CanDeal has announced the launch of Corporate Matrix Pricing on its Evolution platform, providing intraday pricing for Canadian corporate bonds alongside integrated trading capabilities. This new service aggregates pricing data from nine liquidity providers, offering hourly updates from early morning through market close.
Historically, the Over The Counter (OTC) corporate bond market in Canada has lacked a unified pricing source.
Robert Kelsall, head of credit trading at CanDeal, noted: “In 37 years on the sell side of the Canadian corporate bond market, I’ve never seen a single source of truth for pricing. Different evaluations have produced wildly varying numbers.”
The platform now consolidates dealer sourced pricing into a single reference point. CanDeal’s data and analytics group receives hourly snapshots from liquidity providers, which are then aligned with live benchmark prices on Canadian bonds. This method addresses the previous reliance on static, end-of-day pricing.
The Evolution platform now displays live indicative prices directly on Request For Quote (RFQ) tickets.
According to Kelsall, “The Evolution platform integrates both pricing and trading functionalities, so clients see live indicative prices directly from the liquidity providers who are actively trading the bonds. This creates a single source of truth that builds market confidence.”
This integration allows traders to compare corporate bonds with other fixed income securities in real time, providing a consistent reference throughout the trading day.
The development of the corporate matrix pricing product involved collaboration between both buy- and sell-side participants.
Kelsall explained, “It’s always challenging to align both the buyside and sell-side. However, our ownership structure, comprised of six bank-owned dealers and TMX, has fostered a very collaborative environment, enabling us to develop this dynamic pricing solution together.”
This cooperative approach is expected to support market liquidity and help standardise pricing for Canadian corporate bonds.
CanDeal Group is a major provider of an electronic marketplace for Canadian dollar debt securities and derivatives. Its Markets division accounts for more than 90% of electronic debt trading in Canada, while CanDeal Data and Analytics delivers dealer sourced OTC pricing, analytics, and reference data. Major stakeholders include BMO Nesbitt Burns., CIBC World Markets, National Bank Financial , RBC Capital Markets, Scotia Capital, TD Securities, and TMX Group.
By providing a unified, real-time pricing source that is directly integrated with trading functions, CanDeal seeks to address long-standing issues of intraday pricing related difficulties for market participants.
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