The new service offers pre-trade transparency into the pricing of bonds and the broader credit market.
Institutional electronic marketplace CanDeal reports that it has integrated new intraday pricing for corporate bonds, dubbed Corporate Matrix Pricing, into its Evolution fixed income trading platform, which also facilitates Canadian corporate bond trading, officials say.
The new service offers “pre-trade transparency into the pricing of individual bonds and the broader credit market throughout the day and at market close,” officials add.
With this new offering, the CanDeal Evolution becomes a fixed income platform that can offer dealer-sourced, intraday corporate pricing along with transaction processing, officials say. The platform also supports money markets and derivatives.
“The addition of Corporate Matrix Pricing on CanDeal Evolution means that our buy-side clients can gain the insights they need to trade corporate credit with confidence, alongside other fixed income assets,” says Robert Kelsall, head of credit trading at CanDeal, in a prepared statement. “This is another example of how CanDeal works closely with both the buy side and the sell side.”
The intraday pricing displays data and continuously updates with changes in spread and Government of Canada (GoC) benchmark yields, “replacing the previously static, end-of-day updates,” officials say.
The CanDeal DNA (Data and Analytics) feature supports the matrix pricing on Evolution, with “hourly snapshots of the sell-side dealers’ indicative corporate pricing. Traders can also leverage this intraday pricing to compare corporates against other fixed income securities, offering a real-time view across asset classes,” officials add.
CanDeal Group offers an electronic marketplace and data services for Canadian dollar debt securities and derivatives. CanDeal’s stakeholders include BMO Nesbitt Burns Inc., CIBC World Markets, National Bank Financial Inc., RBC Capital Markets, Scotia Capital, TD Securities, and TMX Group, officials say.
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