The stable value industry transacts billions of dollars in Guaranteed Investment Contracts (GICs) every year. And yet, until today, the process of buying and selling those contracts has operated as though the internet was never invented.
When a fund manager identifies an opportunity to purchase a GIC, they manually draft bid specifications, email or fax them to individual issuers, track responses across disconnected inboxes and spreadsheets, and compare bids by hand. A single solicitation can involve 3-12 issuers and take days to complete. On the other side of the transaction, issuers have no efficient way to discover new opportunities, respond to solicitations at scale, or benchmark their competitiveness. There is no centralized platform, no standardized process, and critically, no market data.
This is a structural gap, not a niche inefficiency, that has persisted for decades, creating real costs, operational risk, and pricing opacity for every participant in the market.
Today, we’re closing that gap.
The Clearwater GIC Marketplace is the first digital platform purpose-built for stable value GIC transactions. It connects fund managers and GIC issuers in a centralized environment that replaces the entire manual solicitation process with a single, unified workflow.
For fund managers, the Marketplace eliminates the friction of coordinating across multiple counterparties. Managers can build bid specifications, including rates, WAM, and payout schedules, directly in the platform, select target issuers from a comprehensive directory, and notify all selected issuers simultaneously. No emails. No faxes. No phone calls. As responses come in, managers track bid progress in real time and compare offers side-by-side in standardized formats, enabling direct evaluation on rates, terms, and conditions.
For GIC issuers, the Marketplace removes the inefficiency from their origination workflow. Issuers receive structured bid requests through the platform, reducing the manual overhead of responding to solicitations and broadening their visibility into opportunities across the market.
Beyond the operational improvements, the GIC Marketplace creates something the stable value industry has never had — structured market data. As transaction history builds on the platform, Clearwater’s native AI engine analyzes patterns across GIC bids, issuer behavior, and market conditions, delivering benchmarks and competitive intelligence that simply don’t exist today in any centralized form.
This data compounds in value over time. Every participant who joins increases the quality and depth of the market intelligence available to every other participant. Early adopters gain the benefit of that compounding intelligence.
One reason the stable value industry has gone without purpose-built technology for so long is trust. Many of the firms with the technical capacity to build solutions for stable value managers are also competitors for wrap contracts and plan sponsor relationships. That conflict has, reasonably, made adoption impossible.
Clearwater is different. We are an independent technology company. We do not manage assets, issue wrap contracts, or compete for plan sponsor relationships. Our only role is to build and operate the infrastructure the industry needs, and to do it as a trusted partner, not a counterparty.
The GIC Marketplace is available now to all stable value fund managers and GIC issuers. We built this platform with the stable value industry, and we built it for the entire stable value industry.
“GIC bidding in stable value has operated the same way for decades. It worked, but just barely. Like so much of the stable value world, the process was overwhelmingly manual, time-consuming, and opaque. The GIC Marketplace is beautiful in its simplicity. It brings all parties together in one place, with a clean interface that makes the bidding process transparent and, more importantly, gives everyone easy access to data and a full historical record of bids.”
Kappie Bogart, Clearwater Strategic Advisor
If you’re a stable value fund manager or GIC issuer and want to learn more about joining the Marketplace, reach out to talk to an expert.