CanDeal, an online marketplace for Canadian debt securities, and Charles River Development, a provider of financial software and services, have announced that they are extending a strategic initiative that integrates the Charles River investment management system and CanDeal marketplace to help Canadian buy-side firms address National Instrument 24-101 and other regulations by automating trade settlement.
The National Instrument 24-101 (NI 24-101) was introduced in 2007 by the Canadian Securities Administrators as a framework for ensuring processing of trades.
According to Charles River Development, the integration of Charles River investment management system (Charles River IMS) and CanDeal’s marketplace creates an end-to-end trade and trade processing solution that places at the forefront – defining the dealing environment, moving compliance upstream, facilitating price discovery and trade execution, crystallizing trades in transaction records, and allowing for risk measurement and assessment.
Notice of execution, allocation, instruction, trade matching, affirmation and settlement can all occur within seconds of a trade, according to Charles River Development.
Jayson Horner, co-founder and CEO of CanDeal, said: The integration with Charles River IMS is consistent with the spirit of the regulation and reflects its objectives in market practice. Current market conditions point to an industry need for improved governance and efficiency in all aspects of the investment management process. Risk management has emerged as the industry’s priority. Our complementary solutions help fiduciaries evolve their compliance processes and adopt the highest standards of practice available.