TMX, CanDeal strike deal for Canadian benchmark transition
Canada is one of many countries moving away from opinion-based benchmarks like Libor in favor of alternatives based on observable trade data. TMX and CanDeal are working to deliver a new rate which will take over as Canada’s official loan benchmark next year.

Next month, Canadian exchange group TMX and Canadian fixed income trading platform CanDeal will launch a new overnight risk-free rate benchmark index based on observed transactions, which will ultimately replace the former survey-based interbank offered rate benchmark Cdor (Canadian Dollar Offered Rate).
The methodology for the new index, dubbed Term Corra (Canadian Overnight Repo Rate Average), was developed by the Bank of Canada and its Carr (Canadian Alternative Reference Rate) Committee, an
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