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Royal Bank of Canada
Symbol C : RY
Shares Issued 1,435,922,967
Close 2019-07-16 C$ 104.42
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Globe says TD, rivals hear BOC taking charge of CORRA

2019-07-17 08:20 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Wednesday edition that the Bank of Canada will assume duties for calculating and publishing the Canadian Overnight Repo Rate Average (CORRA) next year. The Globe's James Bradshaw writes that the reference rate for more than $1-trillion of Canadian financial instruments is currently administered by Refinitiv. A government-led working group has been revamping the way CORRA is calculated, aiming to make it more reliable and more widely used. For years, global regulators and central banks have been pushing to reform interest-rate benchmarks. The London Interbank Offered Rate (LIBOR) became the dominant global reference rate, linked to hundreds of trillions of dollars of financial instruments, from complex derivatives to residential mortgages. LIBOR, however, was easily gamed by some bankers to their own benefit because it relied on a group of banks estimating borrowing costs underpinned by markets with too few transactions. As part of a co-ordinated response led by the Swiss-based Financial Stability Board Canada elected to enhance the way CORRA is calculated, rather than build a new benchmark from scratch. The new CORRA is expected to take effect in the second quarter of 2020.

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