Dealer-backed Canadian fixed income network CanDeal has launched DealXpress, a trade processing solution that automatically passes matched trades through to a client's portfolio management system.
DealXpress can electronically pass matched trade information, including allocations, to the front, mid or back office of the investment dealer and to the portfolio management, trade management or accounting system of the CanDeal client.
CanDeal says the ability to pass details of a trade electronically will result in fewer failed trades and lower processing costs. Trades executed in DealXpress will no longer need to be manually inputed, therefore settlement risks associated with failed trades due to input errors are significantly reduced.
Jayson Horner, president and CEO, CanDeal, says the ability to pass financial information electronically on a timely, accurate system-to system basis - to all parties in a transaction chain - is considered a pre-requisite to shortening the settlement cycle to T+1.