CanPX improves bond market transparency

CanPX announced Thursday that it is now providing free price information on approximately 340 Canadian corporate bonds. The information, which is posted on its website, includes the previous day’s high, low and last traded price for each bond, along with corresponding yield information.

Over time, it intends to expand the list of bonds that it provides price data on; and, it also aims to improve its website to facilitate data access, improve its utility to investors, and enhance market transparency, it says.

“CanPX is excited at the launch of this new market transparency offering which will provide useful and timely information on bond transactions to assist all investors make portfolio decisions. The availability of this information will bolster investor confidence and market participation” said Richard Van Nest, president of CanPX.

Along with this new free information, CanPX also provides subscribers with real-time data from inter-dealer brokers on certain government bond and treasury bill issues; and, hourly post-trade data on corporate bonds from participating investment dealers.

Ian Russell, president and CEO of the Investment Industry Association of Canada (IIAC), notes that CanPX represents a joint venture between several investment dealers and inter-dealer brokers to improve transparency in the over-the-counter (OTC) debt markets.

“CanPX’s objective has been to establish an optimal level of transparency for the Canadian marketplace which balances investors’ need for price discovery while preserving client trade anonymity and dealer market-making capabilities,” he said.