As jurisdictions worldwide move away from the use of interbank offered rates (Ibors) by 2021 toward the adoption of risk-free rates (RFRs), Canada has also made significant contributions to domestic and international benchmark reforms. The enhancements to the Canadian overnight repo rate average (CORRA) was a result of such an effort, which positions Canada as one of the jurisdictions to have embarked on the transition from survey-based to transaction-based reference rate benchmarks.
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