Canada term rate plan sparks ‘inverted pyramid’ debate

Some dealers push back on forward-looking Corra proposal amid low derivatives liquidity

Concerns-over-Canadian-term-rate-plans montage

Canada’s corporate borrowers are hoping for access to a forward-looking interest rate benchmark following the demise of the Canadian dollar offered rate (CDOR), but some worry that derivatives linked to the Canadian overnight repo rate average (Corra), CDOR’s anointed overnight successor, may not be liquid enough to ensure a robust term version.

“Derivatives dealers and some of the bank treasuries are already pushing very much against the creation of a term Corra, because the liquidity

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