Six Largest Canadian Banks Increase Stake in CanDeal
Toronto, October 30, 2018; CanDeal, the leading institutional electronic marketplace for Canadian bond, money market, and derivatives trading, has announced an ownership restructuring under which each of Canada’s six leading banks increased its stake in the marketplace. As a result of the restructuring, which included a reduction in TMX Group's share, CanDeal's ownership group each has an equal share of the company.
On a combined basis, the Canadian banks now own more than 85% of CanDeal, signaling an increased commitment to electronic trading in Canadian Dollar products. The CanDeal marketplace features more than 300 institutional investment firms and includes 11 Canadian bank/dealer liquidity providers. CanDeal trading volumes have grown from C$600Billion in 2008 to more than C$3.1Trillion in the past four quarters.
CanDeal is the leading electronic marketplace for Canadian dollar debt securities and derivatives, providing access to a deep pool of liquidity for Canadian government, provincial and corporate bonds, as well as money market instruments and interest rate swaps. 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. CanDeal also delivers Canadian institutional investors with electronic access to liquidity in additional debt and derivative marketplaces operated by Tradeweb.
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