Debt Securities Trading Platform in Canada to Link with TradeWeb

Date: Thursday, June 2, 2005
Author: hedgeworld.com

CanDeal.ca Inc., the owner of an online debt securities trading system open to institutional investors and dealers throughout Canada, announced a technology and marketing agreement with Thomson TradeWeb LLC, Jersey City, N.J.

TradeWeb will supply CanDeal with straight-through trade processing solutions that the two companies believe will significantly enhance the domestic trading services offered by CanDeal.

The deal ensures, according to Jayson Horner, chief executive of the Toronto-based company, that "the Canadian debt capital markets will have the necessary infrastructure to remain competitive with other G10 markets and that institutional investors, inside and outside of Canada, gain electronic access to a larger liquidity pool from leading global investment dealers."

Mr. Horner's counterpart at TradeWeb, Jim Toffey, said in a statement that the alliance provides TradeWeb with "a strong foundation for expanding its business within the Canadian market."

TradeWeb has a multi-dealer auction model that links 161 trading desks of 34 fixed-income dealers with more than 2,000 buyside institutions in North and South America, Europe and Asia. Its straight-through processing network also includes AccountNet, which it describes as "the first [over the counter] derivatives counterparty management tool and the leading data warehouse for OTC derivatives legal documentation and standing settlement instructions for all fixed-income products."

The statement said that by some time later this year, clients will be able to execute trades in all asset classes traded through either network seamlessly, and will have access to market data and leading straight-through processing.

In a separate development, TradeWeb announced last month plans for a dealer-to-customer electronic trading platform for U.S. dollar-denominated interest rate swaps, for launch in the third quarter of this year.