Ron Morrow

Ron Morrow

Executive Director of Payments, Supervision and Oversight


Ron Morrow was appointed Executive Director of Payments, Supervision and Oversight, effective January 2024.

In this role, Mr. Morrow is responsible for the supervision of retail payment service providers (PSPs) and the oversight of financial market infrastructures (FMIs). As well, he oversees the banking and payment services provided by the Bank of Canada. He also guides the Bank’s work to explore the potential design of a digital form of the Canadian dollar.

The Bank’s supervision of PSPs focuses on building Canadians’ confidence in the safety and reliability of their services while protecting end users from specific risks. The Executive Director also serves as an independent reviewer of enforcement actions initiated by Retail Payments Supervision staff and advises the Governor of the Bank of Canada on the evolution of risks related to PSPs and the retail payments landscape.

The Bank’s oversight of FMIs focuses on ensuring that Canada’s critical financial infrastructures, which include payment systems, central counterparties and securities settlement systems, are resilient to a wide range of risks.

Mr. Morrow first joined the Bank in 1992 and has worked in several different areas across the Bank’s monetary policy, financial stability and funds management functions. In 2010, he became Managing Director of the Funds Management and Banking Department and then Managing Director of the Financial Stability Department in 2013. Mr. Morrow became an Advisor to the Governor in 2018, focusing on advancing the Bank’s strategic objectives related to retail payments, financial market infrastructure issues and the efficiency of the Canadian financial system.

Born in Thunder Bay, Ontario, Mr. Morrow earned an honours bachelor of arts degree in economics with a minor in mathematics from the University of Waterloo. He also holds a master’s degree in economics from Queen’s University.


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Staff discussion papers

Reviewing Canada’s Monetary Policy Implementation System: Does the Evolving Environment Support Maintaining a Floor System?

Staff Discussion Paper 2023-10 Toni Gravelle, Ron Morrow, Jonathan Witmer
At the onset of the pandemic, the Bank of Canada transitioned its framework for monetary policy implementation from a corridor system to a floor system, which it has since decided to maintain. We provide a comprehensive analysis of both frameworks and assess their relative merits based on five key criteria that define a sound framework.

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Bank publications

Bank of Canada Review articles

November 16, 2000

Credit Derivatives

Credit derivatives are a useful tool for lenders who want to reduce their exposure to a particular borrower but are unwilling to sell their claims on that borrower. Without actually transferring ownership of the underlying assets, these contracts transfer risk from one counterparty to another. Commercial banks are the major participants in this growing market, using these transactions to diversify their portfolios of loans and other risky assets. The authors examine the size and workings of this relatively new market and discuss the potential of these transactions for distorting existing incentives for risk management and risk monitoring.
December 7, 1994

Repo, reverse repo and securities lending markets in Canada

Repurchase agreements (repos), reverse repos and securities lending markets permit a variety of institutions to conduct a broad range of financial transactions efficiently. In addition, they allow financial market participants to augment the returns on their cash holdings and securities portfolios. Canadian repo and securities lending markets have grown rapidly in recent years, following the expansion of such markets in major financial centres around the world; the volume of transactions in Canada now averages between $35 billion and $50 billion per day. The author notes that structural and regulatory changes in Canada have played important roles in promoting this growth. The vast majority of repo and securities lending transactions involve securities issued by the Government of Canada—principally Government of Canada bonds.

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Financial System Review articles

December 10, 2014

Cyber Security: Protecting the Resilience of Canada’s Financial System

Harold Gallagher, Wade McMahon and Ron Morrow examine the various sources of cyber attacks and their potential for systemic risk. Against this background, the report highlights efforts being made to protect against cyber-security threats, including individual and collective actions by financial institutions and financial market infrastructures, as well as initiatives by international organizations, regulatory authorities and governments. The authors then describe the coordination, under the Joint Operational Resilience Management program, of private and public sector actions in Canada for managing and testing capabilities during severe operational events such as cyber attacks.

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