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          The Canadian Foreign Exchange Committee (CFEC) is a senior level industry-wide committee to facilitate the sharing of information between market participants and the Bank on the foreign exchange market. Access our mandate, news, meetings, publications and membership—or, contact us.

          Mandate

          The Canadian Foreign Exchange Committee (CFEC) was founded in 1989 to provide a forum for the regular discussion of issues and developments pertinent to the foreign exchange market, including the review of market practices and procedures.

          The goals of the CFEC are to:

          • to provide a forum for the regular exchange of views on wholesale foreign exchange market issues and developments;
          • to provide a channel for communication between the wholesale foreign exchange market in Canada and relevant organizations and official institutions within Canada and abroad; and
          • to review and provide feedback on the FX Global Code, as it evolves.
          More information on the CFEC can be found in its Document of Objectives and Organization.

          Global Foreign Exchange Committee

          CFEC is a member of the Global Foreign Exchange Committee (GFXC), which was established in May 2017 as a forum bringing together central banks and private sector participants with the aim to promote a robust, liquid, open, and appropriately transparent FX market in which a diverse set of participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available information and in a manner that conforms to acceptable standards of behaviour.

          FX Global Code

          The FX Global Code (“Code”) is a set of global principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and Market Participants from 20 jurisdictions around the globe.

          The Global Code does not impose legal or regulatory obligations on Market Participants, nor does it substitute for regulation, but rather it is intended to serve as a supplement to any and all local laws, rules and regulations by identifying global good practices and processes.

          Global Index?of Public Registers

          The Global Index of Public Registers is as a central location that links the various Participating Public Registers, providing a more comprehensive view of market participants' commitment to the Code.

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          News

          June 25, 2021

          CFEC recommendations on dating conventions for foreign exchange contracts in light of new national holiday

          In light of the newly-introduced National Day for Truth and Reconciliation holiday, and the closure of payment clearing and settlement systems, the Canadian Foreign Exchange Committee (CFEC) recommends that any existing forward foreign exchange contracts scheduled to settle on September 30, 2021 should be renegotiated to settle on September 29, 2021 instead.
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          Meetings

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          Publications

          Semi-annual Foreign Exchange Volume Survey: Summary Tables – October 2021

          The purpose of the survey is to provide information on the size and structure of the foreign exchange and foreign exchange derivatives markets in Canada. The detailed results of the survey are presented in the summary tables attached.

          Membership

          Bank of Canada

          Market representatives

          Stephen Best
          London Stock Exchange Group

          Christine Bourgeois
          Caisse de dép?t et placement du Québec

          Dagmara Fijalkowski
          RBC Global Asset Management

          Lorne Gavsie
          CI Global Asset Management?

          Tom Gillie
          RBC Capital Markets

          William Kellett
          Scotiabank

          Sharon Kim
          TD Securities

          Russell Lascala
          Deutsche Bank

          Martin Legault
          National Bank Financial

          Charles Perreault
          Department of Finance, Canada

          James McCrindle
          Bank of America Merrill Lynch

          Manuel Mondedeu
          CIBC World Markets

          Elizabeth Steele
          HSBC Bank Canada

          Gaétan Reid
          State Street Global Markets

          Chris Soriano
          NEX Group

          Miro Vucetic
          Citibank

          Simon Watkins
          BMO Capital Markets

          Contact us

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