Dans l’actualité : Canada considering interdealer trading in term Corra swaps

CanDeal Solutions d’indices de référence et son chef, Louise Brinkmann, sont présentés dans cet article de Risk.net :

The heads of the group overseeing the Canadian benchmark reform process are considering whether to allow interdealer trading of swaps linked to a term version of the country’s replacement risk-free rate [Term CORRA]...

Corra futures are used to calculate term Corra, and the newly established benchmark administration arm of fixed income trading platform CanDeal is one firm looking to create its own rate. Last week, CanDeal Benchmark Solutions launched a beta version of its term Corra rate.

CanDeal stipulates that the rate cannot be used for any commercial purpose until its official release in September. In June, CanDeal appointed Louise Brinkmann, previously chief audit executive at the Ontario Securities Exchange, as head of its benchmarking business.

Brinkmann tells Risk.net she is “confident” that term Corra complies with the principles of the International Organization of Securities Commissions (Iosco). On July 3, the international club of regulators launched a broadside against two US credit-sensitive rates, Ameribor and BSBY, but also sounded a warning about term rates. 

“Iosco did move goalposts a bit,” says Brinkmann, who notes that Canada’s own framework governing the regulation of financial benchmarks, introduced in July 2021, was built to “mirror the Iosco rules”.

Brinkmann says CanDeal was already planning to appoint a consultancy firm to run a third-party compliance assessment of the rate in the first quarter of next year, six months after the launch in September.  

“We’ll work … with our assessor to make sure we are in fact able to say that we are Iosco compliant.”

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