The Bank of Canada today announced its intention to become the administrator of the Canadian Overnight Repo Rate Average (CORRA), a key interest rate benchmark for financial markets. The Bank will take over this role from the current administrator, Refinitiv, when enhancements to CORRA take effect next year. The Bank will provide the rate as a public good, at no cost. This is in line with developments in other major economies. In Canada, close to $12 trillion dollars of financial instruments are linked to benchmark interest rates, including CORRA. Today’s announcement is part of Canada’s contribution to a global ... (full story)