News Release
Canadian securities regulators outline recent developments on interest rate benchmarks
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Date:
2020-11-26 -
Number:
2020/89
Toronto – The Canadian Securities Administrators (CSA) today published a staff notice to ensure that market participants are aware of recent developments regarding interest rate benchmarks and can consider their impact.
On November 12, 2020, Refinitiv Benchmark Services (UK) Limited (RBSL), the administrator of Canadian Dollar Offered Rate (CDOR), announced that the six-month and 12-month tenors of CDOR will cease to be published effective May 17, 2021 (the effective date). The one, two and three-month tenors of CDOR will continue to be published after the effective date.
The staff notice also outlines international developments to replace key inter-bank offered rates (IBORs) with nearly risk-free reference rates (RFRs). In particular, the United Kingdom, the United States and other countries are currently working to replace the London inter-bank offered rate (LIBOR) with alternative RFRs before the end of 2021.
The CSA encourages market participants affected by these changes, to make appropriate transition arrangements well in advance of the effective date of any change to avoid potential business or market disruptions.
CSA Staff Notice 25-302 Matters Relating to CDOR, LIBOR and Other Interest Rate Benchmarks is available on CSA members’ websites.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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For Investor inquiries, please refer to your respective securities regulator. You can contact them here.
For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.
For more information:
Kristen Rose |
Hilary McMeekin |
Sylvain Théberge |
Jason (Jay) Booth Manitoba Securities Commission 204-945-1660 |
Brian Kladko |
Steve Dowling Superintendent of Securities, Department of Justice and Public Safety, Prince Edward Island 902 368-4550 |
Marissa Sollows |
David Harrison Nova Scotia Securities Commission 902-424-8586 |
Renée Dyer |
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466 |
Jeff Mason Nunavut Securities Office 867-975-6591 |
Matthew Yap Northwest Territories Office of the Superintendent of Securities 867-767-9305 |
Shannon McMillan
Financial and Consumer Affairs |