CanDeal completes ownership restructuring

Canada-based electronic market for institutional investors CanDeal has revealed an ownership restructuring.

Through the deal, each of Canada’s six leading banks have increased their stake in the company, and TMX Group has lowered its share. All of CanDeal’s ownership have an equal share in the company.

These six Canadian banks now hold a combined share of 85 per cent in CanDeal. Current stakeholders of the company include BMO Nesbitt Burns Inc., CIBC World Markets, National Bank Financial Inc., RBC Capital Markets, Scotia Capital, TD Securities and TMX Group.

CanDeal is an electronic marketplace for Canadian dollar debt securities and derivatives. The platform offers access to a deep pool of liquidity for Canadian government, provincial and corporate bonds and money market instruments and interest rate swaps, according to the company.

Founded in 2001, the platform is used by over 300 institutional investment firms, with trading volume reaching around CAD $3.1tn over the past four quarters. Clients can support pre-trade, trade execution and post-trade.

Fellow Canadian FinTech company Finn AI also closed an investment this past week, securing $14m in its Series A round. The company leverages a proprietary, best-in-class and domain-specific natural language understanding engine accompanied by a large banking and personal finance-specific language data model.

Other Canadian FinTechs to raise funds this month include InsurTech platform Foxquilt, foreign exchange solution Kooltra and real estate data platform Cherre.

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