Canada’s leading investment dealers have announced CanDeal, a joint venture of investment dealers and technology partners to provide electronic trading services for Canadian bond and money market products.

Upon receipt of required regulatory approvals, CanDeal will launch Government of Canada Treasury bill and bond trading. The launch is expected in the final quarter of this year. CanDeal’s founding shareholders are 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.

“CanDeal’s electronic trading system will provide institutions with a real-time consolidated price feed that displays the best bid and offer, price and yield, from all participating dealers for each security. Clients will be able to simultaneously request trades with multiple dealers,” says Jayson Horner, president and CEO of CanDeal. “In a market where prices and terms change frequently, CanDeal’s solution presents significant benefits in terms of price discovery, timely trade execution, cost savings, and reduced administration.”

Basis100’s proprietary BasisXchange technology powers the CanDeal Trading System. BasisXchange is an industry-class, internet-driven Java solution that transparently links participating investment dealers with institutional clients. CanDeal clients will be able to monitor live best-price markets, submit trade requests to multiple dealers, and execute trades by selecting the most favourable dealer response.

“The current process of best-price discovery can take a minimum of 3 to 5 phone calls and up to several minutes,” Horner says. “With CanDeal, clients will be able to complete a deal in seconds and be assured they received the best price possible from the investment dealer of their choice.