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CDOR and CORRA interest rates

Canada interest rate benchmarks

We are the official administrator and calculator of two key bankers' acceptance rates: Canadian Dollar Offered Rate (CDOR) and Canadian Overnight Repo Rate Average (CORRA).

Our Canada interest rate benchmarks

We are the provider of choice for the official benchmark interest rates charged by Canadian banks for short-term collateralized loans.

We were appointed by a joint committee of the Canadian Bankers Association and the Investment Industry Association of Canada to calculate, distribute, and administer two Canadian bankers’ acceptance rates that are essential to the Canadian banking and financial system.

Their selection is a testament to our global reputation as a trusted, independent, unbiased provider of accurate and current pricing and reference data for a wide range of assets and geographies.

Canada interest rate benchmarks is administered by RBSL.

Announcement

Refinitiv Limited (‘RL’) is the administrator of numerous indices and benchmarks.

RL assigned Refinitiv Benchmark Services (UK) Limited (‘RBSL’) to be the regulated administrator of certain benchmarks, such as those used within the EU and thus caught by the EU Benchmark Regulation (EU BMR). RBSL is authorized by the FCA, as listed on the ESMA Register, to administer benchmarks under the EU BMR.

As a next step, the following benchmarks will move to be administered by RBSL by the end of December 2019:

  • WM/Reuters Spot, Forward and NDF benchmark rates
  • Thomson Reuters/CoreCommodity CRB® Index
  • Thomson Reuters Convertible Indices

Note: For those benchmarks administered by a non-EU entity within the global Refinitiv Group (i.e. a third country administrator), RL has until the end of the BMR Extension Transition period (Dec 2021) to migrate those benchmarks into an authorized benchmark administrator (i.e. RBSL).

Those RL benchmarks that fall under the BMR Extension Transition period and are under consideration for migration before the end of 2021 are:

  • Thomson Reuters Local Currency Indices
  • Thomson Reuters IX Global ESG Equal Weighted Index
  • Thomson Reuters IX Global ESG High Dividend Low Volatility Equal Weighted Index
  • Thomson Reuters IX Western Europe Small & Mid Cap Index
  • Thomson Reuters GL Large/Mid D&I Ex Controversial Weapons Equal Weight Index
  • Thomson Reuters Global Equal Opportunities Select Index
  • Thomson Reuters Global Resource Protection Select Index
  • Thomson Reuters Europe Equal Opportunities Select Index
  • Thomson Reuters Country, Regional and Sector Indices
  • Thomson Reuters Diversity & Inclusion Index

Features & benefits

What you get with our Canadian interest rate benchmarks

Canadian Dollar Offered Rate (CDOR)

The rate at which banks are willing to lend to companies.

Canadian Overnight Repo Rate Average (CORRA)

Widely used as the reference for overnight indexed swaps and related futures.

Real-time rates

Data at the time of publication up to, but not including, 4pm ET on the day.

Embargoed rates

Embargoed data is free of charge and made available from 4pm ET.

How it works

Canadian interest rate benchmarks in more detail

Canadian Dollar Offered Rate (CDOR)

CDOR is the recognized financial benchmark in Canada for bankers’ acceptances (BAs) with a term of maturity of 1 year or less. It is the rate at which banks are willing to lend to companies. We determine CDOR daily from a survey of bid-side rates provided by 7 principal market-makers, including the major Canadian banks.

Canadian Overnight Repo Rate Average (CORRA)

CORRA is a measure of the average cost of overnight collateralized funding, and is widely used as the reference for overnight indexed swaps and related futures. CORRA is set as the volume weighted average rate of overnight repo transactions, conducted on-screen through designated inter-dealer brokers, which involve general Government of Canada collateral.

Real-time rates

Real-time data is defined as data at the time of publication up to, but not including, 4pm ET on the day. To access the Canadian Dollar Offered Rate (CDOR), and Canadian Overnight Repo Rate Average (CORRA), users will need to enter into a licensing agreement.