CANADIAN COMMITTEE FOR PROFESSIONALISM
:: Document of Organization
January 2007

The Canadian Foreign Exchange Committee (CFEC) and the Financial Markets Association of Canada (FMAC) are joint sponsors of an independent Canadian Committee for Professionalism (CCFP), formed in 1993.
Mission Statement:
To promote a high standard of professionalism and ethical conduct in the Canadian foreign exchange markets.
Objectives:
  1. To advocate the continuing improvement of market practices to enhance the self-regulatory nature of the foreign exchange markets in Canada.
  2. To provide educational vehicles which foster the understanding of the foreign exchange markets and related financial markets, in practice and theory.
  3. To arbitrate disputes, upon request, between two or more members of the community or the institutions they represent.
  4. To communicate with foreign exchange market professionals, and related trade associations, on matters relating to market practices and ethical conduct.
Committee Members:
The Committee is composed of a maximum of thirteen individuals who will be invited to join the CCFP at the request of the CFEC and FMAC, for a term of two years, with half the sitting Committee being present making a quorum, as follows:
  1. The Chairperson of the CFEC or his/her designate.
  2. The President of FMAC or his/her designate.
  3. One member representing each of the major Canadian dollar market-making institutions in Canada.
  4. One representative each from the Montreal foreign exchange community, the inter-dealer voice broker association, the inter-dealer electronic broking community, the foreign bank sector and the Bank of Canada.
Each individual on the Committee may satisfy one or more of the above requirements. A minimum of two members on the Committee should also be sitting members on the CFEC. All the members should have a broad knowledge of the foreign exchange markets in Canada, sufficient stature in the community to engender respect, and an anticipated ability to contribute to the work of the Committee. Traditionally the past President of FMAC has been asked to chair the Committee. If that is not possible, the Committee will select a Chairperson from its membership.
Committee Procedures:
  1. The Committee will meet at the Chair's request. The format of the meeting will be informal, and the Committee will report to the CFEC on a regular basis. Any recommendation or issue paper prepared by the Committee will be presented for discussion at the CFEC before distribution and public disclosure.
  2. The Committee will use FMAC as a vehicle to distribute information to the market.
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