Last week, Bank of Canada Governor Mark Carney designated the Canadian Derivatives Clearing Service (CDCS), operated by the Canadian Derivatives Clearing Corporation (CDCC), as subject to oversight under Part I of the Payment Clearing and Settlement Act. The designation is effective April 30, 2012. According to the TMX Group, of which the CDCC is part, the designation "reflects the importance of CDCC's fixed income central counterparty facility to the efficient, secure and reliable operation of a Canadian dollar core funding market."