CanDeal, the electronic marketplace for Canadian dollar debt securities, has established a new division focusing on benchmark administration headed up by compliance veteran Louise Brinkmann.
Brinkmann, who is based in Toronto, will be tasked with ensuring benchmark services are implemented with the necessary governance and control frameworks, including adherence to CSA MI 25-102 and applicable IOSCO Principles for Financial Benchmarks.
CanDeal is working with CARR (Canadian Alternative Reference Rate Working Group) to develop a 1- and 3-month Term CORRA benchmark, to be launched in September 2023.
Given that benchmark administration is a relatively new area within capital markets, Brinkmann said she will be at the inception of benchmark administration for Term Corra in Canada. “It is always fun when you get to be a trail-blazer.”
Brinkmann intends to leverage her experience as a chartered professional accountant and as a certified internal auditor “to develop and assess our control framework as we move forward”.
“I will also use the compliance experience gained while leading teams in the compliance branch at the Ontario Securities Commission. This experience and knowledge will allow us to have effective oversight over the calculation of Term CORRA rates,” Brinkmann added.
“Although there can be challenges when launching any new enterprise with this many moving parts,” Brinkmann said, her team will be focused on ensuring stakeholder feedback and input are heard and considered, particularly during the transition to Term CORRA mid-2024.
Term CORRA will be produced and managed by CanDeal Benchmark Solutions as the benchmark administrator and with TMX Datalinx, TMX Group’s information services division, providing the licensing and distribution capabilities.
CanDeal president of data and analytics Andre Craig said the firm’s new benchmark solutions business will provide the market “with greater accuracy, trust and transparency for critically important reference rates”.
Prior to joining CanDeal Benchmark Solutions, Brinkmann was chief audit executive at the Ontario Securities Commission and has spent more than a decade as a senior leader in the Ontario Public Service (OPS) with a focus on enhancing controls and reducing risk.
©Markets Media Europe 2023
