Shorcan
Shorcan is a Canadian inter-dealer brokerage firm specializing in fixed income products including provincial and corporate bonds, CMBs, repos, and swaps. Wholly owned by TMX Group, it provides bank-to-bank liquidity services to financial institutions from Toronto since 1977.
- Company typePrivate
- Founded1977
- HeadquartersToronto, Canada
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Shorcan does
Shorcan Brokers Limited operates as a Canadian inter-dealer brokerage firm specializing in fixed income products. Founded in 1977 and headquartered at 100 Adelaide St. West in Toronto, the firm provides bank-to-bank brokerage services in Canadian government bonds, provincial and corporate bonds, Canada Mortgage Bonds (CMBs), repurchase agreements (repos), and interest rate swaps. Shorcan connects institutional counterparties — primarily banks and financial institutions — to address their liquidity needs in the Canadian fixed income market, earning transaction-based commissions on each matched trade.
The firm operates a proprietary Fixed Income Trading System designed and developed internally by CTO Dmitry Tumanov, which underpins its electronic execution capabilities and includes ongoing experimentation with artificial intelligence. Shorcan's product suite spans core fixed income brokerage services plus specialized modules for interest rate derivatives and repo services (led by President and Head Blaine Manning, with over 16 years of capital markets experience) and electronic trading (under VP Mark Vancea, with over 20 years in fixed income brokering and electronic trading). The firm holds 1,001–5,000 employees and is wholly owned by TMX Group, providing direct integration with Canada's primary capital markets infrastructure, including the Toronto Stock Exchange, TSX Venture Exchange, Montréal Exchange, and post-trade entities CDCC and CDS.
Shorcan's enterprise sales motion targets financial institutions directly through established institutional relationships rather than broad marketing, with no publicly disclosed pricing and bilateral negotiation of fees. The company maintains a distinctive cultural practice — the annual Shorcan Charity Day held every January since 1999, which has raised over $15.1 million for more than 40 charitable organizations across Canada and the U.S., and which signals operational continuity and brand durability in a relationship-driven wholesale market.
Shorcan firmographics
Firmographics- Name
- Shorcan
- Legal name
- Shorcan Brokers Limited
- Website
- https://shorcan.com
- Company type
- Private
- Founded year
- 1977
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Shorcan is a Canadian inter-dealer brokerage firm specializing in fixed income products including provincial and corporate bonds, CMBs, repos, and swaps. Wholly owned by TMX Group, it provides bank-to-bank liquidity services to financial institutions from Toronto since 1977.
- Ownership category
- akta.pro rank
Shorcan industry classification
Industry- Product category
- Inter-Dealer Brokerage
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Multi-Asset Trading Networks / Interdealer Broker Platforms (FSAFAEAJ)
- akta.pro secondary industries
- Multi-Asset / Cross-Asset Brokerage (FSAEACAM), Fixed Income ETFs & Index/Portfolio Trading (FSACAEAK), Cross-Product Fixed Income Relative Value & Arbitrage (FSACAEAL)
Keywords
Where Shorcan is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Shorcan business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Fixed Income Brokerage Commissions: As an inter-dealer broker, Shorcan earns transaction-based fees on trades executed in Canadian fixed income products including government bonds, provincial bonds, corporate bonds, CMBs, Repos, and Swaps. The firm provides bank-to-bank brokerage services, connecting institutional counterparties and earning commissions on each transaction.
Go-to-market motion1 record
Distribution channels1 record
Shorcan product offering
Product offeringCore offering
Shorcan is a leading Canadian inter-dealer brokerage firm that provides bank-to-bank brokerage services in Canadian fixed income products. The firm specializes in intermediating trades between financial institutions across Canadian government bonds, provincial bonds, corporate bonds, Canada Mortgage Bonds (CMBs), repurchase agreements (Repos), and Swaps. Services are delivered through proprietary electronic trading infrastructure and direct institutional relationships built over nearly five decades in the Canadian capital markets.
Product overview
Shorcan operates as a single unified inter-dealer brokerage platform for Canadian Fixed Income products. The core offering is its Fixed Income Brokerage Services, which includes a proprietary Fixed Income Trading System as its primary technology platform. Additional modules include Interest Rate Derivatives and Repo Services (under President/Head Blaine Manning) and an Electronic Trading Platform (under VP Mark Vancea). All services are focused on bank-to-bank liquidity provision across Canadian fixed income markets including bonds, CMBs, repos, and swaps.
Differentiator
Problem solved
Functional benefit
Products and services
- Canadian Fixed Income Inter-Dealer Brokerage Services
Quantifiable outcome
- Over $15.1 million raised for charitable causes since 1999
Companies that use Shorcan
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Shorcan technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature1 record
Shorcan partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- TMX GroupcoreShorcan is a wholly owned subsidiary of TMX Group, Canada's leading capital markets infrastructure company. This ownership provides Shorcan with integration into TMX's exchange ecosystem including Toronto Stock Exchange, TSX Venture Exchange, and other TMX Group subsidiaries. TMX Group owns multiple capital markets related businesses including CDCC and CDS for post-trade services, and various data and technology services.
Scale indicators4 records
Recent moves4 records
Expansion highlights4 records
Shorcan competitors and assessment
Company assessmentBroad incumbents
- Virtu Financial: Virtu Financial is a global financial technology firm operating market-making and execution services across equities, fixed income, and other asset classes. Shorcan is comparable as a fixed income market participant serving institutional counterparties, though Virtu's market-making model is broader and more electronic than Shorcan's inter-dealer brokerage.
- CME Group: CME Group is the world's largest derivatives marketplace and acquired NEX (formerly ICAP's voice brokerage). Shorcan is comparable as a fixed income trading intermediary, though CME operates much broader derivatives infrastructure than Shorcan's Canadian fixed income focus.
- Tradeweb Markets: Tradeweb is a leading global electronic marketplace operator for institutional, wholesale, and retail trading in fixed income, derivatives, and ETFs. Shorcan is comparable as it operates in fixed income execution for institutional clients, though Tradeweb's electronic, multi-asset model is broader than Shorcan's voice-brokered Canadian focus.
- MarketAxess: MarketAxess operates a leading electronic trading platform for fixed income securities, connecting institutional investors and dealers globally. Shorcan is comparable in fixed income intermediation for institutional counterparties, though MarketAxess focuses on electronic credit trading across multiple geographies.
Direct peers
- GFI Group: GFI Group is an inter-dealer broker specializing in fixed income, derivatives and equities (now part of CME Group/BGC). Shorcan is comparable as a fixed income-focused inter-dealer broker serving banks and institutional counterparties.
- CanDeal: CanDeal is a Canadian institutional electronic trading platform for fixed income products including government bonds, swaps, and repos. Shorcan is directly comparable as a Canadian fixed income-focused institutional brokerage, with CanDeal representing the electronic platform counterpart to Shorcan's more traditional brokerage model.
- TP ICAP: TP ICAP is one of the world's largest inter-dealer brokers, operating across rates, credit, FX and equities. Shorcan is directly comparable as a fixed income-focused inter-dealer broker within a larger exchange group structure (TP ICAP acquired ICAP's voice brokerage business).
- BGC Group: BGC Group (formerly BGC Partners) is a global inter-dealer broker and financial technology company providing brokerage services in rates, FX, credit, and equities. Shorcan is comparable as a fixed income inter-dealer broker serving institutional counterparties, though Shorcan is Canadian-only and BGC operates globally.
- Maven Securities: Maven Securities is a UK-headquartered inter-dealer broker with operations in fixed income, repo, swaps and credit. Shorcan is comparable as a bank-to-bank broker for repo, swaps and fixed income products.
- Compagnie Financière Tradition: Compagnie Financière Tradition is a Swiss-based inter-dealer broker with global fixed income, derivatives and securities operations. Shorcan is comparable as a wholesale inter-dealer broker focused on intermediating institutional fixed income flows.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Shorcan social profiles
Digital presenceShorcan financial estimates
Financial estimateRevenue estimate
Valuation estimate
Shorcan leadership team
Management profileNumber of profiles
Profiles4 records
Shorcan funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Shorcan 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 Shorcan
What does Shorcan do?
Shorcan is a leading Canadian inter-dealer brokerage firm that provides bank-to-bank brokerage services in Canadian fixed income products. The firm specializes in intermediating trades between financial institutions across Canadian government bonds, provincial bonds, corporate bonds, Canada Mortgage Bonds (CMBs), repurchase agreements (Repos), and Swaps. Services are delivered through proprietary electronic trading infrastructure and direct institutional relationships built over nearly five decades in the Canadian capital markets.
Is Shorcan a public or private company?
Shorcan is a private company. It is classified as corporate owned and is currently operating.
When was Shorcan founded?
Shorcan was founded in 1977. It employs 1,001 to 5,000 people.
Where is Shorcan based?
Shorcan is headquartered in Toronto, Canada, in the North America region.
How does Shorcan make money?
One revenue line is on record: fixed Income Brokerage Commissions.
Who are Shorcan's main competitors?
Broad incumbents on record are Virtu Financial, CME Group, Tradeweb Markets and MarketAxess. Direct peers are GFI Group, CanDeal, TP ICAP, BGC Group, Maven Securities and Compagnie Financière Tradition.
Does Shorcan have an API?
No public API is recorded for Shorcan.
What industry is Shorcan in?
Shorcan's product category is Inter-Dealer Brokerage. Its primary akta.pro industry code is FSAFAEAJ, Multi-Asset Trading Networks / Interdealer Broker Platforms, with a secondary code of FSAEACAM, Multi-Asset / Cross-Asset Brokerage. Its NAICS code is 5231 and its SIC code is 6211.