. Tradeweb launched its US Dollar and Euro interest rate swaps platforms in 2005 and has seen more than $12 trillion in notional volume traded over 125,000 swap trades.