Bank-backed online debt securities trading platform CanDeal has received regulatory approval from the Ontario Securities Commission (OSC) and the Investment Dealers Association of Canada (IDA) to commence operations.
CanDeal was initially established as a joint venture between Canadian investment dealers BMO Nesbitt Burns, CIBC World Markets, National Bank Financial, RBC Dominion Securities, Scotia Capital, TD Securities, as well as two technology partners Basis100 and MoneyLine Telerate.
In tandem with the receipt of regulatory approval, the CanDeal consortium has agreed a 40% equity sale to TSX markets, the trade services division of TSX Group which operates the Toronto Stock Exchange.
"The TSX's involvement in CanDeal accelerates our vision of becoming Canada's preferred online debt securities marketplace," says Jayson Horner, CanDeal's president and CEO. "The TSX's experience in operating the largest electronic trading platform in Canada will be an invaluable asset to our firm and allow us to build upon the Exchange's superior technical capacity and specialised expertise."
CanDeal was created to provide an institutional dealer-to-client electronic trading system for bond and money market products. The service, powered by Basis100's proprietary BasisXchange technology, consolidates real-time market prices from liquidity provider participants into a concise display that shows the best price and yield for each instrument.