Although less widely used than CDOR, CORRA is important for the Canadian financial system, since it is the reference rate for overnight index swaps, which is a sizable derivatives market. CORRA is calculated based on actual transactions in the overnight market.3 Although not owned by the Bank of Canada, we calculate and publish the rate on the basis of data submitted by the brokers.
Work has begun to look at what changes may be needed to CORRA given the new IOSCO standards. I expect that, as it progresses, that work will need involvement from a range of stakeholders.