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Learn more about how CanDeal/TMX Term CORRA benchmark streamlines the transition to a new risk-free and forward looking reference rate and its distribution.

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Reliable, Efficient, Predictable

The CanDeal/TMX Term CORRA benchmark is a forward-looking, risk-free reference rate available in 1-month and 3-month tenors, and designed as an alternative to CDOR.

Term CORRA offers market participants:

  • Reduced operational complexity and costs
  • Certainty in cash flow forecasting
  • Access to a forward-looking discount rate

Aligned with IOSCO principles, CanDeal/TMX Term CORRA has been developed in consultation with industry stakeholders and endorsed by the Canadian Alternative Reference Rate (CARR) working group and Canadian Fixed-Income Forum (CFIF) members. It is approved for loan products, trade finance and single currency derivatives for end-users hedging Term CORRA-based loans.


Term CORRA benchmark rates will be calculated using transactions, executable bids and offers in the central limit order book (CLOB) of the One-Month CORRA Futures (COA™) and Three-Month CORRA Futures (CRA™) traded on the Montréal Exchange over a specific calculation period. It is intended to reflect an indicative, forward-looking rate based on the CORRA overnight index swap rate for both 1- and 3-month tenors.

The Term CORRA benchmark will be published on a same-day T+0 frequency at 1:00 pm ET each day on the high-performance TMX Datalinx distribution platform.

Given the interdependency of Term CORRA and the liquidity of underlying CORRA futures contracts, the methodology is subject to amendments based on trading and liquidity conditions. While every effort has been made to create a robust and sustainable benchmark, Term CORRA’s long-term sustainability is not guaranteed. Therefore, CARR and CFIF require users to have robust fallback language referencing overnight CORRA calculated in-arrears and to build the operational capacity to transact in those fallback rates.


Term CORRA will be produced and managed, subject to all necessary regulatory approvals, by CanDeal Benchmark Administration Services Inc. as the benchmark administrator. TMX Datalinx, TMX Group’s information services division, will provide the licensing and distribution capabilities.

The Term CORRA benchmark ("Term CORRA") is calculated, administered and made available by CanDeal Benchmark Administration Services Inc. ("CanDeal") and distributed by TSX Inc. ("TSX", "we", "us" or "our").]

The provision of Term CORRA does not constitute legal, financial, professional, or other advice.

If you wish to obtain a real time or same day version of Term CORRA, you will require a licence from TMX Datalinx, the information services division of TSX. You may contact TMX Datalinx regarding a licence at

None of CanDeal, TSX, their respective affiliates, nor any of their or their affiliates' directors, officers, employees or agents (collectively the "Disclaiming Parties") makes any warranty, condition, guarantee or representation, express or implied, with respect to the Term CORRA benchmark ("Term CORRA") or the results to be obtained by any use of Term CORRA, and all such terms are expressly disclaimed. Each Disclaiming Party expressly disclaims all warranties and conditions of merchantability and fitness for a particular purpose or use, satisfactory quality and non- infringement with respect to Term CORRA. No Disclaiming Party shall be liable in respect of the accuracy or the completeness of Term CORRA and none of the Disclaiming Parties shall have any liability for any errors, omissions, delays or interruptions in providing Term CORRA.

No Disclaiming Party shall be responsible or liable for any loss, cost, liability, claim, interest, fine, penalty, assessment, taxes, damages available at law or in equity, expense costs, fees and expenses of legal counsel or diminution in value that you or any other person (including, without limitation, anybody accessing Term CORRA through you) suffers or incurs as a result of your or such person's use of or reliance on Term CORRA (including, without limitation, as a result of decisions relating to the sale or purchase of instruments or legal, compliance or risk management decisions), whether arising in contract, tort (including negligence), strict liability, breach of statutory duty, contribution or otherwise. Without limiting any of the foregoing, in no event shall any Disclaiming Party have any liability for any loss of profit, loss of or anticipated loss of revenue, loss of use, business interruption, loss of use of any equipment, loss of any contract or other business opportunity or goodwill or indirect, punitive, special, incidental, consequential or exemplary damages, even if advised of the possibility of such losses or damages and whether such losses or damages otherwise would have been foreseeable.

CanDeal, its respective affiliates, and any of its or its affiliates' directors, officers, employees or agents are express third-party beneficiaries of, and will have the right to enforce on its own behalf, all of the terms set out herein.

CanDeal is a registered trademark of CanDeal Markets Inc. and TMX is a registered trademark of TSX Inc.