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10 June 2024
Canada
Reporter Diana Bui

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CDCC introduces secured general collateral notes programme

The Canadian Derivatives Clearing Corporation (CDCC) has launched the secured general collateral (SGC) notes programme.

SGC notes are short-term discounted money market instruments developed by CDCC in collaboration with Canadian market participants, and designed to meet the demand for the transition from Bankers鈥 Acceptances (BAs) as a result of the Canadian Dollar Offered Rate (CDOR) cessation.

According to the institution, SGC notes offer Canadian institutional investors a secure, investment policy-compliant alternative to rolling their BAs exposure into notes backed by high-quality debt securities and sold to a trust through repurchase agreements cleared through CDCC.

SGC notes aim to provide a secure investment option that is actively managed by CDCC and supported by TMX Group's infrastructure, enhancing investor protection and collateral efficiency.

George Kormas, president of CDCC, states: 鈥淲e are proud to bring this innovative, customised investment vehicle to market, designed to provide Canada's market participants with an effective funding solution and support the industry transition from CDOR and BAs."

SGC notes will be issued by an Ontario trust, of which ComputerShare Trust Company of Canada is the trustee and CDCC is the promoter, administrative agent, custodian, and paying agent.

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