MARKET PRACTICES
The executive committee stands united in promoting best practices within its regional borders. The strength of our charter is in the rich history of service that ACI international has delivered for decades. This provides our membership with confidence that highly experienced teams both here and abroad work continuously to making the Foreign Exchange industry better through more common global processes.
ACI America will support and promote the ACI Model Code, which we believe is critical to our industry. The Model Code was unveiled at the ACI World Congress 2000 held in Paris. It seeks to provide international financial markets with a common, standardized code of conduct. It is designed to be flexible enough to incorporate and embrace the different domestic practices of major centers. It is also meant to provide the groundwork for an internationally recognized dealing accreditation.
Significantly, the new Model Code now lays out, in detail, the guidelines by which the ACI, represented by the Committee For Professionalism, will arbitrate in transaction disputes, for members and non-members.
In early December 2014, the Committee for Professionalism will unveil its latest version of the Model Code. It will address many issues that confront the FX industry today, as well as some revisions to protocols that were already addressed in past Model Codes.
ACI America Market Practices Committee will seek to establish a working dialogue with the Foreign Exchange Committee . The FXC includes representatives of major financial institutions engaged in FX trading in the USA and is sponsored by the Federal Reserve Bank of NY. The FXC also serves as an active partner to other Foreign exchange committees and industry associations worldwide.
http://www.newyorkfed.org/FXC/
The ACI Committee for Professionalism
The CFP is responsible for the Market Practices and advises the ACI Executive Board on all decisions concerning guidelines, both technical and ethical and also on professional activities of ACI members. These guidelines comprise The Model Code. It gives advice and offers arbitration services on professional disagreements or problems having an international character. The CFP formulates and proposes policies and guidelines establishing the educational and professional standards for members of ACI. It produces specialized reports relating to market issues e.g. risk management, crisis management.
The need for The Model Code is becoming ever more pronounced; recent events since 2011 have shown the need for all practitioners to keep in mind the foundations on which the over-the-counter markets are built. A universal code of conduct, with comprehensive guidelines and best practices which span the whole system, from the detailed processes of the back office right through to the up-to-date functions of the electronic platforms utilized by the front office, will help in providing a moral compass and guidance to which all professionals can adhere.