Canada to collateralise cross-currency swaps

bankofcanada — Bank of Canada: fiscal agent will post collateral on behalf of government

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Canada's central bank will post collateral to its derivatives counterparties for the first time, under new agreements currently being put in place by the country's finance ministry. The two-way contracts are "expected to provide modest savings to the government, while reducing counterparty exposure," says a spokesperson for Department of Finance Canada.

The decision places Canada in a small but growing group of sovereign derivatives users to have abandoned their traditional, one-way credit

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