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IIROC Reviewing Practices of Canada CDOR Participants

Canada’s self-regulatory organization for investment dealers is reviewing the practices of financial institutions that set the reference rate for Canadian bankers’ acceptances, following inquiries into the London interbank offered rate.

The Investment Industry Regulatory Organization of Canada isn’t aware of any concerns with how the Canadian dealer offered rate, or CDOR, is set, spokeswoman Lucy Becker said today in a statement.

Barclays Plc, the second-biggest U.K. Bank, agreed last month to pay 290 million pounds ($451 million) in regulatory fines for trying to manipulate Libor. At least a dozen banks are being investigated for manipulating Libor, the global benchmark for $360 trillion of securities.

“Recent experiences with Libor point to a need for increased scrutiny of such survey-based reference rates,” Becker said in the statement sent by e-mail.

CDOR survey participants have worked with IIROC and Bank of Canada representatives since 2008 to discuss “matters related to the setting and dissemination of CDOR,” the Toronto-based self-regulator said in the statement.

“IIROC will continue to engage this working group and other stakeholders as appropriate as it conducts its review,” Bank of Canada spokesman Jeremy Harrison wrote in an e-mailed statement.

Daily Survey

Libor is calculated from a daily survey carried out for the British Bankers’ Association in London, in which the world’s biggest lenders are asked the rate they’re charged to borrow over a variety of short-term maturities in currencies including dollars, euros and yen. Banks are accused of low-balling submissions for the benchmark during the financial crisis.

CDOR is the benchmark index for Canadian bankers’ acceptances with a maturity of one year or less, and is determined daily from a survey of nine market makers. It is used as the final settlement price for bankers’ acceptances futures contract and some Canadian floating-rate debt is priced to a spread off CDOR.

The market makers are: Bank of Montreal, Canadian Imperial Bank of Commerce, Deutsche Bank AG, HSBC Holdings Plc, Bank of America Corp., National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia and Toronto-Dominion Bank.

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