Professional Documents
Culture Documents
Council
Meeting
Jakarta World
Congress
28-30 April 2016
1
Table of Contents
Time: 11.00 am 1 pm
Time: 7.30 pm
4.2.5 MB Members:
Eddie Tan Chairman
4.2.7 Contributors:
Otto Amberg ACI Auditor
4.2.8 Staff:
Patricia Casal Iglesias Management Assistant
22 Proxies
TOTAL: 49 COUNTRIES
ET reminds that ACI is actively promoting ethical conduct and best practices in the
financial industry in a time when professional standards are put into question.
Government and regulators around the world need new rules and new regulations
but above all a willingness to change in the financial markets.
ACI has taken the decision of changing in Istanbul but we are a volunteers
association and despite the hard work done ACI development requires a more
important investment of time than volunteers can provide. The Management Board
is thankful to Marshall Bailey (MaB) who does so much to interact with regulators,
representing ACI and developing a project that will benefit ACI and ACI National
Associations.
16
4.3.3 Composition of the Council and approval of voting rights
There has been one last minute cancellation from ACI Netherlands (proxy given to
ACI Switzerland). No changes on the announced number of voting rights.
23 Proxies
Comment from ACI Germany on the submitted minutes from Milan: P13, end of
Point 2 we might be running a 500.000 negative budget and we must be careful
and keep an eye on the account and expenses. This paragraph is not precise
enough. We must mention a precise floor and when this figure will have be reached,
the MB will have to take actions in order to avoid any further losses.
on the worst case basis at the end of the two year period ACI will still have
a minimum of 700.000 in the reserves. As this is, from a councilors perspective
what is required for a minimum operating reserve before consulting the Councilors
again for approval (agreed in Singapore).
ET reminds that there are Terms of Reference for every Committee, only the BOE
TORs have not yet been agreed. Christian Buschmann (CB) having been recently
appointed as Chair of the BOE and following the joint MB and BOE meeting (held
the previous day) the BOE TOR document will be reviewed by CB and the final
version will be presented in Jakarta.
The ELAC gives a solution to the industry and will show to the world that we do
something of value.
MaB comments on the ELAC Portal which is being positively received by the
institutions approached.
4.3.6.1 Investment
Six months ago ACI councilors voted to invest 200.000 on the creation of the ELAC
Portal. It is now ready and there are signed agreements which will involve the
issuing of invoices covering half of this investment
30% Rages
70% to ACI. As an incentive ACI Intl proposes 10% of every subscription (from
ACI revenues part) to those NAs having led to the signature of a contract.
MaB encourages the NAs to engage with him deploying the ELAC Portal to the
industry, in their country by approaching the main institutions but also abroad via
their contacts and their banks other branches. Councilors can be supported and
prepared to present the ELAC, marketing material can be provided (which can also
be translated by the NA if necessary), the National Association can actually arrange
a meeting with the main institutions and MaB would be pleased to join them on the
ground for a talk, a presentation, etc. ACI UAE arranged some meetings after
Prague and MaB will therefore be traveling to Dubai and Abu Dhabi (accompanied
by Ralph Genang.
4.3.6.2 Legal
ACI Singapore says to be supportive and will be pleased to collaborate making this
a success as he thinks that it will also encourage membership.
Some concerns are raised: Are we protecting ourselves not only from a reputation
perspective but also against potential litigation. And who is the legal owner of the
ELAC Portal, what is the structure?
MaB explains that the ELAC contracts have been reviewed by UK and European
based lawyers and we are not making any representation that we cannot sustain.
The framework provides flexibility on the portal allowing the inclusion of any different
codes (not included in the price but the option can be added) and this also applies to
data protection. These have also been reviewed by Franck Heibesen from ACI
France to have an independent view.
4.3.6.3 Development
The strategy is being developed to encourage people to become an ACI member and to
give value to it:
4.3.7.1 Financial Situation end of July, forecast end of 2015 budget 2016
The IT, website and marketing expenses for 2015 have been forecasted to be over
the budgeted amounts.
4.3.7.2 ELAC
ET comments the 2015 treasury year end forecast and 2016 budget.
Hiring a paid president and investing on the ELAC Portal represent an important
investment but as a result of these two decisions there will be the possibility of
returning the regional activities support (10% from ELAC benefits).
4.3.7.4 BOE
CB says that the ACI suite of exams needs to be restructured. The BOE is working
closely with the MB and he already wrote an education paper on a business case to
increase revenues and always maintain high standards.
ACI direct membership should not be proposed at a lower price than affiliation to a
National Association. Direct membership price will apply to all those people willing to
join ACI and not having the possibility of doing it through a National Association.
Fabrice Belluot-Pallancas CV has been included in the information pack. There are
no comments. FBP is officially nominated as the new ACI auditor (together with Otto
Amberg, former ACI Switzerland Secretary).
Bruno Langfritz (BL) reports on Europe and informs on his involvement on the ACI
Italy issue. Together with ACI Germany he tried to find a common ground to open
discussions.
BL comments on his trips and meetings. He has also called several European
Presidents in order to have a one to one call and intends to reach out all the
European NAs. By next Council meeting in Jakarta, BL will be able to give a clearer
vision on the European perspectives.
Mohammed Al Hashemi (MAH), ACI ME President, informs that he has been trying
to encourage new affiliations to ACI from countries that are not yet being
represented (Oman is one of them).
Events in the ME region: The ICA Congress will be held this year in Cairo, Egypt.
4.3.8.5 USA
He adds that in the USA there is a self-regulatory and compliance culture. The
ELAC portal could therefore be of great help to ACI USA development.
ET explains the situation and refers to the confidential email sent to the National
associations. The email was as factual as possible. The MB wishes to report the
facts as it is the Councilors role to make the appropriate decision. Councilors had to
be aware of the situation before opening any discussion in Prague.
The MB considers that the behavior of these NAs has not been appropriate and
there should be some consequences.
ACI Italy informed the MB that they decided to suspend the membership payment
for the current year while they had organized an ACI World Congress in February
2015. ACI Italy has often expressed its disagreement with ACI plans and does not
feel supported on STEP Plus.
The MB wished to open discussions but ACI Italy took a decision before the ACI
Council meeting in Prague: They paid this years membership fees but decided to
withdraw from ACI Intl.
It is mentioned by a Councilor that if the decision has not been taken in accordance with
ACI Italys members, it cannot be validated as it would be illegal.
Furthermore, it is highlighted by the Council that ACI Intl and particularly ACI Europe
has largely supported STEP Plus, financially investing on this project, many European
Councilors (especially from France) participated to the meetings in Paris, Brussels, via
conference calls etc., there was a real dedication to this project and Banque de France
was also involved.
ACI Councilors are concerned by the image that Banca dItalia may have of ACI if an
objective version of the facts has not been shared with them.
ACI Luxembourg does not agree as there is an ACI Banca dItalia representative in the
ACI Italy Board.
ACI Luxembourg says to be in a completely different situation than ACI Italy and is
against the confidential emails that circulated, not including them as recipients. ACI
Luxembourg has therefore decided not to express itself by email but making an
open statement at the Council meeting.
It is mentioned that:
a) if all ACI NAs would open this option ACI Intl would face a real issue and it would
weaken its structure and education programme. ACI Luxembourg is benefiting
from ACI intl education and brand giving a real value to the National Association.
b) They agree with ACI Luxembourg, ACI Intl needs to evolve and change and has
therefore taken the decision of hiring a paid President.
c) ACI Singapore, like all the present Councilors, would like ACI Italy and ACI
Luxembourg remaining within ACI but says to be very puzzled by the way
displeasure has been expressed rather than communicating with the MB.
Reducing numbers unilaterally (even if agreed with their National members) it is
considered as an ultimatum addressed to ACI Intl. ACI Luxembourg does not
consider this an ultimatum but as an open option to their members.
d) They would have appreciated the representatives of ACI Luxembourg and ACI
Italy coming to Prague, to fulfill their duty, paying their membership, expressing
themselves, exchanging at the council in order to make a decision for 2016. ACI
Luxembourg says that the situation cannot be changed but we need to find a
solution now. The ELAC Portal is interesting but is opened to all. It cannot be
considered as a new benefit for the ACI Intl members.
For MaB ACI has been fragile in some areas for many years but has many assets.
The issue is that ACI offers too much to non-members rather than encouraging
membership by restricting access to some of those privileges making them exclusive
for members only (i.e. ACI MoC on the website), proposing a pricing structure that
would benefit ACI members (on education, ELAC portal, Congresses, etc.).
It is agreed that ACI will do its utmost to clear this issue for 2016 and come to an
agreement by the next Council meeting held in Jakarta.
DW explained that with the new Global Code for FX being announced by the BIS the
CFP needed to make some changes to the structure of TMC. What was proposed
was that we continue to have a FICC MC that covers all areas of wholesale markets
as present. This was to be updated with new content relating to Fixed Income that
had been ratified by the CFP. Then an exercise would be undertaken to split out an
FX only version MC that would of course be equal or greater than the Global Code.
At the same time an FI & ALM code would be split out so we would have three
versions of TMC FICC MC, FX MC & FI & ALM MC. The CFP had agreed to these
changes and an Intern would be sought so that work could commence.
DW confirmed that the CFP was supporting ELAC and stood ready to field scenarios
etc. as required.
Christian Buschmann (CB), thanks the Councilors for his nomination as ACI BOE
Chairman.
He draws the attendees attention to the decreasing numbers of the ACI education
statistics (included in the information pack).
4.3.11.1 Strategy
The BOE intends to rethink the whole education process as a two level structure is
not sufficient and proposes to the Councilors the idea of providing a sophistication
level called the CFMP (Certified Financial Markets Professional level) this could be
placed after the name on the business card (as CFA nowadays). To get the CFMP
accreditation the individual must pass three modules proving to have a great
knowledge of the financial markets and not only specialized on a certain area.
Education status quo: 4 Diploma modules developed so far ready to perform (and
already paid) and 3 additional modules must be developed in the next years. Some
preparation courses are under preparation by the trainers. At long term, ACI would
like to be able to provide education material for every module.
CB agrees. This is in the BOEs plans, reviewing the trainers and academic
partners. He reminds that last education related expenses were to develop the new
Diploma.
CB confirms that the BOE is already working on it and also considering to review
other potential partners.
ACI Switzerland submits some questions on behalf of some African National Associations:
- Africa would like clarity on the continuing development of the DC and OC (as it
contributes to 92% of the ACI examinations), the translation of a syllabus in French
to accommodate francophone African countries, what is the BOE strategy regarding
continuous learning and testing centres creation in Africa, they are concerned about
the increasing exam cost, they would like to see more emphasis placed on gaining
accreditation for ACI education globally, clarity on the recognized levels achieved,
they see some room for improvement with regards to the set-up of the ACI
education globally.
CB says that he will provide an answer to those questions within the next weeks.
- There is a concern related the new ACI Diploma as there are very few candidates
for the ACI Diploma while we are working and investing on developing too many
modules. Trainers are not ready to propose the according courses. BOE is
encouraged to propose some e-learning options.
CB is confident, the new Diploma and its CFMP attached title proposes a new view than
the present Diploma. It is a new product. Trainers will prepare the material and the
courses as soon as there will be a launch date for the examination. There will be a TCG
meeting in November where the discussions can be opened.
ACI Germany underlines that the BOE made big efforts developing the modules. We
should see this as a premium product which might not match with all the NAs needs. ACI
Germany proposes organizing seminars among some countries from the same region. NAs
should get organized and maybe by spring we should already have some trainers.
CB agrees, there is at the moment a manual delivery structure but ACI will start making
money at one point.
BOE actually discussed on the delivery mechanism. Electronic delivery and e-learning
study guides have been considered but being an exclusive course, there are people ready
to travel and pay to attend a course.
ACI Austria informs that the German Language Group is ready to deliver.
It is mentioned that we must ensure that the investment made by ACI will be returned to
ACI. At the moment many people are earning revenues from ACI education but we should
ensure that ACI does benefit from it (allowing reinvestment in education for ACIs benefit).
It is also added by the BOE that there are plans of increasing exam prices as included in
the provided documentation.
Outcome: The Council unanimously endorses the ACI BOE strategy. The Diploma
should be launched by the 2016 first quarter.
a) The increasing role of non-bank market makers in FX and the impact that it could
have on market conduct and market structure changes. This could be an issue in
the future and we need to continue to monitor those new market makers.
b) The management of client orders in FX is still a grey area for many banks. The issue
is due to the similar terms used by market participant for client orders executed on a
principal basis versus orders executed on an agency basis. We think further clarity
should be made available to market participant to make sure they know what service
they are getting from the banks.
c) The ESMA MIFID 2 technical standards have been published in September with
clarification on how FX will be regulated. FX derivative instruments (FX Forwards,
FX Options, FX Swaps, NDF) are classified by ESMA as illiquid instruments and
therefore will not have the same transparency requirement than other products. This
is an important outcome for the FX industry as the impact could have been global.
d) A new ACI committee as started to focus on Fixed Income. This new working group
has representatives from many ACI countries like Poland, Hungary, Belgium, UK,
Russia, Holland, Ireland, Austria, France, USA. The group will meet 4 times per year
and work like the ACI FXC in close collaboration with the CFP group.
4.3.14 Governance
Marcel Zimmermann (MZ), ACI Switzerland Vice-President in charge of the
Governance task informs that due to a lack of time, the Governance paper will be
presented in 2016, in Jakarta.
Luc van Laarhoven, ACI Luxembourg President, volunteered to join MZ for this
work. MZ encourages other volunteers to step forward.
ACI Indonesia reports on the organization of the event which is almost ready: the
programme is being finalized, the website is already live, allowing online registrations and
hotel booking, some sponsors have already signed up, etc.
ACI UK reports on behalf of ACI Ireland. The organization process is well underway:
venues and hotel accommodation have already been booked, the sponsorship and
partnership are being developed and hope to have the registration fee structure ready by
the end of this year.
ACI Switzerland has already started the preparation, visiting the possible venues, starting
discussions on the cost and legal documentation.
The MB informs the Councilors that some National Associations are willing to host the next
ACI autumn meetings. Have expressed their wish:
ACI South Africa, ACI Sri Lanka, as well as the Balkan Region.
ET acknowledges Jean Pierre Ravis, ACI former Managing Director who retired from ACI
and is now Mayor of a French village.
ACI Russia reports that many traders in Russia from Intl banks have stepped out from ACI
Russia as they have been required by their compliance service not to be part of any
association unless going through a long compliance procedure. The procedure is so
discouraging that people do not wish to go through it.
This internal requirement has been established last year. ACI Russia would like the ACI
Board to interfere by addressing to the management of the banks.
Outcome: Sergey Romanchuk will send an email to the ACI Board. The issue will be
discussed at a MB and Steering Committee meeting and the MB will revert to ACI
Russia.
4.5.1 Introduction
ACI FMA Jakarta Council
This Jakarta World Congress represents our 55th such event, and it shows the longevity
and value of our Association. As colleagues and as members of the ACI FMA, we have all
inherited the spirit of the original founding members. At the outset, the organisation wanted
to improve communication and raise the standards of the FX market, and to provide a
basis for solid growth. Over time, our Association has gone through various cycles in much
the same way that all industries and markets evolve. We have the honour of serving this
history and these ambitions. For more detail, please see the History section at the back of
this report. In it, we can see that our foundations were built on our unique position in the
markets: we provided something that nobody else was providing: membership in an
exciting and growing club, at the forefront of industry meetings and technology, as a great,
cooperative and interactive forum.
With our long legacy, we also have the duty to work together to bring the Association to the
highest possible standard. To do this, we need to define ourselves in a manner that
provides preferential value to our members, and provides service to the industry. This is
our chance, as Council, to deliver our future to the next generation.
We have heard that many members have been wonderfully busy over the past 6 months
with local activities of all sorts I have been pleased to be able to attend a small number of
them, and to witness first-hand the enthusiasm of the leadership. Congratulations to all of
you who have been actively pursuing your ACI FMA local agendas, and providing value to
your members.
At ACI FMA International we have been extremely excited by the future, as it is opening up
nicely for us. We are here to serve the needs of members in the wholesale financial
markets, and to do that, we have put all of our emphasis on building a stronger foundation.
Our work will lead to the resources to equip the ACI FMA for the future, and to impact the
It is clear that there is a need for ACI FMA to play its role in the wholesale financial markets
community. What does ACI FMA do best?
We have long been the origin of much good work on ethical conduct via The Model Code,
and for networking amongst individuals, and for education in FICC-based financial markets,
through our Dealing Certificate, Operations Certificate, and Diploma. And while the ACI
FMA membership remained focussed on our individual accountabilities as members, and
we took codes of conduct seriously, it is clear that much of the rest of the market paid
insufficient attention to this.
The damage to our industry from a lack of oversight has been enormous. Not only have the
reputations of many major players been tarnished, but the financial cost to the industry and
to the global economy has been enormous. The ACI FMA should have been in a position
to help, but it wasnt.
But now we are. We are ready, and we are getting even better each month
The foundations of our new house need to be based upon three areas:
1) A Strong Vision we need to know what we want to achieve, and why we believe
it. Having the vision of certification for the wholesale financial markets puts us in a unique
place internationally, and at a time when this is being called for. Have we ever had a better
opportunity?
From the time of your decision as Council to appoint me as President, the Management
Board have consistently directed me to focus on the vision: the inaugural speech made in
Berlin at the ACI World Congress, made our vision clear: ACI FMA is to be the Financial
Markets Association of choice for regulated wholesale market participants engaged with
financial instruments or in various activities conducted within their institutions
dealing/trading business or in a directly related markets area. This will be accomplished by
way of our globally recognised leadership on ethical conduct and best practice, and
I thanked you then, as I do now, for the opportunity to work with you to re-establish the
grandeur of the ACI FMA, and to have been chosen as your President. What strikes me is
how accurately we forecast the markets needs, and how we could reposition ACI FMA to
use our strengths to work closely with the industry. Indeed, this is what we are doing, and
what we will need to continue to do. There is a tremendous amount of rebuilding left for us
to accomplish together.
Let me bring you up to date on recent advances at ACI FMA, as examples of the
programmes we are working on.
For the ACI FMA to have such a themed purpose is natural, given our long held views of
the value of ethical conduct and our Model Code. Under the new leadership of Christian
Buschmann, our second theme of Education is getting stronger. The Board of Education
has worked hard to reposition and grow our capacity, and the future, with the merger of our
education suite with new technologies, will bring the ACI FMA education platform up to the
highest standards.
We have focussed our efforts, cut unnecessary expenses, and are forging agreements with
governing bodies that will broaden our distribution and value. All of this leads to member
certification via our network, which responds to the requirements of our regulators and the
needs of our members. To be a member of ACI FMA has value, and we must guard that
value.
To serve members better, we are investing in a core digital transformation project as part of
the ELAC Portal that will modernise our IT infrastructure and improve our technology
capabilities. We will also improve the technology that serves our National Associations via
our central website. We simply need to do a better job at relationship management with
institutions that will allow us to be more effective in managing our relationships worldwide.
Our Board of Education has new-found commitment to excellence, and is working closely
with Brigid and others to deliver a result that we can all endorse. Among their initiatives will
be the provision of Continuous Professional Development, or CPD credits, for work
We have had to repair the finance/treasury work left behind by those previously involved,
and the Management Board has benefitted greatly from the personal dedication of our new
Treasurer, Alain Strapart and supported in Paris by Patricia and Deborah. We are thankful
for their commitment.
ACI FMA has articulated an ambitious, transformational agenda for the coming years. We
want to demonstrate to you the value you receive from us. It is a work in progress. Stay
tuned.
President
4.5.2.1 Vision :
The ACI has a long history with deep commitment and strength from its core membership,
and must retain its raison dtre while enhancing its financial viability as a not-for-profit
organisation. To remain relevant and expand its membership, utility to the FX and broader
financial markets community, it must modernise, expand its membership base, and engage
with strategic issues of the day.
This will be accomplished by way of our globally recognised leadership on ethical conduct
and best practise, and education, and supported through our opportunities to connect to,
and represent, the industry in a non-partisan way.
1) Education & support for members (especially in emerging markets and during
contentious and developmental periods)
2) Improve professionalism and modernise through high calibre work to close the gap
through cooperation with other bodies
3) Improve financial position through new sources of revenue to the ACI
4) Respond to needs of the membership at global, regional, national and individual
levels
Programme of engagement with important regulators about the benefits of the ACI
Model Code
Programme of engagement with important market participants about using ACI
individual as a global guide to ethical conduct
Programme of engagement with media to raise awareness
Functioning Guidance via Management Board and Steering Committee
Programme to seek larger funding support, with transparency of spend, making
membership more valuable, and sponsorship more visible
Programme to modernise communication
Programme to build membership and education
Programme to modernise governance and eliminate inconsistencies
Budgets for all projects have yet to be approved, as many of them have not been fully
scoped, and the limits to funding to date have made precise, large-scale actions
impossible.
We will seek the approval from the ACI FMA Council to build upon these concrete steps,
and modify any plans as appropriate.
All actions are governed by the ACIs management structure, and by the goodwill and
global spirit of ACI membership.
Phase 1: Scope the project and initiate momentum where possible. Year 1
Phase 2: Build Membership, relevance and funding support via endorsement. Years 1-3
Phase 3: Build global scale, leveraging off existing ACI member resources. Years 2-4
Phase 4: Aggregate gains and establish global professional ACI infrastructure. Year 3-5
Over the course of 2015 and 2016 we have visited a great number of institutions, many of
whom are considering how they might subscribe to ELAC and support our efforts in a
sustainable fashion.
1) Education & support for members (especially in emerging markets and during
contentious and developmental periods)
2) Improve professionalism and modernise through high calibre work to close the gap
through cooperation with other bodies
3) Improve financial position through new sources of revenue to the ACI
1) How can we ensure it is relevant in todays markets across all of our possible
members?
2) How can we ensure more revenue is earned and retained by ACI to fund our
activities?
3) How can we ensure that our education also drives our need for greater
membership?
4) How can we vastly increase the number of exams taken around the world.
Our Board of Education, has benefitted from the strong dedication of its Chair and its
diverse volunteers. With a change in leadership following Claudia Segres resignation, and
the addition of some additional members, we will be able to propel the Boards ability to
respond to these four areas in a more rapid fashion. Please join me in congratulating the
new Chair of the Board of Education, as well as the new members.
The Education suite of products is driven by the Board. To facilitate the growth and
modernisation of the education/distribution platform, ACI needs to invest in the modern
infrastructure that will allow us to capture these opportunities.
To do this most effectively, and to ensure that the ACI does not deplete our precious
financial resources unnecessarily, we would like to officially partner with the best on-line
educational advisor with expertise in education in financial services industry, Ralph
Genang. ACI Global Council, BOE and CFP and the CFP chair David Woolcock have
been source of inspiration for the creation of the new Model Code Learning & Testing
Portal and the new ACI FMA website, implemented under the Presidents and
Management Boards guidance to ensure that the platform we develop is ready for the
expansion of our services. Our partner Ralph Genang and his team have spent countless
hours studying to understand the ACI and the opportunity we have for deployment of our
unique skills. He has a wealth of experience in the development of education programmes
and international platforms, including ones with a federal structure like the ACI.
This structure will keep our Treasury outflow to a minimum, allow for growth to be
maximised, and for the ACI to substantially benefit from the expansion of our existing
resources. It is the least-risky, and most upside-producing combination of ACI Intellectual
Property with the opportunity presented to us by the financial markets need for the ACIs
platform.
A Detailed Pledge
To provide employers and individual market practitioners in the wholesale financial markets
with high-quality accredited continuous professional development, helping the industry
reclaim professional standards in a sustainable manner.
4.5.4.2 What we do
With the industry and support of ACI Network we implement a learning and testing portal
that empowers employers and individual market practitioners to demonstrate their ethical
conduct is up to standards with the latest market developments and best practices.
ACI - The Financial Markets Association (ACI FMA) implement sustainable long term
education programmes using innovative learning technologies and methodologies and
based on the ACI Model Code and many other industry codes that are required by our
members, such as the BIS Single FX Code.
Our vision is to be recognised as the Financial Markets Association of choice for regulated
wholesale market participants engaged with financial instruments or in various activities
conducted within their institutions dealing/trading business or in a directly related markets
area. This will be accomplished by way of our globally recognised leadership on ethical
conduct, best practise, education and testing, and supported through our opportunities to
connect to, and represent, the industry in a non-partisan way.
Our mission is to help ACI FMA to become the globally recognised non-profit organisation
to bring international self-regulation and professional certification in the industry to practice.
ACI Education & ELAC Portal should be aligned with co-operation on marketing and
sales as well as content creation and Quality Control supervised by MB.
However, there has been a dramatic increase in the costs to ACI FMA; in addition to
the decision to hire a full time President, the communication requirements, demands
on ACI activity and general inflation have all contributed to the need for funding
increases.
The result is an urgent need to replenish the sources of funding for ACI
International, review the costs, and ensure that associated revenues are
appropriately captured. This must be accomplished against a backdrop of keeping
individual membership fees stable (or have Council volunteer to agree to a net
increase in membership contributions to ACI International) and not disrupting the
existing ACI national structures funding arrangements.
To develop and extend this programme to the benefit of all, we propose rolling out a
fundraising agreement that can assist ACI.
A. Funds raised will be spent in the approximate proportions described on the Fundraising
document, and will both incentivise global participation in fundraising, as well as provide
incremental funding to NAs via this potential source.
Our aim is to encourage local enthusiasm and leadership as it currently exists, yet enhance
the effectiveness of ACI via reduced individual capitation, and greater global benefits to
members and their employers.
Agreement for Fund Raising for ACI International in Paris in tandem with the support of
National Associations
ACI International has a significant fund raising opportunity from major partners in the
wholesale financial services marketplace. The intent of this fundraising effort is to be able
to capture this good-will at a time when banks and clients are spending money on ethical
ACI is to engage the support of volunteers within the National Associations with large,
national champion institutions to act as consultants (not as an employee of ACI) to help us
grow our funding resources and benefit from the commission-earning opportunity outlined
below. These national volunteers will support the President Delegated formally in global
fundraising efforts, under the governance structure and funding terms.
60 years of evolution.
In 1954, 10 years after World War II ended, the European economy had started to recover.
In every country the local foreign exchange markets were reopening their doors, mostly
under administrative control and close central bank supervision. Technology was very
simple, with telex machines operating between banks, and direct lines were available with
brokers. But as the market grew, the need to meet among professionals belonging to the
same community, beyond national borders, pushed a few friends across the Channel to
officialise their friendly and social structure.
On the 29th of June 1955, representatives from nine countries met in Paris, and the Forex
movement started. One year later, eight local associations decided to gather under a
same umbrella: Association Cambiste Internationale. By the end of the 1950s, it had grown
to 15 National Associations.
The 1960s were very hectic in FX markets, with revaluations and devaluations; FX market
issues start to appear in the newspaper headlines. FX markets remained conventional as
there were neither new products nor improvement in technology, but Euro dollar as a
treasury currency starts to be a new tool for FX traders. By the end of the 1960s, there
were now 25 National Associations.
In the 1970s, the FX market volumes, like other Euromarkets exploded. The oil crisis, the
erosion and collapse of the gold standard saw international banks open branches all over
the world. For the ACI, growth meant that what had been mainly European National
Associations, was now open all over the globe, including the Middle East and into Asia.
Concurrently, the Chicago futures markets, financial contracts were launched: this led to
new fields and new tools for traders: also, computers gave new speeds capable of
processing internal and external information. By the end of the 1970s there were 37
National Associations.
4.5.7.3 Expansion
In the 80s the trading rooms, mainly FX and Eurocurrency pushed the doors open to a
number of technological products, options, derivatives, off balance sheets, and negotiable
papers. Furthermore, a new population integrated the trading rooms: the sales teams, back
In this dynamic environment, the ACI created the Committee of Professionalism (CFP) in
order to define basic world markets rules. This was a major step forward in or relevance, as
together the ACI created a level playing field globally through participation in its association
of permitted market participants. By the end of the 1980s, there were 50 National
Associations.
The 1990s began some glorious years for ACI. Each country developed its own code of
conduct and education programs, but ACI took the lead creating the Board of Education
(BoE) in order to deliver worldwide certification to Over-the-Counter market operators in the
various products and in various professions. A global Model Code was launched. Also in
Europe, ACI was the project manager for EURIBOR. Total membership reached 24,000
professional individuals, representing a wide diversity of financial market instruments. A
decision was taken to adapt the ACI name to aggregate all diversity trading activities: ACI -
The Financial Markets Association, so by the beginning of the year 2000, there were 63
National Associations.
During the next 14 years, the banking industry suffered from significant volatility: firstly, with
the Asian region monetary challenges, then with the South American debt crisis, a number
of countries and systems defaulted. The dot-com/tech bubble burst, and later due to the
new global financial crisis in 2007-2008, the banking system, along with the global
economy, was hurt. Electronic trading systems were focused on efficient transformation of
risk, and brought fresh ideas and structure to the market. However, a reduced the number
of traditional OTC participants with an interest in the old ways of doing business and a
banking culture that had lost its sense of moral obligation, saw a decline in ACI
membership to around 10,000 dedicated people. Many of the bankers, who didnt care
about the values espoused by the ACI The Financial Markets Association, have since left
or have been forced out of the industry by a public who have demanded better.
To assist with finding a new direction for the financial industry and the global economy, the
ACI The Financial Markets Association provided a strategic response. The two important
pillars of the CFP and BoE were joined by the formation of ACI Foreign Exchange
Committee (ACIFXC) in 2010 helped provide a strategic response by bringing solutions to
an uncertain and moving environment from is membership. Our collective contributions to
Today, the ACI The Financial Markets Association is growing again, and resuming its
rightful place in assisting the professional standing of the industry. A broad array of market
participants from all sectors in financial services, from sell-side bankers and brokers to buy-
side clients and regulators, are again understanding the enormous role that the ACI can
play in the modern world. Many are seeking membership and the strong benefits that
membership brings. Large institutions are involved in our training and education
programmes, and the ACI is widely accepted as originators of the global standard of OTC
ethical codes of conduct available to the market. Our place was recognised by the industry
during our participation in the BIS Single FX Code working groups.
Being a member of ACI FMA is of tremendous importance in many countries, and our
fellowship among ACI FMA members can open opportunities the world over.
4.5.8.1 Introduction
The following information can be provided to ACI FMA Council on a Confidential basis. It is
important that all Councillors understand the commercially sensitive nature of many of the
discussions, and the bi-lateral legal and financial discussions that are taking place as we
build our capability to fund our growth.
The Management Board of ACI FMA is working across a number of groups, institutions,
and jurisdictions to expand our membership potential, and increase or revenues.
We have done a complete review of ACI FMA education platform to improve decision-
making and add more value to the ACI network. There are a number of areas where
change is required:
At present we are continuing an arrangement where ACI FMA is not earning anything
concrete in return for all of its effort. When properly analysed, through the eyes of a
neutral party it is clear that we need to review a great number of our historic decisions.
To be discussed with Council by Brigid, with further details provided at Council in Jakarta
Current contracts agreed with over ten institutions, with revenue estimated at over
250,000, after less than 18 months of effort.
Current discussions are active with a further ten or more institutions for yet more
growth, and a sustainable upward path of ACI FMA support
Zurcher Kantonal Bank, Bank Julius Baer, BBVA London, C Hoare & Co, Czech
National Bank, the European Central Bank, and others
Swiss National Bank, la Banque de France, a large Australian bank, a global bank
based in the UK, a Scandinavian Bank, some smaller Swiss banks, Middle Eastern
country
Examples of our opportunity for serious discussion for the ELAC Portal:
X.1 The Chairman is elected within the Management Board by his/her peers. The
Chairman will serve for a term of two (2) years and he cannot hold the office for more than
three (3) consecutive terms.
Manfred Wiebogen ended his term in March 2013 in Singapore (at that time Eddie Tan was
ACI Intl Vice-President and attended the Council meeting as such).
The President has not been replaced as we agreed on adopting the new structure (the
Councilors approved the new statutes in March 2013, in Singapore, including the new ACI
structure mentioned in the document).
Eddie took over as ACI Chairman from March 2013 (and followed the President delegated
selection process. Marcel was in charge of the President Selection Committee).
4.6.2Presidents mandate
Employment as per contract.
At the Council Meeting in Prague on October 2nd, 2015, the newly appointed Treasurer Alain
Strapart took over. Also officially nominated as new ACI Auditor was Fabrice Belluot-
Pallanca, Secretry General of ACI Monaco, together with former ACI Auditor Otto Amberg,
former Secretary of ACI Suisse and Honorary Member. The Auditors met in Paris on March
14th, 2016 in order to fulfill the audit 2015. Alain Strapart, ACI Chief Financial Officer and
Mme Patricia Casal participated at our work.
We have audited the financial statements (balance sheet, income statement, cash flow
statement and notes) for the calendar year 2015. Our audit was conducted in accordance
with the International Standards on Auditing (ISA), which require that an audit be planned
and performed to obtain reasonable assurance about whether the financial statements are
free of material mistreat. We have examined on a test basis the following items:
Overview of the balance sheet, the expenditure and revenue, the contributions of
the affiliated national associations and individual members, the expenditure by cost
center and budgetary results for 2015.
A summary of the movements in the current accounts and investment account in
2015.
The original bank statements showing all individual movements in the accounts.
Detailed movements of transactions relating to the various cost code.
The original statements of the bank account of ACI with Socit Gnrale.
The payment requests issued by the staff of ACI that is sent to the treasurer for
payment execution. Attached to these payment requests are the original invoices of
the suppliers of the goods and services.
Comments:
The expense reimbursements from the regions have this time been sufficiently
documented.
The IT system and ELAC Portal allowed the CFO and the auditors to have a clearer
vision of the money flow in general and of expenses in particular.
The Financial Guidelines of ACI The Financial Markets Association have in general been
applied.
Under the previously mentioned circumstances, the ACI Chief Financial Officer Alain Strapart
managed to bring the Financial Situation on the desired path.
In our opinion, the financial statements referred to above, present a true and fair view, in all
material respects, of the financial position of ACI as at December 31st, 2015, and the results
of its operations in conformity with the used accounting principles.
Therefore, and in conformity with the Statutes of ACI The Financial Markets Association,
we recommend that ACIs Council approves the account for 2015 and gives discharge to the
Treasurer.
He was on the Board of ACI Suisse, The Financial Market Association, for over 15 years
and is actually a Honorary Member. He was also auditing ACI International for many years
ACI Africa strategy has cost ACI EUR34 859 from 2014 - 2015.
Net revenue generated from the region has increased 300% as a result of this initiative and
successful strategy.
ACI Africa now contributes double what it previously did annually to ACI as a result of
increased membership and exam appetite.
Education:
Education has been the primary driver of growth in the region. Africa education has
increased from 38% of global exams written in 2012 to 50% in 2015.
Africa; 43%
Europe; 40%
ME; 13%
Since 2013 Africa has contributed a total of 43% of the global ACI Exams written
Europe; 35%
Africa; 50%
ME; 11%
In 2015 African delegates did 50% of all ACI exams written globally
Membership
All of the 10 African NA have received endorsement by their Central Banks and 4 of the 9
African NA have ACI DC as a regulatory requirement for front office staff.
1200
1000
800
2013
600 2014
2015
400 2016
200
Membership numbers have increased 95% since 2013 from 640 to 1244
Events:
In Asia, China remains a major concern. The Japanese economy, which again fell into
negative growth in Q4 2015 and with low inflation which stayed barely positive, saw the
BOJ adopt negative interest rates. This added pressure on markets which perceived that
central banks are running out of options to stimulate their economies.
Not surprisingly, activity in most of the Asian National Associations of ACI has remained
muted, particularly in the first quarter of 2016. There was the usual slew of year end
functions and social activities in the last Quarter of 2015 with Hong Kong, Indonesia and
the Philippines all holding their year-end Christmas parties, Gala Dinners and Annual Balls.
Other associations like Singapore had whisky social events while Japan had their Annual
Board Dinners. ACI Indonesia, the host of the 2016 ACI World Congress also had its
Annual General Assembly in November, a useful precursor to the 2016 World Congress in
April.
The first Quarter of 2016 has seen ACI Singapore holding its Annual General Meeting
while ACI Philippines had its annual convention in March.
The focus of activity for the National associations has however remained on education with
numerous courses on Dealer Certification and foundational courses being conducted
across the region, particularly in Hong Kong, Indonesia and Singapore. Dealing simulations
continued to be organized by ACI Australia in Sydney and Malaysia. Topical seminars were
also conducted on Asset and Liability Management, Sukuk Issuance and Market Outlook.
Looking ahead, ACI Indonesia is preparing itself for the World Congress in April, and
registration figures have so far been most encouraging with over 600 registrations to date,
of which over 150 are foreign delegates.
Visits
April 4, 2016
Eddie Tan
Chairman, Management Board
ACI The Financial Markets Association
eddie.tan@citi.com
Dear Eddie,
I hope you are well, my regards to all the Counsel. I apologize again for not being able to make it to Jakarta, and I just
wanted to add a little more narrative to the presentation sent by Mike Guarino.
While still in nascent stage, ACI America has made substantial steps toward increasing awareness, recognition and
membership value of the US national association. While challenges remain, our success to date has centered
principally around our ability to leverage the history, impact and prestige of ACI FMAs ex-US global presence.
Effectively, our life blood is our ability to plug in to ACI globally. The three most impactful aspects are:
1. The longevity and timely relevance of the Model Code and our participation in new industry codes.
Nearly all our 400% increase in membership and sponsorship has closed around public events with market leaders and
regulators. These would have been impossible for us to arrange had our own connections not been supplemented by
key arrangements and invitations extended to the BIS and central banks, including the New York Fed, by ACI UK,
European, and global leaders, notably our President Marshall Bailey and the present Global Committee. Our upcoming
May 26th event including Simon Potter, Guy Debelle, and Chris Salmon is a fine example of this cross-border synergy.
Our membership and US markets are keenly aware of the commentary of David Puth at our event in New York this past
October (http://www.risk.net/risk/feature/2436081/foreign-exchange-says-goodbye-to-self-regulation), confirmed in
public citations by Guy Debelle, that the ACI FMA Model Code is proving a cornerstone for the creation of the BIS FX
Single Code of conduct.
Newcomers though we know ourselves to be, please accept these comments as respectfully intended, but carefully
derived on-the-ground observations from our perspective:
1. We feel schism is dilution, and dilution might well be death. Certainly for efforts such as our own, to build upon the
global franchise in what amounts to new membership and sponsorship markets. While we presently have no vote, we
cannot plead more strongly for global unity among national associations under the historical ACI banner.
2. We have observed that the US is rife with wildcat dealing trainers, many solo enterprises which claim some degree
of historical affiliation with ACI, correctly or not. A number of these have overlapped into unsavory retail FX seminars.
No greater threat exists to our credibility in American markets. Conversely, banks, non-bank LPs, as well as the buy-
side have never been more open to creditable and efficient compliance training and adherence solutions. We urge
consolidation of training around the Model Code via the ELAC portal, and the traditional and extended suite of ACI
certification and diploma tracks. Simulated dealing and similar courses are a well received supplement, but it is
essential to maintain global accreditation at all levels if ACI is to have a competitive edge and minimize its reputational
risk.
On behalf of Michael and our entire executive committee, I thank the global membership for receiving our feedback,
and look forward to great things to come
Warm regards,
Jack
Directive Summary:
Toward the end of the Council Meeting in Prague, it was brought to the attention of
councillors that ACI Italy were leaving ACI International , and further that ACI Luxembourg
had now dropped to an International member base of 10 members. There was
considerable debate over the fate of Luxembourg, and to whether they should be allowed
to continue as International members. There also was an attempt to keep the Italian issue
at the European level and for it to be discussed at the European meeting only, but as it
meant that we had just lost 10% of our Global membership, some European Presidents felt
that it needed to be discussed at International level. Further the same approach was felt
appropriate for the Luxembourg drop in International members.
As the debate at council continued, The Board had accepted the departure of ACI Italy and
proposed exiting ACI Luxembourg for the organisation. ACI UK, proposed that another
attempt should be made to understand ACI Italys concerns, and to possibly bring them
back into the fold, and also to assist the Board of ACI Luxembourg in rebuilding faith in ACI
International and thus increasing their international membership. This was agreed by the
Board and Council. ACI UK, agreed to spearhead this Council directive, and given the
gravity of the task sought assistance. ACI Denmark and ACI Germany stepped up to the
plate, and have been in attendance at all meetings.
Meetings were held in Milan and Luxembourg and further by conference call.
While they embrace the international component of our organisation, they felt that they was
too little focus on Europe, its issues, and its working groups. Thus they want a Euro focus.
They feel they education is too singular in its approach (ELAC), and that ACI as an
international organisation is losing its focus on being a provider of top class accreditation.
Thus more focus on the traditional ACI education model. The feel that ELACs focus is to
turn ACI into a profit driven organisation, and the Education focus is ELAC.
They have lost faith in the current management board, as they feel their concerns were
never aired, or investigated. Thus changes in the management board.
Following our final meeting in Luxembourg, it was agreed amongst the group the ACI Italy
will not be returning, and their final request was to make sure that their votes are now null
and void, and to be removed from the tally. .
Luxembourg:
In line with Luxembourgs statement in Prague the executive of ACI Luxembourg have
worked with their members to push the positive attributes of International membership,
while understanding the concerns of their membership. As well as the ones highlighted
above by Italy there is a further concern on the arbitrary implementation of the Statutes of
the ACI. On our discussions with the local membership there is a palpable feeling that the
statutes are being either manipulated or ignored to suit final purpose. There is a strong
local organisation in Luxembourg where members benefit with mingling with both
government members and the regulator on a regular basis. Further there is a strong
connection with Chinese banking and the local feeling is that the Board exited the Chinese
strategy without attempting to leverage local organisations that could have enhanced the
situation. Also, I was questioned by local members as to how the Board, without
consultation/approval of council dropped the strategy.
All the above been said, the Luxembourg Executive have worked tirelessly to increase
international membership, and have been very successful. From an original 10 members in
Prague, they have now achieved in excess of 60.
As successful as the above is, it will be difficult to maintain if transparency is not only done,
but seen to be done.
Firstly the UK would like to thank both Kim and Heiner for their huge efforts in this Council
directive. The passion to keep our organisation as international as possible was always at
the fore, as was the desire to do the right thing.
Headline fail, is that Italy have, for the moment, left ACI International.
Despite the great efforts we have not kept Italy in, which in itself tells you how strong that
Italy not only feel aggrieved, but concerned for the future.
Jakarta is an opportunity for some very frank conversations and changes that may help
move our organisation forward. If this opportunity is not embraced in full, this working
group, fears, that it may result in severe fractionalisation, and possible catastrophic
outcome for our International organisation.
Morgan McDonnell
President,
ACI UK
The ACI FMA Management Board is thankful to Morgan for his report, commissioned last
October, and for the effort that he, Kim and Heiner undertook to investigate on behalf of
Council. As with many aspects of ACI FMA, we are dependent on the voluntary work of a
few to carry our issues forward.
We on the Management Board ask ourselves: what concrete and actionable ideas
can we put in place to serve the broadest group of international members in ACI
FMA? What ideas do we have that can help finance our growth? What themes exist
in modern wholesale financial markets that the ACI FMA can support, bringing value
to membership? What mistakes can we correct to enable growth? Unfortunately, there
are no answers provided in the Summary report.
Much of the report establishes what we already know: ACI FMA has been losing members
and engagement for many years, and has found it challenging to define its central purpose;
countries have dropped away over the past decade, and membership has not kept pace
with the changes in the market. We no longer have the established endorsement top
leadership of the worlds largest institutions, making it even more critical that we reconnect.
Italy and Luxembourg are the latest examples of this.
Perhaps you see, like us, that the clear strategy we have outlined to Council, with its
deliberate effort to raise the standard for all, and to benefit all of us, affording
stronger growth potential and connectedness to critical areas of the wholesale
markets, is in fact a promising and realistic way to strengthen our association. Our
suggested path is outlined at the end of this document.
Italy
Morgan summarises the Italian ASSIOM position well; they seek an organisation that
focuses on Italy and on Europe, and seeks to provide preference to Italian concerns, rather
than to provide support for ACI FMA internationally. It is right to summarise that ACI Italy
wanted the Council to continue to provide direct work and financial support toward Italian
projects like Step Plus, which was supported by ASSIOM Italy but not by the broader
majority of ACI FMA Council members. When we as a Management Board, with the
endorsement of Council, reflected on the nature of this project for ACI FMA as a whole, it
was then cancelled, with overwhelming support of ACI FMA Council. For further details
please speak with Franck Hebeisen, who devoted many hours to solve this problem.
Morgan also correctly summarises the focus that the Management Board has placed
in its strategy to revitalise ACI FMA: to be relevant in our markets, we need to be
relevant to our members and our potential members, and to produce something of
unique value. With so much of the wholesale financial markets located and head-
quartered in London, New York, Tokyo, Hong Kong, Frankfurt, (etc) it is detrimental
to our standing to have membership underperformance in these locations while
nursing much smaller markets. While it is true that we are an association with a long and
noble history of supporting individuals from a wide variety of countries, we cannot do this
from a position of weakness. Many of the decisions and influence was resulting in our
being largely ignored in major centres and by major institutions, and this must be reversed.
We must engage our core strengths, build credibly on our abilities and offer the best of our
association to the world. We are capable of achieving great things if we act professionally.
We must deliver quality, in a modern way.
Over the last two years, the Managing Board has put considerable efforts into ACI
FMA gaining strength through financial stability and growth. Why should ACI restrict
its own capacity for growth? ACI can succeed as a high-performance association and grow
actively and purposefully like many others around us. The MB is not proposing to turn ACI
FMA into a profit-making body; we are removing the artificial restraints that have prevented
us from producing something of higher value. For instance, the ACI FMA education suite
While offering a number of complaints and accusations, ASSIOM Italy offers no clear
preferred direction. They offer no alternatives to explore, and no fact-base for their
accusations, as reported. This is similar to the approach we had seen during their
remaining years on Council; quick to criticise and thin-skinned when challenged, but
providing no leadership or guidance on how to solve the major issues ACI faces.
We on the Management Board are saddened to see that rational arguments and our
aim for transparency and accountability have failed to change ASSIOM Italys mind.
Now that ACI is focused on developing its product offering, of internationalising the
education platform, and providing genuine opportunities for future members, Italy
has chosen to depart.
Luxembourg
ACI Luxembourg has again produced a series of complaints without offering any
strategic or tactical ways to support us internationally. At the past ACI Council
meetings they have repeatedly aired complaints without merit, and take far more
time than is fair to the rest of Council, yet choose to offer no help or solutions. Take
their point regarding China, as summarised in Morgans report. If Luxembourg has
such a strong connection with Chinese banking, why cant they use this for the good
of ACI FMA as a whole? Where was ACI Luxembourg in helping Linda bring us exams
and membership? Might they help us now?
In the past two years, we on the Management Board have followed the instructions
as directed by Council our mandate is to serve you, and to move ACI FMA towards
a relevant, strong and important body that can attract the next generation of
members and the next generation of leadership. In two years, since following your
express desire to hire and support the new paid position of President, we have had a
number of successes: Together, Council and the Management Board have:
Built a central purpose to ACI in our messaging to the markets: an entirely new,
professional and interactive website now fully explains who we are, and links all of
the international associations together in our central purpose
Focused our efforts to our core strengths: we are a non-profit association providing
education on markets and on ethical conduct, and we aim to provide this to as many
people and members as possible over the coming years. Why should we be intent
on limiting ourselves only to watch us shrink, while so many others have become more
agile and have run past us? Why should ACI not be among the best in class? It is not the
only thing we do, of course: our working groups are increasing in number (although not yet
in output) and we have the opportunity to expand to new membership types. However,
Built, from scratch, an entire on-line ELAC Portal for the wholesale financial markets
on ethical conduct, and have positioned ACI FMA to be at the core of these critical
discussions. This portal is the product of Council agreement to invest in our future,
done by democratic vote, and with your blessing. Many of you have witnessed the
power of this Portal first hand, and have come to see the merits not only of the
Portal, but also of the strategy. At present, the Portal has sufficient subscription
funding to have repaid the sum of this specific investment in its entirety, and has the
potential for spectacular growth. Compared to the previous investments we have
made in various places, it has been tremendous value indeed.
We have connected ACI FMA with the most important debate in modern financial
markets: how to produce a more professional body of market participants each
major central bank in the world is working on this, together and in concert, and we
have a large role to play in this.
We are speaking directly with the worlds most powerful central bankers, and on
critical topics, offering support from ACI in a way that has not been possible for a
decade. This is the future of our success.
We are working closely with the Committee for Professionalism to expand the role
we play in the global Codes of Conduct, bringing our expertise to the market in a
visible way.
We are working closely with the Board of Education to position them for rapid
international growth, and to bring about the benefits of our global connections and
modern technology to support the entire association. Our education platform,
whether for our Certificates, our new Diploma, or the ELAC Portal, are the central
defining historical force of the ACI, and we are reforming the decisions that have
been made that have limited our growth.
We have worked closely with the organising committees for Jakarta, Dublin and
Switzerland to ensure that all members benefit from ACI, and to avoid the mistakes
we have made in Milan. We are already beginning to work on the agendas for these
Congresses, and hope to never again suffer an underwhelming experience like in
Milan.
We are positioning ACI to be able to afford to grow for without a better funding
model and without better governance, ACI will not reach its potential. Together, our
material and our members are good enough to be as good as the best. We have a
Total No Show 60 11 5 2 78
ARMENIA 8 0 0 1 0 9
AUSTRIA 10 8 0 8 0 26
BELGIUM 0 0 0 1 0 1
CROATIA 4 3 1 8 0 16
CYPRUS 2 3 0 5 1 11
CZECH REPUBLIC 1 1 0 1 0 3
DENMARK 10 3 1 3 0 17
FINLAND 1 0 0 3 0 4
FRANCE 1 3 0 7 2 13
GEORGIAN
REPUBLIC 0 0 0 1 0 1
GERMANY 11 9 0 15 0 35
GREAT BRITAIN 13 6 2 38 6 65
GREECE 2 2 0 4 0 8
HUNGARY 13 1 0 5 1 20
ICELAND 3 0 1 0 0 4
IRELAND 1 1 0 3 0 5
ISRAEL 7 0 0 3 0 10
ITALY 1 1 0 1 0 3
LIECHTENSTEIN 2 0 0 2 0 4
LITHUANIA 1 1 0 0 0 2
LUXEMBOURG 2 1 0 5 0 8
MACEDONIA 1 1 0 1 0 3
MALTA 1 0 0 3 0 4
NORWAY 0 1 0 0 0 1
POLAND 4 0 0 1 3 8
ROMANIA 2 2 1 1 2 8
RUSSIA 1 0 0 3 0 4
SERBIA 1 0 0 0 0 1
SWEDEN 6 2 0 2 1 11
SWITZERLAND 6 4 0 3 1 14
UKRAINE 2 0 0 1 0 3
NO
MIDDLE EAST DISTINCTION MERIT PASS FAIL SHOW TOTAL
BAHRAIN 4 3 0 5 1 13
EGYPT 6 1 0 5 0 12
JORDAN 0 0 1 0 0 1
KUWAIT 1 5 1 9 1 17
LEBANON 0 0 0 1 0 1
LIBYA 0 0 0 1 0 1
OMAN 0 1 0 1 0 2
QATAR 1 0 0 6 0 7
SAUDI ARABIA 9 3 2 13 1 28
UNITED ARAB
EMIRATES 12 4 0 24 8 48
TOTAL MIDDLE
EAST 33 17 4 65 11 130
ANGOLA 0 0 0 0 5 5
BOTSWANA 5 0 0 8 2 15
CAMEROON 0 0 0 1 0 1
CAPE VERDE 0 0 0 1 0 1
IVORY COAST 0 0 0 1 0 1
GAMBIA 0 0 0 1 0 1
GHANA 23 30 2 89 3 147
KENYA 11 9 0 23 3 46
MALAWI 1 3 0 2 0 6
MAURITIUS 6 1 0 1 1 9
NAMIBIA 1 0 1 7 1 10
NIGERIA 19 12 2 52 2 87
SWAZILAND 1 0 0 1 0 2
TANZANIA 2 1 0 8 1 12
UGANDA 5 7 1 24 2 39
ZAMBIA 6 11 1 12 0 30
ZIMBABWE 0 2 1 0 0 3
CHINA 1 1 0 0 0 2
INDIA 2 1 0 3 0 6
KAZAKHSTAN 0 0 0 1 0 1
MACAU 0 1 0 0 1 2
PAKISTAN 2 5 0 4 1 12
SINGAPORE 0 0 0 2 0 2
SRI LANKA 0 1 0 6 0 7
VIETNAM 20 2 0 2 0 24
TOTAL ASIA
PACIFIC 25 11 0 18 2 56
NO
AMERICAS DISTINCTION MERIT PASS FAIL SHOW TOTAL
BAHAMAS 1 0 0 0 0 1
CANADA 2 0 0 0 1 3
USA 1 1 1 3 0 6
TOTAL AMERICAS 4 1 1 3 1 10
Overall Total
Exams for Regions 1077
AUSTRIA 2 0 0 0 0 2
CROATIA 1 0 0 0 0 1
DENMARK 1 0 0 0 0 1
GERMANY 2 0 0 4 0 6
GREAT BRITAIN 6 2 0 9 0 17
ICELAND 2 1 0 0 0 3
MALTA 1 0 0 0 0 1
NETHERLANDS 12 4 2 11 1 30
SWEDEN 0 0 0 0 1 1
SWITZERLAND 1 0 0 0 0 1
SWITZERLAND 0 0 0 2 0 2
TOTAL EUROPE 28 7 2 26 2 65
NO
MIDDLE EAST DISTINCTION MERIT PASS FAIL SHOW TOTAL
EGYPT 1 0 0 0 0 1
KUWAIT 1 0 0 1 0 2
LEBANON 1 0 0 0 0 1
OMAN 1 0 1 3 2 7
SAUDI ARABIA 2 1 1 0 0 4
TUNISIA 1 2 0 2 0 5
UNITED ARAB
EMIRATES 2 0 0 0 0 2
ANGOLA 0 0 0 1 0 1
BOTSWANA 0 1 0 2 0 3
CAMEROON 1 0 0 1 0 2
GHANA 63 13 0 0 2 78
KENYA 5 1 0 4 0 10
MAURITIUS 0 1 0 0 0 1
MOZAMBIQUE 1 0 0 2 0 3
NIGERIA 8 1 0 0 0 9
SOUTH AFRICA 10 1 2 15 3 31
TANZANIA 3 0 0 1 0 4
UGANDA 2 1 0 2 0 5
ZAMBIA 15 5 0 5 2 27
ZIMBABWE 0 0 0 1 0 1
CANADA 1 0 0 0 0 1
USA 1 0 0 0 0 1
TOTAL AMERICAS 2 0 0 0 0 2
INDIA 1 0 0 0 0 1
SINGAPORE 2 1 0 0 0 3
AUSTRIA 3 2 0 1 0 6
CROATIA 2 0 0 2 0 4
CZECH REPUBLIC 0 2 0 2 2 4
DENMARK 1 2 0 0 1 4
FRANCE 0 0 0 3 0 3
GERMANY 8 4 1 5 0 18
GERMANY 0 1 0 1 0 2
GREAT BRITAIN 0 1 1 3 0 5
HUNGARY 6 2 0 2 0 10
LITHUANIA 2 0 0 2 0 4
NETHERLANDS 0 0 0 4 0 4
ROMANIA 1 0 2 3 0 6
SWITZERLAND 1 2 0 0 1 4
TOTAL EUROPE 24 16 4 28 4 74
EGYPT 0 0 0 2 1 3
JORDAN 0 1 0 0 0 1
SAUDI ARABIA 0 0 0 1 1 2
UNITED ARAB
EMIRATES 0 1 0 1 0 2
NO
AFRICA DISTINCTION MERIT PASS FAIL SHOW TOTAL
GHANA 0 1 0 0 0 1
KENYA 0 0 0 5 0 5
MAURITIUS 0 0 0 1 0 1
SOUTH AFRICA 1 0 0 3 1 5
SWAZILAND 0 1 0 0 0 1
TOGO 0 0 0 1 0 1
ZAMBIA 0 1 0 0 0 1
ZIMBABWE 0 0 0 2 0 2
TOTAL AFRICA 1 3 0 12 1 17
NO
ASIA PACIFIC DISTINCTION MERIT PASS FAIL SHOW TOTAL
INDIA 0 2 0 0 0 2
PAKISTAN 0 0 0 2 0 2
FINLAND 7 7 0 0 0 14
France 0 1 0 0 0 1
GREAT BRITAIN 3 1 1 0 1 6
IRELAND 1 0 0 0 0 1
NETHERLANDS 1 0 0 0 0 1
SWITZERLAND 1 0 0 0 0 1
TOTAL EUROPE 13 9 1 0 1 24
NO
MIDDLE EAST DISTINCTION MERIT PASS FAIL SHOW TOTAL
QATAR 0 0 0 1 0 1
NO
AFRICA DISTINCTION MERIT PASS FAIL SHOW TOTAL
GHANA 0 1 0 0 0 1
ZAMBIA 0 0 0 0 1 1
TOTAL AFRICA 0 1 0 0 0 2
AUSTRIA 28 34 6 BOTSWANA 19 18 -1
BELGIUM 7 1 -6 CAMEROON 6 3 -3
BOSNIA &
HERZEGOWINA 1 0 -1 CAPE VERDE 0 1 1
CROATIA 17 21 4 GAMBIA 1 1 0
ESTONIA 3 0 -3 MALAWI 8 6 -2
FINLAND 13 18 5 MAURITIUS 9 11 2
GERMANY 66 61 -5 NIGERIA 97 96 -1
GREECE 8 8 0 SWAZILAND 1 3 2
ICELAND 14 7 -7 TOGO 1 1 0
IRELAND 1 6 5 UGANDA 28 44 16
ISRAEL 14 10 -4 ZAMBIA 59 59 0
ITALY 9 3 -6 ZIMBABWE 6 6 0
LITHUANIA 3 6 3
NETHERLANDS 46 64 18 BAHRAIN 20 13 -7
POLAND 10 8 -2 JORDAN 3 2 -1
PORTUGAL 1 0 -1 KUWAIT 11 19 8
-
ROMANIA 31 14 -17 LEBANON 12 2 10
SERBIA 4 1 -3 MOROCCO 3 0 -3
SLOVENIA 4 0 -4 OMAN 1 9 8
SPAIN 1 0 -1 QATAR 9 8 -1
SWITZERLAND 30 22 -8 SUDAN 1 0 -1
TURKEY 2 0 -2 TUNISIA 1 5 4
UNITED ARAB
UKRAINE 0 3 3 EMIRATES 24 52 28
143 161 18
CHINA 1 2 1 BAHAMAS 0 1 1
INDIA 14 9 -5 CANADA 3 4 1
KAZAKHSTAN 0 1 1 USA 7 7 0
MACAU 2 2 0 10 12 2
MONGOLIA 2 0 -2
PAKISTAN 4 14 10
SINGAPORE 0 5 5
SRI LANKA 2 7 5
VIETNAM 46 24 -22
71 64 -7
GHANA 227
NIGERIA 96
GREAT BRITAIN 93
NETHERLANDS 64
GERMANY 61
KENYA 61
ZAMBIA 59
UNITED ARAB
52
EMIRATES
UGANDA 44
ACI FMAs Suite of Diplomas was launched in March 2016 and published on ACIs
website. Trainers from the Trainers Contact Group and the Frankfurt School will offer
preparatory courses for the new Suite of Diplomas. Holders of the old Diploma who
successfully complete a third ACI FMA Diploma will be awarded the ACI FMAs
highest educational title - Certified Markets Professional (CMP). Hence, the old
Diploma is eligible to the two mandatory Diploma modules.
ACI FMAs Board of Education has checked the working title CFMP which turned
out to be not applicable since the Hong Kong Banking Association already awards a
title with the same acronym. ACI FMAs Board of Education has decided to use the
title Certified Markets Professional and the acronym CMP. The CMP title
trademarking is currently pending with the ACI FMA Management Board.
For the Suite of Diplomas, the Board of Education replaced the eligibility requirements
based on the candidates market experience. Instead of this, in the future, candidates
should have successfully passed one certificate of the ACI FMA Suite of Certificates.
This originates from the fact that ACI FMA requires all candidates to be aware of and
to maintain the highest ethical standards (recognized through the knowledge of the
Model Code). Also, this requirement reflects the new three layer structure with basic
training, specialization and sophistication. Lastly, with the new requirements, ACI
FMA opens its Suite of Education to other professions, other than the financial
markets profession, e.g. accountants, financial market lawyers, auditors, and
academics. Since ACI FMAs Model Code will be replaced with the new BIS-Code of
Conduct in the near future, ACI FMA also ensures a quick diffusion of this code of
conduct among candidates.
In November 2015, trainers within the trainers contact group (TCG) met with the ACI
Director of Education and the Chair Board of Education. The TCG discussed the
Frankfurt Schools proposals for the revised syllabuses of the ACI Dealing Certificate
and the ACI Operations Certificate. This topic took most part of the meeting. Trainers
of the TCG and the Frankfurt School will offer preparatory courses for the new ACI
Suite of Diplomas. A list with the trainers and their offerings will be published on the
ACI website.
Given the growing complexity of financial markets, banking and regulation, ACI FMAs
Board of Education decided to intensify cooperation between the Board of Education
and other committees of ACI FMA. In addition, to strengthening its expertise, the ACI
FMA Board of Education will intensify its collaboration with other associations, e.g.
London Bullion Association. Given the growing importance of financial regulation, the
first collaborative meeting will take place with the regulatory working group in Jakarta.
Under the lead of the vice chair BoE, the ACI FMAs Board of Education undertook a
tender proposal. Frankfurt School of Finance & Management as well as Rages
International / Bestpractise World contributed proposals for this tender. This process
itself was managed over a few months given the importance of the task, including
many discussions, meetings and feedback sessions. ACI FMAs Board of Education
decided in favour of Bestpractise World. This was a conditional decision. Currently,
the Management Board of ACI FMA is negotiating the contract between Bestpractise
World and ACI FMA, taking the feedback of the BoE into account.
In March 2016, the Chair Board of Education had a meeting with representatives of
the German Language Group, namely the presidents of ACI Austria, ACI Germany,
and ACI Switzerland. Among other topics, the Chair Board of Education explained the
ACI FMAs new educational strategy. The presidents from ACI Austria and ACI
Germany mentioned that their associations prioritize education first and the
collaboration between the Board of Education and working groups second. In his
double function as European president, the president of ACI Switzerland stated that
the Management Board of ACI FMA stands 200% behind the new Education
Strategy. The German Language Group is looking forward to the new Diplomas and
is willing to advertise the same.
Marc Burgheim, ACI Germany, Representative German Language Group, will leave
the Board of Education at the end of his term.
Extension of the ACI FMA Suite of Diplomas with the following four modules:
ACI Diploma in Precious Metals & Commodities, ACI Diploma in Operations,
ACI Diploma in Compliance & Regulation, ACI Diploma in Islamic Banking.
Revamp of the ACI Dealing Certificate, the ACI Operations Certificate and the
ACI Model Code Certificate.
The preparation for the launch of the new IT platform and the process around
marketing and management.