TickSmith to Power New CanDeal Market Data Hub
Toronto, March 12, 2019; CanDeal, the leading institutional electronic marketplace for Canadian debt and derivatives trading, has selected TickSmith to power its recently-announced market data platform. By deploying the TickSmith Data Pooling Platform, CanDeal is able to more quickly and reliably launch the DataVault Innovations data-as-a-service business.
Engineered with big data technology to be flexible, secure, and scalable, TickSmith's Data Pooling platform will manage the core data pooling for DataVault Innovations, from ingestion and normalization to analytics, entitlements and delivery.
The DataVault Innovations service will consolidate and distribute Canadian over-the-counter (OTC) multi-asset class data from banks and other contributors directly to end-users as well as through third-party distributors. It will also provide evaluated pricing, risk, and analytics services to help comply with regulatory mandates, improve internal risk models, and address other business requirements for market participants.
“TickSmith provides the well-tuned engine that DataVault Innovations needs for peak performance,” said Andre Craig, Head of DataVault Innovations. “As an industry service, DataVault Innovations will not only provide the premium data to fuel more impactful product development; it will lead to more reliable benchmarks, expanded access to quality OTC data and vastly improved risk management and regulatory compliance for FRTB and other mandates.”
“The consolidation of this OTC multi-asset class data is without peer in the domestic market, which is why we’re so proud to have been asked to build the technology to support,” said Francis Wenzel, CEO of TickSmith. “With our experience in the capital markets, we’re confident that we can deliver an unmatched service to DataVault Innovations, that will be robust enough to support an array of data, services and clients for years to come.”
TickSmith's big data management technology operates alongside other applications, analytical/AI/machine learning and business intelligence tools, and is used to manage both public and private data. It has been trusted by exchanges and banks for six years.
CanDeal is a leading provider of electronic marketplaces and data services for Canadian dollar debt securities and derivatives. Its Markets division, which accounts for more than 90% of electronic trading in Canada, provides access to a deep pool of liquidity for Canadian government, agency, provincial and corporate bonds, as well as money market instruments and interest rate swaps. CanDeal Markets also delivers Canadian institutional investors with electronic access to liquidity in non-Canadian debt and derivative marketplaces operated by Tradeweb. CanDeal Solutions delivers pricing and analytics services that support business, trading and technology needs for participants in the Canadian market, including DataVault Innovations, the market data hub. 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.
DataVault Innovations was incubated within the Solutions Group division of CanDeal, which seeks to offer an array of innovative services that complement the core CanDeal Markets trading platform business.
TickSmith specializes in Big Data technology and believes the increase in quantity and variety of data is a once in a generation change in Capital Markets infrastructure requirements. Driven by more data intensive data requirements for trading, compliance, artificial intelligence and machine learning, there has never been so much traditional and alternative data to work with. TickSmith’s highly scalable platforms, built on open-source technologies, are crucial in today’s data-driven world.