Canadian Alternative Reference Rate Working Group

The Canadian Alternative Reference Rate Working Group (CARR) was created to identify and seek to develop a new term risk-free Canadian dollar interest rate benchmark. On this page, you can find more information about our mandate, market notices, publications, meetings, and membership.


Interest rate benchmarks are a cornerstone of the global financial system and are used by market participants across a wide range of financial products and contracts. In 2013, the Financial Stability Board (FSB) established the Official Sector Steering Group (OSSG) to advise the FSB on recommendations to strengthen existing interbank offered rate benchmarks (commonly known as IBORs), as well as to promote the development of alternative risk-free or nearly risk-free reference rates that could be used for some types of transactions. Both existing and new benchmarks would need to adhere to international regulatory standards, including the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.

In response, Canada established the Canadian Alternative Reference Rate Working Group—sponsored by the Canadian Fixed-Income Forum—to identify and seek to develop a Canadian dollar term risk-free rate benchmark that is robust, reliable, and resilient to any market stress, as well as consistent with the IOSCO Principles for Financial Benchmarks and compliant with any applicable regulations. CARR will also explore possible enhancements to the existing Canadian overnight risk-free rate, the Canadian Overnight Repo Rate Average (CORRA).

Terms of Reference

Overview on Financial Benchmark Reform Efforts

Subscribe to Market Notices
Market Notices



Harri Vikstedt

Senior Director, Financial Markets
Bank of Canada

Karl Wildi

Managing Director and Vice-Chair, Global Markets
CIBC Capital Markets

Market Representatives

Alberta Investment Management Corporation

Bank of America Merrill Lynch

Bank of Montreal

Canada Mortgage and Housing Corporation

Canadian Imperial Bank of Commerce


National Bank of Canada

Ontario Teachers’ Pension Plan


PSP Investments

Royal Bank of Canada


Sun Life Financial

TD Bank


Canadian Derivatives Clearing Corporation


Montréal Exchange