CanPX Corp. is set to continue acting as an information processor for corporate debt securities for an additional term of five years, the Canadian Securities Administrators announced on Friday.

CanPX, a joint initiative between several of Canada’s leading investment dealers and inter-dealer brokers to provide transparency to the over-the-counter debt markets, has been acting as an information processor for Canada’s corporate debt securities since 2003.

CanPX provides investors with transactional information from the Canadian government and corporate debt markets. As an IP, it collects and consolidates trade and price data for more than 100 corporate debt securities as contributed by 12 of Canada’s leading investment dealers. Separately, through its inter-dealer broker participants, CanPX also makes available price and trade information for a comprehensive list of government securities.

“We are pleased the CSA has reaffirmed CanPX for this important role,” said Richard Van Nest, president of CanPX, chair of IIAC Debt Markets Committee and managing director of debt capital markets at RBC Capital Markets. “We will continue to work with industry participants to provide increased transparency while promoting market stability and growth.”

CanPX has chosen to outsource operations and marketing to CanDeal for the transparency system. In this capacity, CanDeal will manage CanPX’s technology applications and ensure the broadest distribution of CanPX data.

“Our partnership with CanPX builds on our commitment to deliver solutions to Canada’s fixed income market,” said Jayson Horner, co-founder and CEO of CanDeal.

Transparency is critical to debt markets, according to Ian Russell, president and CEO of the Investment Industry Association of Canada, which provides secretariat and administrative functions for CanPX.

“The CanPX transparency system has been more than a 10-year effort by the dealer community, represented through the Investment Industry Association of Canada, and the interdealer bond dealers, to deliver transparency to the over-the-counter government and corporate debt markets,” said Russell. “Through its partnership with CanDeal, CanPX will ensure broad dissemination of comprehensive and timely information to investors. Improved confidence and market participation from more robust transparency will benefit Canadian fixed income markets that face substantial borrowing pressures.”

IE