Working Groups and Committees

Many members have agreed to form formal working groups to engage with each other on important issues, such as industry regulation, Treasury and ALM activity, money market liquidity, etc. Also, often regional working groups are formed when communication needs to take place across borders in a non-partisan way.

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Board of Education (BoE)

Education Matters!

The Board of Education (BOE) is responsible for and advises ACI FMA’s Executive Board on all decisions concerning formal education within ACI FMA that is of an international nature. It proposes an ongoing strategy, defines the format and content, and also implements a marketing and communication policy of ACI FMA’s education and examination program.

The BOE evaluates publications and study materials to be published under the ACI FMA logo or in relation to ACI FMA’s examinations, monitors examination centres or the relationship with the supplier of examination centres. It is an advisory body for all education matters of a domestic (national) nature. It advises all local ACI FMA associations in the organisation of International Dealer Seminars and oversees the relationships with Academic partners.

Missions Statement

ACI FMA’s education mission is to promote the highest global standards of professionalism, competence and ethics in activities and products in financial markets through ongoing educational programs and examinations.

Members of the BoE

Digital Assets Committee (ACI DAC)

The ACI FMA DAC has been established to provide leadership and support to the membership, specifically:

• To monitor changes and engagement within Regulatory regimes;
• To monitor progress on Central Bank Digital Currencies (CBDCs) as well as on other stablecoins such as Tether, Circle and Algo stablecoins;
• To support the development of suitable ELAC (ACI FMA E-Learning, Attestation and Certification Portal) materials to enable the membership to broaden their skill set to encompass this new technology and Asset Class.

Terms of reference of the ACI DAC

• ACI DAC Terms of Reference (version 22 May 2022)

Questions raised for discussion

1. How will the Crypto community view this initiative?

ACI FMA is an individual member-based organisation, our purpose is to provide information, operational frameworks and educational to them. We have invited Global Digital Finance (GDF) represented here by Lawrence and Teana to also bring this outside perspective.

At present, GDF has 3 parts of the GDF Code ratified with the community:

• Part 1: Overarching Principles for Cryptoassets Participants
• Part 2: Principles for Token Sales
• Part 3: Principles for Trading Platforms

They have two additional sets of principles in open consultation now, which will close on 31 January and will brought the the community for discussion and possible ratification at our next Mini Summit on 20 February:

• Part 4: Principles for Cryptoasset Funds and Fund Managers
• Part 5: Principles for Token Comparison and Rating Websites

More information: Global Digital Finance (GDF) www.gdf.io and the GDF Code

2. What is the Association Digital Asset Markets (ADAM) and how does it align with ACI DAC and GDF?

Both ADAM and GDF are corporate or entity member organisations. Their purpose is therefore different but compatible with our own. I will ask Lawrence and Teana to put this into their own words and also give us some background on ADAM and any other Industry initiatives at the meeting.

More information: Adam-vision-and-founding-principles

3. More broadly beyond Lawrence and Teena from GDF how is the group composed?

We have put together a group that has real professional regulatory experience (Anne and Nigel), Buy side market knowledge (Bob and Rebecca) and Sell Side/Broker experience (Caspar and Simon). David, Stephane and myself bring the working knowledge of ACI FMA committee structures along with many years on both the Sell side and electronic platforms that straddle both.

4. How does crypto fit with Regulation?

Traditional assets tend to be regulated in Silo’s (Securities, FX, Metals …) bit with Crypto, the Asset is both a new class and a re-invention of existing classes. STO’s are securities that are tokenized. Please see attached the FCA Guidance that Rebecca sent around.

Our focus is on the Wholesale Markets or OTC and the practitioners therein. Today this does not really exist for Crypto but as it grows and evolves, we all expect one to develop. This is a forward leaning initiative which intends to prepare and inform our members.

5. Why do a White Paper? What is envisaged here?

This White Paper from SIX (Swiss Stock Exchange operator) is interesting because it researches future scenarios and ranks them in terms of most likely to occur. It then accesses the impact and market infrastructure requirements of each scenario. In effect it is an open call for the organization to be prepared. The authors hope the information contained within is valuable but also hope that the broader community will point out it’s failings and where it can be improved. In other words, it's a tool for engagement that goes beyond the walls of the entity.

Six Whitepaper Future Securities Value Chain Summary

Members of the ACI FMA DAC

Foreign Exchange Committee (FXC)

Foreign Exchange Committee Mission Statement

• To inclusively represent the entire professional FX Market, including in the membership of ACI FMA all Professional Market Participants (PMP’s), who, based on the principle of personal integrity, will individually uphold the values of the FX Global Code.
• The committee to be focused on and comprised of FX Experts who will support both the Executive Board and Regional ACI FMA’s and ensure that the views of the professional FX community are heard at the highest levels, in co-operation with other associations that have an FX voice when applicable.
• The ACIFXC to work in concert with regulators and other FXC’s to promote a common global, orderly and transparent FX market and to lobby on regulatory issues as required. To recommend best practices and changes to the FX Global Code as and when necessary from a professional FX market perspective.
• The ACIFXC will fully represent current and future trading styles and execution choices available to the FX markets professional participants and will actively facilitate the development of Regional Foreign Exchange Markets and their integration into the global marketplace.

Members of the ACI FMA FXC

Investment Committee (IC)

The inaugural meeting of the ACI FMA Investment Committee took place on February 1, 2024. 

Members of the IC

Money Market & Liquidity Working Group (MMLWG) merged with European Money Market Expert Committee (EMMEC)

The ACI FMA Money Market & Liquidity Working Group (MMLWG), originally founded at the ACI Milan Congress in July 1999, has been integrated and merged into the European Money Market Expert Committee (EMMEC) as of March 2023. The EMMEC operates under the European Money Markets Institute (EMMI). The EMMEC is a forum for interaction between money market professionals that represent national associations in Europe, being active in financial markets with particular expertise in short-term money markets.

The objective of the EMMEC is to exchange views and knowledge as well as share best practices related to important topics including (but not limited to) market liquidity, treasury, payment and settlement, market infrastructures, regulation, trends, and evolutions in financial markets.

Frank Beset presently holds the position of Chair for the European Money Market Expert Committee (EMMEC).

Please find https://www.emmi-benchmarks.eu/market-catalyst/euro-money-market-expert-committee/membership--chair/ the list of members, which includes representatives from national associations from Austria, Belgium, Denmark, France, Finland, Germany, Ireland, Italy, Luxembourg, the Netherlands, Spain, and Switzerland, in addition to observers and the EMMEC Secretariat.

More details can be found on the ACI FMA website: https://acifma.com/index.php/news/european-money-market-expert-committee-interview-spot-forward-emmec

The EMMEC is scheduled to convene a maximum of four times per year and, for detailed information, you can access the Committee's Terms of Reference here.

For further details regarding the EMMEC, please visit the official EMMI website at: https://www.emmi-benchmarks.eu/market-catalyst/euro-money-market-expert-committee/

Regulatory Working Group (RWG)

Members of the ACI FMA RWG

Regulatory Working Group Documents

10 February 2016: The European Commission extends by one year the application date for MiFID II package.

Please find the following documents from various regulatory consultations from the European Commission. We trust that this information will be of interest to you. Should you be interested in assisting the ACI FMA on these matters, or should you have a question, please contact the ACI FMA Regulatory Working Group by phone or email. We will be delighted to help.

• Press release 2016-02-10
• Directive MiFID 2016-02-10
• Regulation MiFID 2016-02-10

More information: Text of MiFID II directive and regulation.

Strategy Committee (SC)

The inaugural meeting of the ACI FMA Investment Committee took place on February 1, 2024. Mario Kolinsky was elected as Chair and Ileana Pietraru as Vice-Chair during the second meeting of the Committee, which occurred on February 23rd.

Members of the ACI FMA SC

Women in Global Markets Committee (WIGMC)

ACI FMA Women in Global Markets Committee's first meeting took place on April 4, 2024

Members of the ACI FMA WIGMC