As this is my inaugural contribution to Market Maker in my capacity as Chair, Canadian Committee for Professionalism (CCFP), I thought it would be relevant to outline the primary objectives of this committee and provide a brief history.
The Canadian Foreign Exchange Committee (CFEC) and the Financial Markets Association of Canada (FMAC) are joint sponsors of the CCFP, which was formed in 1993. The mission statement of the CCFP is: “To promote a high standard of professionalism and ethical conduct in the Canadian foreign exchange markets.” To this end, the Document of Organization outlines a number of key objectives:

1. To advocate the continuing improvement of market practices to enhance the self-regulatory nature of foreign exchange markets in Canada.
2. To provide educational vehicles which foster the understanding of 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 and the institution that they represent, in a confidential and expedient manner.
4. To communicate with foreign exchange market professionals, and related trade associations, on matters relating to market practices and ethical conduct.

The committee is comprised of five individuals who are invited to the CCFP at the request of the CFEC and FMAC. The Chair of the CCFP is generally the Past President of FMAC. The committee also includes the Chair of the CFEC, the President of FMAC, and two individuals selected jointly by the CFEC and FMAC, who have broad knowledge of the foreign exchange markets and sufficient stature in the market to engender respect.
Individuals with issues or concerns as they relate to the efficient functioning of the foreign exchange markets are encouraged to contact any member of the CCFP. This includes making use of the committee as an impartial, confidential arbitrator of market-related disputes.
The CCFP meets at the Chair’s request and the format of meetings is informal. Any recommendation or issue paper is presented for discussion at the CFEC before distribution and public disclosure. The committee uses FMAC as the vehicle to distribute information to the market.
Issues currently before the CCFP include the establishment of a process for the consistent determination of Canadian dollar trading ranges in North America, and the amendment of the value date changeover for spot Canada from 5:30 to 5:00 pm. The CCFP is also supporting a FMAC initiative to solicit Statistics Canada to amend release times for certain economic indicators to 8:30 from 7:00 am.

Rob Wittmann, Chair
Canadian Committee for Professionalism