This service, operated here in Montréal by the Canadian Derivatives Clearing Corporation (CDCC), is a key initiative designed to improve the infrastructure of Canadian core funding markets. Recall that our short-term funding markets, like those of many other countries, were severely battered in 2008. These markets are not immune to further turbulence, so it is important that we take measures to increase their resilience.
CDCC worked closely with the Investment Industry Association of Canada, stakeholders in the financial industry, the Bank of Canada and other regulatory authorities to create this new central counterparty. However, much remains to be done.