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              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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              Semi-annual Foreign Exchange Volume Survey: Summary Tables – October 2021

              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 dép?t et placement du Québec

              Dagmara Fijalkowski
              RBC Global Asset Management

              Lorne Gavsie
              CI Global Asset Management?

              Tom Gillie
              RBC Capital Markets

              William Kellett

              Sharon Kim
              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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