ACI – The Financial Markets Association has strongly condemned the implications made in the Wall Street Journal article by John Wilke on May 15, 2002, dealing with a possible US Justice Department inquiry into FXall. In particular, the association strongly objected to the use of the phrase “a Wild West of global capitalism” which, it says, paints a totally inaccurate and irresponsible picture of the wholesale financial markets.
Heering Ligthart, president of ACI, acknowledges that the global FX market operates without any governmental control, but he believes, from a practical standpoint, it is impossible to implement controls over an international free marketplace. He stresses, however, that the vast majority of participant banks do have in place internal codes of conduct that closely and stringently regulate the activities of their professional staff operating in these markets. In addition, ACI – The Financial Markets Association has itself published The Model Code, the international code of conduct and practice for the financial markets, which has already been adopted in its entirety or in part in 16 countries around the world.
Ligthart says that ACI believes the key to ensuring that global markets operate in a well-managed and professional manner lies not in regulation but in assuring that the individuals operating in these markets are adequately trained, and abide – at all times – with accepted guidelines to best practice in the marketplace such as those outlined in The Model Code.