October 30, 2026
Read the terms and conditions of the Overnight Standing Repo Facility.
The Overnight Standing Repo Facility supports the monetary policy implementation framework by providing Primary Dealers and eligible Government Securities Distributors, a standing source of secured overnight repo funding, at Bank Rate.
Operation details
- Eligible participants will have access to an Overnight Standing Repo Facility at the Bank Rate, subject to pre-specified limits.
Eligible counterparties
- Primary Dealers in Government of Canada securities and Government Securities Distributors that meet the Bank’s eligibility requirements.
- The Bank of Canada has sole discretion to remove a counterparty from the list of approved eligible counterparties for a repo transaction, cap or limit a counterparty’s award or otherwise cease to enter into a repo transaction with such counterparty for any reason.
Process to access facility
- Participants must inform the Bank of their interest in accessing the facility by phone before 2:00 p.m. (Ottawa time) on the day of the request. This interest must also be confirmed by email.
Limits
- The daily limit per Primary Dealer is $3 billion, cash-value amount.
- The daily limit per eligible Government Securities Distributor is $1 billion, cash-value amount.
Eligible securities
- Only Canadian dollar-denominated marketable securities that are directly-issued or explicitly guaranteed by the Government of Canada or by a Canadian provincial government and that are also eligible for the Standing Liquidity Facility.
- Stripped or residual Government of Canada or Canadian provincial government securities and NHA MBS are not eligible for these transactions. The securities must not mature on or prior to the date of maturity of the operation.
Notification of securities to be used
- Counterparties must notify the Bank of Canada of the securities that will be offered for sale by 2:00 p.m. (Ottawa time) on the trade date. The Bank of Canada will email the counterparty confirmations, setting out the specific terms of the transaction, including the securities.
- The number of securities to be used is limited to a maximum of 5 ISINs.
Margins
- Eligible securities in these Overnight Standing Repo transactions will be subject to the same margin requirements as those applicable in the Standing Liquidity Facility. See Margin Requirements
Repo rate calculation
- The repo rate for a transaction will be applied to the purchase price of the securities on an actual/365-day basis.
Coupon and principal payments
- All coupon and principal payments received by the Bank of Canada on the purchased securities during the term of the transaction will be kept by the Bank of Canada. The final settlement amount will be adjusted, as required, to account for these receipts in accordance with the Bank of Canada's Master Repurchase Agreement.
Counterparty settlement instructions
- Securities shall be delivered to the Bank of Canada by 3:00 p.m. (Ottawa time) through CDSX on the settlement day of the transaction, on a delivery-of-securities versus payment- of-funds basis. Securities to be delivered shall be confirmed with and priced by the Bank of Canada prior to delivery. The securities sold to the Bank must be repurchased for the Amount Due on Repurchase, as determined in accordance with the Master Repurchase Agreement, by 3:00 pm (Ottawa time) on day T+1. The Bank of Canada’s CDS settlement CUID is “BOCB.”
Legal arrangements
- Eligible counterparties must have made the appropriate legal arrangements with the Bank of Canada, including entering into the Bank’s Master Repurchase Agreement, with appropriate proof of signing authority. The Bank of Canada reserves the right to change the terms of subsequent Overnight Standing Repo transactions by posting a revised version of these Terms and Conditions.
- The Bank of Canada shall not bear any liability whatsoever for any loss incurred by a counterparty or any other person arising out of any errors in submissions received, delays in the transmission of submissions received, technological failures or interruptions, or events or circumstances beyond the Bank of Canada’s control.
- The Bank of Canada may, in addition to and without prejudice to any rights under the Bank of Canada’s Master Repurchase Agreement, sanction a counterparty if the Bank of Canada is of the view that the counterparty breached any of the terms. The sanctions that the Bank of Canada may impose include, without limitation, suspending the counterparty from accessing this facility and changing, on a temporary basis, the daily limit applicable to the counterparty.