The Bank of Canada and the Department of Finance Canada have streamlined the terms governing Government of Canada securities auctions and today released a consolidated document: Standard Terms for Auctions of Government of Canada Securities. The document includes an attached schedule (Schedule A: Terms of Participation in Auctions for Government Securities Distributors and Customers).

Effective 1 November 2016, the consolidated document will replace the following:

  • Terms of Participation in Auctions for Government Securities Distributors
  • Terms of Participation in Auctions for Customers
  • Standard Terms for Auctions of Government of Canada Marketable Bonds
  • Standard Terms for Auctions of Government of Canada Real Return Bonds
  • Standard Terms for Auctions of Government of Canada Treasury Bills

In addition, the Bank of Canada and the Department of Finance Canada announce that the following three changes will be effective 1 November 2016.

  • a 15-minute post-auction grace period for net position reporting will be introduced for government securities distributors (Schedule A: Section 8);
  • a Bidder Identification Number will be required for customers that submit non-competitive bids through a government securities distributor (Schedule A: Section 4); and
  • the minimum size of a non-competitive bid will be raised from $1,000 to $100,000 (Standard Terms for Auctions of Government of Canada Securities: Section 5).

For further information, please contact:

Wendy Chan
Assistant Director
Funds Management and Banking Department
Bank of Canada
613-782-7913

James Wu
Chief
Funds Management Division
Department of Finance Canada
613-369-3898

Media Relations
Bank of Canada
613-782-8782