TMX - Montréal Exchange - CORRA Futures Home About Us About Us About Us MX MX MX Overview Management Team Historical Highlights Press Releases Careers Regulation Regulation Regulation Regulatory Division Rules Approved Participants List Margin Requirements PRIIPs Regulation Educational & Research Partnerships Educational & Research Partnerships Educational & Research Partnerships Options Trading Simulation Research Scholarship in Derivative Instruments Post-Trade Post-Trade Post-Trade CDCC Contact Us Markets Markets Markets Interest Rate Derivatives Interest Rate Derivatives Interest Rate Derivatives COA - One-Month CORRA Futures CRA - Three-Month CORRA Futures BCS - FTSE Canada Bank Credit Index Futures CGZ - Two-Year Government of Canada Bond Futures CGF - Five-Year Government of Canada Bond Futures CGB - Ten-Year Government of Canada Bond Futures LGB - 30-Year Government of Canada Bond Futures OCR - Options on the Three-Month CORRA Futures OGZ - Options on Two-Year Government of Canada Bond Futures OGF - Options on Five-Year Government of Canada Bond Futures OGB - Options on Ten-Year Government of Canada Bond Futures Equity Derivatives Equity Derivatives Equity Derivatives Equity Options (including CDRs Options and CEFs Options) Weekly Options Options on ETF Share Futures Currency Derivatives Currency Derivatives Currency Derivatives USX - Options on the US Dollar MX Indices MX Indices MX Indices Derivatives Indices BTC - Basis Trade on Close Index Derivatives Index Derivatives Index Derivatives SXF - S&P/TSX 60 Index Standard Futures SXM - S&P/TSX 60 Index Mini Futures AXF - Adjusted Interest Rate S&P/TSX 60 Total Return Index Futures SEG - S&P/TSX 60 ESG Index Futures SCG - S&P/TSX Composite ESG Index Futures SDV - S&P/TSX 60 Dividend Index Futures SCF - S&P/TSX Composite Index Mini Futures SXA, SXB, SXD, SXG, SXH, SXK, SXR, SXT, SXU, SXW, SXY - Sector Index Futures SXO - S&P/TSX 60 Index Standard Options SXJ, SXV - Sector Index Options Trading Trading Trading Data Data Data Quotes Options List Monthly Volumes and Open Interest Daily Special Terms Transactions Trading Hours & Holidays Trading Calendar Intra-Session Summary Options Summary Put/Call Ratios Market Records Historical Data Market Data Services Connectivity Connectivity Connectivity SOLA Overview Market Access Connection & Testing Co-Location Services Risk Management Tools Independent Software Vendors (ISVs) Future Vendor Codes Exchange Market Thresholds and Controls RFQ - Request for Quote Reports Reports Reports Monthly Statistics (Moved) Programs Programs Programs Market Making Programs Fees & Incentives Programs Tools Tools Tools Special Terms Transaction Reporting Form Canadian Interest Rate Expectations Educational Trading Tools TMX AXIS Resources Resources Resources Guides & Strategies Guides & Strategies Guides & Strategies UDS - User Defined & Inter-Group Strategies Glossary of Derivatives Notices Notices Notices Circulars Technical Notices Advisory Notices New Listings & Series RSS/XML Feeds Product Overview & Specifications Product Overview & Specifications Product Overview & Specifications CORRA Futures Adjusted Interest Rate Futures CDR Options Credit Futures Mini Index Options Insights Insights Insights Articles & Newsletters Options Education Trading Status: Green Login / Register Login Register Subscriptions Français Montréal Exchange Search... Search Quotes m-x.ca Find Quote Search Site Search for a symbol Search HOME About Us About Us MX Overview Management Team Historical Highlights Press Releases Careers Regulation Regulatory Division Rules Approved Participants List Margin Requirements PRIIPs Regulation Educational & Research Partnerships Options Trading Simulation Research Scholarship in Derivative Instruments Post-Trade CDCC Contact Us Markets Markets Interest Rate Derivatives COA - One-Month CORRA Futures CRA - Three-Month CORRA Futures BCS - FTSE Canada Bank Credit Index Futures CGZ - Two-Year Government of Canada Bond Futures CGF - Five-Year Government of Canada Bond Futures CGB - Ten-Year Government of Canada Bond Futures LGB - 30-Year Government of Canada Bond Futures OCR - Options on the Three-Month CORRA Futures OGZ - Options on Two-Year Government of Canada Bond Futures OGF - Options on Five-Year Government of Canada Bond Futures OGB - Options on Ten-Year Government of Canada Bond Futures Equity Derivatives Equity Options (including CDRs Options and CEFs Options) Weekly Options Options on ETF Share Futures Currency Derivatives USX - Options on the US Dollar MX Indices Derivatives Indices BTC - Basis Trade on Close Index Derivatives SXF - S&P/TSX 60 Index Standard Futures SXM - S&P/TSX 60 Index Mini Futures AXF - Adjusted Interest Rate S&P/TSX 60 Total Return Index Futures SEG - S&P/TSX 60 ESG Index Futures SCG - S&P/TSX Composite ESG Index Futures SDV - S&P/TSX 60 Dividend Index Futures SCF - S&P/TSX Composite Index Mini Futures SXA, SXB, SXD, SXG, SXH, SXK, SXR, SXT, SXU, SXW, SXY - Sector Index Futures SXO - S&P/TSX 60 Index Standard Options SXJ, SXV - Sector Index Options Trading Trading Data Quotes Options List Monthly Volumes and Open Interest Daily Special Terms Transactions Trading Hours & Holidays Trading Calendar Intra-Session Summary Options Summary Put/Call Ratios Market Records Historical Data Market Data Services Connectivity SOLA Overview Market Access Connection & Testing Co-Location Services Risk Management Tools Independent Software Vendors (ISVs) Future Vendor Codes Exchange Market Thresholds and Controls RFQ - Request for Quote Reports Monthly Statistics (Moved) Programs Market Making Programs Fees & Incentives Programs Tools Special Terms Transaction Reporting Form Canadian Interest Rate Expectations Educational Trading Tools TMX AXIS Resources Resources Guides & Strategies UDS - User Defined & Inter-Group Strategies Glossary of Derivatives Notices Circulars Technical Notices Advisory Notices New Listings & Series RSS/XML Feeds Product Overview & Specifications CORRA Futures Adjusted Interest Rate Futures CDR Options Credit Futures Mini Index Options Insights Insights Articles & Newsletters Options Education Home Resources Product Overview & Specifications CORRA Futures CORRA Futures Trading Strategies Final Settlement Price About CORRA Seize the Momentum: New Liquidity Program for One-Month CORRA Futures (COA) now live We're thrilled to announce the launch of a new Liquidity Program for One-Month CORRA Futures, bringing significant improvements to your trading experience! You can now benefit from: A continuously quoted market across four contract months. Enhanced market transparency thanks to the addition of new market makers. More than 300 contracts in size and less than 1 bp wide spread. Ability to trade calendar spreads and 1M COA vs 3M CRA spreads. Access our 1M CORRA Futures Market Making Program on Options on Three-Month CORRA Futures (OCR) The Bourse has implemented a market-making program for Options on Three-Month CORRA Futures (OCR), fostering on-screen liquidity. The program, in partnership with TD Securities and BMO Capital Markets, allows participants to better customize their CORRA exposure and manage non-linear risk. Enhanced Three-Month CORRA Futures (CRA) liquidity further out the curve MX has launched a new market-making program for Three-Month CORRA Futures (CRA™) to enhance liquidity and tighten spreads for the "Reds" and "Greens" back-end contracts. Partnering with Scotia Capital, National Bank Financial, and DV Trading, this initiative ensures deeper on-screen depth for both outrights (up to 200 contracts at 0.01 wide) and strategies (over 40 lines quoted) across the back-end of the curve. 1M, 3M and Options on 3M CORRA Futures Contract Specifications and Overview 1M and 3M CORRA Futures Product Specifications Montréal Exchange offers 1M and 3M CORRA Futures. View contract specifications. 1M and 3M CORRA Futures Overview Find out more about our 1M and 3M CORRA Futures, as well as product benefits and opportunities! Options on 3M CORRA Futures Contract Specifications Montréal Exchange offers Options on 3M CORRA Futures. View contract specifications. Trading Strategies Options on the Three-Month CORRA Futures OCR Strategies 1M CORRA Futures Hedging an expected change in the overnight repo rate target Predicting a change in the Canadian overnight repo rate target 3M CORRA Futures Hedging an expected change in the overnight repo rate target Predicting a change in the Canadian overnight repo rate target International spread between CRA and SR3 (CRA-SR3 spread) Yield Curve Strategy Calendar Spread Final Settlement Price The final settlement price is based on the realized CORRA value during: The contract month (1M CORRA Futures) For calculation examples Click here The reference quarter (3M CORRA Futures) For calculation examples Click here Illustration of final settlement price calculation for 3M CORRA Futures What is CORRA? CORRA measures the average cost of overnight general Government of Canada collateral repo transactions and is a representative measure of overnight funding rates. As part of its efforts to increase the robustness and representativeness of the benchmark rate, the Bank of Canada has implemented enhancements to the CORRA calculation methodology. The enhancements to CORRA result in a rate that is less volatile and closer to the Bank of Canada’s target for the overnight rate, on average. The complete methodology as well as an illustrative historical time series are available on the Bank of Canada website. MX offers one-month (1M) and three-month (3M) CORRA Futures to facilitate the overall transition from IBORs (InterBank Offered Rates) to RFRs (Risk-Free Rates) in Canada. The products were launched in conjunction with the Bank of Canada taking over the administration of CORRA, and are designed to support and foster the growing role this rate will play in the market for Canadian financial products. Benefits Regulatory Friendly Trading Opportunities and Hedging Strategies Capital & Margin Efficiencies Facilitate Access to Canadian Overnight Index Swap (OIS) Market Operational Efficiencies Flexibility of Trading Top Capital Formation Toronto Stock Exchange TSX Venture Exchange TSX Trust TMX Newsfile Markets Montréal Exchange Toronto Stock Exchange TSX Venture Exchange TSX Alpha Exchange AlphaX US Shorcan Post-Trade CDCC CDS Insights TMX Datalinx TMX Trayport TMX VettaFi TMX Money Contact Us Terms of Use Privacy Policy Fraud Prevention X Facebook LinkedIn YouTube TMX Group Limited and its affiliates (the “TMX group of companies”) do not endorse or recommend any securities issued by any companies identified on, or linked through, this site. Please seek professional advice to evaluate specific securities or other content on this site. All content (including any links to third party sites) is provided for informational purposes only (and not for trading purposes), and is not intended to provide legal, accounting, tax, investment, financial or other advice and should not be relied upon for such advice. The views, opinions and advice of any third party reflect those of the individual authors and are not endorsed by the TMX group of companies. The TMX group of companies have not prepared, reviewed or updated the content of third parties on this site or the content of any third party sites, and assume no responsibility for such information. Copyright © 2026 Bourse de Montréal Inc. All rights reserved. Canadian Derivatives Exchange is an official mark of Bourse de Montréal Inc.