In January, CARR announced the development of a Term CORRA benchmark that was designed to be a robust benchmark that adheres to IOSCO’s Principles for Financial Benchmarks.
Today, CanDeal Benchmark Solutions and TMX Datalinx, announced that they will officially launch the forward-looking 1- and 3-month Term CORRA benchmark on September 5, 2023. Term CORRA will complement CORRA as a replacement for CDOR in certain products. In particular, the uses of Term CORRA will be restricted to use cases developed by CARR, including loans, trade finance, and any associated derivative hedges.
While the benchmark will be published on the Candeal Benchmark Solutions 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
613‑782‑7768
CARR co-chair
Managing Director and Vice Chair
CIBC Capital Markets
416‑594‑7806
Media inquiries
Media Relations
Bank of Canada