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
- Central banks face loss of independence – Central Banking survey
- Summers and Stansbury warn of ‘black hole’ as central bankers debate solutions
- Germany issues first ever zero coupon 30-year bond
- Overcoming deflation: Japan’s experience and challenges ahead
- Mark Carney on joined-up policy-making, forward guidance and Brexit