The CFP ambition was to update and build upon The Model Code, which was originally presented in May 2000 in Paris and the CFP started a process of drafting a new chapter on FX Best Practices in Operations for inclusion into the Code, a project which was announced at the ACI World Congress in Dubai.
Disclaimer: ACI is not responsible as to the contents of the following translations:
Update 1204 20120412_FX_Best_Practices_in_Operations_.pdf
Update 0904 20090407 Update on Appendix 6 - Main SWIFT Currency Codes => MNT and NGN
Update 0903 20090121 Update on Appendix 6 - Main SWIFT Currency Codes => SKK
Update 0902 20090108 Update on 8. Customer relationship, Advice and Liability
Update 0901 20090108 Update on 3. New Bank Holidays/Special Holidays/Market Disruption
The Model Code has been compiled in response to an urgent international need amongst dealers and brokers operating in the OTC foreign exchange, money and derivatives markets. The Committee for Professionalism (CFP) of ACI - The Financial Markets Association has become increasingly aware of this need through regular contact with its membership of over 24,000 dealers, brokers, middle and back office staff in over 80 countries.
Until recently, the syllabus for the Code of Conduct examination in the ACI Dealing Certificate recognised the Codes of Conduct of the four main centres: London, New York, Singapore and Tokyo in addition to the ACI's own Code. Candidates preparing for the examination were therefore obliged to undertake a long and arduous study of the provisions of all five publications.
Following a comprehensive review of the situation, the CFP concluded that, despite the existence of some difficult issues and of differences in structure, there was an urgent need for one international or global code that could cover the essential provisions of all five recognised publications.
The conduct and best practice recommended in the five codes is in general conformity and, with a few notable exceptions, the differences that do exist are mostly those of emphasis and scope. It was therefore felt that a Model Code embracing the main provisions of the recognised codes could serve as a valuable guide for the international dealing membership.
It would also serve as practical study material for junior dealers and, with an amended syllabus recognising the new structure, for examination candidates.
The need for a Model Code is more pronounced in many of the emerging markets where a professional code is lacking.
Background of the Model Code
Under the patronage of His Excellency Riad Salamé, Governor of Banque du Liban and Honorary President of ACI Lebanon, a Grand
Celebration was held on 1st of September 2014, at the Four Seasons Hotel in Beirut, to mark this momentous occasion.
Thomson Reuters in partnership with Financial Markets Association (ACI) hosted an information sharing forum yesterday, at which Governor Rundheersing Bheenick (second from left) pronounced Thomson Reuters a leading purveyor of intelligent information. (Image: Cecilia Samoisi)
Supporting Mauritius in its ambition to become Africa’s financial gateway by providing sophisticated and customizable technology platforms that cater to a specific client’s needs, Thomson Reuters in partnership with Financial Markets Association (ACI) hosted an information sharing forum yesterday, August 13, 2014 at Le Labourdonnais Hotel.
The event, which took place in front of 100-odd high profile guests, was opened by the Governor Rundheersing Bheenick, Bank of Mauritius.
For more details http://africamoney.info/thomson-reuters-helps-mauritius-cement-its-status-as-africas-financial-gateway/
Marshall Bailey ACI President's letter in FT welcomes the co-ordinated consideration
by central banks and global regulatory bodies of the adoption
of an international code of conduct to govern the rules and behaviour
of financial market professionals as individuals.