top of page
  • Writer's pictureDeborah

The Canadian Dollar Offered Rate (CDOR) is a domestically important interest rate benchmark that serves various purposes including to:

  • Calculate the floating-rate component of certain over-the-counter (OTC) and exchange-traded derivatives (ETDs),

  • Determine interest payments on certain floating-rate notes (FRNs) and other securities, and

  • Determine the base interest rate on certain loan agreements between corporate borrowers and banks.

In 2021, CDOR was designated as a critical benchmark and an interest rate benchmark under Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators (MI 25-102).

On May 16, 2022, Refinitiv Benchmark Services (UK) Limited (RBSL), the designated benchmark administrator of CDOR, announced that the benchmark will cease to be published on June 28, 2024. The decision to cease CDOR followed the Canadian Alternative Reference Rate working group (“CARR”)’recommendation to permanently cease the calculation and publication of CDOR after June 30, 2024, as “CARR’s analysis clearly demonstrated that certain aspects of CDOR’s architecture will pose risks to its future viability and robustness.

The Canadian Overnight Repo Rate Average (CORRA), measures the average cost of overnight general Government of Canada collateral repo transactions and is a representative measure of overnight funding rates. CORRA is a risk-free rate as it normally includes no credit risk component. CORRA is based on actual observed market transactions and thus is fully transparent.

Recent Posts

See All

The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. SOFR is the overnight interest rate for US dollar-denomina

13/06/2023 - Canadian Securities Administrators (CSA) SEDAR+ go-live date. All issuer filings, cease trade orders and disciplined list entries will be filed in SEDAR+ 16/06/2023 - OSFI consultation pe

On May 11, the Bank for International Settlements (BIS) published a Handbook on how central bank digital currencies (CBDCs) could work for offline payments, defined as a “transfer of value between dev

bottom of page