Canada’s Fail Fee Framework: The GoC Securities Trial Begins
On 8 September 2026, the Canadian Depository for Securities (CDS) begins the first, dry-run stage of the fail fee framework for Government of Canada (GoC) securities. During this stage, CDS calculates indicative 50 basis point fees for chargeable seller-side DvP fails in GoC bills, nominal bonds, real return bonds and strips. CIMPA and CDS, on…