The Model Code has been compiled in response to an urgent international need amongst dealers and brokers operating in the OTC foreign exchange, money and derivatives markets. The Committee for Professionalism (CFP) of ACI – The Financial Markets Association has become increasingly aware of this need through regular contact with its membership of over 24,000 dealers, brokers, middle and back office staff in over 80 countries.
Until recently, the syllabus for the Code of Conduct examination in the ACI Dealing Certificate recognised the Codes of Conduct of the four main centres: London, New York, Singapore and Tokyo in addition to the ACI’s own Code. Candidates preparing for the examination were therefore obliged to undertake a long and arduous study of the provisions of all five publications.
Following a comprehensive review of the situation, the CFP concluded that, despite the existence of some difficult issues and of differences in structure, there was an urgent need for one international or global code that could cover the essential provisions of all five recognised publications.
The conduct and best practice recommended in the five codes is in general conformity and, with a few notable exceptions, the differences that do exist are mostly those of emphasis and scope. It was therefore felt that a Model Code embracing the main provisions of the recognised codes could serve as a valuable guide for the international dealing membership.
It would also serve as practical study material for junior dealers and, with an amended syllabus recognising the new structure, for examination candidates.
The need for a Model Code is more pronounced in many of the emerging markets where a professional code is lacking.
Please click here for the ACI Model Code
For more detail visit: www.acifma.com