top of page
  • Writer's pictureDeborah

Released on February 23 by the Canadian Securities Administrators (CSA) Staff Notice 25-309 Matters Relating to Cessation of CDOR and Expected Cessation of Bankers’ Acceptances provides some guidance to market participants on the forthcoming cessation of the Canadian Dollar Offered Rate (CDOR).

The Staff Notice focuses on “certain developments and transition issues” related to the benchmark, this includes:

  • Expectation that market participants will use Canadian Overnight Repo Rate Average (CORRA) as the alternative rate for most instruments that currently reference CDOR.

  • Inclusion of robust fallback language in any new instrument that will reference CDOR past its cessation date. Market participants may refer to Canadian Alternative Reference Rate (CARR) recommended fallbacks or ISDA recommended fallbacks.

  • For existing instruments, market participants, including parties to derivatives that use CDOR as a reference rate, are expected to have in place transition arrangements that may include the adoption of a replacement rate.

  • Requirement for certain market participants to take appropriate action to prepare for the cessation of BAs as a result of CDOR cessation.

Recent Posts

See All

Product Corner - VAs : Quèsaco

Virtual Assets (VAs) or crypto assets refer to : “any digital representation of value that can be digitally traded, transferred or used for payment. It does not include digital representation of fiat

Upcoming Regulatory Deadlines to Watch

10 Aug 2023 - Deadline to submit comments to FCA Guidance Consultation (GC23/1) on crypto asset financial promotions. 5 Sep 2023 - Effective date of SEC Cybersecurity Risk Management, Strategy, Govern


bottom of page