Canadian fixed income marketplace solutions provider CanDeal is working with the Canadian Alternative Reference Rate Working Group (CARR) to develop a Canadian Overnight Repo Rate Average (CORRA) benchmark.
One- and three-month Term CORRA benchmarks will be launched in September 2023, with CanDeal Benchmarks Solutions serving as benchmark administrator and TMX Datalinx providing licensing and distribution capabilities.
The announcement follows the launch of the CanDeal Benchmark Solutions business, headed by Louise Brinkmann.
Brinkmann is tasked with ensuring the strength of benchmark services’ governance and control frameworks, and maintaining compliance with CSA MI 25-102 and relevant IOSCO Principles for Financial Benchmarks.
With more than 25 years of experience in the industry, Brinkmann joins from the Ontario Securities Commission. She spent more than seven years with the organisation, most recently as chief audit executive.
Commenting on the announcements, Brinkmann says: “I’m looking forward to working with the team and our partners to launch the Term CORRA benchmark rates. CanDeal is an organisation that prides itself on its service to customers and in fostering innovation to meet the needs of changing markets.”
Andre Craig, president of CanDeal data and analytics, adds: “The CanDeal Benchmark Solutions business will pave the way forward for the market, with greater accuracy, trust and transparency, for critically important reference rates. To lead this business, we required an individual with the experience and precision to ensure our new benchmark services meet global regulatory standards through a strong understanding of all governance and control requirements.”
