FX Global Code Training for Kenyan Treasurers, 18-20 May 2021

FX Global Code Training for Kenyan Treasurers, 18-20 May 2021
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  • Published Thu, 06/17/2021 - 17:17

Please read more about the FX Global Code Training promoted by ACI Kenya and Kenya Bankers Treasurers Forum (KBTF).

ACI Kenya, in conjunction with the Kenya Bankers Treasurers Forum (KBTF), recently arranged a training programme comprising three live FX Global Code webinars for all the Treasurers of Kenyan banks.

This programme, presented by Mr. Peter Skerritt from Peter Skerritt & Associates, was the first of several training initiatives being sponsored by ACI Kenya, to ensure adherence to the Principles of the Code by all local market participants.

The sessions were facilitated by Mr. Philip Wambua, Chairman of the KBTF, who welcomed the delegates to the first webinar-based training initiative for the Kenya Treasurers. Philip emphasised that the planned, mandated extension of this training to the respective treasury teams in the banks must be “inclusive, uniform and focus especially on practical applications”.

The Chairperson of ACI Kenya, Mr. Nicholas Mutua, added some opening remarks on behalf of the Association, pointing in particular to the objectives of “deepening markets, improving liquidity, and promoting efficiency”, all of which he believes “will be promoted by market-wide adherence to the Principles of the Code”. Nicholas also referred to the other FX Global Code training initiatives that are being organised by ACI Kenya, which are compulsory for all front office staff, as well as being open to the Operations Department and other treasury support functions.

The keynote address to officially open the programme was provided by Mr. David Luusa, Director Financial Markets at the Central Bank of Kenya. He began by first thanking the assembled Treasurers of the local banks for their response to the challenges of the COVID-19 Pandemic over the last 12 months, in ensuring the continued functioning of the local financial system. The Director explained that, while the mandate of the Central Bank is clearly the maintenance of financial stability, “the number one priority of the Governor at present is market conduct, and adherence to the Principles of the Code would go a long way towards disseminating acceptable standards of market behaviour”. He emphasised the importance of extending the subsequent FX Global Code training initiatives “right through to the junior members of the respective treasury teams, for whom such knowledge was paramount.”

All present agreed that the training was a success, and an important first step towards the adoption of the Code by the Kenyan financial markets.

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