Read the terms and conditions governing our market operations, facilities and programs.
Overnight Repo and Overnight Reverse Repo Operations
The Bank conducts Overnight Repo (OR) and Overnight Reverse Repo (ORR) operations to ensure the effective implementation of our monetary policy framework. These operations inject or withdraw intraday liquidity, reinforcing the Bank’s target for the overnight rate.
Overnight Standing Repo Facility
The Bank makes its Overnight Standing Repo Facility available to Primary Dealers in order to help reinforce the upper limit (Bank Rate) of the operating band for overnight interest rates.
Standing Liquidity Facility
The Bank’s Standing Liquidity Facility (SLF) provides access to liquidity, in the form of secured overnight advances, to direct participants in the Large Value Transfer System (LVTS) , to support orderly settlement in the payments system.
Term Repo Operations
These operations, where assets are acquired temporarily through the secondary market, are conducted to manage the Bank’s balance sheet, and to promote the orderly functioning of Canadian financial markets.
Purchases of Canada Mortgage Bonds
The Bank purchases Canada Mortgage Bonds (CMB) in the primary market as part of the regular management of its balance sheet to offset its liabilities, which consist mainly of bank notes in circulation.
The Bank supports the ongoing liquidity of Government of Canada securities by providing the market with a secondary and temporary source of these securities through a tender process for a term of one business day.