The panel of CDOR submitters developed the voluntary Code in consultation with IIROC and the Bank of
The Code includes minimum standards for submission methodology, internal oversight and record retention. CDOR's acronym has also reverted back to the "Canadian Dollar Offered Rate" from the previously used "Canadian Dealer Offered Rate" reflecting the fact that all CDOR panel members are now banks.
In 2013, IIROC published a review of CDOR supervisory practices that focused on key areas for strengthening the integrity of, and confidence in, CDOR. Development of the Code is one of the steps being taken to improve Canadian reference rates following both the IIROC review and the establishment by the
In addition, CDOR's governance will be strengthened through the appointment of an Administrator with responsibility for the day-to-day operation of the benchmark, in line with the IOSCO principles. As a result, the CDOR panel member banks have announced today, through the
With these developments, and with CDOR submissions now coming exclusively from banks rather than investment dealers, IIROC is no longer involved in the oversight of CDOR or the panel members.
IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in
IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.
SOURCE Investment Industry Regulatory Organization of