Canada has a new hub for market data.
The Big Six banks have partnered with Toronto-based CanDeal, an online exchange and data services provider, to create DataVault Innovations, the firm announced Tuesday. The data-service business is Canada’s “first comprehensive” fixed-income and derivatives market data hub, the firm says in a release.
The new hub provides central pricing and analytics data to address the data needs of regulators and market participants.
It will also act as a consolidation and distribution point for Canadian over-the-counter (OTC) bond and derivatives data, available directly to end-users and third-party distributors.
In the release, Jayson Horner, CEO and co-founder of CanDeal, said the new hub would allow the industry to improve risk management and regulatory compliance by “recognizing data rights for contributors while expanding access to broad, high-quality OTC data.”
He also noted that market data consolidation is a significant step toward forming a suite of benchmark products for Canada’s markets.
The hub’s services will adhere to global best practices for data management, big data and information security, and will leverage regulatory frameworks such as Basel lll and IOSCO principles.