Ron Morrow

Managing Director

Ron Morrow was appointed Managing Director of the Bank of Canada’s Financial Stability Department (FSD) in August 2013. In this role, he leads the Bank’s analysis and research on issues related to the financial sector in Canada and abroad, the assessment of risks to financial system stability, and the oversight of systemically important payment, clearing and settlement systems under the Payment Clearing and Settlement Act. He also represents the Bank on the Basel Committee on Banking Supervision.

Mr. Morrow began his career at the Bank of Canada in 1992 and has worked in a number of different areas related to monetary policy and the Bank’s financial market activities. In 2006, he was seconded for one year to the Fiscal Policy Branch of the Department of Finance, working as a Senior Adviser to the Assistant Deputy Minister. In 2010, Mr. Morrow became Managing Director of the Bank’s Funds Management and Banking Department, a position he held until his appointment as Managing Director of FSD.

Born in Thunder Bay, Ontario, Mr. Morrow received an honours bachelor of arts degree in economics, with a minor in mathematics, from the University of Waterloo in 1991. He received a master’s degree in economics from Queen’s University in 1992.

Biographical note: Ron W. Morrow


Ron Morrow

Managing Director
Financial Stability
Strategic Leadership and Support

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9


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.

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.

November 19, 1998 Pilot Repurchase Operation Call for Tenders

The following pilot repurchase operation will be conducted by the Bank of Canada on behalf of the Government of Canada, subject to the "Standard Terms for Repurchase Operations of Government of Canada Marketable Bonds."
Content Type(s): Press, Press Releases

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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