CFA Institute Members Rank Ethical Behavior of Canada's Financial Services Professionals

    Complete results of CFA Institute Centre for Financial Market Integrity
    survey released today

    TORONTO, June 11 /CNW/ - In the inaugural Financial Market Integrity
Index (FMI Index) for Canada's financial services industry released today, CFA
Institute members were surveyed on the overall ethical behavior of financial
service professionals and market frameworks in Canada. The overall rating for
Canada was a strong 3.64 on a scale of 1 (poor) to 5 (excellent).
    The FMI Index is based on responses to a questionnaire that yielded an
overall "market integrity" score for various aspects of the Canadian market.
In addition to the numeric scores, written comments were also collected from
the respondents to better communicate their insights.
    The Canadian version of the FMI Index, which measured the sentiment of
CFA Institute members both inside and outside the Canadian market concerning
ethical standards in the Canadian market, was released today at a luncheon
hosted by the Toronto CFA Society. Reports on the U.K. and U.S. markets'
reports were released earlier this year.
    "The FMI Index provides relevant data points for our work in ethics as it
is based on the insights of professionals who, as members of CFA Institute,
are obligated to uphold the highest ethical standards," said Kurt Schacht,
CFA, managing director of the CFA Institute Centre, who presented the survey
findings at today's luncheon. "As the index evolves and more data is collected
throughout the years, the value to our work with various market regulators and
industry leaders will be enhanced by this input. The views of CFA
charterholders and members represent a global professional perspective and are
an important gauge on the state of ethics within various professions and
sectors of the industry."
    The CFA Institute Code of Ethics and Standards of Professional Conduct,
which outline what constitutes fair and ethical business practices, are a set
of principles that define the professional conduct CFA Institute expects from
its Chartered Financial Analyst(R) (CFA(R)) candidates, CFA charterholders and
    Among individual professions covered in the Canadian FMI Index, money
managers were viewed as the most trustworthy with an average rating of 3.56,
while the perception of ethical behavior of private equity and hedge fund
professionals earned the lowest rating, averaging a "below adequate" ranking
of 2.72. This was consistent with other country surveys conducted by the CFA
Institute Centre.
    Both corporate boards and corporate executives in Canada earned a rating
above "adequate" according to survey participants with ratings of 3.13 and
3.11, respectively.
    The index also tracked survey participant confidence in various market
foundations, such as regulatory protections, legal protections, corporate
governance standards, and financial transparency. Among these market
foundations, survey participants were the most confident in the transparency
of the Canadian markets (average rating of 3.37) and the least confident in
corporate governance (average rating of 3.18).
    The CFA Institute Centre intends to expand the index to several other
markets in the months ahead, reflecting the growth of the global membership of
CFA Institute. CFA Institute members will participate in this survey on an
ongoing basis, though the population of each survey will change as new members
join CFA Institute and some survey participants fail to answer the survey or
drop out of the survey pool.
    The various FMI Index reports may be accessed at
Credentialed reporters may request an access token by emailing

    CFA Institute Centre for Financial Market Integrity

    The Centre develops timely, practical solutions to global capital market
issues, promoting the highest standards of ethics and professionalism within
the investment community worldwide. Established by CFA Institute as a distinct
division with its own executive director and advisory council, the Centre will
build upon the CFA Institute 40-year history of standards and advocacy work,
especially its Code of Ethics and Standards of Professional Conduct for the
investment profession, which were first established in the 1960s. More
information can be found at

    Toronto CFA Society

    Toronto CFA Society is a not-for-profit organization supporting
professional development and advancement of CFA(R) charterholders. The society
provides member services including educational programmes, sponsored events,
job postings and networking opportunities. Founded in 1936, Toronto CFA
Society is affiliated with CFA Institute, the global body that administers the
Chartered Financial Analyst curriculum and sets voluntary, ethics-based
performance-reporting standards for the investment industry. Based in
Charlottesville, VA with offices in London and Hong Kong, CFA Institute has
over 90,000 members in 134 countries. With over 6,700 members, Toronto CFA
Society is the 2nd largest in the world, after New York. More information can
be found at

For further information:

For further information: CFA Institute, Jessica Galehouse, (434)
951-5376,; Toronto CFA Society, Christina
Cavanagh, (416) 366-5755 x222,

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