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, 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. 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


Conventions and fallback language

Recommended conventions

Recommended fallback language

Subscribe to Market notices
Market notices

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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