The National Foreign Exchange Association of Russia (NFEA) and industry group ACI – The Financial Markets Association have signed a Memorandum of Cooperation in Moscow.
The associations say they are going to combine their efforts in contributing to financial market development through the promotion and exchange of best business practices, knowledge and experience, educational materials and local markets information.
Godfried De Vidts, president of ACI says, “The Memorandum of Cooperation is aimed at developing local markets in the global context. This agreement will help the Russian financial markets to develop the recommendations established by ACI’s Committee for Professionalism. The need for education for local Russian market participants will be satisfied through close cooperation between the ACI Board of Education and the NFEA’s Committee for Professionalism, Ethics and Education.”
Yuri Denisov, vice president of the Bank for Foreign Trade and co-chairman of the National Foreign Exchange Association adds, “One of the most pressing needs of the Russian market is to absorb the culture and practices of mature markets and to establish and to develop – in a limited period of time – our domestic market infrastructure based on principles that have been elaborated by industrialised economies over the course of several decades.”
He says NFEA will promote ACI by launching and expanding its activities in Russia, and by cooperating with Russian institutions and obtaining more potential counterparties.
“What we want from ACI is its assistance in speeding up the evolution of our capital markets through the education and training of local traders and through setting guidelines for the introduction of new products such as derivatives and structured products,” he adds.