Working Groups

Many members have agreed to form formal working groups to engage with each other on important issues, such as industry regulation, Treasury and ALM activity, money market liquidity, etc. Also, often regional working groups are formed when communication needs to take place across borders in a non-partisan way.


ACIFXC Working Group

ACIFXC Mission Satement

  • To inclusively represent the entire professional FX Market, including in the membership of ACI all Professional Market Participants (PMP’s), who, based on the principle of personal integrity, will individually uphold the values of the Model Code.
  • The committee to be focused on and comprised of FX Experts who will support both the Executive Board and Regional ACI’s and ensure that the views of the professional FX community are heard at the highest levels, in co-operation with other associations that have an FX voice when applicable.
  • The ACIFXC to work in concert with regulators and other FXC’s to promote a common global, orderly and transparent FX market and to lobby on regulatory issues as required. To recommend best practices and changes to the Model Code as and when necessary from a professional FX market perspective.
  • The ACIFXC will fully represent current and future trading styles and execution choices available to the FX markets professional participants and will actively facilitate the development of Regional Foreign Exchange Markets and their integration into the global marketplace.

ACIFXC Members

Title Country Name Financial Institution
Chair Netherlands/UK Stephane Malrait ING
Vice-Chair UK David Woolcock Eurobase
Member France/UK Stefan Hamberger CA-CIB
Member UK/Canada Morgan McDonnell Abacas
Member Denmark Niklas Karlsson Danske Bank
Member Russia Sergey Romanchuk Metallinvestbank
Member UK Nigel Brandon-Bravo ex Gain GTX
Member UK Anne-Maria Rothenstein Themis
Member France/UK Asif Razaq BNP Parisbas
Member USA Wolfgang J. Koester Fireapps
Member UK Roger Rutherford Tradition
Member UK Paul Chappell C-View
Member Australia Chris Knight XTX Markets
Member UK Bob Noyen Record Currency Management
Member Spain/UK Jon Healey BBVA
Member UK Alan Scott Integral
Member UK John K. Estrada CS
Member The Netherlands Tjerk Methorst PGGM


Derivatives Working Group

Mission statement

Group of professionals established in 2001 to address issues related on interest rates and foreign exchange derivatives, with a special focus on the Eonia swap market in the Eurozone and beyond.

Members represent most of the active banks in derivatives market in the Euro area UK and Switzerland.


Title Country Name Financial Institution
Chair France Eric Duclos BNP Banque Nationale de Paris
Members Belgium Geert Pacolet KBC Bank
Members Nederland Peter Jongmans Rabobank
Members Italy Fabrizio Tallei Banca Intesa
Members France Michael Zrihen Credit Agricole Lyonnais
Members Austria Hugo Neuhold BankAustria Vienna
Members Spain Francisco Javier Fernandez BBVA Madrid
Members Germany Lothar Matzat Deutsche Postbank
Members Germany Ralph Weidenfeller ECB
Members Switzerland Yvan Ducrot UBS AG Zurich
Members Ireland Alan Malone Allied Irish Dublin
Members Belgium Nico Van Hiel Fortis Bank Brussels
Members England Nicolas Dechosal BOA London
Members Milano Marco Aschieri HVB (Unicredito) Milan
Members England Philippe Moryoussef RBS London
Members Germany Michael Winkel Commerzbank AG
Members Portugal Rui Correia Barclays Bank, Plc



EURIBOR - The Vision of EBF and ACI

Beginning in 1997 the European Banking Federation (EBF) and ACI The Financial Markets Association (ACI) - with the support of thirteen affiliated European ACI associations - started negotiations on the founding of an Euribor® (Euro Interbank Offered Rate) fixing. In 1999 eleven countries adopted the EUR, the third stage of EMU set the irrevocable fixing of the exchange rates. The commencment date of the first Euribor fixing was 4 January 1999. The EURO Interbank Offered Rate - "EURIBOR" - is the money market reference rate for the euro. It is the rate at which euro interbank term deposits are being offered by registered panel banks - at 11.00 a.m. Brussels time.

EURIBOR ACI and EURIBOR EBF are international non-profit association under Belgian law founded in 1999 with the launch of the Euro. EURIBOR ACI members are representatives from ACI affiliated associations whilst EURIBOR EBF members are national banking associations in the Member States of the European Union.

Missions statement

Group of professionals, established in August 2004, who represents ACI at the European commission and ESMA, promotes meetings with European Financial Authorities and takes part in public consultations when affecting to Financial Markets.


Members represents euro countries and Switzerland.

Title Country Name Institution
Chair Spain Enrique Prados del Amo Gesmosa-GBO S.A. AV
Members Luxembourg Aly Kholl BCEE
Members France Etienne Jardel Société Générale
Members Germany Andreas Hauschild Commerzbank
Members Portugal José António Brito Caixa Geral de Depósitos
Members Italy Paolo Bosio Banca MPS
Members Switzerland Rainer Thueer UBS AG


Money Market & Liquidity Working Group

Missions statement

Group of professionals to address issues related to money markets, liquidity and regulations in the Eurozone and beyond.

MMLWG meets three to four times a year and setups conference calls with a focus on treasury and liquidity issues if urgent matters need to be discussed and addressed.

Members represents all euro countries and two associated members from UK and Switzerland.

ECB participates in MMLWG meetings as an observer.

First working group within the ACI Euribor established in July 1999 at the ACI Milan congress.

Minutes of Meeting


Title Country Name Financial Institution
Member Greece Zinia Chatzimpei National Bank of Greece
Member Ireland Darach O'Laery Bank Of Ireland
Member Ireland Deborah O'Neill Bank Of Ireland
Member France Frederic Pailloux Societe Generale
Member Switzerland Jacques Piasko Bank Julius Baer
Member Portugal Jose Carlos Mateus Montepio Lisbon
Member Spain Luis Soutullo Esperon Cecabank Madrid
Member Finland Marjo Personen Nordea Bank Helsinki
Member Spain Miguel Angel Monzon Garcia BBVA Madrid
Member France Pierre Le Veziel Credit Agricole Corporate & Investment Bank
Member Belgium Stefaan van de Mosselaer BNP Paribas Fortis Brussels
Member Austria Christian Stangl Raiffeisenlandesbank
Member Denmark Kim Winding Larsen Danske Bank
Member Netherlands Franck Beset Rabobank
Guest Europe Bruno Langfritz ACI Intl
Guest France Dominique Le Masson ACI France
Guest France Franck Hebeisen ACI France
Observer Europe Holger Neuhaus ECB
Observer Europe Jean Louis Schirmann ECB


Regulatory Working Group


Title Country Name Institution
Member Austria Müller Harald Dr. Erste Group
Member Belgium Johan Evenepoel Euroclear
Member Czech Republic Josef Jericha Citigroup
Chair Denmark Christine E. Habel PFA Pension
Vice-Chair Denmark Kim Winding Larsen Danskebank
Member Greece Zinia Chatzimpei NBG
Member Luxembourg Vincenzo Giunta Bperlux
Member Portugal Rui Correia  
Member Spain Gregorio Arranz
Member The Netherlands Celine Da Silva ABN AMRO
Member The Netherlands Arif Kallan ABN AMRO
Observer The Netherlands Frank Beset Rabobank
Member United Kingdom Anne-Maria Wilfling-Rothenstein Adsatis
Member United States John Drohan Drohan Lee

Regulatory Working Group Documents

10 February 2016: The European Commmission extends by one year the application date for MiFID II package.

Please find the following documents from various regulatory consultations from the European Commission. We trust that this information will be of interest to you. Should you be interested in assisting the ACI FMA on these matters, or should you have a question, please contact the ACI Regulatory Working Group by phone or email. We will be delighted to help.

More information: Textof MiFID II directive and regulation.