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, access our key documents, market notices, meetings, and membership.

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Background

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.

Key documents

Governance documents

Overviews

Conventions and fallback language

Recommended conventions

Recommended fallback language

Consultations

  • Term CORRA consultation and feedback form
    A consultation for a potential forward looking Term CORRA benchmark to replace CDOR in certain types of loan facilities. This consultation will form the basis of any decision to create such a rate and will be open until June 13, 2022.

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Membership

Co-Chairs

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

David Duggan
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
Brookfield

Andrew Bastien
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
Central1

Jim Byrd
Royal Bank of Canada

Yassir Berbiche
Desjardins

Elaine Wright
Samuel, Son & Co

Alan Turner
HSBC

Anuj Dhawan
Scotiabank

Glenn Taitz
Invesco

Brett Pacific
Sun Life Financial

Tom Wipf
Morgan Stanley

Greg Moore
TD Bank

Observers

Ann Battle
ISDA

Robert Catani
Montréal Exchange

Philip Whitehurst
LCH

Alan White
Rotman School of Management

Joshua Chad
McMillan LLP

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