CanDeal
- Company typePrivate
- Founded2001
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
CanDeal firmographics
Firmographics- 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
CanDeal industry classification
Industry- 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
Where CanDeal is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
CanDeal business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others
Revenue model
- 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.
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Multi-year contract | Trading platform access |
Go-to-market motion1 record
Distribution channels7 records
Marketing channels6 records
CanDeal product offering
Product offeringCore 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
Companies that use CanDeal
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles3 records
CanDeal technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
AI capability3 records
Feature9 records
CanDeal partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- FTSE RussellcoreExtended 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 BankscoreCollaborative 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)coreICE 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 & AnalyticscorePartnership 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.minorPartnership to offer fixed income evaluation for the Canadian fund market, integrating CanDeal DNA's fixed income pricing into Fundata's fund data services.
- RimesminorWebinar partnership for unlocking buy-side value with Rimes, providing data-driven insights for Canadian fixed income markets.
- Tradeweb Markets LLCcoreTechnology 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 GroupcoreCo-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
CanDeal competitors and assessment
Company assessmentDirect 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
CanDeal social profiles
Digital presenceCanDeal compliance and trust
Trust signalCompliance3 records
CanDeal financial estimates
Financial estimateRevenue estimate
Valuation estimate
CanDeal leadership team
Management profileNumber of profiles
Profiles11 records
CanDeal subsidiaries and ownership
Company hierarchySubsidiaries4 records
CanDeal funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CanDeal M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CanDeal
What does CanDeal do?
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.
Is CanDeal a public or private company?
CanDeal is a private company. It is classified as corporate owned and is currently operating.
When was CanDeal founded?
CanDeal was founded in 2001. It employs 11 to 50 people.
Where is CanDeal based?
CanDeal is headquartered in Toronto, Canada, in the North America region.
How does CanDeal make money?
Four revenue lines are on record. Trading Platform Fees are the primary driver. The others are data & Analytics Licensing, benchmark Administration Services and mutualized Solutions Services.
Who are CanDeal's main competitors?
Direct peers on record are Tradeweb Markets, MarketAxess and Euronext (MTS). Broad incumbents are Bloomberg, Intercontinental Exchange (ICE), London Stock Exchange Group (LSEG / Refinitiv), TMX Group, CME Group and S&P Global. BondPoint (ICE) is listed as an emerging player.
Does CanDeal have an API?
No public API is recorded for CanDeal.
What industry is CanDeal in?
CanDeal's product category is Electronic Fixed Income Trading & Data Services. Its primary akta.pro industry code is FSAPADAE, Derivatives Trading Venues (perps, futures, options), with a secondary code of FSACAKAH, IPO & New Issue Issuer Services (Listing/ISIN setup). Its NAICS code is 5232 and its SIC code is 6200.