The six biggest Canadian banks have formed a partnership with data services provider CanDeal to establish Canada’s first fixed-income and derivatives market data hub. The new hub, designed as a Data-as-a-Service (DaaS) business, will take market data from all participating banks and make it available to the rest of the partnership and government regulators.
Antony Peyton tells more about the new data hub in Fintech Futures:
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.
