CanDeal Benchmark Solutions Announces Beta Launch of Term CORRA Reference Rates

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