CanDeal and six Canadian banks create market data hub
The six largest Canadian banks have partnered with CanDeal to create the country’s first fixed income and derivatives market data hub.
“DataVault Innovations will enable the entire industry to vastly improve risk management and regulatory compliance”
BMO, CIBC, National Bank, RBC, Scotiabank and TD are the names involved.
The Data-as-a-Service (DaaS) business, DataVault Innovations, intends to produce pricing and analytics data for participants and regulators.
While presently ingesting data from each of the six banks, CanDeal says DataVault Innovations is seeking an “inclusive strategy to engage all other marketplace data contributors”. In English, it wants more business.
Jayson Horner, CEO and co-founder of CanDeal, says: “By recognising 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.”
DataVault Innovations will provide evaluated pricing, and risk and analytics services. It will also use regulatory frameworks such as Basel lll and IOSCO principles.
CanDeal says DataVault Innovations was incubated within its Solutions Group division.
CanDeal’s stakeholders include BMO Nesbitt Burns, CIBC World Markets, National Bank Financial, RBC Capital Markets, Scotia Capital, TD Securities and TMX Group.
