CanDeal

Name

CanDeal

Legal name

CanDeal.ca, Inc.

Website

https://candeal.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Electronic Fixed Income Trading & Data Services

NAICS

Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Derivatives Trading Venues (perps, futures, options) (FSAPADAE)

akta.pro secondary industry

IPO & New Issue Issuer Services (Listing/ISIN setup) (FSACAKAH)

Keywords

• Electronic fixed income trading
• Canadian bond marketplace
• Fixed income data analytics
• Benchmark administration services
• Institutional trading platform

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Trading Platform Fees: CanDeal operates an Alternative Trading System (ATS) as a regulated marketplace. Fee information is available upon request per subscriber agreements. The platform processes over $14 trillion in annual trading volume, representing more than 90% of electronic debt trading in Canada.
2. Data & Analytics Licensing: CanDeal DNA provides pricing data, analytics, and reference data to industry market participants, vendor channels and solution providers. Distributed through global partners including FTSE Russell, LSEG, ICE, Fundata, S&P Global and SS&C. Pricing available upon request.
3. Benchmark Administration Services: CanDeal Benchmark Solutions administers Term CORRA reference rates as a designated benchmark administrator, providing reference rates to the market through TMX Datalinx. Compliant with IOSCO principles and Canadian Benchmark Regulations.
4. Mutualized Solutions Services: CanDeal Solutions offers mutualized services including KYC utility and third-party risk management platforms on a shared infrastructure model for the Canadian financial industry.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels6 records

Core offering

CanDeal operates an electronic institutional marketplace for Canadian dollar fixed income securities and derivatives, enabling multi-dealer RFQ-based trading across government, provincial, municipal, corporate bonds, money markets and derivatives. The company also provides independent evaluated pricing and analytics for approximately 95,000 Canadian fixed income securities through its CanDeal DNA division, administers the Term CORRA benchmark reference rates, and offers workflow solutions including KYC utilities and third-party risk management for financial institutions.

Product overview

CanDeal is a leading provider of electronic marketplace and data services for Canadian dollar debt securities and derivatives, operating as a platform-plus-modules architecture. The core offering is CanDeal Markets (accounting for over 90% of electronic debt trading in Canada), complemented by the Evolution trading platform with integrated Corporate Matrix Pricing. The Data & Analytics division (DNA) provides comprehensive OTC dealer-sourced content including the Reference Pricing Service, Security Master, TradeMarks, and Consensus OIS/Swap Rates. Benchmark Solutions operates as an independent unit administering Term CORRA reference rates. Solutions offers mutualized services including KYC utilities, Third-Party Risk Management, CanAuction, CANIssue, Electronic Buyback Platform, and Odd Lot Optimization. The products interrelate through shared market infrastructure, common data standards, and collaborative development with Canada's major banks and financial institutions.

Differentiator

Problem solved

Functional benefit

Brands

• Evolution: Electronic fixed income trading platform offering intraday corporate pricing and credit trading capabilities for Canadian markets.
• Corporate Matrix Pricing

Products and services

• CanDeal Markets
• Evolution Trading Platform
• CanDeal DNA Reference Pricing Service
• CanDeal DNA Consensus OIS and Swap Rates
• Term CORRA Reference Rates
• KYC/AML Customer Due Diligence Service
• Third-Party Risk Management Platform
• CanAuction
• CANIssue

Quantifiable outcome

• Annual trading volume of $14 trillion with 75% YoY increase to $9.7 trillion in 2024
• +5 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability3 records

Feature9 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• FTSE RussellcoreTechnology or Integration · 24 March 2026Extended 10-year partnership for Canadian fixed income data, expanding into additional data, index, and portfolio analytics. CanDeal DNA's pricing, security master, and analytics capabilities are delivered through FTSE Russell's platform, with both partners committed to developing a next-generation fixed income analytics solution integrated with FTSE Canada indices.
• Six Largest Canadian BankscoreStrategic or Co-development Partner · 26 February 2026Collaborative initiative to develop a standardized third-party risk management solution to be piloted in H1 2026. Uses AI and machine learning to reduce duplicative due diligence processes, lower costs, and increase supplier participation. Potential to expand globally.
• Intercontinental Exchange (ICE)coreChannel Partner/ Reseller/ Distributor · 10 February 2025ICE expanded its Canadian fixed income data offering to include CanDeal DNA intraday pricing and analytics. ICE provides hourly price updates and bond analytics data for over 80,000 Canadian fixed income securities from 8am to 5pm EST.
• LSEG Data & AnalyticscoreChannel Partner/ Reseller/ Distributor · 8 October 2024Partnership for distribution of CanDeal DNA Consensus OIS and Swap Rates. CanDeal DNA Consensus rates are expected to become key reference rates for the Canadian market, providing transparency across the swap curve for 2-year to 30-year tenors.
• Fundata Canada Inc.minorChannel Partner/ Reseller/ Distributor · 6 December 2022Partnership to offer fixed income evaluation for the Canadian fund market, integrating CanDeal DNA's fixed income pricing into Fundata's fund data services.
• RimesminorStrategic or Co-development PartnerWebinar partnership for unlocking buy-side value with Rimes, providing data-driven insights for Canadian fixed income markets.
• Tradeweb Markets LLCcoreTechnology or IntegrationTechnology and services agreement for non-Canadian clients. Tradeweb operates an institutional multi-dealer to customer electronic trading platform and market data communications network through which institutional investors access information, request bids and offers, and effect transactions.
• TMX GroupcoreStrategic or Co-development PartnerCo-owner of CanDeal Group (along with major Canadian banks). TSX Inc. is a stakeholder, providing strategic alignment with Canada's exchange infrastructure.

Scale indicators11 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Tradeweb Markets: Global institutional electronic trading platform for fixed income, derivatives, and ETFs. Direct competitor to CanDeal's Markets ATS; in fact, CanDeal uses Tradeweb as a gateway for non-Canadian clients, making it both a partner and a direct rival for cross-border fixed income flow.
• MarketAxess: Leading operator of electronic trading platforms for fixed income, with deep credit market share and a comparable all-to-all/RFQ model. Direct competitor to CanDeal's electronic credit trading and corporate bond offering.
• Euronext (MTS): Operates MTS, one of Europe's largest electronic fixed income trading platforms. Comparable electronic venue for government, agency, and corporate bond trading; competes for global dealer and buy-side mindshare even though its core market is Europe rather than Canada.

Broad incumbents

• Bloomberg: Operates the BVAL evaluated pricing service and extensive fixed income data and analytics, directly overlapping with CanDeal DNA. Also runs fixed income execution venues and the Bloomberg Terminal, making it a broad incumbent competing with CanDeal on data, pricing, and trading.
• Intercontinental Exchange (ICE): Global exchange operator and major fixed income data provider; ICE is both a CanDeal DNA distribution partner and a competitor through ICE Bonds and BondPoint. The partnership-and-competition dynamic mirrors CanDeal's relationship with Tradeweb.
• London Stock Exchange Group (LSEG / Refinitiv): Owner of Refinitiv and a major fixed income data franchise; LSEG distributes CanDeal DNA Consensus OIS and Swap Rates but also competes with its own evaluated pricing and fixed income analytics offerings globally.
• TMX Group: 50% owner of CanDeal and operator of Toronto Stock Exchange, TSX Venture, and Montreal Exchange (whose BAX futures are used to compute Term CORRA). Functions as both owner, infrastructure partner, and an exchange competitor in adjacent Canadian capital markets.
• CME Group: Largest derivatives exchange operator globally; its Montreal Exchange-listed BAX futures are the input data for CanDeal's Term CORRA benchmark. Competes with CanDeal in interest rate derivatives and benchmark-adjacent services, while also being a critical data supplier.
• S&P Global: Major financial data and ratings provider that distributes CanDeal DNA pricing through its platform. Competes broadly with CanDeal DNA in evaluated pricing, reference data, and fixed income analytics across institutional and buy-side segments.

Emerging players

• BondPoint (ICE): ICE-owned electronic fixed income marketplace focused on retail and smaller institutional dealers. Smaller and more narrowly positioned than CanDeal, but overlaps as an alternative electronic venue for fixed income execution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CanDeal
• LinkedInlinkedin.com/company/candeal

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CanDeal