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.
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.
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.
Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in Canada during April 2022In April, the Bank of Canada and 51 other central banks and monetary authorities conducted the latest triennial survey of turnover activity in the foreign exchange (FX) and over-the-counter (OTC) derivatives markets in their respective countries.
CFEC Releases Results of April 2022 Foreign Exchange Volume SurveyThe Canadian Foreign Exchange Committee (CFEC) released today the results of its April 2022 semi-annual survey of foreign exchange volumes in Canada.
CFEC Meeting (May 16, 2023)Bank of Canada, 234 Wellington St West, Ottawa
CFEC Meeting (March 9, 2023)State Street
CFEC Meeting (November 16, 2022)CIBC Capital Markets
Semi-annual Foreign Exchange Volume Survey: Summary Tables – October 2022
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.
Bank of Canada
London Stock Exchange Group
RBC Global Asset Management
CI Global Asset Management
RBC Capital Markets
National Bank Financial
Department of Finance, Canada
Bank of America Merrill Lynch
CIBC World Markets
HSBC Bank Canada
State Street Global Markets
BMO Capital Markets