Bank of Canada latest to reform key reference rate

Bank of Canada facade

The Bank of Canada is set to take over the administration of a key reference rate for financial market transactions, echoing recent moves by other central banks to take charge of interest rate benchmarks.

From mid-2020, the central bank will administer the Canadian overnight repo rate average (Corra), which was previously set by financial markets firm Refinitiv.

Corra is a measure of the average cost of Canadian dollar overnight collateralised funding. It is the overnight rate based on repo

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