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Press Releases and Newsletters 2014

The ACI Foreign Exchange Committee (ACI FXC) has responded formally to the FSB Consultation on Benchmarking, providing feedback and recommendations on the role and use of benchmarks in the FX market. The overriding recommendation of ACI FXC and the International Secretariat is that the global industry - sell and buy sides and regulators - should formally adopt the ACI Model Code as the standard of conduct for all market participants and the benchmark of 'best practice' in the foreign exchange industry.

ACI UK fully supports and promotes formal adherence to the ACI Model Code, a single, globally recognised, unbiased and industry wide code for the global foreign exchange market that addresses the specific benchmarking issues addressed by the FSB Consultative Document. As Morgan McDonnell, ACI UK President, observes: "As someone once said, the trouble with standards is that there are so many to choose from. With the ACI Model Code, the FX industry already has a single, global code of conduct which has been adopted as the de facto standard of behaviour in many countries. And as the ACI FXC notes in its response to the FSB Consultation "while single platform and national/regional codes may sit alongside a global code, there should be few (if any) differences in the application of these codes on market practice".

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.

Please also take this opportunity to join the ACI UK group on LinkedIn. (ACI UK members are 'pre-approved' to join).

Marshall Bailey, global ACI President, on Radio 4 "The World This Weekend"

...talking about the FX market code of conduct - Go here to hear Marshall highlighting the benefits of the ACI Model Code as a global standard of conduct for the FX industry.

Profit and Loss Squawkbox 20 April 2014
ACI UK Calls For FCA to Investigate 'Irregular' Trading Activity

ACI UK - the UK arm of ACI - The Financial Markets Association has asked the Financial Conduct Authority (FCA) to investigate the possibility that key economic data is being leaked ahead of the official market-wide release times. The allegations follow reports from certain ACI UK members that there have been unusual market movements in GBP/USD prior to the official publication of some UK data. The most recent example was the publication of unemployment data issued by the Office for National Statistics (ONS) on 16 April. "ACI UK received comments from a number of their members about irregular trading activity in GBP/USD immediately before the release of unemployment data," an ACI UK spokesperson says. "Having reviewed the information this has been brought to the attention of the FCA."

Profit & Loss understands that the data is issued to the general public and media at 9.30am, when it is published on the ONS website and email alerts with a link to the data are sent. The UK data is not the first to be at the centre of such allegations of leaking, in both the US and Australia market participants have previously claimed similar circumstances around data releases. No evidence has been found to back up the claims and sources familiar with previous investigations tell Profit & Loss that more often that not the move is related to news-reading algo activity, meaning the reaction to the data is so fast to the human eye it looks as though the market has moved before the data, whereas in fact it has done so milliseconds after release.

Profit & Loss approached two platform operators in the FX industry for price/time data at the time of the UK data release but neither were able to supply the data by press time. Sources familiar with the UK complaint were unable to confirm at what time the data-related move occurred.

The ONS says it does not comment on allegations of data leaks. The FCA declined to comment.

Reproduced with kind permission of Profit and Loss

"Every ACI member accepts the principles of market practice and behaviour set out in the Model Code as a condition of membership"


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