CDS Clearing and Depository Services Inc. will launch a new fixed income netting service in April, the organization said Thursday.

The new service, FINet, which will replace the current fixed income netting service, DetNet, incorporates various requirements requested by the existing system’s participants and other parties who are involved in the fixed income market, CDS said. All current DetNet participants will become FINet participants when the new service is in operation.

The FINet service will expand the types of eligible securities from Government of Canada bonds and T-bills to include provincially-issued debt instruments.

It will also include: intraday and end-of-day netting of eligible trades regardless of their value dates; the option to net and receive output at the client account level; and, the ability to settle partially throughout the day along with the enhancement of the zero net process.

IE