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February 20, 2020

CORRA Benchmark to be administered by Bank of Canada from 15 June 2020

London/New York – Refinitiv today confirmed that the Canadian Overnight Repo Rate Average (CORRA), a key benchmark for the Canadian financial markets, will be administered by the Bank of Canada effective 15 June 2020 . CORRA is currently administered by Refinitiv Benchmark Services (UK) Limited (RBSL), Refinitiv’s authorised benchmark administrator, in accordance with Regulation (EU) 2016/1011 (EU BMR). RBSL will continue to administer CORRA until the Bank of Canada commences as administrator. 

The decision by the Bank of Canada to become the administrator of CORRA, first announced in July 2019 , follows similar steps taken by other central banks as part of the global reforms being implemented for interest rate benchmarks. The reforms have also seen Sterling Overnight Interbank Average Rate (SONIA) enhanced and adopted by the Bank of England as the UK sterling Risk-Free Rate (RFR) benchmark and the Secured Overnight Financing Rate (SOFR) introduced and administered by the Federal Reserve Bank of New York as the US dollar RFR benchmark.

Shirley Barrow, Global Head Benchmarks & Index, Refinitiv, said: “Refinitiv will work closely with the Bank of Canada to ensure a smooth transition and to continue to provide access to CORRA after the Bank of Canada becomes the administrator and is pleased to support ongoing market access to this important benchmark as it moves into its next phase as the RFR benchmark for the Canadian financial markets.”

The Bank of Canada’s decision to become the Administrator for CORRA follows the identification of CORRA as the RFR benchmark for the Canadian financial markets by the Canadian Alternative Reference Rate Working Group (CARR) in July 2018 . CARR has identified a number of enhancements to the CORRA methodology that will be implemented once the Bank of Canada becomes the administrator. Further details about the new methodology can be found on the CARR section of the Bank of Canada website .

RBSL is also pleased to confirm that they will continue to be the administrator for the Canadian Dollar Offered Rate (CDOR) benchmark rate. 

Refinitiv has over 25 years’ experience designing, calculating, governing, administering and publishing financial benchmarks that lie at the heart of the global financial system.  For more information about Refinitiv benchmarks, visit: https://www.refinitiv.com/en/financial-data/financial-benchmarks.

[1] The rate published on 15 June 2020 will be in respect of 12 June 2020
[2] https://www.bankofcanada.ca/2019/07/bank-canada-become-administrator-key-interest
[3] https://www.bankofcanada.ca/wp-content/uploads/2019/02/consultation-paper-proposed-enhancements-to-corra.pdf
[4] https://www.bankofcanada.ca/ https://www.bankofcanada.ca/markets/canadian-alternative-reference-rate-working-group

About Refinitiv

Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in approximately 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community – driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime. For more information visit: www.refinitiv.com

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