On May 16, 2022, Refinitiv Benchmark Services (UK) Limited
("RBSL"), the administrator of the
Canadian Dollar Offered Rate ("CDOR"),
announced1 that it would
permanently cease the calculation and publication of CDOR after
June 28, 2024. Simultaneously, the Ontario Securities Commission
and the Autorité des marchés financiers, each of
which regulate CDOR as a designated critical benchmark, authorized
the discontinuation of CDOR in accordance with RBSL's proposed
timeline.2
Market participants with cash or derivatives products
referencing CDOR have a relatively short window to take all
necessary steps to effect an orderly transition to an alternative
benchmark rate.
This transition will be a significant task. CDOR was introduced
over 40 years ago and is currently the most widely used interest
rate benchmark in Canada.3 Market participants will need
to transition billions of dollars' worth of existing financial
products from CDOR to alternative rates. Market
