LIBOR (the London Inter-Bank Offered Rate) and CDOR (Canadian Dollar Offered Rate) Transition

Summary

This practice note describes the transition of funding interest rates in Canada and the United States. There are a number of different funding rates (known as benchmarks). One that was very commonly used was the London Inter-bank Offered Rate (LIBOR). Due to the 2012 manipulative uses of LIBOR, efforts have been made by multiple countries to phase out LIBOR and similar forward-looking interest rates, such as CDOR in Canada. Publication of LIBOR ceased in June 2023 and CDOR will be discontinued in June 2024.