Canadian Alternative Reference Rate Working Group

The Canadian Alternative Reference Rate Working Group (CARR) was created to ensure Canada’s interest rate benchmark regime is robust, relevant and effective in the years ahead. Find more information about our mandate, market notices, publications, meetings, and membership.

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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.

CARR’s primary objectives will be to:

  1. support the adoption of, and transition to, the Canadian Overnight Repo Rate Average (CORRA) as a key financial benchmark for Canadian derivatives and securities; and
  2. analyze the current status of the Canadian Dollar Offered Rate (CDOR) and its efficacy as a benchmark, as well as make recommendations on the basis of that analysis.

CARR also oversees the CORRA Advisory Group.

Terms of Reference

Overview on Financial Benchmark Reform Efforts

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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



Morgan Stanley

National Bank of Canada

Ontario Financing Authority

Ontario Teachers’ Pension Plan

PSP Investments

Quebec Ministry of Finance

Rogers Communications

Royal Bank of Canada


Sun Life Financial

TD Bank


Canadian Derivatives Clearing Corporation


McMillan LLP

Montréal Exchange

Rotman School of Management