Posts

• March 18, 2025

  Changes to Canada’s Debt Distribution Framework

  Following a review of the Government of Canada’s Debt Distribution Framework (DDF) in 2024, the Bank of Canada and the Government of Canada (GoC) are announcing upcoming adjustments to the DDF.

  Content Type(s): Press, Market notices
• March 17, 2025

  Will asset managers dash for cash? A summary of the implications for central banks

  David Cimon, Jean-Philippe Dion, Jean-Sébastien Fontaine, Jabir Sandhu

  We consider ways central banks could adapt in the event of an increased risk of a dash for cash from asset managers. We explore ideas such as new facilities that ease asset managers’ ability to convert existing assets to cash or new assets with liquidity that central banks would guarantee.

  Content Type(s): Publications, Financial System Hub articles Research Topic(s): Central bank research, Coronavirus disease (COVID-19), Financial institutions, Financial markets, Financial stability, Financial system regulation and policies JEL Code(s): E, E5, E58, G, G0, G00, G01, G1, G2
• March 17, 2025

  Bank of Canada announces planned changes to its Contingent Term Repo Facility

  The Bank of Canada is announcing changes to the eligibility criteria and review process for applications for its Contingent Term Repo Facility (CTRF).

  Content Type(s): Press, Market notices Source(s): Contingent Term Repo Facility
• March 17, 2025

  Bank of Canada announces the Governor’s Award recipient of the 2025 Fellowship Program

  Learn about the recipient of the Governor’s Award for 2025.

  Content Type(s): Press, Announcements Source(s): Fellowship Program

• Will Asset Managers Dash for Cash? Implications for Central Banks

  Staff Discussion Paper 2025-5 David Cimon, Jean-Philippe Dion, Jean-Sébastien Fontaine, Jabir Sandhu

  We consider ways central banks could adapt in the event of an increased risk of a dash for cash from asset managers. We explore ideas such as new facilities that ease asset managers’ ability to convert existing assets to cash or new assets with liquidity that central banks would guarantee.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Central bank research, Coronavirus disease (COVID-19), Financial institutions, Financial markets, Financial stability, Financial system regulation and policies JEL Code(s): E, E5, E58, G, G0, G00, G01, G1, G2

• The Contingent Term Repo Facility: Lessons learned and an update

  Staff Analytical Note 2025-12 Jessie Ziqing Chen, Parnell Chu, Scott Kinnear

  In 2024, the Bank of Canada reviewed and updated its Contingent Term Repo Facility policy, incorporating lessons learned from the COVID-19 pandemic and other global market developments, such as the UK gilt crisis in September 2022. This paper accompanies the March 17, 2025, Contingent Term Repo Facility market notice and provides background information and further details about the design of the revised policy.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Central bank research, Financial stability, Lender of last resort JEL Code(s): E, E5, E58, F, F6, F68, G, G0, G01, G2, G23

• Stress testing central counterparties for resolution planning

  Staff Analytical Note 2025-11 Katherine Brennan, Bo Young Chang, Alper Odabasioglu, Radoslav Raykov

  The Bank of Canada completed its first resolution plan for the Canadian Derivatives and Clearing Corporation (CDCC) in 2024. To estimate the resolution costs, we apply the extreme value theory method to simulate the credit losses that would result from extreme scenarios where multiple clearing members default at the same time.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Financial institutions, Financial markets, Financial stability, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): G, G1, G17, G2, G23, G28

• Canadian Bitcoin Ownership in 2023: Key Takeaways

  Staff Discussion Paper 2025-4 Daniela Balutel, Marie-Hélène Felt, Doina Rusu

  The Bitcoin Omnibus Survey is an important tool for monitoring Canadians’ awareness and ownership of bitcoin and other cryptoassets over time. In this paper, we present data highlights from the 2023 survey.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods JEL Code(s): C, C8, C81, E, E4, O, O5, O51

• Is anyone surprised? The high-frequency impact of US and domestic macroeconomic data announcements on Canadian asset prices

  Staff Analytical Note 2025-10 Blake DeBruin Martos, Rodrigo Sekkel, Henry Stern, Xu Zhang

  Using almost two decades of detailed high-frequency data, we show how Canadian interest rates, the CAD/USD spot exchange rate, and stock market returns react to both US and domestic macro announcements. We find that Canadian macroeconomic announcements invoke greater responses in short-term yields, whereas US macroeconomic announcements play an increasingly important role in the yield movements of longer-term assets.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Asset pricing, Exchange rates, Financial markets JEL Code(s): G, G1, G14, G15
• March 12, 2025

  Bank of Canada Media Interview – Reuters

  Tiff Macklem, Governor of the Bank of Canada, gave an interview to Reuters.

  Content Type(s): Press, Media advisories