ACI FMA & Industry Codes

Influencing industry behaviour, supporting market practice

Since 1955, ACI Financial Markets Association (ACI FMA) has represented the interests of individuals in professional trading, broking, operations, regulatory and compliance activities in global financial markets. Focused on three core principles of Membership, Education and Ethical Conduct, ACI FMA is committed to assist all Market Participants to operate to the highest standards of ethical and professional behaviour and to implement good market practices. 

ACI FMA's suite of educational tools and services are designed to support Market Participants from all sectors of the financial markets industry - individuals and organisations - to understand, adhere, attest and 'comply' with relevant industry Codes, and to convert their principles into good market practices for implementation in their professional roles.

 

FX GLOBAL CODE

The FX Global Code is a set of global principles of good practice for the foreign exchange market, developed to provide a common set of guidelines that promote the integrity and effective functioning of the wholesale foreign exchange market.

It was created by a partnership between Central Banks and Market Participants from 20 jurisdictions around the globe (including ACI FMA), and it is promoted, maintained and updated on a regular basis by the Global Foreign Exchange Committee (GFXC).

The purpose of the FX Global Code is to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of Market Participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available market information in a manner that conforms to acceptable standards of behaviour.

The FX Global Code does not impose legal or regulatory obligations on Market Participants, nor does it replaces regulation, but rather it is intended to serve as a supplement to any and all local laws, rules and regulations by identifying global good practices and processes.

ACI FMA has always been active in assisting the GFXC in the ongoing development of these important guidelines for the FX Market and our Association promotes global adherence to and implementation of the FX Global Code, on a continuous basis, by Market Participants in all sectors of the industry.

The FX Global Code (July 2021) is available on the following link:

https://www.globalfxc.org/fx_global_code.htm

The ACI FMA Statement of Support to the FX Global Code (July 2021) is available here:

 

UNITED KINGDOM MONEY MARKETS CODE

The UK Money Markets Code provides a common set of principles to promote the integrity and effective functioning of the UK money markets.

This Code has been developed, written, and is maintained, by UK Market Participants working as a Sub-Committee of the Bank of England's Money Market Committee. It reflects what the Participants believe to be best practices in the markets that it covers. Technical advice, support and secretariat facilities are provided by the Bank of England.

It is intended to promote a fair, effective and transparent market in which a diverse set of UK Market Participants, supported by resilient infrastructure, are able to confidently and effectively transact in a manner that is consistent with the highest standards of behaviour.

The UK Money Markets Code does not impose legal obligations on UK Market Participants, nor it is a substitute for regulation. It is a voluntary Code setting out the expectations of all who participate in the UK Markets. The Code, however, is not intended to be a comprehensive guide to doing business.

ACI FMA has fully endorsed the efforts that resulted in the creation of these important guidelines for the UK markets and continues to collaborate towards its constant development. Therefore, our Association promotes wide adherence and implementation to the UK Money Markets Code, on an ongoing basis, by Market Participants in all sectors of the industry.

The UK Money Markets Code (April 2021) is available on the following link:

https://www.bankofengland.co.uk/markets/money-markets-committee-and-uk-money-markets-code

The ACI FMA Statement of Support to the UK Money Markets Code (April 2021) is available on the following link of the Bank of England's website:

https://www.bankofengland.co.uk/markets/money-markets-committee-and-uk-money-markets-code/public-register

 

GLOBAL PRECIOUS METALS CODE

The Global Precious Metals Code has been developed to provide a common set of guidelines to promote the integrity of the wholesale Precious Metals market.

The Code has been prepared by the London Bullion Market Association (LBMA) following an extensive period of consultation with Members of the Association as well as Participants from the wider Precious Metals market. It is endorsed by the LBMA Board, comprised of Market Participants from a representative cross-section of the LBMA Membership. The LBMA's Precious Metals Code Working Group (PMCWG), with expertise in the regulatory aspects of the Precious Metals market, assisted with the preparation of the Code and continues to help to ensure that it remains fit for purpose.

It is intended to promote a robust, fair, effective and appropriately transparent market in which diverse groups of Market Participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour.

This Code should serve as an essential reference for Market Participants when conducting business in the Precious Metals markets and when developing and renewing appropriately tailored internal procedures. It is not intended to be a comprehensive guide to doing business in the Precious Metals market and it is not designed to be a manual outlining the operations of the global Precious Metals markets.

The Global Precious Metals Code (May 2017) is available on the following link: 

https://www.lbma.org.uk/market-standards/global-precious-metals-code

 

ACI FMA EDUCATION TOOLS SUPPORT INDUSTRY CODES

The members of ACI FMA are longstanding proponents and influencers of ethical conduct and good market practices, therefore our Association continues to create synergies that help expand our expertise and the usage of our education suite globally, as we firmly believe these reinforce the knowledge and competence of all financial market professionals.

To help these professionals adhere to and implement the good market practices of industry Codes in their daily procedures, ACI FMA developed (and actively maintains) a suite of educational products which allow Market Participants, on an ongoing basis, to learn, and attest their understanding of, the good market practices included in those Codes.

Specifically, our ELAC Portal is an innovative e-learning tool that helps Market Participants to test their knowledge of the content of those Codes, as it enables individuals and organisations to demonstrate adherence to them on a continuous basis.

Highly configurable and adjusted to the principle of proportionality, ELAC can be tailored at organisation, team and individual levels to support specific training and attestation requirements.

Currently, the standard version of ELAC supports the FX Global Code, the UK Money Markets Code and the Global Precious Metals Code, but the Portal may support multiple national and jurisdictional Codes and, if desired, an organisation's own internal Code of conduct.

To discuss how ACI FMA's suite of educational qualifications and continuing learning tools and services can become an integral aspect of your - and your company's - training and development resources, please contact us at education@acifma.com and we will be happy to assist you.

For more details on ELAC, please click on the following link:

https://acifma.com/index.php/elac

For ACI FMA's full suite of educational products, that include our FX Global Code Exams, please click on the following link:

https://acifma.com/about-education

 


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