ACI FMA Insights Nº 5
We are delighted to inform that the 5th edition of ACI FMA Insights Newsletter has been launched and it's now available!
In this special number, that celebrates one year of existence, please find the interesting input of Kim Winding Larsen, ACI FMA President, and the important contributions from Stéphane Malrait, as the new ACI FMA Chairman and Perry Savundranayagam as the new ACI FMA Vice-Chairman.
In addition, please read the statements from the new members of the Management Board: Jørn Luffe Sodborg, the new ACI FMA Europe co-President, and Khaldoon Al-Janini, the new ACI FMA Middle East President. Finally, in this edition, please read the insight from the ACI FMA Regulatory Working Group, and a detailed presentation of Anne-Maria Rothenstein, Vice-Chair.
The objective of the ACI FMA Insights Newsletter is to bring news and updates from ACI FMA activities to all our global ACI members, on a quarterly basis.
ACI FMA are longstanding proponents and influencers of ethical conduct and good market practices to all financial market professionals.
Welcome from ACI FMA President
ACI FMA Insights, the ACI FMA Newsletter, celebrates its 1 year of existence. Congratulations to ACI FMA for bringing to the community this source of alternative and relevant information and we extend our appreciation to every guest that has collaborated and contributed to the Newsletter.
Rushing from one virtual meeting to another, we can state that life is different from a year ago but, as nothing remains the same, we are slowly experiencing small changes that are reminiscent of the normality that we once knew.
This sense of anticipation and familiarity provides the world with an additional boost and joy. Step-by-step, the industry is opening and we expect to, in the near future, be able to meet face to face, in one of the meetings promoted by our National Associations or in any other financial markets' event.
In this edition, ACI FMA offers views from the new members of the Management Board and also from other members, well known to the industry and to the Association, that are now assuming different roles.
As such, we welcome the new roles of Stéphane Malrait as the new ACI FMA Chairman and Perry Savundranayagam as the new ACI FMA Vice-Chairman. Also, and as new members of the Management Board, ACI FMA salutes Jørn Luffe Sodborg, the new ACIFMA Europe co-President, and Khaldoon Al-Janini, the new ACI FMA Middle East President. Finally, in this edition, you can find insight from the ACI FMA Regulatory Working Group, and a detailed presentation of Anne-Maria Rothenstein, its new Vice-Chair.
ACI FMA, particularly after the Council meeting held on 9th June 2021, is experiencing a moment of transformation.
As with any renovation, ACI FMA’s future will encompass new ways of working and renewed goals but these adjustments are only possible because the Association acknowledges and appreciates the extensive work done, and the accomplishments achieved in the past.
Let’s embrace the exciting future ahead and recognise ACI FMA’s remarkable past endeavours!
Kim Winding Larsen, ACI FMA President
Message from ACI FMA Chairman and Working Groups and Committees Representative
One year ago, we started the first ACI FMA Insights Newsletter as a way of increasing communication between our National Associations, our Head Office, and our global Working Groups and Committees. It was also the start of a global pandemic, and nobody could have predicted how many changes it would make to our daily life at home, at work, and to our different organisations.
For many, it was a big challenge, but focus, controls, ethics, and networking helped all of us to continue to move forward and make progress.
On a personal note, being able to reach out and call my ACI contacts all over the world helped me to stay in contact and learn about the impact of the pandemic in different counties, but also helped me professionally to be able to resolve complex trading issues and for that, I really value the unique network that we have at ACI FMA.
There were also a lot of changes in our ACI organisation at national levels but also at global levels with a revision of the FX Global Code, different consultation papers from regulators across regions, and the challenges to adapt our education activities when exam centres were closed.
We also had to adapt to meet virtually and elect new Management Board members to lead our Association for the next few years. With your support, we managed to have great Council meetings and active debates at virtual Board meetings to prepare for that transition. I want to thank all of you for the support you gave during this difficult year and your participation in the selection process and the feedback received.
I would also like to take this opportunity to thank Bruno Langfritz for his contribution to ACIFMA for the last 40 years and his leadership as Chairman of the Management Board for the past 4 years. Without him, ACI FMA will not be where it is today and thanks to Bruno we are now in a strong position to move ACI FMA to the next level.
Stéphane Malrait, ACI FMA Chairman and Working Groups and Committees Representative
Message from ACI FMA Vice-Chairman and Asia President
Let me start by thanking my fellow Management Board members, Council, and overall membership for the faith placed in me to take on the role of ACI FMA Vice Chairman. It is indeed an honour and privilege.
With vaccine rollouts in most parts of the world being expedited, we are hopefully entering the last phase of the pandemic as it has been challenging for most of us, both professionally and personally.
However, I believe we are stronger for it.
The last year has changed our perspective of how we work and how we use technology; it has expedited critical projects and processes and overall forced us out of our comfort zones. Personally, it has made us reflect on the importance of family and friends, keeping healthy, and not taking things for granted. This holds true for ACI FMA as well; I believe we are stronger now than we were two years ago; this is a result of the various initiatives, projects, and changes we have undertaken.
One thing is for sure: we have all missed the opportunity of meeting up physically, networking, and sharing each other’s company. This is something that we do not have a workaround for! In my many years in ACI FMA, networking and building relationships have played an integral part in the success of our Association. This needs to recommence. Hopefully, the ACI FMA World Congress and ICA Conference 2021, in Dubai will provide that opportunity for most of us to do so.
Finally, I would like to thank our former Chairman Bruno Langfritz and all the previous Management Board members for their dedication, commitment, and passion for ACIFMA, the Head Office team in Paris lead by Kim for their excellent work and constant attention to detail, and the various Working Groups and Committees for the time and effort dedicated to ACI FMA. We are stronger today because of you.
Perry Savundranayagam, ACI FMA Vice-Chairman and Asia President
Message from ACI FMA Europe co-President
Firstly, I am very proud, humbled and feel honoured to have been appointed for the new ACI FMA Europe co-President position. It is a big vote of confidence in me and my employer Jyske Bank and I will not let you down.
I have now spoken with ACI FMA President Kim Winding Larsen and with Branko Petrovic who, as you know, is also our European co-President.
The next step will be to have individual calls with the ACI Europe National Associations under my responsibility.
This to get properly introduced, to explain more about my ideas and thoughts, and to hear from each of the ACI National Associations as to what they think about the current state of ACIFMA, what is good, and what might be less good. To discover where opportunities are seen and what is expected of me as newly elected ACI FMA European co-President. Finally, it will also be great to learn more about local ACI Events, Seminars, Courses, etc. at the national level.
Through these calls and discussions, I believe that, come early July, I will have a great and very useful overview of the current state of things, and some clear indications of what is expected of me to work toward being part of the ACI FMA Management Board as well.
An early idea to be discussed is a kind of a “rolling European calendar” which will be distributed by Branko and myself. That will give all European National Association’s a quick and useful view of what is planned and what is on the agenda for the next two months. At the same time, it might work as inspiration from one National Association to another and, who knows, maybe there is an opportunity to be part of cross-border ACI Events. That has definitely become a lot easier now that the world has become more virtual. I also see this as one step closer to improved co-operation across the National Associations.
I would also like to thank Marc De Bosscher for his dedication and work put into ACI at the National and International levels. I am glad Marc will continue to work for ACI in the role of ACI Belgium President.
Last but not least, I look very much forward to getting going. I aim to continue to strengthen the brand of ACI FMA and work on the solid foundation laid out over many years with the overall focus to keep and improve the relevance of ACI FMA, and to continue to work for a more transparent and well-functioning wholesale FX Market built on trust and integrity. All of this in close co-operation with the National Associations, the Management Board, and the dedicated staff at the Head Office in Paris.
My word is my bond.
Jørn Luffe Sodborg, ACI FMA Europe co-President
Message from ACI FMA Middle-East President
Exhilaration, pride, and gratitude: these are words that would describe the feeling of being on top of the world when your colleagues in the region give you their trust to represent them at the most prestigious and intellectual Association in the financial markets industry.
I am honoured to be part of ACI FMA, to promote its values and help with increasing the awareness of its goals, educational programs, and the exerted efforts to raise standards and to provide the ethical adherence of its members worldwide.
My experience in the financial markets for the last 26 years gave me a strong exposure and knowledge of the strengths, weaknesses, and challenges of the Middle East region.
This position of President of ACI FMA Middle East is highly motivating and a fantastic opportunity to bring my experience in building consensus between the region’s National Associations and strengthen the communication and cooperation between them.
As ACI FMA Middle East President, I also believe that my role will be to transmit the affiliated Association’s interests and concerns, to enhance the integration and interaction with the other regions, and to be an active participant in the progress of our Association globally.
My commitment to ACI FMA was clear, I acquired great knowledge of our education programme and contributed to the promotion of the highest global standards of professionalism and ethical conduct via ACI Jordan.
Collaboration between our region and ACI FMA’s Board of Education is very important at the current phase so that we can make further progress on promoting our most valuable tools: the ELAC portal, which allows market participants to train and adhere to good market practices advocated by relevant industry Codes (such as the FX Global Code), and our globally recognised exams, which continue to allow professionals to demonstrate knowledge and competence in key topics of the financial markets’ industry.
The Middle East is one of the world's fastest-growing markets in the banking and financial markets sector and with the retail currency market accounting for 8% of the global forex amount(BIS), here comes another challenge that should go hand in hand with this development happening in the financial markets in the region. By increasing the number of National Associations in order to get proper access to training, education, adherence to ethics, and networking exactly like the financial inclusion style, will give the region the tailwind necessary to excel.
The coming three years for me are full of challenges and opportunities. I am sure with the collaboration and support from all parties, I will be able to add the requested value.
Khaldoon Al-Janini , ACI FMA Middle East President
Message from ACI FMA Regulatory Working Group
Ongoing collaboration between the ACI FMA Committees and Working Groups – New Vice-Chair in the ACI FMA Regulatory Working Group
Apart from National Associations, the ACI FMA has several International Working Groups and Committees, namely the FX Committee, the Money Market and Liquidity Working Group, the Committee for Professionalism, the Crypto Working Group, the Regulatory Working Group, and the Board of Education. While the Working Groups and Committees have been formed for different purposes, they all have a common goal to assist, support, educate and inform the fellow members on both a national and international basis. For example, the ACI FMA FX Committee focuses on 'all things FX' including regulation impacting the FX markets. The Regulatory Working Group focuses on cross-asset class regulation and liaises/works with other Working Groups and Committees in the communication of global regulatory changes to the ACI FMA membership. Furthermore, many members of our Working Groups and Committees sit on other market committees, which facilitates harmonisation and a cooperative approach, particularly with regard to formulating and delivering responses to regulatory consultations. The landscape for regulatory response has been quite busy over the past 6 months and fortunately, we have seen some excellent co-operations between our Working Groups and Committees, which has enabled our voices and informed opinions regarding proposed regulatory change and guidance to be heard.
Anne-Maria Rothenstein, the new Vice-Chair in the ACI FMA Regulatory Working Group
A very frequent contributor, author, and organizer of the 'agile' regulatory response of our Working Groups and Committees is Anne-Maria Rothenstein, who is not only a founding member of the ACI FMA FX Committee (since 2010) and the ACI FMA Regulatory Working Group (since 2012, Vice-Chair since 2020), but also a member of the ACI UK Executive Committee since 2020.
Since most ACI FMA Board, Working Groups and Committees members are gainfully employed in full-time positions in buy and sell-side firms, as well as sometimes running their own businesses, time contributions to 'pull' these responses together are voluntary and are therefore highly appreciated.
Nevertheless, Anne-Maria has been involved in writing and contributing to the consultations since the very first submitted ACI FMA response by our FX Committee back in 2013. Over the years, she has authored/co-authored the ACI FMA’s consultation responses to various global and national regulators, including the ACI FMA’s response to ESMA on MIFID 2 Transparency Addendum, as well as ACI FMA’s response to BoE/FCA/HMT consultation on” Fair and Effective Markets Review”. Recently, she has 'held the pen' in ACI FMA´s response to ESMA consultation on MAR Refit (November 2019) and in ACI FMA’s response to the ESMA consultation on OTFs (September-November, 2020) and also to ACI FMA’s recent response to the Global Foreign Exchange Committee's review of the FX Global Code (proposed changes to principles, algo trading, last look and pre-hedging, amongst others).
Anne-Maria Rothenstein is an internationally experienced, bi-lingual compliance executive and consultant, with over three decades of experience and deep expertise in International Capital Markets (FICC) and Financial Markets Regulation and Compliance (FLOD & SLOD). Prior to her consultancy and compliance career, she enjoyed an extensive career in financial markets selling and trading OTC derivative and cash products (Rates, Currency, Equity, Credit) to a variety of ‘buy-side’ clients (Corporates – Multinationals, SMEs; Institutional- regional banks, asset managers, hedge funds and retail) in London, New York, Frankfurt, and Brussels. She has operated as the EMEA Head of Capital Markets Compliance & Treasury/Chief Compliance Officer/CF 10/SMF 16 for global custody banks. Anne-Maria recently joined B2C2 Ltd as the Group Chief Compliance Officer, B2C2 ltd.
ACI FMA Regulatory Working Group
2021 ACI FMA World Congress and ICA Conference
The next ACI FMA World Congress and ICA Conference will take place on 17th to 20th November 2021, in Dubai.
Please join us. All details about the event, information, and instructions on how to participate can be found on: