TORONTO, Aug. 10,
2023 /CNW/ - TMX Datalinx®, TMX Group's information
services division, today announced the production date of
September 5, 2023, for the
distribution of new Term CORRA (Canadian Overnight Repo Rate
Average) reference rates.
The launch of CanDeal/TMX Term CORRA (Term CORRA) supports
Canada's financial industry
transition from the Canadian Dollar Offered Rate (CDOR), the
current key interest rate benchmark, to a new risk-free,
transaction-based benchmark, scheduled for June 2024. The Term CORRA benchmark is a
forward-looking term rate to replace CDOR in loans and associated
derivative hedges, and will be derived from transactions and
executable bids and offers from CORRA interest rate futures traded
on the Montréal Exchange.
"TMX Datalinx's role in the upcoming industry transition to Term
CORRA represents an important step forward for our benchmark and
indices strategy, while enriching the core content we provide to
clients," said Michelle Tran,
President, TMX Datalinx. "We are excited to work with the CanDeal
team in the distribution of the Term CORRA benchmark, and to
explore further opportunities for new products based on Term
CORRA."
"The launch of the Term CORRA reference rates marks an exciting
milestone in bringing a new benchmark to the industry leveraging
our respective capabilities. We are pleased to partner with TMX to
provide exchange futures and distribution," said Andre Craig, President, CanDeal Data &
Analytics. Commenting on the launch, Louise
Brinkmann, Head of CanDeal Benchmark Solutions said, "These
transparent and regulated term rates will provide a robust standard
for interest rate benchmarks in Canada."
Term CORRA is calculated and administered by CanDeal Benchmark
Solutions and exclusively licensed and distributed by TMX Datalinx.
The Ontario Securities Commission (OSC) and the Autorité des
marchés financiers (AMF) are expected to designate CanDeal
Benchmark Solutions as the benchmark administrator for Term CORRA
and Term CORRA itself as an Interest Rate Benchmark.
For more information, visit Term CORRA or to license Term
CORRA, visit TMX Datalinx Webstore.
About TMX Group (TSX:X)
TMX Group operates global markets, and builds digital
communities and analytic solutions that facilitate the funding,
growth and success of businesses, traders and investors. TMX
Group's key operations include Toronto Stock Exchange, TSX
Venture Exchange, TSX Alpha Exchange, The Canadian Depository
for Securities, Montréal Exchange, Canadian Derivatives
Clearing Corporation, and Trayport which provide listing markets,
trading markets, clearing facilities, depository services,
technology solutions, data products and other services to the
global financial community. TMX Group is headquartered in
Toronto and operates offices
across North America (Montréal,
Calgary, Vancouver and New
York), as well as in key international markets including
London, Singapore and Vienna. For more information about TMX Group,
visit our website at www.tmx.com. Follow TMX Group on
Twitter: @TMXGroup.
*CanDeal is a registered trademark of CanDeal Markets Inc. and
TMX and TMX Datalinx are registered trademarks of TSX Inc.
SOURCE TMX Group Limited