Members of the ACI Financial Markets Association will be mandated to commit to adhering with the Global Code of Conduct for foreign exchange markets once the final document is released on May 25, a step that means approximately 9,000 individuals will have to sign up to the principles immediately or face losing their memberships, Brigid Taylor, the association’s managing director says.
The move is aimed at strengthening the ACI’s position as the organisation through which FX market professionals can obtain proof of commitment to the code, although firm-level attestations and a public register of individuals who have signed up to adhere with the principles are also on the table.
“As we near the final stages of the development of the FX Global Code, the focus is shifting towards commitment to the Code and adhering by its principles. ACIFMA is the largest trade association for the global foreign exchange market and is leading efforts to support education and adherence,” Taylor says in an exclusive op-ed for FX Week.
She notes that for the Code to be successful, it is essential that individuals commit to adherence, that they receive appropriate training and education necessary to comply and they sign up to “a solution where senior managers are able to observe and address any training and educational gaps amongst their subordinates”.
“This is where ACIFMA can play a central role. With a track record in delivering training, education, attestation and best practice principles that stretches back more than half a century, we represent more than 9,000 individuals in over 60 countries,” Taylor adds.
The association intends to make it a prerequisite for individual members to commit to adherence, and it is planning to extend its existing training and certification programme to support compliance with the code. The ACI also intends to use its E-Learning, Attestation & Certification portal as a central repository for education and training related to the Global Code.
“As a member of the Market Participants Group, ACIFMA has both contributed to and witnessed the extent to which market participants and policymakers have engaged, discussed, debated and worked together in the best interests of the wider market,” Taylor adds.