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.


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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February 4, 2005

Executive Summary: Foreign Exchange Hedging by Canadian Corporate Accounts

In December 2004, the Bank of Canada sent those banks who are members of the Canadian Foreign Exchange Committee (CFEC)1 a questionnaire that focused on the foreign exchange hedging activities of their corporate customers. The questionnaire was similar in structure to one that was circulated to CFEC members in January 2004.
September 28, 2004

Survey of Foreign Exchange and Derivatives Market Activity in Canada

Summary results of a survey of activity in Canadian foreign exchange and derivatives markets conducted by the Bank of Canada in April 2004 are now available. Similar surveys were undertaken in 51 other countries during the same month, and the central banks of many of those countries are also releasing their results today.
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Semi-annual Foreign Exchange Volume Survey: Summary Tables – April 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

Market representatives

Stephen Best
London Stock Exchange Group

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

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
NEX Group

Miro Vucetic

Simon Watkins
BMO Capital Markets

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