Profit & Loss talks to Marshall Bailey, president of ACI -
The Financial Markets Association, about the implementation of the Global Code
of Conduct within the FX industry.
Profit & Loss: One of the biggest concerns
that is always brought up regarding ...
In what is being seen as a surprise move,
the president of ACI – The Financial Markets Association, Marshall Bailey, has
resigned from the role – he was the first paid president in the association’s
more than 60-year history.
In a ...
The unexpected departure of ACI - The Financial Markets Association president Marshall Bailey has come at an inopportune time for the association, and more than ever the association needs to demonstrate to its members and the relevant authorities that it has a continuity programme in place
The eternally tricky subject of last look is being reviewed by the Committee for Professionalism (CFP) at ACI – The Financial Markets Association with a view to a potential re-write of guidelines published in ACI’s Model Code.
Sources familiar with the matter have told Profit & Loss that the CFP has been canvassing opinion over the appropriate use of last look in FX markets, which continues to split opinion in the industry with the aim of providing a more detailed set of guidelines.
It is often said that foreign exchange remains a people business in spite of the surge of technology and there is no doubt that without a lot of good people, who do the right thing, this industry would be in a worse place. Today I would like to pay tribute to three people who have helped make the industry a better place, one who is stepping down from a role, one who has retired and one - tragically, who recently died.
Sources familiar with the matter say that David Woolcock is joining the Market Practitioners Group (MPG) sub-committee of the BIS Working Group.
The MPG, under the stewardship of CLS’s David Puth, is helping to develop the Global Code of Conduct for FX markets. The work started in mid-2015 in response to the series of scandals that rocked FX markets and the completed Code is due for delivery in six months’ time.
Woolcock is chair of ACI – The Financial Markets Association’s Committee for Professionalism (CFP), the committee that originally created and manages ACI’s Model Code.