MMPRESIDENT’S MESSAGE
	I want to devote the bulk of my comments in this issue to responding to a number of questions that arose from the survey we did of our members during the 1998 membership drive. A copy of the survey and its results appear in this issue of Market Makerand I would like to take this opportunity to thank everyone who participated in the survey. We had a response rate of 25 per cent (anything over 10 per cent is generally considered to be a strong response) and the thought that went into the comments section leads me to believe that there is plenty of interest in FMAC and what we are doing. There were several dominant themes to the concerns mentioned, including the lack of clarity around the objectives of FMAC, the degree to which we are a professional organization, the extent to which we attempt to promote ethical practices within the marketplace, and the type of educational programmes we are offering. With regard to the objectives of FMAC, there are two things in the works that should give members a better understanding of what our goals are. Our web site is currently under construction, and when complete should give us a much better medium through which to communicate our ideas and strategies. Secondly, at our Annual General Meeting on 8 October we will present to you our business plan and progress to date. This presentation was originally planned for our meeting in March, but was postponed to accommodate Jean Charest, who, of course, did not end up accommodating us. This presentation should make very clear our vision for the Association, and I would invite you to forward your reactions to me or any member of the Executive Committee. From your comments on the survey there is obviously a desire to see FMAC take more responsibility for the professional aspects of the markets in Canada. We are actively trying to raise the profile of the Canadian Committee for Professionalism and the Canadian Foreign Exchange Committee by reporting to you in each issue of Market Maker about relevant activities of each group, and it is important to note that both the Bank of Canada and a representative of the broking community are permanent members of that committee. Issues regarding confidentiality and ethics both appear to be of concern in this market, and FMAC has taken a lead role in the past by conducting our “Benchmark Study of Business Practices” and by publishing the “Guidelines to Best Market Practices” in conjunction with the CCFP and CFEC. The latter will be available on our web site when complete. If anyone would like a copy prior to that please let me know. There were several ideas and comments with regard to education, including a desire to see more industry related seminars and workshops. In fact, in June, we participated with TMAC in their presentation of a one-day seminar on the ramifications of the introduction of the Euro, and while response was not overwhelming I believe it is the type of topic and event that will appeal to our members. I believe the one-day format or “luncheon speaker” type of program is appropriate for some topics, and will look to participate in more of this type of event. I think providing more information on the ACI Diploma course would be of use to members, and will attempt to have a presentation on it by a member of the Institute at the AGM in October. Once again, I would like to sincerely thank all of you that took the time to respond to our survey. Your input is very valuable in determining the course that FMAC will take. You will definitely be hearing more in the coming months. Karl Berger, President FMAC