TD Bank and BondDesk today announced the formation of BondDesk Canada, a joint venture intended to deliver real-time pricing of fixed income products from large liquidity providers to retail investors.

BondDesk Canada has adapted the business model of BondDesk in the United States, developing a web-based alternative trading system in Canada. The BondDesk ATS will create a centralized, integrated and efficient fixed income marketplace. The use of straight-through processing will lead to further cost savings for fixed income distribution channels and for the retail investor.

TD Waterhouse is currently using the BondDesk ATS through its WebBroker site. The institutional fixed income desk of TD Securities is providing prices.

The creation of BondDesk Canada is the first step towards creating a global network. U.S. debt product will be available, along with Government of Canada’s, Government Agencies, Provincials, Corporates, Municipals, Strips, Bankers Acceptances, Commercial Paper, Treasury Bills and GIC’s (Asset-Backed Securities and Mortgage-Backed Securities products are currently being added).

BondDesk Canada intends to make the BondDesk ATS available in Canada to other participants involved in the retail fixed income marketplace such as independent broker/dealers, e-brokers and correspondent dealer networks.

“Our ATS will deliver real time pricing of debt securities to the retail investor from major Canadian financial institutions resulting in enhanced price transparency and better ease of execution,” said Jeremy Fleming, president and CEO of BondDesk Canada.

“TD is the first major bank in Canada to endorse a fixed income trading ATS targeted to the retail investor,” said Don Wright, chairman and CEO of TD Securities. “By leveraging the superior market-making and fixed income distribution capabilities of TD Securities and TD Waterhouse, BondDesk Canada is able to deliver exceptional online, real time debt solutions.”