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ACI FMA Promoting Ethical Conduct

As the leading global trade association that represents the interests of the professional wholesale financial markets community, ACI Financial Markets Association (ACI FMA) is focused on enhancing the standards of ethical and professional behaviour by all market participants.

With the relevant and continuous relationship between its core values of Membership, Education and Ethical Conduct, ACI FMA leads and supports local, regional, and global initiatives that are launched with the purpose of promoting ongoing awareness and implementation of good market practices by all participants in financial markets.

Below you will find examples of some initiatives:

 

GDF Webinar - Global Cryptoasset Standards - 15 October 2024

ACI Financial Markets Association (ACI FMA) and Global Digital Finance (GDF) have announced the launch of a new Joint Standards Stewardship Working Group (WG), which sets out to promote and steward the GDF Global Cryptoasset Standards (the Standards) which were published in July 2023 and can be accessed here.

The Standards is a pioneering code of conduct designed for financial institutions engaged in intermediation activities in cryptoasset markets, including brokerage, custody, and settlement.

The new WG sets out to:

  • Develop applicable scenario and use cases for the implementation of the Standards on the ACI FMA’s ELAC (E-Learning, Attestation, and Certification) Portal;
  • Provide a sandbox environment for firms to test attestation and certification to the Standards through ELAC, thus supporting better alignment among market participants and promoting the consistent application of the Standards;
  • Ensure the Standards evolve as industry matures by maintaining it as a living document that reflects the industry’s ongoing priorities and concerns. As an example, the UK’s Financial Conduct Authority (FCA) has expressed strong support for the Standards and sees them as a valuable supplement to future FCA rules on cryptoassets.

To discuss the background and development of the Standards, and what to expect from new WG, GDF hosted a Webinar on 15th October 2024 with the following speakers:

  • Madeleine Boys, from Global Digital Finance
  • Marianne Webber, from Standard Chartered
  • Seha Islam, from EY
  • Stephane Malrait, from ACI FMA
  • Rui Correia, from ACI FMA

Madeleine moderated the Webinar and discussed the GDF's engagement with regulators on the Standards, including IOSCO, the FCA, SEC and HKMA. Marianne and Seha spoke about the development of the Standards, whilst Stephane and Rui spoke about the objectives of the WG and the utility of their ELAC tool to help develop training and education around the Standards for market participants.

Listen to the webinar

 

Sri Lanka Forex Association Session - FX Global Code: Supporting the Development and the Integrity of the FX Market - 10 May 2024

In order to promote the adherence and implementation of the FX Global Code in Sri Lanka, ACI FMA was invited to Colombo to deliver a series of Workshops for local market participants to understand how each of the principles of the Code apply in practice.

Prior to the second Workshop, held on 11 and 12 May 2024, ACI FMA has participated in a session entitled “The FX Global Code – Supporting the Development and the Integrity of the FX Market”, which was attended by local stakeholders in the Bank of Ceylon’s premises in Colombo and broadcasted live for all ACI National Associations in Asia.

After preambles from Brian Joseph and Tivanka Damunupola (from the Sri Lanka Forex Association) and from Shanaka Perera (ACI FMA Asia President), we heard Rui Correia (ACI FMA Executive Director of Education) deliver a presentation that focussed on the importance of the FX Global Code in the objective of developing a common set of guidelines that promote the integrity and effective functioning of the wholesale FX Market.

Listen to the webinar:

 

LBMA Podcast - Global Precious Metals Code - 21 September 2023

Our esteemed partner London Bullion Market Association (LBMA) has launched a Podcast entitled “Compliance Cosy Chat", a cosy internet corner for engaging discussions about compliance, regulations, precious metals, and everything in between.

Being hosted by Graham Jelf, LBMA’s Compliance Officer, and by Emmy Richardson, LBMA’s Senior Compliance Associate, the Podcast aims to provide listeners with rich insights, experiences, and expertise from LBMA’s guests.

As you know, the LBMA and ACI FMA have a longstanding partnership that aims to promote ongoing adherence to the Global Precious Metals Code.

Therefore, the Episode 1 of the Podcast covered the Global Precious Metals Code and Continuous Learning to it, as a methodology that can support market participants to adhere to the Code on an ongoing and sustainable basis.

In this Episode, Graham and Emmy chat to Rui Correia, ACI FMA Executive Director of Education, that shared invaluable insights into the ACI FMA’s ELAC Portal, which is designed to support all market participants in continuous training to the Global Precious Metals Code (amongst other Codes, Guidelines and Standard), therefore supporting LBMA’s members to the requirements of the Code’s updated version published in December 2022.

Listen to Episode 1 of the Podcast:

 

ACI Zimbabwe AGM: Presentation of the ACI FMA’s ELAC Portal – 13 August 2023

In order to present the current work being undertaken by ACI FMA, Roy Daniels, ACI FMA Africa President, was invited to attend the Annual General Meeting of ACI Zimbabwe which was held on Sunday 13th August 2023 in Cape Town, South Africa.

Over the course of his speech, Roy focussed on the importance of the ACI exams as important tools that support the development of individual market participants in their ongoing engagement in the financial markets. Amongst other topics, he also mentioned the ACI FMA Handbook – Our Best Practices and Further Guidance: Reinforcing Industry Codes (https://acifma.com/aci-fma-handbook), as a key initiative to support members’ adherence to the FX Global Code, the Global Precious Metals Code and the UK Money Markets Code, a subject that Roy later discussed with Mr. William Manhimanzi, Deputy Director of the Reserve Bank of Zimbabwe.

The event was organised by the Executive Committee of ACI Zimbabwe, chaired by its President Mr. Noah Kazingachire, and was attended by important stakeholders of their local financial markets that also enjoyed a presentation delivered by the Reserve Bank of Zimbabwe (amongst others).

In the AGM, Rui Correia, ACI FMA Executive Director of Education, also delivered a remote presentation targeted at the importance of the promotion and implementation of the ACI FMA ELAC Portal (https://acifma.com/elac), for continuous E-Learning, Attestation and Certification on those three industry Codes (amongst others). Rui detailed the structure and features of the Portal and showed the members of ACI Zimbabwe on how ELAC can help individual market participants to adopt, on a continuous basis, good market practices for financial markets.

 

ACI FMA Webinar: ACI FMA Handbook – 19 June 2023

In this Webinar, we have presented and discussed the following topics (amongst others) related to the introduction and development of the ACI FMA Handbook:

  • What is it and why is it needed?
  • How should it be used and maintained?
  • Where to access it and how to study it in our educational tools, which allow for an individual’s understanding and implementation of its guidelines (with a brief presentation of ELAC and of myACIFMA)?
  • How can it support the ACI National Associations and the financial markets industry?

The Webinar was moderated by Rui Correia, ACI FMA Executive Director of Education, and counted with the important participation of the following speakers:

  • Anne-Maria Rothenstein, ACI FMA Management Board and Chair of Regulatory Working Group
  • Kim Winding Larsen, ACI FMA President
  • Nisha Asha Bhambhani, Indonesia Foreign Exchange Market Committee
  • Stephane Malrait, ACI FMA Chairman

 

ACI FMA Presentation: Continuous Education... Challenge or Opportunity? – 19 May 2023

To ensure that all individual market participants, from all sectors of the industry, work together towards enhancing the integrity, fairness, and competitiveness of financial markets, ACI FMA firmly believes that continuous education is absolutely fundamental to ensure they adopt and implement sustained good market practices which are advocated by relevant industry Codes, Guidelines and/or Standards.

With that purpose, Rui Correia, ACI FMA Executive Director of Education, has delivered a speech to the attendees of the ACI FMA Croatia 31st Financial Markets Conference, held in Zagreb on 19th May 2023, focusing on the challenges and opportunities for continuous education.

In that presentation, he presented a brief outline of the main features of ACI FMA’s ELAC Portal (https://acifma.com/elac), a tool that helps all market participants to prove individual adherence to those Codes, Guidelines and/or Standards. He also shared details about the recently launched ACI FMA Handbook – Our Best Practices and Further Guidance: Reinforcing Industry Codes (https://acifma.com/aci-fma-handbook), and the attendees also had the opportunity to hear Nisha Asha Bhambhani, from the Indonesia Foreign Exchange Market Committee and member of the ACI FMA Regulatory Working Group, share their experience of integrating the ACI FMA Handbook in their Market Code of Conduct (Brown Book, 4th Edition).

 

Workshop: FX Global Code in Tanzania – 10 May 2023

The FX Global Code, which serves as a standard code for good practice in the wholesale foreign exchange market and is able to dispense a set of guidelines that encourage integrity of participants and its effective functioning. Conformity to such principles will ultimately result in a celebration of robust, fair, open liquid and appropriately transparent FX Market.

This webinar has highlighted the functions and extent of the FX Global Code, global trends - with a focus on key principles and solutions, and the importance of adherence to the FX Global Code.

Key discussion points included:

  • The Conception of the FX Global Code
  • Functions and Extent of the FX Global Code
  • Case Studies
  • Refinitiv / LSEG commitment to FXGC
  • Solutions supporting key principles
  • Education: Key for Ongoing Adherence to the FX Global Code

Speakers:

  • Liku Kamba, Manager Domestic Markets Department, Bank of Tanzania
  • Mohamed Laseko, Senior Manager, Currencies, Derivatives and Commodities, CRDB Bank Plc
  • Nsajigwa Martin Kasyanju, Senior Trader Global Markets, CRDB Bank Plc
  • Nuno Neto, Global Head of Central Banks and Financial Communities, Refinitiv An LSEG Business
  • Rui Correia, Executive Director of Education, ACI FMA

To access the recording, please click on: https://solutions.refinitiv.com/FXGlobalCodeTanzania

 

LBMA Webinar: Global Precious Metals Code – 19 January 2023

The London Bullion Market Association (LBMA), in a collaboration with ACI FMA, hosted an online webinar on the topic of “Global Precious Metals Code, Version 2: Everything You Need to Know”.

In December 2022, the LBMA released Version 2 of the Global Precious Metals Code, which sets out the minimum standards and best practices expected from Market Participants in the Precious Metals Market. These wholesale Market Participants are required to attest to the code by December 2023 and, consequently, LBMA has partnered with ACI FMA to assist them in demonstrating their adherence to the training element of the Code, via their ELAC online portal.

Kim Winding Larsen, President, and Rui Correia, Executive Director of Education represented ACI FMA in the webinar and shared with the audience the online training solution available on the ELAC Portal, the main objective of which is to help all Market Participants attest to the Code. The LBMA was represented by Emmy Richardson, Compliance Analyst.

To access the recording, please click on: https://www.youtube.com/watch?v=YNhEVbz0vJc

 

ACI FMA Webinar: FX Global Code... Education Matters! – 15 December 2021

The adherence of Market Participants to the FX Global Code is essential for its global implementation across all sectors of the FX Market. Education plays an important role in that regard, as it helps professionals with the practical application of good market practices in their daily roles.

But...

  • What level of educational activities should be applied by all Market Participants?
  • What would be the most appropriate format by which to deliver and/or access the necessary educational activities to ensure ongoing compliance to the FX Global Code?
  • Which department of a Market Participant's business should be involved in the conception and delivery of those activities?
  • How regularly should these educational activities be delivered?

In this Panel Discussion, we have heard views from various experts on how continuous education can support firms and individuals to enhance and develop their requirements for demonstrating ongoing adherence to the FX Global Code by all Participants, especially as the FX Market is increasingly complex and faces regular challenges.

In this Webinar, moderated by Rui Correia, Executive Director of Education at ACI FMA, we have counted on the presence of a valuable group of speakers:

  • Duarte Pitta Ferraz, Professor of Governance & Banking, Nova School of Business and Economics
  • Francisco Javier Fernandez Fernandez, Product Manager Global FX Client & Product Development, BBVA
  • Peter Skerritt, Chief Executive Officer, Peter Skerritt & Associates
  • Tobias Helmersson, Senior Market Operations Expert, European Central Bank

 

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