Canada’s IIROC Calls for Reform on Benchmark CDOR Rate

Canada’s self-regulatory organization for investment dealers called for reforms in the way financial institutions set the reference rate for Canadian bankers’ acceptances.

“There is a case in favor of reforming CDOR as a benchmark,” the Investment Industry Regulatory Organization of Canada said today in an e-mailed statement, referring to the Canadian Dealer Offered Rate.

IIROC said in July it was investigating CDOR practices.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net