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The Canadian Alternative Reference Rate working group (CARR) is providing guidance to market participants with respect to CDOR-linked loans, derivatives and securities that do not have adequate fallback language to address the cessation of CDOR following the final publication by Refinitiv Benchmark Services (UK) Limited on June 28, 2024 (the “Cessation Date”).

As of 3 June 2024, all Government of Canada auctions of its treasury bills, bonds and Cash Management Bond Buybacks (CMBB) will be subject to T+1 settlement. This move will follow the Canadian secondary market’s own transition to T+1 settlement, expected to occur on Monday, 27 May 2024.

CARR is publishing two presentations to clarify how CARR’s recommended fallback rate for floating rate notes that reference CDOR should be implemented for calculating the coupon and accrued interest post June 2024.

Refinitiv Benchmark Services (UK) Limited (RBSL), the administrator of CDOR, today reaffirmed that all three tenors of CDOR will cease to be published after June 28, 2024.

The Canadian Fixed-Income Forum today announced the establishment of the Collateral Infrastructure and Market Practices Advisory Group.

The Bank of Canada is planning to restart later this year its securities lending program (SLP) which is designed to support the liquidity of Government of Canada (GoC) securities markets.

In line with the announcement in the federal 2024 Budget, the Government of Canada will be introducing a temporary one-month treasury bill.

To facilitate the monitoring of the transition away from CDOR based loans to CORRA and Term CORRA, CARR will publish a monthly report on the aggregated outstanding amount of CDOR loans that have not transitioned to other benchmarks, as well as the volume of new loans, including any transitioned loans, referencing CORRA and/or Term CORRA.

The Bank of Canada today published the Bank of Canada Oversight Activities for Financial Market Infrastructures 2023 Annual Report.

The Bank of Canada (the “Bank”), in its role as fiscal agent for the Government of Canada, previously announced the government’s intention to reintroduce morning auctions of Receiver General (RG) cash balances. Today, the Bank is announcing that RG auctions will commence on February 21st, 2024, and be conducted daily at 9:15 am.