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 Bank
Vice-Chair UK David Woolcock Eurobase
Member France/UK Stefan Hamberger CA-CIB
Member Denmark Niklas Karlsson Danske Bank
Member Russia Sergey Romanchuk Metallinvestbank
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 Australia Chris Knight XTX Markets
Member UK Bob Noyen Record Currency Management
Member Spain/UK Jon Healey BBVA
Member UK Alan Scott SmartMoney
Member UK John K. Estrada CS
Member The Netherlands Tjerk Methorst PGGM
Member Greece Lina Charitoudi Piraeus Bank



Board of Education

Education Matters !

The Board of Education (BOE) is responsible for and advises ACI’s Executive Board on all decisions concerning formal education within ACI that is of an international nature. It proposes an ongoing strategy, defines the format and content, and also implements a marketing and communication policy of ACI’s education and examination program.

The BOE evaluates publications and study materials to be published under the ACI logo or in relation to ACI’s examinations, monitors examination centres or the relationship with the supplier of examination centres. It is an advisory body for all education matters of a domestic (national) nature. It advises all local ACI associations in the organisation of International Dealer Seminars and oversees the relationships with Academic partners.

Missions statement

ACI’s education mission is to promote the highest global standards of professionalism, competence and ethics in activities and products in financial markets through ongoing educational programs and examinations.


Title Name ACI National Association
Member Chris Howlett ACI Australia
Member Daniel Varni ACI Suisse
Member Elena Trimceska ACI Macedonia
Member Faris Ababneh ACI Jordan
Member Kennedy Bwalya ACI Zambia
Member Martin Runo ACI Kenya
Member Michael Guarino ACI Americas
Member Othniel Kwainoe ACI Ghana
Vice Chair Perry Savundranayagam Sri Lanka Forex Association
Member R Ravichandran ACI Singapore
Chair Rui Correia ACI Portugal
Member Sharma Rambocus ACI South Africa
Member Sladjana Sredojevic ACI Serbia
Member Tamer Khalifa ACI Egypt
Member Winy Tijono ACI Indonesia


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
Chair France Frederic Pailloux Societe Generale
Member Ireland Pat Byrne Bank Of Ireland
Member Greece Zinia Chatzimpei Independent
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 Spain Jimenez Dueñas Esther  Santander
Member Denmark Kim Winding Larsen Danske Bank
Member Netherlands Frank 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 Julija Jakovicka ECB


Regulatory Working Group


Title Country Name Institution
Chair Denmark Christine E. Habel PFA Pension
Vice-Chair  Denmark Kim Winding Larsen Danske Bank
Member Czech Republic Josef Jericha  Citigroup
Member Greece Zinia Chatzimpei NBG
 Member  United States John Drohan  Drohan Lee
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 Rothenstein Themis

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: Text of MiFID II directive and regulation.


ACI CWG (Crypto Working Group)

The ACI represents the interests of individuals engaged in professional trading, broking, operations, regulatory and compliance activities in the foreign exchange, money and derivatives markets. It has about 10,000 members globally. Our activity is focused around the four key pillars of: Community, Conduct, Education and Charity.

Conduct is the primary concern of the CFP (Committee for Professionalism) which is responsible for oversight and review of the use cases and questions used to measure members understanding of practical applications of the 55 Principles set out in the Global Code of Conduct.

The CFP is responsible for developing and maintaining ACI FMA's proprietary market principles and practices guidelines (formerly ACI Model Code) which provide comprehensive guidance to market participants on broader financial markets best practices across the trading lifecycle from front end execution to back office processing.

In the event of a dispute, the CFP is able to offer expert guidance and recommendations for resolution. In certain cases, the Chair of the ACI CFP may be called as an expert witness.

The CFP has established CWG to explore if and how the ACI should engage with the practitioners, technology and practices of the new and emerging world of Crypto.

Terms of reference


Questions raised for discussion

1. How will the Crypto community view this initiative?
ACI is an individual member-based organisation, our purpose is to provide information, operational frameworks and educational to them. We have invited Global Digital Finance (GDF) represented here by Lawrence and Teana to also bring this outside perspective. At present, GDF has 3 parts of the code ratified with the community:

Part 1: Overarching Principles for Cryptoassets Participants
Part 2: Principles for Token Sales
Part 3: Principles for Trading Platforms
They have two additional sets of principles in open consultation now, which will close on 31 January and will brought the the community for discussion and possible ratification at our next Mini Summit on 20 February:
Part 4: Principles for Cryptoasset Funds and Fund Managers
Part 5: Principles for Token Comparison and Rating Websites

2. What is the Association Digital Asset Markets (ADAM) and how does it align with CWG and GDF?
Both ADAM and GDF are corporate or entity member organisations. Their purpose is therefore different but compatible with our own. I will ask Lawrence and Teana to put this into their own words and also give us some background on ADAM and any other Industry initiatives at the meeting.

3. More broadly beyond Lawrence and Teena from GDF how is the group composed?

We have put together a group that has real professional regulatory experience (Anne and Nigel), Buy side market knowledge (Bob and Rebecca) and Sell Side/Broker experience (Caspar and Simon). David, Stephane and myself bring the working knowledge of ACI committee structures along with many years on both the Sell side and electronic platforms that straddle both.

4. How does crypto fit with Regulation? Traditional assets tend to be regulated in Silo’s (Securities, FX, Metals …) bit with Crypto, the Asset is both a new class and a re-invention of existing classes. STO’s are securities that are tokenized. Please see attached the FCA Guidance that Rebecca sent around.

Our focus is on the Wholesale Markets or OTC and the practitioners therein. Today this does not really exist for Crypto but as it grows and evolves, we all expect one to develop. This is a forward leaning initiative which intends to prepare and inform our members.

5. Why do a White Paper? What is envisaged here?
Please see

This White Paper from SIX (Swiss Stock Exchange operator) is interesting because it researches future scenarios and ranks them in terms of most likely to occur. It then accesses the impact and market infrastructure requirements of each scenario. In effect it is an open call for the organization to be prepared. The authors hope the information contained within is valuable but also hope that the broader community will point out it’s failings and where it can be improved. In other words, it's a tool for engagement that goes beyond the walls of the entity.


Title Name
Chair Alan Scott
Deputy Chair David Woolcock
Member Stephane Malrait
Member Rebecca Venis
Member Martin Liebi
Member Teana Baker-Taylor
Member Lawrence Wintermeyer
Member Urs Bernegger
Member Bob Noyen
Member Caspar Marney
Member Simon Tobler
Member Nigel Brahams
Member Robin Henry
Member Anne Pounds
Member Ian Taylor

Contact us

Tel : + 33 1 42 97 51 15