CanDeal
From Wikipedia, the free encyclopedia
| CanDeal | |
|---|---|
 |
|
| Type | Private |
| Founded | Toronto, Ontario, Canada, June 27, 2001 |
| Headquarters | Toronto, Ontario, Canada and Montreal, Quebec, Canada |
| Key people | Jayson Horner (President & CEO) |
| Industry | Financial |
| Website | http://www.candeal.ca |
CanDeal is a global online marketplace for Canadian dollar debt securities. It provides online access to liquidity for Canadian Government Bonds and money market instruments. CanDeal’s technology is available to institutional investors in Canada, the United States and Europe. CanDeal services participants from offices in Toronto, Ontario and Montreal, Quebec. CanDeal is currently owned by Canada’s Six Major Banks and TSX Group. CanDeal became a member of the Investment Dealers Association of Canada, and was granted Alternative Trading System status by the Ontario Securities Commission on July 2, 2002.
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[edit] History
- June 27, 2001 – CanDeal is created by founding shareholders BMO Nesbitt Burns, Basis100 inc., CIBC World Markets Inc., MoneyLine Network Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.[1]
- July 8, 2002 – TSX Group acquires a 40% stake in CanDeal.[2]
- September 10, 2002 – CanDeal executes its first trade.
- January 1, 2003 - CanDeal’s founder Jayson Horner leaves TD Securities to become full time President and CEO of CanDeal.
- February 11, 2003 – CanDeal purchases Basis100’s equity interest along with the rights to BasisXchange in Canada.[3]
- March 11, 2003 – CanDeal adds Canada Housing Trust CMB’s (Canada Mortgage Bonds) to its marketplace.
- August 19, 2003 – CanDeal announces that straight-through processing (STP) is available via DealXpress version 1.0.[4]
- September 9, 2003 – CanDeal adds Provincial Bond issues to its marketplace.
- October 21, 2003 – CanDeal launches its market data product via TSX Datalinx real-time feed.[5]
- February 11, 2004 – TSX Datalinx and Thomson Financial agree to distribute CanDeal’s real-time market data.[6]
- August 18, 2004 – Aggregate volume traded on CanDeal surpasses $100 billion.[7]
- October 19, 2004 – CanDeal announces its single day trading volume surpasses C$1 billion.
- December 1, 2004 – CanDeal trades $10 billion in a single month.
- February 15, 2005 – HSBC Securities (Canada) Inc. becomes the 7th liquidity provider on CanDeal.[8]
- June 2, 2005 – CanDeal and Thomson TradeWeb announce a long-term technology and co-marketing agreement. TradeWeb will supply CanDeal with its industry-leading trading and STP solutions.[9]
- September 6, 2005 – Casgrain and Company Limited becomes the 8th liquidity provider on CanDeal.[10]
- October 13, 2005 – A Canadian institutional investor executes the first foreign security trade on CanDeal; a U.S. Treasury bond.[11]
- November 1, 2005 – CanDeal launches a new division, Revolution Trading, an electronic inter-dealer trading network.[12]
- February 8, 2006 – Laurentian Bank Securities Inc. becomes the 9th liquidity provider on CanDeal.[13]
- February 28, 2006 – Desjardins Securities joins CanDeal as its 10th liquidity provider.[14]
- May 2, 2006 – Merrill Lynch Canada Inc. joins CanDeal as its 11th liquidity provider.[15]
- July 6, 2006 – JPMorgan Securities Canada is the latest of 12 dealers to provide liquidity in the CanDeal marketplace.[16]
- September 20, 2006 – CanDeal announces that online trading of Canadian debt securities is now available to European institutional investors.[17]
- October 11, 2006 – CanDeal surpasses One-half Trillion in aggregate volume traded.
- August 8, 2007 – CanDeal announces that it has surpassed One Trillion Dollars in aggregate volume traded since inception.[18]
- November 13, 2007 - CanDeal announces that Money Market Trading on its CAMM platform is up over 200% for the second half of the fiscal year.[19]
[edit] Founders
CanDeal's current shareholder members include:
- TD Securities Inc.
- RBC Dominion Securities Inc.
- CIBC World Markets Inc.
- Scotia Capital Inc.
- National Bank Financial Inc.
- BMO Nesbitt Burns Inc.
- TSX Group
[edit] Products
[edit] Trading
CanDeal provides institutional investors with online access to liquidity for Canadian debt securities as well as access to global marketplaces in the United States and Europe operated by Thomson Tradeweb. CanDeal utilizes the “Request for Quote” (RFQ) trading protocol to trade the most active government securities and a commingled “Inventory” based trading protocol for less active money market instruments. CanDeal created a multi-dealer Limit Order protocol for trading fixed income securities. CanDeal has developed the ability for clients to simultaneously query multiple dealers for BA’s, BDN’s and Term Deposits; then execute trades with one or more respondents using a single-click (CAMM-RFQ).
Domestic Products:
- Canadian debt securities (CAN)
- Government of Canada bonds
- Canada Housing Trust CMB’s
- Active Provincial bonds
- Government of Canada Treasury Bills
- Canadian Money Market (CAMM)
- Banker’s Acceptances, Bank Deposit Notes, Term Deposits, Provincial Bills, Crown Corporations, Commercial Paper, ABCP
Global Markets available through CanDeal: (operated by Thomson Tradeweb)
-
- US Treasuries
- US Agencies
- US Commercial Paper
- US Corporates
- Mortgage-backed TBA’s
- Pfandbriedfe/Covered Bonds
- Agency Discount Notes
- Euro Commercial Paper
- European Government Bonds
- Interest Rate Swaps (US$ and Euro)
- Credit Default Swaps
[edit] Compliance
CanDeal creates a permanent and retrievable archive of all transactions that includes: an electronic trading blotter; detailed audit log; snapshot of the dealing screen as it appeared at the time the trade was accepted; and a comparative summary of dealer activity for any given range of dates.
[edit] Straight-Through Processing (STP)
To facilitate straight-through processing of trades, CanDeal provides access to a data warehouse of client settlement instructions (AccountNet) and a suite of utilities to access the warehouse (TradeXpress). CanDeal can also be integrated with leading Order Management Systems (OMS) using a proprietary API.
The Canadian Capital Markets Association (CCMA) defines Straight-through processing as, “The automated processing of a securities transaction from securities seller through central securities depository to the securities purchaser to eliminate repetitive data entry, reduce risk of error and speed processing.”[20]
[edit] Market Data
CanDeal’s market data continuously provides a complete, timely and accurate “bid and ask” price of how each bond on CanDeal is currently being valued by 11 of Canada's primary dealers. CanDeal receives up to 500,000 dealer prices each day, which are processed through CanDeal’s proprietary algorithms to create a dynamic view of the entire Canadian government bond market. Institutional trades on CanDeal from Canada, the United States and Europe are continuously validating the quality of CanDeal’s data.
[edit] Analytics
Calculators and a robust set of charting analytics are built into the trading platform. CanDeal participants can use these tools, while drawing from CanDeal’s market data, to aid in their pre-trade analysis.
[edit] Executives
-
- Jayson Horner – President and Chief Executive Officer
- Tristan Michela - Executive Vice President
- Joe D’Alessandro – Chief Technology Officer
- Sean Fleming – Chief Financial Officer
- Kathleen Biggs – Managing Director, Head of Global Sales
- Shirley Gallant – Managing Director, Head of Dealer and Client Relations
- Philip Wright – Managing Director, Head of Strategic Marketing and Research
[edit] Memberships
CanDeal is a member of the following organizations:
- IDA - Investment Dealers Association of Canada[21]
- IIAC - Investment Industry Association of Canada
- CIPF - Canadian Investor Protection Fund[22]
[edit] References
- ^ Major Investment Dealers agree to launch First Multi-Dealer electronic trading system in Canada. June 27, 2001
- ^ CanDeal gets all clear from Canadian regulators; TSX takes stake. July 9, 2002
- ^ Basis100 Annoucnes Sale of Shares to CanDeal.ca. February 11, 2003
- ^ CanDeal announces new trade-clearing platform. August 19, 2003
- ^ TSX Datalinx to distribute CanDeal prices. June 4, 2003
- ^ Financial Signs TSX Datalinx for Distribution of CanDeal Market Data and Information on Thomson ONE. February 11,2004
- ^ CanDeal deals $100 billion. October 10, 2004
- ^ Distinguished Speakers Luncheon: Canada on the World Stage – How will the Canadian Market Remain Competitive and Compliant. April 21, 2005
- ^ Thomson Reports Third-Quarter 2005 Results. October 25, 2005
- ^ Casgrain & Company Limited joins CanDeal’s group of premier liquidity providers. September 6, 2005
- ^ CanDeal Celebrates Major Milestone. November 10, 2005
- ^ Trayport’s GlobalVision platform powers CanDeal’s Revolution Trading network. November 14, 2005
- ^ Laurentian Bank Securities Inc. joins CanDeal’s group of premier liquidity providers. February 8, 2006
- ^ CanDeal ajoute Valeurs mobilieres Desjardins a son groupe de fournisseurs de liquidite de premier ordre. February 28, 2006
- ^ Merrill Lynch joins CanDeal bond marketplace. May 2, 2006
- ^ JPMorgan Securites Canada Joins CanDeal Platform. July 6, 2006
- ^ Thomson TradeWeb and CanDeal in Canadian fixed income trading venture aimed at European investors. September 21, 2006
- ^ $1 Trillion Traded On Candeal. August 8, 2007
- ^ CanDeal Money Market Trading Up Over 200%. November 13, 2007
- ^ Canadian Securities Industry Glossary (Glossary & Acronyms)
- ^ List of IDA Member Firms by Peer Group.
- ^ Find a CIPF Member - Current Member List
