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Canada regulator OKs Liquidnet corporate debt trading platform

Published 2015-08-06, 05:29 p/m
© Reuters. Canada regulator OKs Liquidnet corporate debt trading platform

TORONTO, Aug 6 (Reuters) - Canada's main securities
regulator has approved a bid by Liquidnet, a global
institutional trading network, to operate a dark pool platform
in Canada to trade in corporate debt denominated in U.S. dollars
or European currencies.
The decision by the Ontario Securities Commission on
Thursday will give Canadian investors access to a broad pool of
corporate bonds when the fixed-income trading platform is
launched in North America and Europe in mid-September, the
company said.
Dark pools allow big blocks of securities to be traded
anonymously without publicly informing the market until the
trades are completed. This minimizes the risk of the price
moving to the disadvantage of an investor should the market get
wind of the trade before it is executed.
Most Canadian fixed-income trading is conducted among
brokers, which can limit liquidity and price discovery.
Robert Young, who heads Liquidnet's Canadian operations,
said more than half of the $10 trillion of corporate debt held
by institutions is denominated in U.S. and European currencies,
and that a growing number of Canadian companies are denominating
in foreign currencies to attract a broader base of investors.
Liquidnet says it connects more than 780 of the world's top
asset managers.

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