As regulators seek to enact change, they must balance their transparency objectives with the needs of market participants. The Globe and Mail, Report on Business, Streetwise blog featured an op-ed article from CanDeal's CEO, Jayson Horner, on the role electronic trading can play in providing a solution to satisfy all market participants.

CFTC Approval Paves the Way for Regulated Electronic Swap TradingOn September 6, 2013, CanDeal’s global Canadian dollar interest rate swap partner, Tradeweb Markets, announced it has received temporary registration approval for its swap execution facilities (SEFs) from the Commodity Futures Trading Commission (CFTC) - compliance deadline for SEFs was October 2, 2013.Electronic Trades Feed Central ClearingThe existing electronic IRS infrastructure facilitates end-to-end electronic execution and clearing. Buy- and sell-side participants who leverage the technology already have their post-trade message information being sent directly to central clearing houses.

On November 14, the Ontario Securities Commission (OSC), the Autorité des marchés financiers (AMF) and the Manitoba Securities Commission (MSC) published harmonized province-specific rules for OTC derivatives regulation, specifically identifying the derivatives in question, central clearing and trade reporting.

On April 24, 2013, the International Swaps and Derivatives Association (ISDA) issued a release announcing the publication of a form of confirmation for a Market Agreed Coupon (MAC) contract. The MAC Contract is voluntary and is meant to compliment bespoke interest rate swaps (IRS) and deliverable interest rate futures. The intent of the new MAC swaps are to help improve liquidity to interest rate swap products as they become more accessible to investors, and also serve to enhance market transparency. 

During the quarter, 452 buy-side participants were active on CanDeal. Participants executed a total of 60,404 trades and $571 billion in trade volume in Q3. We are also pleased to announce our 1 millionth trade was executed during the month of September. Below is an overview of our business highlights from Q3-2013.Largest Q/Q volume increases by product: Promissory Notes up 21%, Provincial T-bills up 19% & Provincial bonds up 12%CanDeal Excel launched, providing participants with a trusted source for insight into the Canadian marketGreenwich Associates publish annual fixed income study

First step aligned with US rules, cross-border harmonisation expected. Dan Barnes explores how trade reporting of OTC derivatives in evolving in Canada. The article quotes CanDeal Global Product head Mike White on how Canadian regulators have been tackling this large undertaking.Click here to read the entire story.

Trade reporting is intended to provide regulators with insight into the market, but how can multiple reporting centres provide a single view? Dan Barnes reports on how Canada is approaching trade reporting across the provinces. This article features comments from Phil Wright, Managing Director, Canadian sales at CanDeal.Click here to read the entire story.

$2.3 trillion was traded on CanDeal in 2013, but what did that really mean? The Canadian fixed income market continues its trend towards electronicfication. We are pleased to report that trading was up 32% on an annual basis, helping make 2013 yet another record breaking year for CanDeal.Similar to last year, we have created a visual snapshot of some of the key statistics that are of interest to our participants. Our 2013 CanDeal Year in Review infographic provides a holistic view of our electronic trading business.

CanDeal is pleased to announce our participation at the 7th annual Canadian Trading and Investing Summit, hosted by Markets Media on Thursday April 17th. CanDeal’s CEO, Jayson Horner, will be participating on a panel focused on the electronification of financial markets.The event will focus on fixed income, foreign exchange and equities. Other topics debated will include the effects of regulation and what it means for specific sectors, systemic risk, clearing and trading.For more information on the event, please click here or contact your CanDeal sales representative.

Over the past few weeks, two key developments have taken place in the world of OTC derivatives. Canadian regulators have announced an extension to the implementation of trade reporting rules, and regulatory authorities in Canada and the U.S. have announced a memorandum of understanding to enhance supervision of cross-border regulated entities.The latest OTC Intelligence document, provides a brief summary of each of these announcements, as well as links to the official documents issued by the respective regulatory bodies.