In October 2020, the Canadian Alternative Reference Rate (CARR) working group was tasked with analyzing the current status of the Canadian Dollar Offered Rate (CDOR) and to make recommendations based on that analysis. Today CARR published a White Paper summarizing its findings and conclusions.
CARR has recommended that the administrator of CDOR, Refinitiv Benchmark Services (UK) Limited (RBSL), cease publication of all of CDOR’s remaining tenors after the end of June 2024. However, the decision to cease CDOR ultimately lies solely with RBSL and CARR’s recommendation does not constitute a public statement or publication of information that CDOR has ceased or will cease permanently or indefinitely.
The CARR co-chairs issued the following statement about the announcement:
“CARR has completed a comprehensive review and analysis of CDOR with invaluable input from a broad range of CDOR stakeholders across the Canadian financial system. In the end, CARR’s analysis clearly demonstrated that certain aspects of CDOR’s architecture will pose risks to its future viability and robustness. To ensure Canada has a benchmark regime that is consistent with evolving global best practices and resilient in the future, CARR has recommended that CDOR’s publication be ceased. This recommendation and the associated transition plan have been unanimously endorsed and supported by the members of CARR and the Canadian Fixed Income Forum.”
For further information, please contact:
Market inquiries:
Senior Policy Director
Financial Markets Department
Bank of Canada
613‑782‑7768
Managing Director and Vice Chair
CIBC Capital Markets
416‑594‑7806
Media inquiries:
Media Relations
Bank of Canada