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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 background, market notices, 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. This global work is now at a key inflection point with the confirmation that LIBOR, a key global interest rate benchmark, will cease being published at end-2021 (and end-June 2023 for key USD LIBOR tenors). As LIBOR’s cessation nears, global liquidity is expected to shift to products referencing risk-free rates, even in countries like Canada where LIBOR is not a predominant rate.

To coordinate Canadian interest rate reform, 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 and encourage 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.

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November 30, 2023

CARR amends recommended fallback for CDOR NHA MBS, and publishes a guide for Canadian companies transitioning from CDOR

In 2021, CARR published “Recommended fallback language for FRNs referencing CDOR” which recommended that CDOR-linked floating rate notes (FRNs), including floating rate NHA MBS, fall back from CDOR to a CORRA fallback rate (“Fallback Rate (CORRA)” as defined in the document).

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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

Jason Chang
Alberta Investment Management Corporation

Jean-Philippe Drolet
National Bank of Canada

John McArthur
Bank of America Merrill Lynch

Mike Manning
Ontario Financing Authority

Carol McDonald
Bank of Montreal

Audrey Gaspar
Ontario Teachers’ Pension Plan

Luke Francis

Eric Ruest
PSP Investments

Louise Stevens
Canada Mortgage and Housing Corporation

Guillaume Pichard
Quebec Ministry of Finance

Karl Wildi
Canadian Imperial Bank of Commerce

Bruce Wagner
Rogers Communications

Brent Clode

Jim Byrd
Royal Bank of Canada

Yassir Berbiche

Elaine Wright
Samuel, Son & Co

Alan Turner

Anuj Dhawan

Derek Astley
TD Bank

Brett Pacific
Sun Life Financial


Ann Battle

Robert Catani
Montréal Exchange

Philip Whitehurst

Louise Brinkmann

Joshua Chad
McMillan LLP

David Duggan
National Bank of Canada


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