During ACI Council, held in Paris on 25th?October 2013 at Banque de France, Chairman Eddie Tan submitted Ghana¡®s candidacy to councillors.?
Working group reports?
1. CFP(Committee for Professionalism) : Chair David Woolcock
Model Code ¨C launches had taken place in Switzerland and Germany post the official launch in London. It had been used in a publication from the TFMA on Operations and the ACI logo and accreditation had been added. The Chair of the CFP asked Council to recommend a commercial structure for use of the MC and the ACI logo going forward so that it was coordinated over all the committees. Road plan is to add further/expand existing best practice for aggregation (for FX in cooperation with the ACIFXC & EBS), rate manipulation and off market trades. Following the strategy of what do our users of the Model Code want
¨C these are all driven by identified requirements from users.
PR-Coordinated with ACI Intl and noted the Rate Manipulation & the FTT releases made in 2013.
The ACICFP continues to work with the ACIFXC on the FX Handbook and will recommend its use in the Model Code after the Berlin launch.
2. BOE(Board of Education) : Chair Claudia Segre
Statistics and Top10 results on exams are showing a wide ranging distribution of exams in Europe and incredible results coming from Africa and the Middle East. On the question of Eligibility of Local Exams, we have defined alternatives when is not possible to obtain an official endorsement. For Membership Empowerment,?we are finalizing a proposal to be submitted to the MB and Council in order to link membership to the new ACI Diploma and?MoC diffusion on a global scale.
3. ACIEur(ACI Europe& ACI Euribor ) : Chair Philippe Jeanne
ACI Europe meetings focussed on the transformation of the business models of banks following the impacts of the crisis and the pressure of regulatory constraints.
Banks also?have to cope with a playing field that is not homogenous depending on regions and even countries ( cf the Financial Tax that may be adopted in only a small number of countries ).
ACI Europe decided to continue to focus on the assets of the association (Education and Ethics ) and to reinforce its working groups, especially concerning regulation.
4. ACIFX ( ACI FX Committee) : Chair Stephane Malrait
The ACI FX Committee welcomed Patrick Fleur, Head of Trading and Execution at PPGM to the committee. The group now represent most of the FX industry from buy side to sell side, from banks, FX brokers, technology providers, pension funds to large corporate and currency management firms across the globe. ?Implementation of the DFA regulation with trading on SEF and the impact of FX liquidity and hedging decisions where heavily discussed, for the moment very low volumes on FX NDF and FX Options are trading on SEF. ?Other topics covered where the new ACI FX handbook to be published in 2014 and the work to do with the CFP on best practice for FX aggregation.
ACI The Financial Markets Association
ACI is a leading non-profit but also non-political association of wholesales financial market professionals. Members of ACI are in a large part engaged within the financial trading or sales environment in the global financial markets representing the Foreign Exchange, Interest Rate Products and other Securities, Banknotes & Bullions, Precious metals and Commodities and their various kinds of Derivatives. ACI counts some 13,000 international members from more than 60 countries.