Canada’s Department of Finance, Ottawa, hired State Street as collateral manager and custodian for the Canadian government’s currency swap program.
State Street replaced J.P. Morgan Chase, said Stephanie Rubec, finance department spokeswoman. She would not say if J.P. Morgan rebid or why a search was conducted.
The government’s cross-currency swaps for the 12 months ended March 31, 2014, had a total value of C$5.4 billion ($4.9 billion), based on the latest report on Canada’s international reserves.
The value of collateral assets under the currency swap program is confidential information, Ms. Rubec said.