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Model Code 

 

  The Model Code.pdf 

 

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.

The CFP spent the summer of 2012 reviewing the Model Code and updating it to adapt to a changed market environment, seeking input and feedback from market participants, including heads of regulation and members of central banks and banks. The finished New Model Code was launched in February in London.
The need for The Model Code is becoming ever more pronounced; recent events since 2011 have shown the need for all practitioners to keep in mind the foundations on which the over-the-counter markets are built. A universal code of conduct, with comprehensive guidelines and best practices which span the whole system, from the detailed processes of the back office right through to the up-to-date functions of the electronic platforms utilised by the front office, will help in providing a moral compass and guidance to which all professionals can adhere

 

 Translations  Model code

Disclaimer: ACI is not  responsible as to the contents of the following translations:
 

 The Model Code - Chinese version

 The Model Code - Deutsch version

 The Model Code - Italian version
 

  

Model Code Updates

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 Background of The Model Code

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 

 

  

 

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