Global post-trade solutions provider OSTTRA has processed more than 300,000 cleared Canadian Dollar Offered Rate (CDOR) trades for over 60 customers over the past month, in advance of the transition to the Canadian Overnight Repo Rate Average (CORRA) benchmark.
Trades were processed through CCP Sync, which allows OSTTRA MarkitWire to capture post-clearing activity from multiple CCPs and return results to customers.
The deadline for the CORRA transition is 28th June. This shift will impact much of the swaps market and a significant portion of OSTTRA customers, the firm said.
Melissa Younger, head of rates and credit trade processing at OSTTRA, commented: “Our ability to process such a high volume of CAD trades successfully highlights our commitment to facilitating a smooth transition for our customers, who value our expertise and partnership. Comprehensive support, consistent processing across multiple CCPs and innovative solutions are key to ensuring the industry continues to adjust smoothly to new benchmark rates.”
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