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BoC Plans To Reintroduce SLP As Balance Sheet Normalization Continues

CANADA
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  • “The BoC is planning to restart later this year its securities lending program (SLP) which is designed to support the liquidity of Government of Canada (GoC) securities markets.”
  • The start date of the SLP will depend on the completion of an operational on-board process with market participants over the summer.
  • “When the SLP restarts, the current daily Securities Repo Operations (SRO) will be discontinued.”
  • For context: “In July 2020, the BoC suspended its SLP and introduced the SRO as a temporary source of GoC nominal bonds and treasury bills to support liquidity in the securities financing market. Since the Bank was acquiring a large amount of GoC securities under the Government Bond Purchase Program, it was important to support a well-functioning securities financing market by making a portion of these securities available to the market in an expedient manner, and in higher volumes than the SLP was designed for.”
  • Full market notice here.
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  • “The BoC is planning to restart later this year its securities lending program (SLP) which is designed to support the liquidity of Government of Canada (GoC) securities markets.”
  • The start date of the SLP will depend on the completion of an operational on-board process with market participants over the summer.
  • “When the SLP restarts, the current daily Securities Repo Operations (SRO) will be discontinued.”
  • For context: “In July 2020, the BoC suspended its SLP and introduced the SRO as a temporary source of GoC nominal bonds and treasury bills to support liquidity in the securities financing market. Since the Bank was acquiring a large amount of GoC securities under the Government Bond Purchase Program, it was important to support a well-functioning securities financing market by making a portion of these securities available to the market in an expedient manner, and in higher volumes than the SLP was designed for.”
  • Full market notice here.