Refinitiv Benchmark Services (UK) Limited (RBSL), the administrator for the Canadian Dollar Offered Rate benchmark (CDOR), announced the cessation of the publication of CDOR after June 28, 2024. Concurrent with this announcement:
- The Ontario Securities Commission and the Autorité des marchés financiers 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 Office of the Superintendent of Financial Institutions (OSFI) published its 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) published a transition roadmap that outlines the processes and timelines needed for the transition from CDOR for Canadian market participants.
The cessation of CDOR and Canada’s transition to alternative benchmarks will be a significant undertaking for our capital markets and investment industry. The IIAC is engaging with its Debt Markets Committee and Repo Committee to identify the considerations raised by the CDOR’s cessation and will work with other key stakeholders on Canada’s transition plan.
For additional information contact Jack Rando.