The Bank of Canada and the Department of Finance announced a pilot for the Government of Canada Cash Management Bond Buyback program that will increase flexibility in the maximum repurchase amount at each operation. The pilot program will introduce a two-step Call for Tenders process, similar to that for the treasury bill program. The preliminary Call for Tenders will indicate an initial maximum amount that may be repurchased, with a final Call for Tenders that may increase the maximum amount. The maximum amount that may be repurchased will range between $500 million and $2 billion. The operations will continue on a weekly basis, with each operation being conducted in the same manner. The preliminary Call for Tenders will be communicated one week prior to the auction at 3:30pm (ET),with the Final Call for Tenders at 9:00am (ET) on the day of the operation. This pilot will commence with the operation to be held on 17 January 2017 and remain in place until further notice.