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.