TMX, CanDeal set to launch risk-free Canadian term rate

Forward-looking version of Corra will take over as official loan benchmark next year


Next month, Canadian exchange group TMX and Canadian fixed income trading platform CanDeal will launch a new overnight risk-free rate benchmark based on observed transactions, which will ultimately replace the former survey-based Canadian dollar offered rate, or Cdor.

The methodology for the new index, dubbed term Corra, or Canadian overnight repo rate average, was developed by the Bank of Canada and its Canadian Alternative Reference Rate (Carr) committee, an industry group to oversee and

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