ACI the Financial Markets Association

ACI is a non-profit association which goal is to represent the interests of its members, market professionnals, on the Foreign Exchange and Money markets.

Who are the members?

  • 14,000 international members
  • 68 countries
  • They work within a financial institution or a financial services provider,
  • Deal with financial trade or within a sales environment.
  • And act on global financial markets.

The head office of the association is based in Paris, France.
In November 2010, ACI's council decided to establish a new Representative Office in Beijing, China.
ACI intervenes on financial markets and consequently deals with the Foreign Exchange, Interest Rate Products and Money Market Securities, Banknotes & Bullions, Precious metals and Commodities and their various kinds of Derivatives.

55 years of markets history

History

European Foreign exchange market reopened ten years after World War II. In this context, British and French traders found the opportunity of an association which objective is to represent the market community.

  • June 29, 1955: Maurice Plaquet from the French Forex Club, and Roy Bridge from the London Forex Club, organized an inaugural Forex Club diner in Paris
  • 1955–1957: 13 countries joined (USA, Canada and eleven European countries)
  • May 11, 1957: First International Congress of ACI: Association Cambiste Internationale

At the end of the 1960s, ACI counted 25 national Associations, 37 at the end of 1970’s, and 50 end of 1980‘s.

  • 1994: during the London congress, the ACI was recognized as ACI The Financial Markets Association, which role is to follow the market evolution and to broaden its competences to every financial issue (bonds, treasury...).

Over the years, ACI developed its activity and became a standard recognized by professionals of the international financial markets. The association main standards objectives are to ensure that market professionals are represented in actions aiming to shape a regulatory environment and markets development, also the maintenance of ethics, the liquidity provided by traders on every market, the arbitration and advices offered in case of professional disagreements, and the delivery of a third party certification on a global scale (dealing certificate, operations certificate, or diploma).

Presidents

1956: Maurice Plaquet (France)
1962: Roy Bridge (United Kingdom)
1967: Guillermo Pelli (Switzerland)
1971: Jacques de Dumast (France)
1974: Joop Estourgie (Netherlands)
1977: Robert Leclerc (United States of America)
1980: Paolo Levy (Italy)
1983: Geoffrey Munn (United Kingdom)
1986: Hans Trelde (Germany)
1989: Willy Kestens (Belgium)
1992: David Clark (United Kingdom)
1995: Eugene Prim (Luxembourg)
1998: Heering Ligthart (Netherlands)
2004: Godfried De Vidts (Belgium)
2007: Manfred Wiebogen (Austria)
2010: Manfred Wiebogen (Austria)

International congresses

The 50th ACI World Congress took place in Budapest, Hungary, from 26 to 28 May 2011.
History of the ACI international congresses

Board of education

The main mission of the Board is to develop educational programs and examinations, which promote standards of professionalism, competence and ethics in global financial markets.
ACI delivers the latest knowledge and expertise on development of financial markets, with the cooperation of a wide and global network of experts.
In 2010, 1,400 traders were certified in the three following exams: dealing certificates, diploma and operations certificates.
The educational program consists of:

  • a professional qualification provided in order to enhance career prospects, improve job performance, and set benchmarks within the industry,
  • a communication with national regulators on the education and training of markets participants,
  • guaranteed market standards by working with regulatory bodies.

The Financial Services Authority (FSA, United Kingdom) has achieved recognition for the ACI exam and certification program by listing it on its "List of appropriate Qualifications", published in the new FSA Policy Statement on Competence & Ethics (December 2010).

Committee for professionalism

The Committee For Professionalism (CFP) was founded by ACI, after the bankruptcies of the 1970s. Its role is to elaborate markets operations guidelines and to provide a description of the professional activities of ACI members.
It consists of a Chairman and a maximum of ten international members, coming from the five different regions of the world, and whose objective is to represent the different international markets and world areas (at least five different countries and three continents).

The Committee has also other responsibilities:

  • the arbitration and advices in case of professional disagreements,
  • the proposal of policies and guidelines of educational and professional standards, for members of ACI,
  • the drafting of summary reports relating to current market issues (e.g. risk and crisis management).

ACI Foreign Exchange Committee (ACIFXC)

In New York, November 2010, ACI decided to re-introduce a Foreign Exchange (FX) Committee on a global scale:

  • because of the substantial representation from practitioners
  • and the absolute necessity of an intervention on the largest financial market.

Its role is to represent every trader, who is a member of the national associations, on the FX market.

This initiative generates various advantages:

  • ACI can interpret trends of the Foreign Exchange Market,
  • imposes itself thanks to its wide network: 14,000 members in 68 countries,
  • develops its activity and competence,
  • works with other committees of the market,
  • interacts with traders,
  • and permits the recognition of the ACIFX as a FX international committee.

Consequently, every member can benefit from a valuable network, which represents an opportunity to interact with people and institutions involved in this market, and a way to improve his own financial skills.

Euribor ACI

In 1999, while the euro was launched, ACI created the Euribor ACI, in cooperation with the European Banking Federation (EBF).
There are two categories of members:

  • the executive members: the national associations of ACI, in the Eurozone
  • the associated members: the national associations that do not participate in the Euro.

This association has a great role in the management of the Euribor and Eonia indices, and cooperates with the ERC (Expenditure Review Committee), FBE working groups, the ECB (European Central Bank) ECB Money Market Group, the European Commission contact group and the ACI working groups (Money Markets and Liquidity, and the derivatives working groups).

The Euribor ACI is currently gaining recognition in its field:

  • thanks to the support of the EBF,
  • the ECB: some appointed ACI members work within its working group. A STEP (Short Term European Paper) was requested by the ECB. The final report, including recommendations of the 14 members, was published in 2004.
    The STEP label for short term papers, was subsequently introduced and is considered as the first successful initiative supported by the ECB, with more than €400 billion of labelled short term securities.
  • The European Commission: ACI replies to its consultations on derivatives, markets infrastructures, and financial directives.

Working groups

The Money Market and Liquidity Working Group (MMLWG) was formed in 1999, during the ACI Milan Congress, and gathers professionals in order to consider issues related to theses themes.
It consists of 21 European countries members and the participation of United Kingdom and Switzerland as associated members.
The MMLWG meets three times a year, and can also organize extraordinary conferences if issues need to be immediately discussed.
The derivatives working group was established in 2001 with 19 of the most representatives European banks in derivatives and focuses on interest rates and FX derivatives.

References

ACI official site

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