MEMBERSHIP REPORT
 

The membership drive for 1998 has all but been completed and overall we are extremely pleased with the results. We have a total of 86 new members (so far!) and, on behalf of the executive committee of FMAC, I would like to welcome the new members. Year over year membership has stayed relatively constant at approximately 450 members. Membership breaks down as follows: International Members 201, National Members 243, and Associate Members 6. In a period of mergers and downsizing, maintaining membership numbers is commendable and especially so when compared to declining membership in the rest of the world. Increasing our membership base will continue to be a major challenge for FMAC, but with the initiatives that have been put forward, we are confident that we will continue to have a growing and active membership. As always, we ask that if you know of anyone with an interest in joining FMAC, or require any information, please do not hesitate to call Jeff Blanco or any FMAC council member. Numbers are on Reuters ACID and in the masthead of this publication.

Membership Survey

We would like to thank all of you who took the time to fill out our membership survey. (Results are posted below.) Twenty-five per cent of the surveys were completed and returned. We will use the results of our survey to redefine some of our objectives so that we are better able to meet the requirements of our membership. As always, we are eager to receive comments and suggestions from our members, so please feel free to pass them along.

 

4. How long have you been a member of FMAC/Forex Association of Canada?
    1-5 years 34%  
    6-10 years 34%  
    11-15 years 19%  
    16-19 years 9%  
    20+ years 4%  
           
  5. Class of membership
    International 71%  
    National 52%  
           
  6. Academic qualification
    University, graduate 65%  
    University, post-grad degree 20%  
    ACI Diploma course 7%  
    CFA 8%  
    Other:    
   
Associate of Institute of Bookkeepers
CIF, CSC (9), CGA, P. Eng.
CA, SSHGD, BCIT, FICB
University Undergraduate
Montreal Exchange
English College
Apprenticeship program for traders
Community College (3)
IDA Courses
Business School
           
  7. Other associations that you have membership in:
    TMAC 22  
    Toronto Bond Traders Association 0  
    Toronto Money Market Association 8  
    Women in Capital Markets 7  
    Other:    
   
TMA, TSFA, AIMR
Montreal Money Markets
Calgary Society of Financial Analysts
CICA, ICB,
Toronto Association for Business & Economics
Toronto Society of Financial Analysts
Board of Trade
Chamber of Commerce
Market Technicians Association
           
  8. Are you enrolled in the ACI Diploma Course?
    Yes 7%  
    No 93%  
           
  9. If you are not enrolled, would you like to receive information about the course?
    Yes 38%  
    No 62%  
           
  10. Have you taken the examination?
    Yes 13%  
    No 87%  
           
  11. If you are currently enrolled on the ACI Diploma Course, when do you intend to sit the examination?
    >
 4 indicated they expect to write in December ’98
    >
1 indicated expects to write in June ’98
    >
1 indicated expects to write in Fall ’98
    > 1 indicated: “When time permits”
           
  12. If you have taken the exam what comments do you have in relation to the course?
    > Staff has taken the course — good well rounded standardization process
    >
 Please do not schedule it at the same time as the CFA
    > Pre-exam course
    > I did the intensive 5-day course and quite enjoyed it. I feel the course is a good launching pad for further in-depth study
    > Hard course, poorly put together, too much time on discounts/yields
    > Too much money market
    > Well taught, relevant material. Good background introduction to markets
    > Excellent course
    > Course too compacted in terms of time
    > Good overall basic review
    > Enjoyed the course, but the course material needed to be updated. Some sections were well written while others were quite poorly done
    > Very good course, covering all aspects of treasury
    > I took the exam in the very first offering — so much has changed, it would be unwise to comment
           
  13. Which FMAC events have you attended in the last 2 years?
    All business meetings & the congress 13  
    Montreal chapter events 2  
    golf tournament 7  
    wine tasting in autumn 0  
    AGM 17  
    Forex ’96 2  
    Forex ’97 15  
    Montreal Forex ’96, ’97 32  
    All 18  
    Christmas ’97 28  
    All Montreal events 4  
    Summer parties 16  
    Money Market events 0  
    West Coast Forex meeting 4  
    Quarterly meetings 5  
    Regional Meeting Seattle, Washington 0  
           
  14. What new events would you like FMAC to organize?
    > more seminars, courses in Montreal
    > more seminars like Forex ­ USA
    > more regional conferences, workshops
    > treasury courses
    > educational seminars/sessions (5)
    > black-tie dinner (3)
    > day seminars
    > bowling
    > cycling tour
    > summer — picnic, baseball, BBQ on the Islands
    > a conference to clarify the effect on FX markets of the introduction of the “Euro” next year
    > keynote speaker lunches — political, economic, business, technical topics
    > race track night (2)
    > wine tasting
    > charity ball
    > charity events (2)
    > personal seminars (estate, tax, etc)
    > golf tournaments
    > regular dinner/lunch meetings, with relevant speakers
    > sporting events
    > women events
    > more speaker evenings
           
  15. Do you receive and read following publications?
    FMAC quarterly newsletter 62  
    FX and MM 37  
    Euromoney 36  
    ACI Briefing 28  
    The Canadian Treasurer 27  
    FX Week 41  
    Other:
      Canadian Investor’s Review
American Banker
Economist (12)
TMA newsletter
Global Finance
Technical analysis of stock & commodities
Barons (3)
Business Week
Forbes
Risk (3)
Benefits Canada
Futures
Financial Analysts Journal
Institutional Investor
Fortune (3)
Investor’s Digest
Wall Street
           
  16. What information would you like to see on the new FMAC Web site?
    > will have to check it out, didn’t know you had one until now
    > education programs
    > event notifications (9)
    > interesting financial links (2)
    > EMU changes/implications affecting banks & corporates
    > Canada economic stats.
    > relevant info. Concerning FX markets for America & rest of world (2)
    > any changes within the organization (2)
    > training and development courses (3)
    > conferences related to our business
    > job postings
    > personnel announcements
    > telephone listing (membership list) (3)
    > newsletter (2)
    > Canadian FX info.
           
  17. Please give us information about your use of FMAC’s Reuters pages, ACIC and ACID? These pages provide information about upcoming FMAC events, the events of other associations that may be of interest to members, and FMAC’s directors’ names.
    Do you find these pages to be:
      Very useful 7%  
      Useful 73%  
      Not useful 20%  
           
  18. How interested are you in receiving a FMAC Directory of Members?
    Very interested 21%  
    Interested 58%  
    Not interested 21%  
           
  19. What suggestions do you have that would strengthen FMAC’s relevance to you as a professional association?
    > to broaden the participation rate in CDA, the Board of Directors is too concentrated
    > better service to its members. My place of work is mis-stated and I seldom receive info. unless I ask.
    > less emphasis on “schmoozing” more on becoming a relevant professional organization
    > I am not clear on the purpose/goals of the organization
    > more profile, more teeth (guidance)
    > regional representation
    > Although I understand this suggestion is currently being addressed, there seems to be a lack of communication as to “what is it that FMAC is doing?”. This may be a result of there are (or seem to be) no industry related meetings/issues, trends etc.
    > continue to push in its current direction, support for professionalism — CCFA, support for education — ACI diploma course
    > provide info. on courses or seminars available and relevant in North America, i.e., technical seminars, derivatives, emerging markets, etc. Stronger ties with Bank of Canada
    > events, speakers, workshops, etc., relevant to professional development.
    > to take a leading role in the development of netting in FX and other markets in Canada.
    > “Corporate Customers” should not be involved in the Association.
    > perhaps an international directory of all members would be useful
    >
 keep bringing in “high profile” politicians, etc. Introduce controversial speakers. Events which will attract the bankers, investment dealers, and brokers to come, to make the organization tighter. Keep everyone aware of what you are doing. The internet should be very useful in this context.
    > I would like to see a more stringent guideline introduced and mailed to all association members and some follow-up to make sure all codes are being followed by everyone, traders & bankers alike.
    > include corporate FX market people
    > enhance the profile of CCFP/ethics and rotate a broker/s to the committee so he/she can contact, on a regular basis, the brokers for updates in the market place any problems that exist.
    > no suggestions, but only one question!!! Why are there two members of the Canadian Foreign Exchange committee that are based in the USA? Thanks for the good work.
    > less emphasis on the ACI Diploma & more on education on specific topics. Why not run a class on the forward market or option market? It would not have to be a credit or diploma but would provide education value.
    > Confidentially issues should be the only priority of FMAC until some of the current practices are cleaned up. (On both bank & broker sides)
    > Our office is Calgary. Your organization is Toronto based. Not sure anything can be done, practically speaking.
    > Pay more than lip service to ethics!
    > As a member of the Executive of the local TMAC committee, I believe more joint efforts would be a smart move, especially on the local level in order to benefit both associations. Perhaps a regular meeting, say bi-annually at least, would stimulate more ideas and co-operation. Both sides have much to offer their members.
    > To have a higher profile in the market place like other professional organizations.