Bank of Canada latest to reform key reference rate
Central bank is set to take over administration of new reference rate next year
The Bank of Canada is set to take over the administration of a key reference rate for financial market transactions, echoing recent moves by other central banks to take charge of interest rate benchmarks.
From mid-2020, the central bank will administer the Canadian overnight repo rate average (Corra), which was previously set by financial markets firm Refinitiv.
Corra is a measure of the average cost of Canadian dollar overnight collateralised funding. It is the overnight rate based on repo
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