July 13, 1998

Dear Foreign Exchange Professional,

As part of our continuing efforts to enhance the integrity of the foreign exchange market through the promotion of sound business practices, the Canadian Committee for Professionalism, endorsed by the Canadian Foreign Exchange Committee and the Financial Markets Association of Canada has issued the following recommendation:

In order to bring the Canadian dollar into congruence with other major currencies traded during the North American trading day, the time of the value date changeover for the Canadian dollar will be changed to 5:00 p.m. EST (from 5:30 p.m. EST) effective August 3, 1998.

Rob Wittmann, Chair
Canadian Committee for Professionalism

Tim Noël, Chair
Canadian Foreign Exchange Committee

Karl Berger, President
Financial Markets Association of Canada