Danny Auger

Staff research

Central Clearing in Repo Markets: Do the Benefits Extend to Non-Dealers?

Staff analytical paper 2026-31 Danny Auger, Adrian Walton
This note examines whether central clearing of repos benefits non-dealer participants in Canadian fixed-income markets. While prior research highlights lower funding and balance-sheet costs for dealers, less is known about client effects. Understanding these broader implications is important for assessing central clearing’s contribution to market efficiency and resilience.
Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E4, E44, G, G1, G12, G2, G21, G23 Research Theme(s): Financial markets and funds management, Market structure

A Primer on the Canadian Bankers’ Acceptance Market

Staff discussion paper 2018-6 Kaetlynd McRae, Danny Auger
This paper discusses how the bankers’ acceptance (BA) market in Canada is organized and its essential link to the Canadian Dollar Offered Rate (CDOR). Globally, BAs are a niche product used only in a limited number of jurisdictions.
Content Type(s): Staff research, Staff discussion papers JEL Code(s): G, G1, G18, G2, G21, G23 Research Theme(s): Financial markets and funds management, Market functioning, Market structure

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Bank publications

Bank of Canada Review articles

May 11, 2017

Wholesale Funding of the Big Six Canadian Banks

Bank of Canada Review - Spring 2017 Matthieu Truno, Andriy Stolyarov, Danny Auger, Michel Assaf
The Big Six Canadian banks are a dominant component of the Canadian financial system. How they finance their business activities is fundamental to how effective they are. Retail and commercial deposits along with wholesale funding represent the two major sources of funds for Canadian banks. What wholesale funding instruments do the Big Six banks use? How do they choose between different funding sources, funding strategies and why? How have banks changed their funding mix since the 2007–09 global financial crisis?
Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E4, E44, F, F3, G, G0, G01, G1, G10, G12, G15, G2, G20, G21, G28, O, O1, O16

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