THE CANADIAN FOREIGN EXCHANGE COMMITTEE
LE COMITÉ CANADIEN DU MARCHÉ DES CHANGES
150 King Street West
Suite 2000
Toronto, Ontario
M5H 1J9
November 15, 2005
Dear Human Resources Department,
Re: Recommended Minimum Standard of Knowledge for all Personnel Involved in Trading and
Sales in the Canadian Foreign Exchange Marketplace
The Canadian Foreign Exchange Committee (CFEC), along with the Canadian Committee for
Professionalism (CCFP) and the Financial Markets Association of Canada (FMAC) recommend and
communicate best market practices for the Canadian foreign exchange marketplace. The objective of
our recommendations is to ensure that the self-regulated Canadian foreign exchange marketplace
functions smoothly and with a high degree of professionalism and integrity.
We believe that a key contributor to well functioning professional markets is ensuring that all
participants have a sound knowledge of financial markets, including dealing protocol, market
terminology, product characteristics (including risk and valuation), and permissible activities. As such,
we are recommending that as a best practice, all participants in the Canadian foreign exchange
marketplace have a minimum standard of knowledge that is equivalent to the information contained in
the ACI Dealing Certificate module. The ACI Dealing Certificate is an educational course offered by
ACI-The Financial Markets Association. The courses are developed by global financial markets
professionals, supported by an academic partner, University of Reading in London England, and
delivered electronically through Prometric testing centres around the globe. More information on ACI-
The Financial Markets Association, the Dealing Certificate syllabus and other ACI courses can be found
in the Appendix to this letter. All personnel involved in foreign exchange are encouraged to take the
ACI Dealing Certificate, and those who do not have the minimum standard of knowledge contained in
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