Change theme
Change theme

CARR finalizes the allowed uses for Term CORRA

Today, the Canadian Alternative Reference Rate working group (CARR) finalized its guidance on the allowable use cases for Term CORRA.

Term CORRA, first announced by CARR in January, will be officially launched by CanDeal Benchmark Administration Services Inc. (CBAS) and TMX Datalinx on September 5, 2023. The use of Term CORRA will be restricted to use cases developed by CARR, specifically loans and any associated derivative hedges. Going forward the approved use cases will be governed by the Term CORRA administrator, CBAS, and will be available on its website.

While the benchmark will be published on the CBAS website on a T+1 basis for free, access to real-time data or the creation of financial contracts or instruments referencing Term CORRA will require licensing from TMX Datalinx.

About CARR

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.

Market inquiries

CARR co-chair
Senior Policy Director
Financial Markets Department
Bank of Canada

CARR co-chair
Managing Director and Vice Chair
CIBC Capital Markets

Media inquiries

Media Relations
Bank of Canada