Abstract
This study documents important similarities and differences in derivatives use between the
Canadian, U.S. and European risk managers. We find that the use of derivatives products is
more widespread in Canada than in the United States and Continental Europe. Overall,
most risk management programs remain in an introductory stage. Most firms have written
risk management policies, but do not benchmark their treasury performance. Also, the policy
is seldom integrated with the firm’s strategic plan. Canadian risk managers are less inclined
than their European and American counterparts to “take positions” based on their
views on the market.