The Ontario Securities Commission (OSC) and the Autorité des Marchés Financiers (AMF) have designated CanDeal Benchmark Administration Services as a ‘Designated Benchmark Administrator’ and Term CORRA as a ‘Designated Interest Rate Benchmark’ under Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators, effective 15 September, 2023.
Under Multilateral Instrument 25-102, designated benchmark administrators are responsible for the ongoing oversight and administration of financial benchmarks, including the implementation of robust governance, methodology, and accountability mechanisms. This designation marks a significant milestone for CanDeal, as an authorised provider of benchmark services in Canada.
“As a Designated Benchmark Administrator, CanDeal Benchmark Administration Services Inc. will play a crucial role in ensuring the integrity and accuracy of Term CORRA in the Canadian market. This designation reflects CanDeal’s commitment to maintaining high standards of transparency and governance in our benchmark administration activities,” commented Louise Brinkmann, head of CanDeal Benchmark Solutions.
Andre Craig, president of CanDeal Data & Analytics, added, “We are very pleased to receive this designation from the OSC and the AMF. It underscores our dedication to providing market participants with reliable and transparent benchmark services. We look forward to continuing to contribute to the integrity and efficiency of Canada’s capital markets.”
“We think Term CORRA is important for the successful transition of the Canadian loan, commercial mortgage and trade finance market from CDOR, and we are excited to have CanDeal supporting the markets in this effort,” said Nick Chan, co-chair, Term CORRA subgroup of the Canadian Alternative Reference Rate working group and head of financial resource management, BMO Capital Markets. “CanDeal’s dedication to transparency and adherence to regulatory standards make it a valuable addition to the roster of benchmark administrators in Canada.”
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