Global Alternative Reference Rates
What is an Alternative Reference Rate? An alternative reference rate (ARR) is a standard reference rate used to price financial instruments, such as bonds, derivatives, and other securitized financial instruments. Alternative reference rates provide more transparent and reliable benchmarks and replacements for historical benchmarks like LIBOR. This guide covers five of the most widely used...
Tokyo Overnight Average Rate (TONAR)
What is the Tokyo Overnight Average Rate (TONAR)? The Tokyo Overnight Average Rate (TONAR) is Japan’s key risk-free reference rate (RFR). It measures the interest rate at which banks lend and borrow Japanese yen from one another on an overnight basis without requiring collateral. TONAR reflects real borrowing costs in Japan’s short-term money markets. It...
Euro Short-Term Rate (€STR): The EU’s Benchmark Interest Rate
What is €STR? The Euro Short-Term Rate (€STR or ESTER) is the European Union’s official overnight benchmark interest rate. It reflects the average rate at which banks and financial institutions borrow euros overnight on an unsecured basis, meaning no collateral is used. Published by the European Central Bank (ECB), €STR provides a consistent reference point...
Canadian Overnight Repo Rate Average (CORRA)
What is CORRA? The Canadian Overnight Repo Rate Average (CORRA) is Canada’s primary risk-free interest rate benchmark. It reflects the cost of overnight borrowing through repurchase agreements (repos) secured by Government of Canada securities. In June 2024, CORRA officially replaced the Canadian Dollar Offered Rate (CDOR) as Canada’s main reference rate for derivatives and other...
CFI & DataCamp Webinar: How Python Skills Can Build Your Career in Finance
Ryan Spendelow, Senior VP, Training & Curriculum, Corporate Finance Institute (CFI) Carl Rosseel, Director of Technology Alliances, DataCamp In a finance world driven by automation, data, and evolving career paths, Python is no longer just “nice to have”—it’s fast becoming essential. In this insightful conversation, Ryan Spendelow from CFI and Carl Rosseel from DataCamp unpack...
