Canada approves term Corra rate
CARR restricts use cases but mulls allowing interdealer hedging of derivatives on new benchmark
The Bank of Canada-backed group overseeing benchmark transition in the country has recommended moving ahead with plans for a forward-looking term version of the local secured overnight rate and is considering allowing banks to conduct interdealer transactions in derivatives based on the benchmark.
Canada is going through its own interest rate benchmark transition after Refinitiv announced in May last year that the Canadian dollar offer rate (CDOR), a rate based on an archaic type of short-term
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