Alan Attwood, former ACI UK president and long-standing supporter of ACI – the Financial Markets Association, has died after a long illness.
Attwood was a well known figure in the UK and wider FX community. His career began in the back office of British Bank of the Middle East, from where he moved to the dealing floor. BBME was later amalgamated with HSBC, and after 14 years he moved to Credit du Nord in London as chief dealer. He then joined Raiffeisen Zentralbank and in 1990 moved to Chartered West LB.
One of the major codes of conduct developed around the turn of the century is being retired following the successful launch of the FX Global Code of Conduct. In a statement, ACI – The Financial Markets Association says it is withdrawing its Model Code, which was first released in 1999 and subsequently updated on several occasions in order to provide national associations and other stakeholders with uniform language regarding the current status of the Model Code, the re-writing of which, was put on hold in 2016.
It has been revealed that ACI – The Financial Markets Association (ACIFMA) is to draft an Amicus Brief, an expert submission on technical details, in defence of Mark Johnson, who is appealing his conviction in a US court for wire fraud relating to an FX hedging transaction for Cairn Energy. Johnson was sentenced to two years in jail following his conviction, but has since won an application for bail pending the appeal. Bruno Langfritz, chairman of ACIFMA talks to Profit & Loss about the Amicus Brief initiative.
ACI – The Financial Markets Association (ACI FMA) has filed an Amicus Brief on behalf of former HSBC FX trading head Mark Johnson, who is appealing his conviction and sentencing earlier this year for several wire fraud offences.
In the Amicus ACI says that if the US government’s “Illogical” position is allowed to stand, and the conviction is not overturned, bank dealers are unlikely to operate in the face of potential criminal sanctions simply for transparently and fairly hedging the uncompensated risk of “colossal loss” to their shareholders.
Keith Sedergreen stepped down as managing director of BGC Partners in Australia at the end of 2018 – he had been with the firm for two years having joined from a seven year career at rival inter-dealer broker Tullett Prebon.
Sedergreen, who is actively pursuing other opportunities in the financial markets industry, has been working in the inter-dealer broking space for almost 40 years including stints in London, New York, Johannesburg and Tokyo before settling in Sydney.
He is also the long-standing vice chair of ACI – The Financial Markets Association’s Committee for Professionalism, having been appointed to the position in late 2013 – in addition Sedergreen has been an active advocate for the FX Global Code, including the use of ACI’s ELAC (e-learning, attestation and certification) portal.