Toronto, February 12, 2019; The six largest Canadian banks have partnered with CanDeal to create the country’s first comprehensive fixed income and derivatives market data hub. The Data-as-a-Service (DaaS) business, DataVault Innovations, intends to produce best in class pricing and analytics data to address the growing data needs of participants and regulators.
While presently ingesting data from each of the six banks, DataVault Innovations is actively seeking an inclusive strategy to engage all other marketplace data contributors.
DataVault Innovations will be a consolidation and distribution point for Canadian over-the-counter (OTC) bond and derivatives data, which will be available directly to end-users as well as 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. DataVault Innovations is building the technology foundation and will be implementing global governance standards to fulfill pricing benchmark administrator duties.
“The creation of a central pricing and analytics data hub is an important leap forward for the Canadian markets,” said Jayson Horner, CEO and co-founder of CanDeal. “By recognizing data rights for contributors while expanding access to broad, high quality OTC data, DataVault Innovations will enable the entire industry to vastly improve risk management and regulatory compliance. Consolidation of market data is also a significant step towards the formation of a suite of benchmark products for the domestic markets.”
“The DaaS product suite will facilitate innovation among market participants and vendors,” said Andre Craig, Head of DataVault Innovations. “While highly secure, the platform is being built to ensure interoperability with other solution providers to spawn new products in Canada and other markets. This will enable us to provide better industry solutions more quickly to a wider group of clients and interested parties.”
The new services will adhere to global best practices in terms of data management, big data technologies, information security (Infosec), and leverage regulatory frameworks such as Basel lll and IOSCO principles. DataVault Innovations will benefit from CanDeal’s experience as a nationally regulated ATS and deep experience in the Canadian OTC markets.
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.