On May 16, 2022, Refinitiv Benchmark Services (UK) Limited (RBSL), the administrator of the Canadian Dollar Offered Rate (CDOR), announced [PDF] that it would cease the calculation and publication of all tenors of CDOR immediately following a final publication on Friday, June 28, 2024.

This follows the white paper published by the Canadian Alternative Reference Rate working group (CARR) on December 16, 2021, which recommended that RBSL cease the calculation and publication of CDOR after June 30, 2024, and the public consultation launched by RBSL that sought feedback from users of and stakeholders in CDOR regarding the impact of any potential cessation of CDOR, which closed on March 2, 2022.

The Ontario Securities Commission [PDF] (OSC) and the Autorité des marches financiers (AMF) posted authorization notices in respect of the RBSL announcement and cessation by RBSL of the provision of CDOR. The International Swaps and Derivatives Association, Inc. (ISDA) has also published a statement in response to the RBSL announcement, and has confirmed that the RBSL announcement constitutes an Index Cessation Event under the ISDA 2020 IBOR Fallbacks Supplement, the 2021 ISDA Interest Rate Derivatives Definitions and the ISDA 2020 IBOR Fallbacks Protocol.

If you have any questions about the cessation of CDOR or the transition to the Canadian Overnight Repo Rate Average (CORRA), please reach out to Lisa Mantello and Jasmyn Lee, who have been actively involved with CARR in this process. Lisa Mantello is the co-Chair, and Jasmyn Lee is the co-Secretary, of the CARR Accounting, Tax and Regulatory working group. Lisa and Jasmyn are members of the CARR Loan Fallback Language working group, and are currently working on finalizing CDOR loan fallback language and spearheading the preparation of the accompanying white paper.

For more information, please visit the following links:

CARR White Paper – December 16, 2021 [PDF]

CARR statement regarding RBSL announcement – May 16, 2022

RBSL – Announcement of Cessation of CDOR in June 2024 – May 16, 2022 [PDF]

RBSL – Consultation on Potential Cessation of CDOR – January 31, 2022 [PDF]

RBSL – Outcome Statement Following Consultation on Potential Cessation of CDOR – May 16, 2022 [PDF]

OSC Authorization Notice – May 16, 2022 [PDF]

AMF Authorization Notice – May 16, 2022

ISDA Statement on RBSL CDOR Announcement – May 16, 2022