ACI UK News and Coming Events!
SAVE THE DATE!
ACI UK - Square Mile Debate - Thursday, 5th March 2015
prestigious event will take place in the City on the evening
of 5th March 2015 and will debate the highly topical
issue of "Market Integrity: Regulation
or Conduct?". We are delighted to
announce a distinguished panel of industry experts to lead
the debate including Marshall Bailey, President, ACI
FMA; Guy-Charles Marhic, FXCG Secretariat, ECB; Patrick
Fleur, Head of Execution and Trading, PGGM; Alex McDonald,
CEO, WMBA; Richard Metcalfe, Director of Regulatory
Affairs, Investment Association and Gavin Wells, Chief
Executive Officer, ForexClear/LCH.Clearnet.
More information and registration details to follow.
Please put this important industry event in your diaries now! (Event timing c. 17.30 - 21.30).
Other forthcoming events:
FXInvest Europe, 24th February - Marshall Bailey, ACI President - keynote speaker
Marshall Bailey, global ACI President, will be making a keynote
presentation at the 8th Annual FXInvest
Europe conference in Frankfurt, February 24th, on the
- To what extent will the FSB findings and the FEMR restore confidence between asset managers and service providers and in the wider market as a whole?
- How can transparency be increased when fixing benchmark rates
- Examining the impact of regulation on the FX market
- Progressive evolution vs reform
- Are we witnessing the end to the era of light-touch forex regulation- will regulators take punitive action against non-compliant firms?
AFME Liquidity Conference, 25th February - special discount for ACI members
Through our close partnership with the Global
FX Division of GFMA, we are very pleased to be able to offer ACI
UK members a special discount to attend the 10th
Annual European Market Liquidity Conference taking
place in London on 25 February 2015. To take advantage of this
exclusive discount, enter the promotional code 'ACI'
when completing your registration and recieve the AFME
member rate of £625.00 (standard non-AFME member rate
Registration link: www.afme.eu/Events/2015/Market-Liquidity/Registration/
ACI UK 2014 Year End Review
Our industry under the microscope; one code to guide us all?
Message from Morgan McDonnell, ACI UK President
2014 has been a tumultuous year for our markets; continuing controversy surrounds alleged benchmark manipulation resulting in large fines for a number of institutions and the prospect of criminal proceedings against those few bad apples alleged to have been party to this activity. As the guardians of the only global code of conduct created and maintained specifically for FX and OTC markets, we are actively involved in ongoing consultations with regulators and other bodies to prove the relevance and value of the ACI Model Code as the benchmark for industry behaviour - for individuals and institutions alike. We are of course very proud to say that every ACI member, globally, accepts the principles and practice of the ACI Model Code as a condition of membership.
The recent recommendations of the FSB Benchmarking consultation endorsed formal adoption of codes of conduct and acknowledged specifically ACI's ongoing commitment to promoting rigorous and consistent standards of behaviour around the world. The ACI Committee for Professionalism, comprising of industry practitioners representing every section of our community, continues to formulate policy on educational and professional standards, advises on ethical guidelines and maintains and updates the Model Code to reflect new requirements and regulations. Marshall Bailey, our global president, myself and others speak frequently at industry events and to the media on this subject and we will continue to bang this drum hard to ensure that we all continue to enjoy the freedoms of self-regulation.
As Marshall Bailey observed at the FXWeek London event in November, "to be left alone to act responsibly, one has to act responsibly" and we believe firmly that standards must be set (and seen to be set), that education must be available and required, that the right controls must be in place to enforce behaviours and that accountability must be real, both in terms of individuals and the entities that supervise their activity. To this end, we are engaged in a programme of high level discussions with banks and other financial institutions across the globe to discuss how our Model Code can and should form the foundation of internal and market-wide 'rules of engagement' and to promote the advantages of a single, global code as the most efficient and effective industry-wide solution and important first step towards redeeming our somewhat tarnished reputation.
Supporting and reinforcing this strategy are enhancements to our education offering introduced in 2014 . We're delighted that members passing ACI exams in the UK - including the ACI Dealing Simulation Course - now earn CPD points (with formal accreditation from The CPD Certification Service). Individuals are required increasingly to demonstrate continuing professional development; formal recognition of ACI's structured approach to learning reinforces the importance and relevance of our education suite within the professional development framework. In 2014 we also launched a new exam, the Model Code Certificate, and introduced a Model Code module to the syllabus of the ACI UK Dealing Simulation Course. This ensures that that newer members of our community, involved in every aspect of trading from the front office to the back, are fully aware of the Model Code and its relevance and importance as the 'moral compass' of industry behaviour.
Finally, I'd like to extend my deepest thanks and gratitude to all members, sponsors and supporters of ACI UK in 2014. This is your association and our success is entirely attributable to the individual commitment of each and every one of you as proactive and visible examples of the values we extol. No better is this illustrated than by the £38,000 raised at the annual ACI UK Charity Golf Day in July which enabled us to fund our 52nd Variety Sunshine Coach - an amazing achievement. On that inspiring note, and on behalf of the ACI UK Committee, I'd like to wish you all a very happy and successful New Year. We look forward to welcoming you at ACI UK industry, education, charity and business networking events in 2015.
Morgan McDonnell ACI UK President December 2014
ACI UK Membership
The membership renewal process for 2015 is underway and all members are required to pay their annual subscription (runs from January 1 to December 31). This remains at the very reasonable sum of £100 per annum and gives members access to a full calendar of business, social and charity events throughout the year. Please click here to renew your subscription now.
Having emphasised the importance of the Model Code, it goes without saying that to demonstrate our relevance we must maintain and grow our membership, particularly in major financial centres like London. We're pleased to say that UK membership has increased, year on year, for the past few years. In proportion to the size of the UK market, however, it should be a much larger number than it is. It's particularly vital that banking and broking professionals support their industry association - not least because ACI remains the only trade association to represent the interests of individuals not organisations. We would be delighted to come in to explain our role and the benefits of ACI membership to your colleagues and managers. Please contact us now to set up a meeting.
ACI UK Sponsorship
It's often said, but we really couldn't deliver our business, social and charitable events without the generous contribution of sponsors. As such, we are immensely grateful for the support we received from UK sponsors in 2014 and we'd like to take this opportunity to thank Bloomberg, CLS, CME, Dealhub, DSquare, EBS/ICAP, Eurex, Equinix, Gain GTX, LCH Clearnet, LMAX, Markit, ParFX, RBS, SEB and Software AG for their contribution to - and participation in - ACI UK events in 2014. We will be approaching existing and new sponsors over the coming weeks to seek your commitment in 2015 in order to deliver a very full calendar of activities - business and social - for the benefit of members in 2015. For more information about sponsorship opportunities in 2015, please contact Tina Kane.
ACI UK Education
We are delighted to confirm that in 2014 ACI UK became members of The CPD Certification Service and achieved independent accreditation for ACI qualifications taken in the UK, including the new Model Code Certificate and most recently, the ACI UK Dealing Simulation Course. We are further delighted to announce that Oliver Madden, ACI UK Education Secretary, has been appointed to the ACI Board of Education, in which capacity he will continue to drive industry awareness and takeup of these valuable and relevant qualifications. In the new year, we will host a series of Lunch and Learns to highlight the value and benefits of ACI qualification/accreditation. For more information about ACI examinations click here. To find out about the ACI Education Programme generally, please contact Oliver Madden.
- ACI UK Dealing Simulation Course - huge success in 2014. Register your interest NOW for June 2015!
The 2014 ACI UK Dealing Simulation Course, run in association with ACI Australia, was held from 17-21 November at the Marriott Hotel, Bexleyheath. A full complement of delegates from banks, brokers, platforms and vendors, organised into 9 teams, spent an intensive week 'trading' FX (Spot, Forwards and Options) and gaining first hand experience of the live trading environment from the perspective of a broker, dealer and client. Throughout the week they also heard from industry practitioners on a range of topics including clearing, regulation, risk management, prime broking etc. As usual, the course was both extremely hard work and great fun and the feedback from all participants was overwhelmingly positive. Our thanks go to Sue Attwood (ACI UK), Chris Howlett and Gary Lartin (ACI Australia), Alan Clarke (BBVA), Darryl Hooker (EBS), Reny Morsch (Eurex) and Roger Hawes for their enormous commitment to delivering another hugely successful course. Special thanks also to our guest presenters who gave up their time to impart their knowledge and insight - Julian Gladwin (CLS), Chris Dudley (Bloomberg), Kathleen Brooks (Gain), Jon Healey (BBVA), Basu Choudhury (LCH Clearnet), Alex McDonald (WMBA) and Noel Singh (ABN AMRO).
The 2015 ACI UK Dealing Simulation Course will take place in June 2015 (NOT November). The venue is likely to be the same a 2014 (Bexleyheath Marriott) and the proposed dates are 1-5 June. To register your interest - or a colleague's - now, please contact Sue Attwood.
ACI UK Charity
Charity is one of the cornerstones of our activity and we are delighted to have continued our strong tradition of fund-raising and charitable support in 2014.
- Annual ACI UK Charity Golf Day - the 16th annual Charity Golf Day took place on Monday 14th July at Buckinghamshire Golf Club, raising over £38,000 for Variety - the Children's Charity to fund another Sunshine Coach for disadvantaged/disabled children in the UK. We were also able to fund the Variety Big Top Christmas event for children that took place in early December. As always the Golf Day was hugely oversubscribed - book early in 2015 to avoid disappointment! The overall winner on the day was the LCH Clearnet team, followed closely by Caplin and FlexTrade. Many thanks to our Diamond Sponsor, CME Group and to all the other sponsors and supporters of this fabulous event. For more information and photos, click here.
- Futures for Kids - Walk to Work and FFK Day - May 15 2015 - in addition to Variety, we also support Futures for Kids and look forward to being active participants in the 2015 Walk to Work and FFK Day on May 15 2015. We will send out more detailed information in the New Year but you can find out more about how you can participate directly (and indirectly through sponsorship) here.
ACI UK Football Tournament - another great event, this annual tournament took place in early October 2014 at the London Soccerdome in Greenwich Park. 16 teams battled it out, with Markit emerging triumphant as the overall trophy winner. This event was also oversubscribed - apologies to the teams that couldn't play this year. We'll look at expanding the event in 2015 to accommodate demand and hope you will all sign up again. To register your interest now in the 2015 event, contact Events@aci-uk.com.
ACI UK Community - Networking Events
In addition to the regular First Thursday Networking events held at various venues in the City, we held two fantastic seasonal events in June and December. Thanks to our sponsors Dealhub, Gain Capital and Software AG for supporting these events in 2014. A full calendar of all ACI UK 2015 events will be published to members (and at www.aci-uk.com) in the early new year so you can get all the relevant dates in your diaries.
2014 ACI UK Dealing Simulation Course - another huge success
The 2014 Dealing Simulation Course (17-21 November), run in association with ACI Australia, was another massive success. 27 delegates from banks, brokers, platforms and vendors learned exactly how the FX trading environment works in a very intensive 5 day programme. As well as gaining hands on trading and broking experience, delegates heard from industry experts on topics including Forwards, FX Options, Clearing, Settlement, Risk, Regulation etc. Our sincere thanks to UK DSC 2014 sponsors Bloomberg, EBS and LCH Clearnet for their support. Thanks too to our guest presenters (in order they presented) - Roger Hawes, Julian Gladwin - CLS, Chris Dudley - Bloomberg, Kathleen Brooks - GAIN, Jon Healey - BBVA, Basu Choudhury - LCH Clearnet, Alex McDonald - WMBA and Noel Singh - ABN AMRO for their expert presentations and for giving up their time to support us. Last but not least, especial thanks to Chris Howlett (ACI Australia) and Garry Lartin (Thomson Reuters Australia), Alan Clarke (BBVA), Darryl Hooker (EBS), Reny Morsch (Eurex) and Sue Attwood (Markit) for the enormous commitment of time/effort they all gave to delivering another fantastic ACI educational programme. More photos and feedback about ACI DSC 2014 to follow.
The ACI UK Dealing Simulation Course is accredited for Continuing Professional Development by CPDUK. To find out about more about the Course click here or contact Sue Attwood/Oliver Madden. For sponsorship information, contact Tina Kane.
ACI UK leading the debate at key industry events
In recent months ACI UK President Morgan McDonnell has spoken at a number of industry events including September's Eurofinance Budapest 2014. Click here to view his presentation. On 20 November, he joined a panel of experts at the annual Recent Developments in the Market Abuse Regime conference, discussing FX Benchmarking ce (City and Financial Global).
Marshall Bailey, ACI global president will speak at the forthcoming FXInvest Europe, Frankfurt, February 2015. To discuss ACI UK participation in your event, contact Jake Smith.
The final report and recommendations of the Financial Stability Board Benchmark Consultation were published yesterday following consultation with industry bodies and trade associations including ACI. Amongst its recommendations was 'stronger demonstration by market participants of compliance with the codes of the various foreign exchange committees as well as internal codes of conduct.....stronger demonstration of compliance could also take the form of yearly reconfirmation of the codes (both internal and external) by sales and traders through specific training and regular exams'. The Report goes on to say 'We would expect more public endorsement of the codes by various foreign exchange committees and their member banks' and specifically acknowledges that the ACI Model Code is already used in many jurisdictions.
ACI Responds to FSB Consultation on Benchmarking
The ACI Foreign Exchange Committee (ACI FXC) has provided feedback and recommendations on the role and use of benchmarks. ACI's full response is here. To discuss the adoption and application of the ACI Model Code within your organisation, contact Morgan McDonnell, ACI UK President and/or Sue Attwood, ACI UK Managing Director. For more details, click here.
ACI Exam Suite accredited in UK for Continuing Professional Development.
CPDUK has assessed and certified the ACI Dealing Certificate, ACI Operations Certificate and ACI Model Code Certificate - and now the ACI Dealing Simulation Course - as meeting established global principles for Continuing Professional Development. For more information contact Oliver Madden. To learn more about ACI qualification, click here.