ACI Press Announcement: International Presidential Leadership
The Management Board reluctantly accepted Marshall Bailey’s decision to step down as President. We have agreed that he will remain in the post until 31 October 2016, but will continue to facilitate the strategic direction of ACI FMA, and assist with the leadership transition through June 2017.
Following the decision of Marshall to step down as International President, we have put intermediate plans in place to ensure an orderly transition and to keep the ACI FMA moving forward.
To continue our positive momentum, we are delighted that the Board has appointed (under Statutes article IX3.1.4) Brigid Taylor as an ACI FMA Managing Director for one year, starting 1 October 2016. Brigid is a well-known figure amongst us and we know that she is capable and articulate, and the Board supports her strongly in the interim role as President. Brigid will also be eligible to apply for the role as President when we start the process. Brigid will give up her role as Regional President and we will be looking for succession in that area.
During the transition phase, Marshall will continue to represent ACI FMA at the MPG until the completion of the global code of conduct in May 2017. As he is our key liaison with a number of regulatory and standard-setting bodies, especially in the Market Participants Group (MPG) of the Foreign Exchange Working Group at the BIS, the Management Board will work on a mutual arrangement for Marshall to continue to help us in this area.
In order to fill the role of International President, a recruitment process will be launched in due course. Our goal is to enable the Council to make a choice amongst a variety of strong contenders, and we shall respect the voice of Council in this decision. As always, Council will determine the strategic direction and leadership, but we are happy to have executive capability with Brigid in the meantime.
In parallel, we will also progress with the Governance reform project of the various bodies in play: Council, Management Board and the President.
As Marshall says: "Serving the international membership of ACI FMA has been an honour and a duty that I have taken very seriously. The ACI FMA has always been a leader in ethical training, and I am proud to have led these efforts over the past two and a half years.”
“A clear strategic path has been forged for increasing our capabilities in the role ACIFMA plays in education, conduct and ethical behaviour, and I am proud to play my part. Our collective efforts have laid the groundwork for a global industry to access training and certification for the most critical issue of today: professionalization and standards of trading behaviour.
"Our vision has become the market’s vision, and together with the Management Board, our Board Committees and national Associations, we have made some urgent and necessary reforms to a number of educational and adherence programmes.
“I would like to thank the Board and Council for giving the responsibility to represent ACIFMA. Between now and May 2017, I will work closely with all Board members, Council members and national associations to ensure a smooth handover."
Bruno Langfritz comments: "As European Chairman of ACI FMA, I thank Marshall for his leadership over the past two and a half years. He has been a tremendous guy to work with, and his positive energy and ideas have inspired us all. Marshall was the ACI FMA’s first ever full-time president and oversaw a period of enormous change for our organisation.
“It has been a great pleasure to work with him as he has lead an international effort to strengthen international conduct and ethical training in the global FX market. As a result of his leadership, the ACI is positioned to help the market with greater adherence measures on conduct, and professional training more broadly. The development of our ELAC Portal, now in place across many FX trading institutions, is evidence of that.”
Please join me in welcoming and supporting Brigid in her interim role; and also thanking Marshall for his hard work, dedication and leadership over the past 30 months.
About the ACI
The ACI is the leading association of wholesale financial market professionals from the foreign exchange, money fixed income and derivatives markets with a growing membership of more than 13,000 from 60 countries. Its mission is to contribute to the market's development through education, market practices and technical advice.
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The Code sets out global principles of good practice in the FX market to provide a common set of guidance to the market, including in areas where there is a degree of uncertainty about what sort of practices are acceptable, and what are not. This should help to restore confidence and promote the effective functioning of the wholesale FX market.