ACI - The Financial Markets Association: NEW FX BEST PRACTICES IN OPERATIONS
(Thomson Reuters ONE) -
Press Release
Paris / Zurich / Vienna, 10 May 2012
New FX Best Practices in Operations launched at the ACI World Congress in Dubai
2012
FX Practices in Operations was developed by a team led by Andreas Gaus, member
of the ACI Board of Education and Chairman of the European Central Bank
Operations Management Group (OMG), who reviewed the Bank of England Non-
Investment Products (NIPS) Code, the Federal Reserve Bank's 60 Best Practices
and the ECB's OMG documents, among other documents, which were then formulated
and updated to create a new benchmark.
The team reviewed the above documents, and ISDA's documents as well as the
existing ACI Model Code's chapter on Operations, and produced a newly formulated
benchmark of FX Best Practices in Operations. The team was comprised of
individuals from Banque de France, CECA, Goldman Sachs, UBS, Banco de Portugal,
Nordea, Dexia, Deutsche Bundesbank, HSBC, Credit Suisse and Citi Bank. An
external review was provided by Central banks and numerous Global Operations
Managers from the Operations Committees of the Reserve Bank of Australia, the
Monetary Authority of Singapore (MAS), the Bank of Japan, the US Federal Reserve
System (FED), the Bank of England, and many other banks and professionals.
The launch of the finalised work was ready on March 24, 2012 following the
Annual General Assembly of ACI, the Financial Markets Association in Dubai at
the ACI World Congress 2012. David Woolcock, Chairman of the Committee for
Professionalism (CFP) commented: 'The team has done a tremendous job over the
past months. FX is the world's largest financial market, and thus it is
essential to have 'self-regulating' guidelines, building on ACI's experience, in
place. The CFP will now incorporate the new FX Practices in Operations into the
existing ACI - The Model Code at the end of August.'
'ACI's The Model Code has been compiled in response to an international need
amongst dealers and brokers operating in the OTC (over-the-counter) foreign
exchange, money and derivatives markets. In 1975 the first ACI Code of Conduct
was published covering foreign exchange and euro-currency dealing. The present
update "FX Best Practices in Operations" will bring up-to-date recent market
developments from a fragmented landscape of various documents, add new market
practices and become a new global benchmark', says Manfred Wiebogen, President
of ACI. 'The creation follows ACI's intention to support smooth and harmonized
markets as exemplified in its slogan ... since 1955 balancing the financial
markets.'
The new FX Best Practices in Operations
84 FX Best Practices in Operations have been up-dated or re-defined. The
findings will be implemented into The ACI Model Code Chapter in Operations and
also into the Certification program - ACI's worldwide benchmarking and training
programme.
The baskets covered in the new chapters are
1. Best Practice for Confirmations
2. Best Practice for Settlement targeting being Prompt and Accurate
3. Best Practice with regard to Reconciliations
4. Best Practice for the General Setup of Controls
5. Best Practice with regards to Electronic Trading
ACI The Model Code:
http://www.aciforex.org/docs/misc/20090407_MOC_version.pdf
FX Best Practices Operations / New Chapters:
http://www.aciforex.org/docs/misc/20120324
_Update_FX_Best_Practices_Operations_New_Chapter.pdf
ACI The Financial Markets Association
ACI is a leading non-profit but also non-political association of wholesales
financial market professionals. Members of ACI are in a large part engaged
within the financial trading or sales environment in the global financial
markets representing the Foreign Exchange, Interest Rate Products and other
Securities, Banknotes & Bullions, Precious metals and Commodities and their
various kinds of Derivatives. ACI counts some 13,000 international members from
more than 60 countries.
ACI The Financial Markets Association
8. rue due Mail / F-75002 Paris
T. +33 (0) 1 42 97 5539
F. +33 (0) 1 42 97 5116
managingdirector(at)aciforex.org
www.aciforex.org
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originality of the information contained therein.
Source: ACI - The Financial Markets Association via Thomson Reuters ONE
[HUG#1610865]
Unternehmensinformation / Kurzprofil:
Datum: 10.05.2012 - 10:58 Uhr
Sprache: Deutsch
News-ID 144897
Anzahl Zeichen: 5297
contact information:
Town:
PARIS
Kategorie:
Business News
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