Trading Protocols for Different Market Conditions

CanDeal has assembled a thriving community of market participants that trade with confidence and certainty. CanDeal has facilitated growth and deepened liquidity by making these markets more accessible and efficient for a growing global audience of institutional investors and liquidity providers.

Modern Trading Tools
CanDeal provides workflow efficiencies that cannot be replicated by the telephone. Our role is to support the trading activities of our participants. We don’t look to fundamentally change the way the market operates. The fixed income and derivatives markets have grown rapidly over the past decade but the role of the liquidity provider hasn’t changed. Sell-side trading desks continue to enable asset managers, corporations, banks, governments, and other institutional investors around the world to better manage their asset and liabilities. We support this global flow of funds by delivering more efficient trading tools, streamlining the way business gets done.

CanDeal offers a broad range of trading protocols, all of which have been fine-tuned to meet the specific needs of each marketplace. The evolution of these electronic markets reflects the needs of market participants. In general, the more liquid a marketplace, the more likely it is that it operates in a real-time environment. We have digitized the trade cycle, as a result making it more efficient for counterparties.

We offer a variety of trading protocols to match the needs of our participants.

Trading Protocols
Request-for-quote (RFQ): A RFQ allows a query to up to four dealers simultaneously for live executable prices. RFQs can be sent for single securities, a two security trade or a butterfly.

Limit Orders: allows buy-side participants to set a target price and quantity, then leave an order with up to four dealers. This trading protocol is typically used to work large orders with discretion and it can incorporate a work up feature.

My bid/offer:  submit a time sensitive bid or off­er directly to one dealer.

Indication of Interest (IOI): IOI trading has created a more intelligent RFQ for buy-side users to engage compatible dealers, mitigate information leakage and reduce liquidity premiums.

Client Counter: buy-side users are able to counter a single dealer’s response.

Inventory-based Trading
Unlike bond and derivatives markets, money market instruments are necessarily traded on an inventory basis. On CanDeal, investors quickly sort, filter and compare dealer offerings in a single view - stale offering sheets are a thing of the past. CanDeal’s proprietary inventory-based trade protocols allow for one-on-one negotiation with dealers, electronically.