The Bank of Canada will take over producing a key reference rate from the private firm that currently does so from June 15 onwards, it announced on February 18.

The Canadian overnight repo rate average, or Corra, has been published since 1997 and is currently administered by UK-based financial markets firm Refinitiv. Corra is a measure of the average cost of Canadian dollar overnight collateralised funding.

The central bank described the rate as “the reference rate for overnight index swaps