Canada takes action over benchmark rate.

The article reports the move by the Investment Industry Regulatory Organisation of Canada (IIROC) as of mid-June 2014 to regulate the Canadian Dollar Offered Rate (CDOR) because it is still not subjected to regulation. It claims that the IIROC has issued a new code of conduct for banks on the CDOR and will soon appoint an administrator of the benchmark. It cites the creation by the International Organization of Securities Commission (IOSCO) of new global principles for financial benchmarks.