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ARTICLE · 10 FEBRUARY 2023

The CDOR Chronicles: Roll-out Of A Term-based Benchmark Replacement Rate On Track For Q3

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The Canadian Alternative Reference Rate working group (CARR) continues to lay the groundwork for the adoption of the Canadian Overnight Repo Rate Average (CORRA) by providing 1- and 3-month Term CORRA rates.

CanadaFinance and Banking
Simon Williams
Simon Williams
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The Canadian Alternative Reference Rate working group (CARR) continues to lay the groundwork for the adoption of the Canadian Overnight Repo Rate Average (CORRA) by providing 1- and 3-month Term CORRA rates. However, these rates will be restricted to particular financial products in an effort to curb financial market fragility.

What you need to know

  • On January 11 CARR announced its expectation that 1- and 3-month Term CORRA rates will be available for use by the end of Q3-2023, well ahead of the CDOR sunset date of June 28, 2024.
  • In order to extrapolate term rates from an overnight rate, a yield curve must be constructed based on 1- and 3-month CORRA futures trading on the Montréal Exchange (reflecting the market's forward projection of what interest rates will be for the corresponding periods).

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