CanDeal

Infobox_Company
company_name = CanDeal
company_
company_type = Private
foundation = Toronto, Ontario, Canada, June 27, 2001
location = Toronto, Ontario, Canada and Montreal, Quebec, Canada
key_people = Jayson Horner (Co-Founder, President & CEO)
industry = Financial
employees = 17
homepage = 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 TMX 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.

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. [ [http://www.scotiacapital.com/AboutScotiaCapital/WhatsNew/CanDeal.pdf Major Investment Dealers agree to launch First Multi-Dealer electronic trading system in Canada. June 27, 2001] ]
*July 8, 2002 – TMX Group acquires a 40% stake in CanDeal. [ [http://www.finextra.com/fullstory.asp?id=6110 CanDeal gets all clear from Canadian regulators; TMX takes stake. July 9, 2002] ]
*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. [ [http://www.valuations.firstamres.com/shares_sale_CanDeal.asp Basis100 Annoucnes Sale of Shares to CanDeal.ca. February 11, 2003] ]
*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. [ [http://www.advisor.ca/news/article.jsp?content=20030818_145859_3780 CanDeal announces new trade-clearing platform. August 19, 2003] ]
*September 9, 2003 – CanDeal adds Provincial Bond issues to its marketplace.
*October 21, 2003 – CanDeal launches its market data product via TMX Datalinx real-time feed. [ [http://www.finextra.com/fullstory.asp?id=9050 TSX Datalinx to distribute CanDeal prices. June 4, 2003] ]
*February 11, 2004 – TMX Datalinx and Thomson Financial agree to distribute CanDeal’s real-time market data. [ [http://www.highbeam.com/doc/1G1-131539565.htmlThomson Financial Signs TSX Datalinx for Distribution of CanDeal Market Data and Information on Thomson ONE. February 11,2004] ]
*August 18, 2004 – Aggregate volume traded on CanDeal surpasses $100 billion. [ [http://www.benefitscanada.com/content/legacy/Content/2004/10-04/industry.pdf CanDeal deals $100 billion. October 10, 2004] ]
*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. [ [http://www.wcm.ca/events/default.asp?articleID=782 Distinguished Speakers Luncheon: Canada on the World Stage – How will the Canadian Market Remain Competitive and Compliant. April 21, 2005] ]
*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. [ [http://www.thomson.com/content/pr/corp/earnings_financial/3Q_2005_Earnings_Release Thomson Reports Third-Quarter 2005 Results. October 25, 2005] ]
*September 6, 2005 – Casgrain and Company Limited becomes the 8th liquidity provider on CanDeal. [ [http://www.newswire.ca/fr/releases/archive/September2005/06/c6170.html Casgrain & Company Limited joins CanDeal’s group of premier liquidity providers. September 6, 2005] ]
*October 13, 2005 – A Canadian institutional investor executes the first foreign security trade on CanDeal; a U.S. Treasury bond. [ [http://www.marketyourselfsmarter.com/mediakit/PensionsAndBenefitsMoniter_Nov10.pdf CanDeal Celebrates Major Milestone. November 10, 2005] ]
*November 1, 2005 – CanDeal launches a new division, Revolution Trading, an electronic inter-dealer trading network. [ [http://www.finextra.com/fullpr.asp?id=6826 Trayport’s GlobalVision platform powers CanDeal’s Revolution Trading network. November 14, 2005] ]
*February 8, 2006 – Laurentian Bank Securities Inc. becomes the 9th liquidity provider on CanDeal. [ [http://www.digital50.com/news/items/CT/0000/00/00/039c3368/laurentian-bank-securities-inc-joins-candeals-group-of-premier-liquidity-providers.html Laurentian Bank Securities Inc. joins CanDeal’s group of premier liquidity providers. February 8, 2006] ]
*February 28, 2006 – Desjardins Securities joins CanDeal as its 10th liquidity provider. [ [http://info.branchez-vous.com/communiques/cnw/FIN/2006/02/200602280802CANADANWCANADAPF_C2244.html CanDeal ajoute Valeurs mobilieres Desjardins a son groupe de fournisseurs de liquidite de premier ordre. February 28, 2006] ]
*May 2, 2006 – Merrill Lynch Canada Inc. joins CanDeal as its 11th liquidity provider. [ [http://www.finextra.com/fullpr.asp?id=9172 Merrill Lynch joins CanDeal bond marketplace. May 2, 2006] ]
*July 6, 2006 – JPMorgan Securities Canada is the latest of 12 dealers to provide liquidity in the CanDeal marketplace. [ [http://www.cnw.ca/en/releases/archive/July2006/06/c8273.html JPMorgan Securites Canada Joins CanDeal Platform. July 6, 2006] ]
*September 20, 2006 – CanDeal announces that online trading of Canadian debt securities is now available to European institutional investors. [ [http://www.thetradenews.com/trading/fixed-income-trading/343 Thomson TradeWeb and CanDeal in Canadian fixed income trading venture aimed at European investors. September 21, 2006] ]
*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. [ [http://www.exchange-handbook.co.uk/index.cfm?section=news&action=detail&id=68726 $1 Trillion Traded On Candeal. August 8, 2007] ]
*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. [ [http://www.canadian-money-advisor.ca/news/2007/11/13.html. CanDeal Money Market Trading Up Over 200%. November 13, 2007] ]
*January 15, 2008 - Laurentian Bank Securities Joins CanDeal's Money Market Platform. [ [http://www.newswire.ca/en/releases/archive/January2008/15/c8924.html Laurentian Bank Securities Joins CanDeal's Money Market Platform. January 15, 2008] ]
*February 5, 2008 - CanDeal Introduces New Client Viewer. [ [http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=7769982 CanDeal Introduces New Client Viewer. February 5, 2008] ]
*August 20, 2008 - CanDeal Announces Record Canadian Money Market Volumes. [ [http://www.tsx.com/en/news_events/news_releases/8-20-2008_TSXGroup-RecordVolumes.html CanDeal Announces Record Canadian Money Market Volumes. August 20, 2008] ]
*September 3, 2008 - CanDeal Trading Soars Through New Milestones. [ [http://www.globeinvestor.com/servlet/story/CNW.20080903.C9018/GIStory CanDeal Trading Soars Through New Milestones. September 3, 2008] ]
*September 23, 2008 - Participants Set New Volume Record On CanDeal. [ [http://biz.yahoo.com/cnw/080923/candeal_volume_record.html?.v=1 Participants Set New Volume Record On CanDeal. September 23, 2008] ]

hareholders

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.
*TMX Group

Products

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

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.

=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.” [ [http://www.ccma-acmc.ca/en/files/CCMA%20Glossary%20V.8%20for%20Web%20(May%2021,%202003).doc#_Ref3285397 Canadian Securities Industry Glossary (Glossary & Acronyms)] ]

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.

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.

Executives

** "Jayson Horner – Co-Founder, President and Chief Executive Officer
** "Tristan Michela - Executive Vice President
** "Joe D’Alessandro – Chief Technology Officer
** "Aubrey Baillie – 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

Memberships

CanDeal is a member of the following organizations:
* IDA - Investment Dealers Association of Canada [ [http://www.ida.ca/Files/Compliance/CompRiskTrendReport/PeerGroupsList_en.pdf List of IDA Member Firms by Peer Group.] ]
* IIAC - Investment Industry Association of Canada
* CIPF - Canadian Investor Protection Fund [ [http://www.cipf.ca/c_find_active.asp Find a CIPF Member - Current Member List] ]

References

External links

** [http://www.candeal.ca CanDeal Official Website]
** [http://www.tsx.com TSX Official Website]
** [http://www.tradeweb.com/default.aspx Thomson Tradeweb Offical Website]