May 16, 2022

Refinitiv Benchmark Services (UK) Limited Issues Canadian Dollar Offered Rate Cessation Notice

TORONTO / NEW YORK / LONDON: May 16, 2022 – Refinitiv, an LSEG business, announces that Refinitiv Benchmark Services (UK) Limited (RBSL), the benchmark administrator of the Canadian Dollar Offered Rate (CDOR), has today published a CDOR cessation notice stating that the calculation and publication of all tenors of CDOR will permanently cease immediately following a final publication on Friday June 28, 2024. RBSL has also published a CDOR consultation outcome statement.

Publication of the CDOR cessation notice follows the issuance of a white paper, dated December 16, 2021, by the Canadian Alternative Reference Rate working group (CARR). The CARR white paper recommended the cessation of CDOR and a public consultation conducted by RBSL requested feedback from users of, and stakeholders in, CDOR regarding the impact of any potential cessation of CDOR.

As a critical benchmark and an interest rate benchmark under CSA Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators1, the permanent cessation of CDOR requires the authorization by the Ontario Securities Commission (OSC) and the Autorité des marchés financiers (AMF). This authorization has now been granted by the OSC and the AMF.

Publication of the CDOR cessation notice constitutes an “Index Cessation Event” under the ISDA 2020 IBOR Fallbacks Supplement and the ISDA 2020 IBOR Fallbacks Protocol. For further information, please refer to the ISDA statement relating to the CDOR cessation notice. Publication of the CDOR cessation notice also constitutes an “Index Cessation Event” under CARR’s recommended fallback language for floating rate notes. CARR has today issued a statement (in English and in French) in connection with the publication of the CDOR cessation notice. Its statement contains details of two supporting documents: a transition roadmap and a consultation on a potential Term CORRA benchmark.

Shirley Barrow, CEO of RBSL, said: “Today’s publication of the CDOR cessation notice announcing a permanent cessation of CDOR immediately following a final publication on Friday June 28, 2024, is a significant development for both the Canadian and the international financial markets. CARR has proposed a two-stage plan for the adoption of CORRA and has announced a consultation regarding the creation of a Term CORRA benchmark. Both are important steps in the process of transitioning away from CDOR to CORRA over the next two years. RBSL looks forward to supporting CARR and CDOR stakeholders as the transition plan is implemented between now and Friday June 28, 2024.”

For further information regarding CDOR, including the CDOR cessation notice and the CDOR consultation outcome statement, please refer to


  1. RBSL is also subject to Ontario Securities Commission Rule 25-501 (Commodity Futures Act) Designated Benchmarks and Benchmark Administrators, which is required because MI 25-102 would not apply to Ontario commodity futures law.

About Refinitiv

Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. 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. For more information visit:


Lemuel Brewster

London Stock Exchange Group
Communications Director
Mobile +1 (917) 805-1089