Today, the Bank of Canada announced that effective October 30, 2026, non-primary dealer government securities distributors (GSDs) of Government of Canada (GoC) securities may become eligible to participate in select market operations conducted by the Bank, provided they meet certain eligibility requirements. These operations are:
- Overnight Repo and Overnight Reverse Repo operations
- Two-week Term Repo
- Overnight Standing Repo Facility
- Securities Lending Program
This decision supports the continued effectiveness of the Bank’s monetary policy implementation operations and helps promote market functioning and liquidity in an evolving GoC bond and repo market.
GSD status alone does not provide automatic access to these operations. Eligibility will be determined at the Bank’s discretion. To become eligible, a GSD must join the Canadian Collateral Management Service tri-party platform and demonstrate and maintain sufficient market activity in GoC primary, secondary and repo markets. Eligible GSDs will be subject to lower participation limits than Primary Dealers, as indicated in the terms and conditions for each applicable operation.
Information on GSD eligibility, including the current list of eligible GSDs, is available here on the Bank’s website.
For further information, please contact:
Director
Markets and Banking Department
Assistant Director
Markets and Banking Department