Effective 9 December 2002, the turnaround time for Government of Canada securities auctions will be reduced from 15 minutes to 10 minutes, and the turnaround time for repurchase operations will be reduced from 30 minutes to 15 minutes. Coincident with these changes, the submission deadline for buybacks on a cash basis will be advanced from 1:15 p.m to 1:00 p.m. The shorter processing time will allow auction and buyback results to be published at 12:40 p.m. and 1:15 p.m. respectively, instead of at 12:45 p.m. and 1:45 p.m. This reduces the time between the publication of auction and buyback results from 1 hour to 35 minutes.

These reductions in auction and buyback operations turnaround times are the completion of initiatives previously announced in the 2002-2003 Debt Management Strategy, published 14 March 2002, and the Operational Enhancements to Government of Canada Debt Programs published on the Bank of Canada's Web site on 15 August 2002. They are part of the continuing effort to enhance the functioning of the market for Government of Canada securities and are the result of process and efficiency improvements.


For further information, please contact:
Marc Pellerin
Principal
Debt Management & Settlement Systems
613 782-8429
Manon Dubois
Auction Manager
Debt Management & Settlement Systems
613 782-8947