Today, Refinitiv Benchmark Services (UK) Limited (RBSL), CDOR’s regulated administrator, announced the cessation of the publication of CDOR after June 28, 2024. Alongside this announcement:

  • The Ontario Securities Commission and the Autorité des marchés financiers today published notices authorizing RBSL to cease publication of CDOR after June 28, 2024.
  • The International Swaps and Derivatives Association (ISDA) confirmed that RBSL’s statement constitutes an “Index Cessation Event” under its IBOR fallbacks supplement. The announcement also serves to trigger the fallback spread adjustment for CDOR based floating-rate notes that have CARR recommended fallback language.
  • The Office of the Superintendent of Financial Institutions (OSFI) published their supervisory expectations for federally regulated financial institutions (FRFIs) and federally regulated private pension plans to transition from CDOR.

The Canadian Alternative Reference Rate Working Group (CARR) commends RBSL’s decision and the clarity it brings to the Canadian financial markets.

“Today’s announcement from RBSL provides a clear direction for market participants to transition their activities away from CDOR. It sets in motion the two-staged transition timeline that CARR had outlined in its December White Paper with derivatives and securities transitioning to CORRA by the end of June 2023, with an extra year for loan products to transition before CDOR ceases to be published” said Karl Wildi and Harri Vikstedt, CARR co-chairs. “The Canadian transition will be designed specifically for the needs of the Canadian market, and it will leverage the best practices established through the LIBOR transition. CARR will work closely with all stakeholders to achieve a transparent and effective transition through to the end of CDOR in June 2024.”

Following RBSL’s decision, CARR has also published today two supporting documents:

  1. A transition roadmap that outlines the processes and timelines needed for the transition from CDOR for Canadian market participants.
  2. A consultation for a potential forward looking Term CORRA benchmark to replace CDOR in certain types of loan facilities. This consultation will form the basis of any decision to create such a rate and will be open until June 13, 2022.

“CDOR has long been a core benchmark in Canada. The end of its publication is a significant milestone in the global migration to risk-free rates, which will help our financial system remain robust and resilient in the decades to come. The transition to CORRA will be led by CARR, but its success will require a collaborative effort by all Canadian institutions with CDOR exposure”, said the Bank of Canada Governor Tiff Macklem.

About CARR

Canada established CARR, a working group sponsored by the Canadian Fixed-Income Forum, to coordinate Canadian interest rate benchmark reform. CARR’s mission is to ensure Canada’s interest rate benchmark regime is robust, resilient and effective in the years ahead. Over the coming transition period, CARR will support the transition from CDOR to CORRA as a key financial benchmark, including working to potentially create an IOSCO-compliant Term CORRA rate.

Visit CARR’s webpage for up-to-date information on the transition, including all of CARR’s key documents, and to sign-up to receive email updates from CARR.

Market inquiries:


Senior 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

Content Type(s): Press, Market notices
Source(s): Canadian Alternative Reference Rate Working Group