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.
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.
News
CFEC Releases Results of October 2022 Foreign Exchange Volume Survey
Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in Canada during April 2022
In 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.
Meetings
CFEC Meeting (November 7, 2023)
CFEC Meeting (September 19, 2023)
CFEC Meeting (May 16, 2023)
Publications
Semi-annual Foreign Exchange Volume Survey: Summary Tables – April 2023
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
Stéphane Lavoie
Chair
Zahir Antia
Secretariat
Harri Vikstedt
Member
Market representatives
Stephen Best
London Stock Exchange Group
Dagmara Fijalkowski
RBC Global Asset Management
Lorne Gavsie
CI Global Asset Management
William Kellett
Scotiabank
Greg Debienne
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
CME Group
Miro Vucetic
Citibank
Jean-Philippe Blais
BMO Capital Markets
Contact us
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