Foreign Exchange Rates Survey Results

Below are the results of a public survey conducted by the Bank in 2014 regarding the publication of exchange rates.

Please indicate whether your response to this survey represents a personal view or whether you are responding on behalf of an organization or agency.

This is a personal response from a member of the public.

87.5%

This response is on behalf of an organization or agency.

12.5%

Please specify which Bank of Canada foreign exchange (FX) rate(s) you are currently using: noon rate, closing rate or both.

Noon rate

26.4%

Closing rate

36.2%

Either noon or closing (they are interchangeable)

17.1%

Both noon and closing

24.0%

For which currencies do you use the Bank of Canada’s FX rate(s)?

U.S. dollar86.8%
European Euro26.1%
U.K. pound sterling14.3%
Australian dollar5.2%
Mexican peso4.2%
Japanese yen3.3%
Chinese renminbi3.1%
Swiss franc3%
Hong Kong dollar3%
Indian rupee2.2%
New Zealand dollar1.7%
Brazilian real1.6%
Swedish krona1.5%
South African rand1.4%
Singapore dollar1.3%
Norwegian krone1.2%
Danish krone1.2%
Argentine peso1%
Thai baht1%
Russian rouble1%
Chilean peso1%
Philippine peso1%
Colombian peso0.9%
CFA franc (African Financial Community)0.9%
Israeli new shekel0.8%
Malaysian ringgit0.8%
South Korean won0.8%
Polish zloty0.8%
Czech Republic koruna0.7%
Turkish lira0.7%
U.A.E. dirham0.7%
Taiwanese new dollar0.7%
Vietnamese dong0.7%
Moroccan dirham0.7%
Peruvian new sol0.6%
Hungarian forint0.6%
Indonesian rupiah0.6%
Icelandic krona0.5%
East Caribbean dollar0.5%
Jamaican dollar0.5%
Pakistan rupee0.5%
Bahamian dollar0.4%
Tunisian dinar0.4%
Romanian new leu0.3%
Venezuelan bolivar fuerte0.3%
CFP franc (Pacific Financial Community)0.3%
Croatian kuna0.3%
Ghanaian cedi0.3%
Guatemalan quetzal0.3%
Honduran lempira0.3%
Sri Lanka rupee0.3%
Trinidad and Tobago dollar0.3%
Serbian dinar0.2%
Fiji dollar0.2%
Myanmar (Burma) kyat0.2%
Panamanian balboa0.2%
Neth. Antilles florin0.1%

Please specify the purpose or purposes for which you or your organization are using the Bank of Canada’s FX rates.

personal (e.g. travel planning, personal finances)

62.6%

general business requirements (e.g. bookkeeping, travel expenses)

39.6%

legal or regulatory requirement

5.3%

commercial contract requirement

5.2%

conducting or executing FX trades

6.9%

data for research purposes

5.7%

Other

4.6%

Do you have a regulatory or legal requirement to use the Bank of Canada’s FX rates (either noon or 4 p.m.)?

Yes: specifically for noon rate

4.6%

Yes: specifically for closing rate

5%

Yes: for any Bank of Canada FX rate

5.1%

No

85.3%

What, if any, contingency plan(s) do you have in place if the Bank of Canada FX rate you require is not published on a given day?

Use previous day’s rate

31.3%

Wait for the Bank of Canada to publish the delayed rate

17.5%

Use the next day's rate

9%

Use rate from another source

24.7%

There is no contingency plan

27.7%

Other

3.1%

How do you access the Bank of Canada's FX rates?

Bank of Canada website

94.5%

Another source

6.7%

Would there be any consequences for your business activities from delaying the publishing time of the Bank of Canada’s FX rates (e.g., by a few hours, to after the end of the business day, or to the next day)?

Yes

8%

No

92%

Are there alternative sources of FX rates which you already employ or could employ in addition to or instead of the Bank of Canada FX rates?

Yes

32.5%

No

67.5%

Would a change in the calculation methodology to determine the published Bank of Canada FX rates have any impact on your use of these indicative rates?

Yes

7.9%

No

92.1%

Would there be any impact on your business activities from discontinuing the publication of some or all of the Bank of Canada’s FX rates? This could involve discontinuing publication of the indicative rates for some currency pairs.

Yes

24.2%

No

75.8%

Could the Bank of Canada’s FX rates be adequately substituted by alternative sources of FX market information?

Yes

70.3%

No

29.7%

If the Bank of Canada decided to change the calculation methodology used to determine the published FX rates and/or discontinue the publication of any of these indicative FX rates, how much lead time would you require to move to alternative data sources?

Less than 3 months

80.2%

3 to 6 months

8.6%

6-12 months

4%

More than 12 months

7.3%

Bank of Canada Announces Future Changes to its Published Foreign Exchange Rate Data

The Bank of Canada today announced that, effective 1 March 2017, it will make a series of changes to the number, frequency and calculation methodology of its published foreign exchange rates.

Foreign Exchange Rates Published by the Bank of Canada

Background information about the publication of exchange rates on the Bank of Canada’s website.