ACI the Financial Markets Association

ACI is a non-profit association that represents the interests of market professionals in the foreign exchange and money markets.

There are 14,000 international members in 68 countries. They work within a financial institution or a financial services provider, deal with financial trade or within a sales environment and act on global financial markets.

The head office of the association is in Paris, France. In November 2010, ACI's council decided to establish a new Representative Office in Beijing, China.

ACI intervenes on financial markets and consequently deals with the foreign exchange, interest rate products and money market securities, banknotes and bullions, precious metals and commodities and their various derivatives.

History

European Foreign exchange market reopened ten years after World War II. In this context, British and French traders took the opportunity to form an association whose objective is to represent the market community.

June 29, 1955: Maurice Plaquet from the French Forex Club and Roy Bridge from the London Forex Club organized an inaugural Forex Club dinner in Paris
1955–1957: 13 countries joined (USA, Canada and eleven European countries)
May 11, 1957: First International Congress of ACI: Association Cambiste Internationale

At the end of the 1960s, ACI had 25 national Associations, 37 at the end of the 1970s, and 50 at the end of the 1980s.

1994: during the London congress, the ACI was renamed ACI The Financial Markets Association, the role of the ACI is to follow market evolution and to broaden its competences to all financial issues (bonds, treasury...).

The associations objective is to ensure that market professionals are represented in actions aimed at shaping market developments within the regulatory environment, also the maintenance of ethics, the liquidity provided by traders on every market, arbitration and advice offered in case of professional disagreements, and the delivery of third party certification on a global scale (dealing certificate, operations certificate, or diploma).

Presidents

1956: Maurice Plaquet (France)
1962: Roy Bridge (United Kingdom)
1967: Guillermo Pelli (Switzerland)
1971: Jacques de Dumast (France)
1974: Joop Estourgie (Netherlands)
1977: Robert Leclerc (United States of America)
1980: Paolo Levy (Italy)
1983: Geoffrey Munn (United Kingdom)
1986: Hans Trelde (Germany)
1989: Willy Kestens (Belgium)
1992: David Clark (United Kingdom)
1995: Eugene Prim (Luxembourg)
1998: Heering Ligthart (Netherlands)
2004: Godfried De Vidts (Belgium)
2007: Manfred Wiebogen (Austria)
2010: Manfred Wiebogen (Austria)

International congresses

The 50th ACI World Congress took place in Budapest, Hungary, from 26 to 28 May 2011.

History of the ACI international congresses

Board of education

The mission of the Board is to develop educational programs and examinations, which promote standards of professionalism, competence and ethics in global financial markets. ACI delivers knowledge and expertise on developments in financial markets, with the cooperation of a global network of experts.

In 2010, 1,400 traders were certified in the three following exams: dealing certificates, diploma and operations certificates.
The educational program consists of:

a professional qualification provided in order to enhance career prospects, improve job performance, and set benchmarks within the industry,
communication with national regulators on the education and training of markets participants,
guaranteed market standards by working with regulatory bodies.

The Financial Services Authority (FSA, United Kingdom) recognised the ACI exam and certification program by listing it on its "List of appropriate Qualifications", published in the new FSA Policy Statement on Competence & Ethics (December 2010).

Committee for professionalism

The Committee For Professionalism (CFP) was founded by ACI, after the bankruptcies of the 1970s. Its role is to set standards for the markets operations within guidelines set out in a Model Code for the professional activities of ACI members.

It consists of a Chairman and a maximum of ten international members, coming from the five regions of the world, and whose objective is to represent the international markets and world areas.

The Committee also has other responsibilities:

provide arbitration and advice in case of professional disagreements,
the proposal of policies and guidelines regarding educational and professional standards, for members of ACI,
the drafting of summary reports relating to current market issues (e.g. risk and crisis management).

ACI Foreign Exchange Committee (ACIFXC)

In New York, November 2010, ACI decided to re-introduce a Foreign Exchange (FX) Committee on a global scale:

because of the substantial representation from practitioners
and the absolute necessity of an intervention in the largest financial market.

Its role is to represent every single trader, who are members of the national associations, on the FX market.

This initiative gives advantages:

ACI can interpret trends in the Foreign Exchange Market,
deliver its views to its wide network: 14,000 members in 68 countries,
develop ACI's activity and competence in FX markets,
works with other committees involved in the market,
interaction with traders,
and permits the recognition of the ACIFX as an FX international committee.

Euribor ACI

In 1999, while the euro was launched, ACI created the Euribor ACI, in cooperation with the European Banking Federation (EBF).

There are two categories of members:

the executive members: the national associations of ACI, in the Eurozone
the associated members: the national associations that do not participate in the Euro.

The association has a role in the management of the Euribor and Eonia indices, and cooperates with the ERC (Expenditure Review Committee), FBE working groups, the ECB (European Central Bank) ECB Money Market Group, the European Commission contact group and the ACI working groups (Money Markets and Liquidity, and the derivatives working groups).

The Euribor ACI is gaining recognition in its field:

thanks to the support of the EBF,
the ECB: appointed ACI members work within its working groups. A STEP (Short Term European Paper) was requested by the ECB. The final report, including recommendations of the 14 members, was published in 2004.

The STEP label for short-term papers was subsequently introduced and is considered to be the first successful initiative supported by the ECB, with more than €400 billion of STEP short-term securities.

The European Commission: ACI replies to its consultations on derivatives, market infrastructures, and financial directives.

Working groups

The Money Market and Liquidity Working Group (MMLWG) was formed in 1999, during the ACI Milan Congress, and gathers professionals together in order to consider issues related to these themes. It consists of 21 European countries' members and the participation of United Kingdom and Switzerland as associated members. The MMLWG meets three times a year, and can also organize extraordinary conferences if issues need to be immediately discussed.

The derivatives working group was established in 2001 with 19 of the most important European banks in derivatives and focuses on interest rates and FX derivatives.

References

External links

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