Harborside+, an institutional block trading service, formed a joint venture with Commission Direct to give institutional investors in Canada access to the firm's block-trading technology, according to a joint news release. Under the deal, Canadian institutional traders can electronically submit indications of interest for both Canadian and U.S. equities to Harborside+, which provides the technology facilitating matching of the IOIs.
"What Canadian financial institutions are lacking is a means to confidentially trade large blocks through an IOI mechanism that doesn't allow brokers to trade against their order flow," said Wayne B. McAlpine, Commission Direct president and CEO, in the news release. "The partnership with Harborside+ will address this important gap."
Commission Direct is 50% owned by RBC Capital Markets, a unit of Royal Bank of Canada.