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Major Investment Dealers agree to launch First Multi-Dealer electronic trading system in Canada
PR Newswire - Wednesday June 27, 2001
CanDeal will launch real-time best-price system for Canadian bond and
TORONTO, June 27 /PRNewswire/ - Canada's leading investment dealers announced today the agreement to create CanDeal, a joint venture of investment dealers and technology partners to provide electronic trading services for Canadian bond and money market products. Upon receipt of required regulatory approvals, CanDeal will launch Government of Canada Treasury bill and bond trading, anticipated in Q4, 2001. CanDeal's founding shareholders are BMO Nesbitt Burns, Basis100 Inc., CIBC World Markets Inc., MoneyLine Network Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
"CanDeal's electronic trading system will provide institutions with a real-time consolidated price feed that displays the best bid and offer, price and yield, from all participating dealers for each security. Clients will be able to simultaneously request trades with multiple dealers," said Jayson Horner, President and CEO of CanDeal. "In a market where prices and terms change frequently, CanDeal's solution presents significant benefits in terms of price discovery, timely trade execution, cost savings, and reduced administration."
Basis100's proprietary BasisXchange technology powers the CanDeal Trading System. BasisXchange is an industry-class, Internet-driven Java solution that transparently links participating investment dealers with institutional clients. CanDeal clients will be able to monitor live best-price markets, submit trade requests to multiple dealers, and execute trades by selecting the most favourable dealer response. "Technology is dramatically changing how markets are accessed and transactions are done," said Gary Bartholomew, Chairman and CEO of Basis100, "CanDeal shareholders have made a significant commitment that benefits the participants in the Canadian market."
Mr. Horner pointed out that Institutional investors will be offered the opportunity to discover the best possible price and execute at that level in a timely and efficient manner. "The current process of best-price discovery can take a minimum of 3 to 5 phone calls and up to several minutes," he said. "With CanDeal, clients will be able to complete a deal in seconds and be assured they received the best price possible from the investment dealer of their choice. CanDeal will dramatically increase efficiency and accuracy in the Canadian fixed income markets."
CanDeal's efforts to deliver a total solution include a strategic alliance with MoneyLine Network Inc. MoneyLine Network Inc. is a leading provider of hosted electronic commerce applications and financial content. It is providing market data, advisory services and sales and marketing support to CanDeal.
CanDeal will be an open marketplace for Canadian investment dealers and clients. Plans to expand CanDeal's product offerings will be announced in 2002.
CanDeal is located in Toronto. Its mandate is to provide increased efficiency and transparency within the Canadian fixed income markets. Shareholders are BMO Nesbitt Burns, Basis100 Inc., CIBC World Markets Inc., MoneyLine Network Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes", "plans", "expects" or "intends" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
SOURCE Basis100 Inc.
/CONTACT: Diana Robinson, Media Relations for CanDeal, T - (416) 368-8998, firstname.lastname@example.org/