Today, the Canadian Alternative Reference Rate working group (CARR) begun publishing a set of frequently asked questions (FAQs) on its website to provide clarity on various aspects of the CDOR transition. These FAQs cover several key issues often the source of inquiries, including on the overall transition, derivatives, loans, fallback language, CORRA, Term CORRA, and the disappearance of bankers’ acceptances.
CARR’s FAQs will be regularly updated, so market participants seeking advice on the transition are encouraged to visit the document and to sign up to receive updates to CARR’s website. Those with questions not covered by these FAQs are encouraged to contact their bank, dealer, legal or accounting representatives, or to email . Questions seen as helpful to a wider set of market participants will form the basis of future FAQ updates.
Canada established CARR, a working group sponsored by the Canadian Fixed-Income Forum, to coordinate Canadian interest rate benchmark reform. CARR’s mission is to ensure Canada’s interest rate benchmark regime is robust, resilient and effective in the years ahead. Over the coming transition period, CARR will support the transition from CDOR to CORRA as the key Canadian interest-rate benchmark.
Visit CARR’s webpage for up-to-date information on the transition, including all of CARR’s key documents, and to sign-up to receive email updates from CARR.
Senior Policy Director
Financial Markets Department
Bank of Canada
Managing Director and Vice Chair
CIBC Capital Markets
Bank of Canada