The Ontario Securities Commission (OSC) and the Autorité des marchés financiers (AMF in Quebec) have designated CanDeal Benchmark Administration Services as a “Designated Benchmark Administrator” and Term CORRA as a “Designated Interest Rate Benchmark”.
Designated benchmark administrators are responsible for the ongoing oversight and administration of financial benchmarks, including the implementation of robust governance, methodology, and accountability mechanisms.
“As a Designated Benchmark Administrator, CanDeal Benchmark Administration Services Inc. will play a crucial role in ensuring the integrity and accuracy of Term CORRA in the Canadian market. This designation reflects CanDeal’s commitment to maintaining high standards of transparency and governance in our benchmark administration activities,” said Louise Brinkmann, head of CanDeal Benchmark Solutions, in a statement.
Andre Craig, president of CanDeal Data & Analytics, said in a statement: “We are very pleased to receive this designation from the OSC and the AMF. It underscores our dedication to providing market participants with reliable and transparent benchmark services. We look forward to continuing to contribute to the integrity and efficiency of Canada’s capital markets.”
“We think Term CORRA is important for the successful transition of the Canadian loan, commercial mortgage and trade finance market from CDOR, and we are excited to have CanDeal supporting the markets in this effort,” said Nick Chan, co-chair of the Term CORRA subgroup of the Canadian Alternative Reference Rate working group and managing director and head of Financial Resource Management at BMO Capital Markets, in a statement.