Since November 2017 in ACI FMA, and with a role to develop the Association’s education tools for market participants, Rui has global responsibility for two core areas: certification of financial market professionals and their training for ethical conduct and good market practices. Working in financial markets since 1989, Rui is a former FX trader, structurer and head of sales, covering a wide range of assets and a diversified number of customers in various geographies such as Eastern Europe, Iberia and Australia. In the initial 25 years, Rui worked for large banks in London, Madrid and Lisbon. In early 2014 and before joining ACI FMA, Rui became a senior trainer in financial markets’ topics, having delivered MiFID II training for over 20.000 professionals in Iberia.
Mr. Correia, at the invitation of the President of ACI Macedonia, Bojan Cvetanovski, delivered a lecture on “FX Global Code: In The Right Path” at the hotel Marriott, which is pretty new and current topic in international markets.
Mr. Correia also gave an interview for our media sponsor Denar.mk.
Can you please tell is more about ACI FMA foundation and its mission?
ACI Financial Markets Association (ACI FMA) is the leading global trade association representing the interests of the professional financial markets’ community. With establishment in 1955, ACI FMA’s mission contributes to the market development through professional standards of education, networking events and good market practices, so ACI FMA supports market participants on their adherence to principles of ethical conduct.
How is organized collaboration between ACI FMA country associations?
ACI FMA has its Head-Office in Paris and over 8.000 members distributed in 60 National Associations, with each of these National Associations being represented in the Council as a global governing body that oversees all activity. ACI FMA’s Management Board follows an established set of statutes for guidance and takes several important decisions, as suggested by the President Delegate, who acts in an executive capacity.
Can you tell us more something more on FX Global Code, is it level more than ACI Dealing Certificate or something different?
The FX Global Code is a global set of principles of good market practice for the foreign exchange (FX) market. Developed by a partnership between central banks and private sector entities, that worked under the umbrella of the Bank for International Settlements, the FX Global Code was published in May 2017 and it provides a common set of guidelines to promote the integrity, and effective functioning of this market. The objective of the Code is to promote a robust, fair, liquid, efficient, open and transparent market in which all market participants can confidently and effectively participate. In order for individual market participants to adhere to the principles of the FX Global Code, it is essential that ongoing training and certification methods are implemented by all entities involved in the FX market, so that the guidelines presented in the FX Global Code are embedded and practically implemented by their staff. Given this, ACI FMA has developed its FX Global Code exams so that individual market participants can test their knowledge on a regular basis, with content constantly updated to reflect the development of the FX market. The ACI Dealing Certificate is included in our suite of exams, alongside the ACI Operations Certificate and the ACI Diploma. They are international recognised examinations that place emphasis on knowledge of markets and their products, whilst the FX Global Code exams concentrate on content related to good market practices for the foreign exchange market.
What are the current challenges of the modern electronically based FX world?
The development of technology assisted the rapid expansion of the FX market, but several market participants still execute their transactions by voice. There is no doubt that e-trading platforms are here to stay but the FX market, by far the largest in the world by volume, needs to ensure that requirements of all countries and its market participants are met, regardless of their development stage or business profile. The FX Global Code takes care of this, as a document that offers guidance and good market practices for all market participants regardless of their size, complexity and nature of their engagement in the market. Therefore, with no surprise, the FX Global Code addresses the electronic development of the FX market, with several of its principles suggesting good market practices for e-trading, in addition to a leading principle wholly dedicated to execution (covering client orders, transparency and algorithmic trading, amongst other topics). Implementing the Code allows market participants to prioritise platforms where best execution is absolutely guaranteed so that their clients are confident that they are trading in most efficient market environment at each time.
What are the future plans of ACI FMA?
ACI FMA will always look to reinforce its three values: education, ethical conduct and membership. Several plans are already being implemented so that ACI FMA can provide even more value to all its members, through education and other initiatives aimed at promoting the development of good market practices. ACI FMA is also looking to expand the current number of National Associations, being already in conversations with a good number of institutions that want to launch the local ACI chapter in their countries. We also look to cooperate more closely with other trade associations in order to promote better functioning markets for all market participants.