CORRA

The Canadian Overnight Repo Rate Average (“CORRA”) is a measure of the average cost of overnight collateralized funding. CORRA is defined as the volume weighted average rate of overnight repo transactions, conducted on-screen through designated inter-dealer brokers, which involve general Government of Canada Collateral. CORRA is limited to repo transactions that involve general (non-specific) collateral. In the event that less than CAD$500 million in eligible overnight trades are reported in aggregate, CORRA is set at the Bank of Canada’s target for the overnight rate. For each specified Business Day, CORRA is calculated and published by the Administrator on the following Business Day at 09.00 ET.