ACI – The Financial Markets Association held the second of its semi-annual Council and Executive Committee meetings in Santiago de Compostela, Spain, alongside the annual general meeting of ACI-Forex España last month.
At the meetings, ACI admitted Iceland as its 60th member country, represented by the association’s first president, Ólafur Ásgeirsson, general manager of Islandsbanki in Reykjavik, and vice president Ólafur Órn Ingólfsson, senior manager of treasury at Landsbanki Íslands, The National Bank of Iceland.
Meanwhile, Shadi Hanna, former President of Forex Club Liban and current President of the InterArab Cambiste Association (ICA) was confirmed as the new Regional Executive for the Middle East & Africa region.
Robert Wittmann of RBC DS, has been named as Regional Executive for the Americas, replacing outgoing Gerry Göhler, who is retiring this month. Wittmann was chairman of the Canadian Committee for Professionalism, and is being succeeded in this role by former president of the Financial Markets Association of Canada, Karl Berger of CIBC. The new president of the FMA of Canada is Sharon Grewal of RBC DS.
ACI’s Board of Education announced that the conversion of its flagship examination – The ACI Diploma – to electronic delivery was on schedule for launch in December 1999. This will complete the conversion of ACI’s exam portfolio to an electronic format. The Dealing Certificate and Settlements Certificate where launched electronically earlier this year.
In June 1999, ACI began offering its exams electronically through its association with Sylvan Prometrics. This has made studying and sitting the exams much more flexible, as candidates can take the courses at their own pace.
The ACI Diploma exam will be available in English and German, and ACI is looking into offering the course in additional languages (such as Spanish and Italian). The English version of the Diploma will be available by mid-December, while the German language test will be out by January 15.
Before sitting for the Diploma, candidates must first pass the ACI Dealing Certificate, which ACI calls a “Licence to Deal”. An improved English version of the ACI Settlements Certificate will be released in late January or early February, and a German language version will be made available for the first time.
The Code of Conduct portion of the ACI Dealing Certificate will be changed by June 2000, to accommodate the new Global Code that ACI plans to publish in January. So candidates who have passed the Introduction to FX & MM wishing to take the ACI Diploma exam must sit the separate Codes exam by June to complete their Dealing Certificate. After this date no separate Codes examination will be offered.
The Committee for Professionalism (CFP) will be launching the new Global Code of Conduct around year-end. This will combine the five major national Codes of Conduct of France, Japan, New York, Singapore and the UK, together with the existing ACI Code into a single version. The idea behind a international Code of Conduct is to provide a set of best practices to follow globally (with exceptions for national legal differences).
The French association, AFTB, is proposing to create a form of Federation of Financial Markets Associations in France, which would include AFTB, and other trade associations such as ISMA and ISDA. The Euro Working Group within the ACI Euribor Committee will be merged with that of ISMA.
“Not only [do these initiatives] make sense from the standpoint of efficiency, but they also fit with ACI’s stated goal to work as closely as possible with other financial trade associations,” says ACI president Heering Ligthart.
Finally, ACI has selected London-based P&L Services Ltd, publishers of Profit & Loss magazine, as the new publishers of its official newsletter, ACI Briefing. The newsletter, which is published nine times per year, has been redesigned by P&L in a new A3 format.