Find key documents and reference material related to the Canadian Alternative Reference Rate Working Group (CARR).
For more information, .
- Frequently Asked Questions (FAQs)
Common questions on the transition from CDOR to CORRA
Last updated: February 2024
Governance documents
- CARR Terms of Reference
Formal outline of CARR’s mandate - Competition law policy
Outlines how the Competition Act applies to CARR, and the steps CARR takes to address potential competition issues
Overviews
- CARR Milestones
One-page transition timeline - Impact assessment checklist
Document to help firms assess and mitigate their exposures to the CDOR - CDOR White Paper
See the executive summary and size and scope of CDOR and BAs.
Read related statements from RBSL and ISDA. - Presentation to CFIF on CDOR
CARR’s key findings in its stock take on CDOR and CORRA - Quick background Canadian benchmark reform
Overview of Canadian benchmark reform efforts - Enhancements to CORRA calculation methodology
Description of improvements to the way CORRA is calculated, implemented when the Bank of Canada became CORRA’s administrator - Risk-free rates in other jurisdictions
Overview of the main risk-free interest rates used globally - Recommendations on CDOR legacy securities
Recommendations on how to deal with CDOR securities which mature after June 28, 2024 - Call to action for CDOR/BA borrowers
Action Required Before June 28, 2024
Speeches and appearances
CARR Webinar presentation
Outline of the processes and timelines needed for the transition from CDOR for Canadian market participants
A Canadian interest rate benchmark regime for the future
Deputy Governor Toni Gravelle discusses some important changes that may be coming to Canada’s interest rate benchmarks.
Panel: International Swaps and Derivatives Association (ISDA)
Deputy Governor Toni Gravelle participates in a panel discussion at the International Swaps and Derivatives Association (ISDA).
Term CORRA
- Term CORRA use cases
List of use cases for Term CORRA as laid out by CARR - Recommended Term CORRA methodology
The recommended methodology for producing Term CORRA - Administration of Term CORRA (bankofcanada.ca)
Explanation on how Term CORRA will be administered - Results of the consultation on term interest rates
A consultation was conducted to create an new term interest rate to replace CDOR which became Term CORRA
Conventions and fallback language
Recommended conventions
- CORRA FRN conventions
Contractual terms for floating rate notes referencing CORRA - Inter-bank swap conventions for CDOR-SOFR and CORRA-SOFR
Contractual terms for swaps between two banks that reference CORRA and either CDOR or SOFR - Methodology for CORRA compounded-in-arrears
Overview of the methodology - CORRA Loans
- CORRA loan conventions
Also: a worked Excel example of these conventions and a comparison to conventions in other jurisdictions - Recommended definitions and provisions
Recommendations by CARR for loan agreements referencing CORRA - CORRA loan convention comparison table
A comparison for loan conventions between overnight and Term CORRA - Loan transition best practices
Guidance on how to transition CDOR loans to CORRA loans - Term CORRA swap conventions
Recommended terms for Term CORRA to fixed interest rate swaps and for Term CORRA to CORRA basis swaps
Recommended fallback language
- CDOR FRN fallback language
Language to include in FRNs referencing CDOR to describe what happens to the FRN if CDOR is discontinued. See also the consultation paper. - CDOR loan fallback language
Language to include in loans referencing CDOR to describe what happens to the loan if CDOR is discontinued. - CORRA FRN fallback language
Language to include in FRNs referencing CORRA to describe what happens to the FRN if CORRA is discontinued. - ISDA’s Fallbacks Supplement
Legal language that describes what happens to derivatives written under ISDA’s standard definitions. See pages 69-76 for Canadian rates.
Key BA Transition Virtual Network (BATVN) documents
- January 2023 White Paper on BA impact
A white paper on the impact of CDOR cessation on the Bankers’ Acceptance market - BA Wind down plan
A proposed plan for the wind down of Bankers’ Acceptances in preparation for the end of CDOR - September 2023 progress update to CFIF
An update on the progress made so far on the transition away from Bankers’ Acceptances