MMReport from the CFEC
Tim chaired the
CFEC for over five years. He was also the Deputy Governor with responsibility
for financial markets at the Bank of Canada for seven years, and served
that institution for more than 30 years. As well, after his diagnosis with
ALS, a time when every day held new challenges, Tim established a significant
relationship with the ALS Society of Canada to raise public awareness of,
and help fund research into, this disease.The passing of
Tim Noël is very sad news for the Committee. With his expert knowledge
of financial markets and Bank policy, Tim was always forthright and practical
in his views. He chaired the meetings and helped to direct the work of the
Committee with an innate sense of fairness and good judgement. 
Tim Noël
The respect
that people felt for Tim only grew as he continued, in spite of ever-increasing
physical limitations and discomfort, to carry on the work of the Committee
and the Bank. He did this with the same humanity and good humour he always
brought to his work. Tim was truly an inspiration to us all and I speak
for the entire Committee when I say he will be greatly missed.
As an indication
of the high regard in which Tim was held in the financial community, news
of his diagnosis mobilized his friends to establish the Tim E. Noël
Endowment Fund for research into ALS. People have worked tirelessly within
the financial community to build this fund to over $1 million. We are
proud that Tim’s name and legacy will live on through this Fund.
In other news,
the Committee last met on May 17th in Toronto. The most significant development
at that meeting was the decision of the CFEC, the CCFP and the FMAC to
adopt the ACI’s Model Code as the standard for Best Market Practices
in the Canadian foreign exchange marketplace. The Model Code provides
a useful updating to the Guidelines to Best Market Practices for Financial
Market Personnel in the Canadian Foreign Exchange Market that was released
in 1997.
In March, the
CFEC’s year 2000 Report on Activities was distributed to all financial
institutions in Canada known to be active in the foreign exchange market.
Additional copies of the Report can be obtained by contacting the Secretary
of the Committee at 416-542-1339.
The next meeting of the CFEC has been scheduled for September 27th in
Montreal.
Rob Ogrodnick, Secretary
Canadian Foreign Exchange Committee
