Our Canadian interest rate benchmarks
We are the provider of choice and administrator for the official benchmark representing interest rates charged by Canadian banks for short-term 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 the Canadian bankers’ acceptance rate, Canadian Dollar Offered Rate (CDOR), that is essential to the Canadian banking and financial system.
Their selection of Refinitiv 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.
Our Canadian interest rate benchmarks are administered by Refinitiv Benchmarks Services (UK) Limited (‘RBSL’).
Reminder: Calculation and publication of the 6-month and 12-month CDOR tenors ceased from Monday 17 May 2021 onwards.
The last day of publication for the 6-month and 12-month CDOR tenors was Friday 14 May 2021. The 1-month, 2-month and 3-month tenors were not affected by this action. Please see the November 2020 announcement by Refinitiv for further details. A related Canadian Securities Administrators (CSA) staff notice and a related ISDA notice are available.
Notice of ESMA Benchmark Administrator Register change due to expiration of Brexit transition period
Since authorisation in 2018, RBSL has been listed on the ESMA Register for benchmark administrators. Following ESMA's public statement on 1 October 2020, at the end of the Brexit transition period (currently 31 December 2020), UK benchmark administrators (including RBSL) will be removed from the ESMA register and will become third country administrators under the EU Benchmark Regulation (‘EU BMR’).
However, EU BMR provided a third-country transition period during which third country administrators (including RBSL) can continue providing benchmarks (including all RBSL benchmarks) for use by EU supervised entities. The transition period is until 31 December 2021 and is currently being extended until 31 December 2023. Third country administrators will have until the end of this transition period to gain permission under EU BMR using one of three pathways, specifically the UK BMR is granted ‘equivalence’, RBSL is granted ‘recognition’ as administrator, or RBSL’s benchmarks are granted ‘endorsement’.
The transition period will enable RBSL to execute its Brexit strategy and ensure regulatory permission is gained under EU BMR before the end of the period.
This does not affect RBSL’s authorisation with the UK FCA as a UK benchmark administrator, and RBSL will continue to appear on the UK FCA Register. Following the FCA's public statement on 1 December 2020, at the end for the Brexit transition period (currently 31 December 2020), UK benchmark administrators (including RBSL) will be listed on the FCA’s new UK Benchmarks Register.
Features & benefits
What you get with our Canadian interest rate benchmarks
The rate at which banks are willing to lend to companies.
Data at the time of publication up to, but not including, 4pm ET on the day.
Embargoed data is free of charge and made available from 4pm ET.
How it works
Canadian Dollar Offered Rate (CDOR) in more detail
Canadian Dollar Offered Rate (CDOR)
CDOR is the recognized financial benchmark in Canada for bankers’ acceptances (BAs). 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 6 principal market-makers, including the major Canadian banks.
Real-time rate access to CDOR
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), users will need to enter into a licensing agreement.
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