Today, the Bank of Canada published the 2025 CORRA sunset review final report. The review concluded with an adjustment to the minimum volume threshold for the use of the CORRA fallback calculation but no other changes to the methodology were made.
CORRA governance requires that formal reviews of the calculation methodology of CORRA be undertaken by the Bank’s internal CORRA Oversight Committee in consultation with the industry-wide CORRA Advisory Group and the Canadian Fixed Income Forum, which oversees the CORRA Advisory Group.
The Bank became the administrator of CORRA in 2020 and the 2025 CORRA sunset review is part of the sunset provision, which mandates that a review take place every 5 years. This helps ensure that CORRA remains representative of the market for Canadian overnight general collateral funding, and the data source and the data providers remain optimal for the calculation of the benchmark.
Implementation of the change to the minimum volume threshold is planned for early 2026. A market notice will be issued at that time. Please refer to the final report for more information on the scope of the review and the underlying analysis.
For further information, please contact:
Director
Financial Markets Department
Assistant Director
Financial Markets Department