CanDeal’s DataVault Innovations delivers Canadian banks 400+% increase in FRTB modellability
Technology partnership with TickSmith ensures rapid delivery and scalability of data pooling platform across use cases
Toronto, February 26, 2020
DataVault Innovations, the data services division of CanDeal, a leading Canadian provider of financial marketplaces, reported that as a result of its new data pooling platform, banks are seeing dramatic increases in modellable instruments under the new Fundamental Review of the Trading Book (FRTB) rules. The new platform, developed in partnership with Canadian technology provider, TickSmith delivers both regulatory compliance and a data distribution platform.
Since the launch of the new platform, BMO Nesbitt Burns Inc., CIBC World Markets, National Bank Financial Inc., RBC Capital Markets, Scotia Capital, and TD Securities have been pooling their data and have seen dramatic increases in modellable instruments under the new FRTB rules, which imposes compliance requirements on banks' wholesale trading activities.
“TickSmith has been a great partner in the development of a robust data pooling platform that helps Canadian banks meet FRTB requirements. While this is just one aspect of a broader need for data consolidation, preservation, protection and distribution, we are delighted to be helping the banks demonstrate the value of this important initial use case,” said Andre Craig, Executive Vice President and Head of Data Innovations at CanDeal.
The related development of the scalable TickSmith GOLD platform provides an array of data pooling capabilities to a broad set of potential new clients, from the consolidation of data from disparate datasets and sources, the ingestion of that data through configurable ETL (extract, transfer, load) pipelines, as well as the normalization, validation, and anonymization of data. TickSmith GOLD also restricts data access of the end-users through secure, granular entitlement layers, allowing for cell-level control.
DataVault Innovation’s use of an AWS infrastructure provides the banks with the highest level of security with encryption at-rest and in-flight. TickSmith enables the platform to further leverage AWS capabilities and ensure that the private data is physically segregated in different buckets and sensitive information is anonymized when data is pooled. These anonymized reports are then delivered back to the client.
About DataVault Innovations
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. 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.
TickSmith combines cutting-edge technology and a deep knowledge in Capital Markets. Its scalable and modular GOLD software platform is crucial in today’s data-driven economy. GOLD– an acronym for gather, organize, leverage and distribute– is a robust end-to-end data management and analytics solution optimized for the cloud. Financial enterprises accumulate massive amounts of data that is scattered all over the place and key insights are lost in the mountains of data. TickSmith’s GOLD Platform securely processes thousands of data sets, productizes data flows, automates management, enrichment & delivery and enables petabytes of data.