Electronic bond trading firm CanDeal Wednesday announced its first foray into derivatives trading, with the launch of an electronic market for Canadian dollar interest rate swaps.
In collaboration with Tradeweb Markets LLC, CanDeal is launching a new platform that, it says, is the first electronic multi-dealer-to-customer marketplace for Canadian dollar interest rate swaps. It supports trading for both Canadian and U.S. dollar rate swaps, and the firm says nine banks/dealers are providing liquidity on the new platform.
CanDeal clients are now also able to access Tradeweb markets for interest rate swaps in a variety of currencies, it notes, including Euros, yen, sterling, Swiss francs, and several others.
“We are pleased to take a pioneering role in the development of the Canadian derivatives markets,” said Jayson Horner, president, CEO and co-founder of CanDeal. “Increased transparency and efficiency are hallmarks of pending global swaps regulation, which electronic markets such as this are set up to deliver. We look forward to providing these benefits to our global client base in the same way they have become accustomed to in the broader Canadian fixed income markets.”
With operations in Toronto and Montreal, CanDeal is an electronic marketplace for Canadian dollar fixed income securities and derivatives.