CANADIAN FOREIGN EXCHANGE COMMITTEE
:: Document of Objectives and Organization
9 May 2013
The objectives of the Committee are:
- to provide a forum for the regular exchange of views on foreign exchange market developments;
- to identify, analyse and comment on issues pertinent to the foreign exchange market;
- to review procedures, practices, and technical issues in the foreign exchange and related financial markets;
- to provide a channel for communication between the foreign exchange market in Canada and organizations and official institutions within Canada and abroad; and,
- to promote, to the community at large, the activities, decisions and views of the Committee, as representative of the Canadian foreign exchange market generally.
- The Committee is comprised of members who are representative senior officers of institutions actively participating in the Canadian foreign exchange market and the Canadian dollar market globally.
- The composition of the Committee is to reflect the interests of the major Canadian dollar market-making institutions in Canada and such other interests of the foreign exchange community as the standing Membership Subcommittee (as described below) believes will contribute positively to the ongoing work of the Committee. Members shall include at least one representative from the broking community, and a representative of the Bank of Canada selected by the Bank of Canada. The Committee may also include up to four non-resident members who are representatives from major institutions involved in the Canadian dollar market based outside of Canada.
- A representative from the Department of Finance is to be a non-voting, ex-officio member.
- A non-member representative of the Bank of Canada will serve as Secretary to the Committee.
- The Committee will not exceed 16 voting members, excluding the Secretary. A quorum is two-thirds of voting members. Members each have one vote. The Chair votes only in the case of a tie. Members may appoint substitutes, from their own organizations, to attend and vote on their behalf on an exceptional basis. Substitutes may be considered possible candidates for future membership.
- Each member will normally serve for a term of three years with roughly one-third of the membership terms expiring in any given year, although membership will remain, at all times, at the discretion of the Committee. For consistency, all terms will be deemed to end on 30 April.
- Members serve on the Committee as individuals, and are expected to reflect the broad interests of the foreign exchange market.
- The Chair of the Committee is elected by and from the current members of the Committee, for a term determined by the Committee. The standing Membership Subcommittee (see below) recommends appropriate candidates for this position.
- The Committee meets three times each year, or more frequently, as required. Prior to year-end, meeting dates are determined for the following calendar year. In unusual circumstances, additional meetings may be called.
- A standing Membership Subcommittee, consisting of a Chairperson, who is the member from the Bank of Canada, and three other members, as determined by the full Committee, identifies and proposes individuals for membership, based on their personal stature, breadth of experience and anticipated ability to contribute to the work of the Committee. The three other member positions serve a term of three years, with each one expiring in a different year on 30 April.
- The Committee may form ad hoc subcommittees, chaired by any of its members, to study specific issues. Outside participants may be invited to serve on such subcommittees.
- The Committee will issue an Annual Report of its Activities, to be made publicly available, informing of the Committee’s activities and membership.
- The Secretary prepares and circulates a notice of each meeting to all members and their substitutes. The Secretary prepares and circulates draft minutes of each meeting to all members and their substitutes for review and posts the final version on the CFEC website.