Canadian Foreign Exchange Committee

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 16 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.

Read the Bank of Canada’s Statement of Commitment to the Code.

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.
Content Type(s): Press, Market notices Source(s): Canadian Foreign Exchange Committee
September 16, 2019

Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in Canada during April 2019

Media Relations Ottawa, Ontario
During the month of April, the Bank of Canada and 51 other central banks and monetary authorities conducted the latest survey of turnover activity in the foreign exchange and over-the-counter (OTC) derivatives markets in their respective countries. This worldwide effort was coordinated by the Bank for International Settlements (BIS) and is undertaken every three years.
Content Type(s): Press, Press releases Source(s): Canadian Foreign Exchange Committee

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Meetings

Publications

Semi-annual Foreign Exchange Volume Survey: Summary Tables – October 2020

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

Grahame Johnson
Chair

Zahir Antia
Secretariat

Harri Vikstedt
Member

Market representatives

Christine Bourgeois
Caisse de dépôt 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

Nicolas Marion
Department of Finance, Canada

James McCrindle
Bank of America Merrill Lynch

Manuel Mondedeu
CIBC World Markets

Les Radvanyi
HSBC Bank Canada

Gaétan Reid
State Street Global Markets

Jill Sigelbaum
Refinitiv

Chris Soriano
NEX Group

Miro Vucetic
Citibank

Simon Watkins
BMO Capital Markets

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