Careers

Role

The Financial Markets Department has a mix of operational and analytic duties. Its operational functions include: implementing monetary policy, managing the federal government's cash balances and foreign exchange reserves; marketing Government of Canada wholesale debt; and intervening in the foreign exchange market on behalf of the government to promote orderly markets for the Canadian dollar. The analytic duties include monitoring financial markets to improve the implementation of monetary policy and support the Bank's role as the federal government's fiscal agent. The department is active in conducting and publishing research on financial markets, with a focus on the efficiency and stability of Canadian capital markets.

Organization

The department focuses on building its knowledge of financial markets from both an operational and a policy perspective. This knowledge is used to serve two principal clients, the Bank of Canada's Governing Council and the Department of Finance. Most importantly, it advises on both the framework and the appropriate tactics for the conduct of monetary policy and the execution of monetary policy operations in overnight and foreign exchange markets. The department works in close collaboration with the Department of Finance to develop a cost-effective domestic borrowing plan for the government, for funding and investing the government’s foreign currency reserves, and promoting well-functioning financial markets in Canada.

The Financial Markets Department is organized into the following teams.

Department Management Team sets the future direction of the department, creates an appropriate work environment, and guides the business lines.

Research

The Research team conducts empirical and theoretical research on the fixed-income, foreign exchange, equity, and related derivatives markets. The team has strengths in asset pricing, corporate finance, market microstructure, auctions, financial engineering, and the modelling of risk. The team seeks to publish its research in leading journals, and has an active relationship with the academic community through conferences, co-authors and a seminar series for external speakers.

Market Analysis and Operations analyzes developments in the foreign exchange and Canadian financial markets and executes intervention in overnight and foreign exchange markets. More information

Foreign Reserves Management analyzes developments in the foreign fixed-income markets and manages the government’s foreign currency assets and liabilities. More information

Domestic Debt Management provides advice on and implements the government's domestic borrowing program. More information

Financial System and Monetary Policy Analysis team (FMPA) analyzes financial system and monetary policy issues from a financial markets perspective, develops policy approaches, and provides advice to Bank management. More information

Systems and Data Services and Business Support is responsible for computer systems, data management, business management, and administration. More information

Treasury, Auctions, and Settlement Systems (TASS) manages the government's domestic short-term investment and borrowing needs and conducts government auctions for securities and cash. More information

Montréal and Toronto Regional Offices identify and analyze longer-term trends in financial markets and liaise with a broad range of financial market participants inside and outside the dealer community.