Dec 12, 2023
While Lisa Mantello has been recognized as a Top 25 Most Influential Lawyer for her many contributions to the legal field and for her leadership in financial benchmark reform, she told Canadian Lawyer in an interview that achieving consensus for the benchmark rate was no simple exercise.
“Everything sounds like it’s very simple,” says Lisa. “But what I found with this process is, you can present that to a boardroom of people, and everyone says “Yes, OK.” And then they take it back to their institution, and then they start saying, “Well, what about this? And is this the same economic value? And how is this going to work operationally? What’s going to happen from a technology perspective? So, there’s a lot involved in making these types of changes.”
The Bank of Canada appointed Lisa to chair the legal and compliance committee as part of the working group established to manage the shift from the Canadian Dollar Offered Rate (CDOR) to the new term Canadian Overnight Rep Rate Average (CORRA). She was also appointed the co-chair of the accounting, tax and regulatory committee as part of the Canadian Alternative Reference Rate (CARR) working group which helped the Bank of Canada work with industry to plan and execute the complex transition.
“We’re really making sure that this works for all the stakeholders,” says Lisa. “I’m really proud of it. I feel like we’ve accomplished something. And that’s something that everyone should be proud of.”
Read the full article by author Tim Wilbur posted by Canadian Lawyer on December 12, 2023.