News
For Immediate Release                                                           
November 26, 2020

 

Canadian securities regulators outline recent developments on interest rate benchmarks

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:

 

For more information:

Kristen Rose  
Ontario Securities Commission
416-593-2336 

Brian Kladko
British Columbia Securities Commission
604-899-6713

Hilary McMeekin       
Alberta Securities Commission
403-592-8186

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660

Marissa Sollows
Financial and Consumer Services
Commission, New Brunswick
506-643-7853

David C. Harrison       
Nova Scotia Securities Commission
902-424-8586

Steve Dowling
Office of the Superintendent of Securities,   
Department of Justice and Public Safety,   
Prince Edward Island   
902-368-4550 

Renée Dyer
Office of the Superintendent of Securities
Service NL
709-729-5661 

Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466

Jeff Mason
Nunavut Securities Office
867-975-6591 

Tom Hall
Office of the Superintendent of Securities
Northwest Territories
867-767-9305

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160