TechDogs-"CanDeal Benchmark Solutions Announces Beta Launch of Term CORRA Reference Rates"

Financial Technology

CanDeal Benchmark Solutions Announces Beta Launch of Term CORRA Reference Rates

By PR Newswire

PR Newswire
Overall Rating

TORONTO, July 5, 2023 /CNW/ -- CanDeal Benchmark Solutions, a leading provider of benchmark administration and related services, announced that it is launching a beta version of the new Term CORRA Reference Rates for the 1- and 3-month tenors today.

The rates just released are a beta version of Term CORRA which are undergoing final testing before the official release in September 2023.  They have no commercial purpose and should not be used for any commercial purpose whatsoever. The Term CORRA 1- and 3-month rates are being published on a T+1 basis, for informational purposes only.

Term CORRA has been designed to be a robust benchmark that adheres to IOSCO's Principles for Financial Benchmarks. Term CORRA will be calculated and published by CanDeal using price and trade data from CORRA interest rate futures traded on the Montreal Exchange. CanDeal will publish the rates on its website on a T+1 basis. 

CanDeal Benchmark Solutions has worked closely with CARR to adapt and implement CARR's recommended calculation methodology for Term CORRA Reference Rates.

Term CORRA's input pricing is based on actual futures transactions, as well as bids and offers on CORRA futures contracts, thus making it an accurate and reliable interest rate measure.

"The beta launch of the Term CORRA reference rates marks an exciting milestone in bringing a new benchmark to the market this year," said Andre Craig, President, CanDeal Data & Analytics. Commenting on the launch, Louise Brinkmann, Head of CanDeal Benchmark Solutions said,"These forward-looking term rates are destined to replace CDOR with a risk-free, robust standard for trading across the Canadian loan and derivatives markets."      

For more background on how Term CORRA has been designed to be a robust benchmark, based on market observations and adherence to IOSCO's Principles for Financial Benchmarks, visit here.

To learn more about CanDeal Benchmark Solutions, please visit https://www.candeal.com/en/benchmarks.

About CanDeal Group

CanDeal Group is a leading provider of an electronic marketplace and data services for Canadian dollar debt securities and derivatives. CanDeal Data & Analytics ("CanDeal DNA") delivers the most comprehensive and accurate dealer-sourced OTC content delivering pricing, analytics and reference data to industry market participants, vendor channels and solution providers. CanDeal's Markets division, which accounts for more than 90% of electronic trading in Canadian debt securities, provides access to a deep pool of liquidity for Canadian government, agency, provincial and corporate bonds, as well as money market instruments and interest rate swaps. CanDeal Markets also provides Canadian institutional investors with electronic access to liquidity in non-Canadian debt and derivative marketplaces. CanDeal Solutions delivers mutualized services for Canadian market participants. CanDeal's stakeholders include BMO Nesbitt Burns Inc., CIBC World Markets, National Bank Financial Inc., RBC Capital Markets, Scotia Capital, TD Securities, and TMX Group. For more

information, visit https://candeal.com.

SOURCE CanDeal

First published on Thu, Jul 6, 2023

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