December 16, 2021

Refinitiv responds to white paper by the Canadian Alternative Reference Rate Working Group Regarding CDOR

TORONTO / NEW YORK / LONDON, December 16, 2021 – Refinitiv acknowledges and responds to the white paper issued today by the Canadian Alternative Reference Rate Working Group (CARR)¹ regarding the future of the Canadian Dollar Offered Rate (CDOR) benchmark. Refinitiv has been engaged with CARR and is fully informed on their review of CDOR.

Refinitiv, through its wholly owned subsidiary Refinitiv Benchmark Services (UK) Limited (RBSL), is the CDOR benchmark administrator and holds the primary responsibility for all aspects of the provision of CDOR. RBSL is authorized and regulated in the UK by the Financial Conduct Authority (FCA)².

In Canada, the Ontario Securities Commission and the Autorité des marchés financiers have designated CDOR as a designated interest rate and critical benchmark and RBSL as its designated benchmark administrator. Consequently, RBSL and the benchmark contributors to CDOR are required to comply with Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators, a rule adopted by members of the Canadian Securities Administrators (CSA).

Refinitiv notes that in the white paper, CARR:

  • has concluded that certain aspects of the CDOR’s architecture will pose risks to its future viability and robustness;
  • has recommended that RBSL, as the CDOR benchmark administrator, cease publication of all of CDOR’s remaining tenors after the end of June 2024; and
  • indicates that the decision to cease publication of CDOR ultimately lies solely with RBSL and CARR’s recommendation does not constitute a public statement or publication of information that CDOR has ceased or will cease permanently or indefinitely.

Consequently, following the publication of CARR’s white paper, RBSL as benchmark administrator for CDOR will conduct its own analysis, engage with market participants and consider what further steps might be necessary in order to reach a conclusion regarding the future of CDOR. We anticipate providing more information in Q1 of 2022.

For more information about CDOR, please visit here.

Refinitiv has many years of experience designing, calculating, governing, administering and publishing financial benchmarks that lie at the heart of the global financial system and continues to be proactive and at the leading edge in global efforts to reform interest rate benchmarks. In recent years it has supported financial markets around the world to transition to new, evolved or alternative benchmarks. Other interest rate benchmarks administered by RBSL include Term SONIA, USD IBOR Cash Fallbacks and the Tokyo Swap Rate. For more information about Refinitiv benchmarks, visit here.

² FCA Reference Number 610678; RBSL is listed on the FCA Register as an authorized Benchmark Administrator pursuant to Article 34 of the UK BMR.

About Refinitiv

Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. With $6.25 billion in revenue, over 40,000 customers and 400,000 end users across 190 countries, Refinitiv is powering participants across the global financial marketplace. We provide information, insights, and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, we connect people with choice and opportunity – driving performance, innovation and growth for our customers and partners. 


Lemuel Brewster
Refinitiv, London Stock Exchange Group
Communications Director
Mobile +1 (917) 805-1089