News Release
Canadian securities regulators outline recent developments on interest rate benchmarks
Nov 26, 2020
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
Ontario Securities Commission
416-593-2336
media_inquiries@osc.gov.on.ca
Sylvain Théberge
Autorité des marchés financiers
sylvain.theberge@lautorite.qc.ca
Brian Kladko
British Columbia Securities Commission
mediainquiries@bcsc.bc.ca
Marissa Sollows
Financial and Consumer Services Commission
info@fcnb.ca
Renée Dyer
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-4909
Jeff Mason
Nunavut Securities Office
867-975-6591
Shannon McMillan
Financial and Consumer Affairs Authority of Saskatchewan
306-798-4160
Theresa Schroder
Senior Advisor, Communications
media@asc.ca
Jason Booth
The Manitoba Securities Commission
204-945-1660
Steven Dowling
Government of Prince Edward Island
Superintendent of Securities
902-368-4550
David Harrison
Nova Scotia Securities Commission
902-424-8586
Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466
Matthew Yap
Office of the Superintendent of Securities,
Northwest Territories
867-767-9260