Concluding Statement of the ACI FMA leadership meetings, Belgrade, 19-21 Oct 2016

At the recent ACI FMA Council meeting, held in Belgrade, Serbia last week, the association’s representatives discussed its ongoing work in the areas of ethical conduct, education and networking. Council approved the 2017 budget and received reports from its Working Groups and Committees. The group declared its unified support for ELAC, the ACI FMA’s eLearning, Attestation and Certification Portal (, and reiterated its intent to provide high standards for the professionalization of the wholesale financial markets.

The Council is comprised of the Presidents and Secretaries of each of the National Associations, representing all of the individual members from over 60 countries, and the body that elects ACI FMA’s Management Board. On its flagship initiative, the following statement was agreed: “We, the Council of the ACI FMA, declare our support for the ELAC Portal as our platform for the international distribution of our Model Code and the BIS Global FX Code. We recognise that the ELAC technology will enable ACI FMA to interact with our international membership and other market participants.”

Mr Bruno Langfritz, ACI FMA Europe President & Vice Chairman, stated “ELAC demonstrates our fresh thinking and modern approach in supporting our industry, while we carry on with our well-received traditional education programmes. Since its introduction in 2015, ELAC successfully helps market participants from the sell side and the buy side with the attestation and adherence of international codes of conduct, including the BIS Global FX Code and The Model Code. It has been a big effort, and will be a rewarding achievement.”

At the Council meeting, Brigid Taylor was welcomed as Paris-based Managing Director. Brigid Taylor will begin her work at the Head Office on 7 November 2016. After many years of personal commitment, Eddie Tan announced his intention to retire from the ACI FMA as Chairman, with Vice Chairman Bruno Langfritz temporarily assuming the role of Chairman. Eddie Tan said “it has been a delight to serve with the ACI FMA for so many years. The ACI FMA is on a proper footing, and has many years of growth and relevance ahead. I have every trust in my colleagues and their ability to further our common goals.”

Outgoing ACI FMA President Marshall Bailey, in his final speech in Belgrade, paid tribute to the Council and the future plans with the statement: “The ACI FMA has importance all over the world, and the development and support of the ELAC Portal will ensure that the ACI FMA can continue to play its role as a trusted provider of valuable industry solutions for all financial market participants.”

Council and the Management Board bid farewell to Marshall Bailey and Eddie Tan. The Management Board thanked Marshall for 2 1/2 years of dedicated service to ACI FMA. Bruno Langfritz further commented that “the creation of ELAC represents a major milestone of Marshall’s presidency and that the Association needs to cultivate and promote his achievements so that ACI FMA will remain successful for years to come.”

At the end of the meeting, the Council and the Management Board gave a standing ovation to thank Eddie Tan for the many years of extraordinary work and commitment to ACI FMA.

ACI Serbia 2016 – Time table

The Assembly shall be held on 22nd October 2016 in the National Bank of Serbia amphitheater, Belgrade, 17 Nemanjina Street (entrance from Svetozara Markovica street), with the following schedule:

* Dr. Sladjana Sredojevic, Special Advisor, Association of Serbian Banks, will be the moderator of the event.

Sponsors and Friends

Invitation to ACI Serbia Annual Assembly

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Dear ACI friends,

On behalf of the Executive Committee of ACI Serbia, it is my pleasure to invite you to take part at the 41 st ACI Serbia Annual Assembly. The Assembly shall be held on 22nd October 2016 in the National Bank of Serbia amphitheater, Belgrade, 17 Nemanjina Street (entrance from Svetozara Markovica Street) with the following schedule:

08.45h – 09.30h Registration

National Bank of Serbia – front-hall, Belgrade, 17 Nemanjima Street

09.30h – 16.00h Plenary session of the 41 st ACI Serbia Annual Assembly

National Bank of Serbia – amphitheater, Belgrade, 17 Nemanjima Street,
Dress code: Business suite

20.00h – 01.00h Festive dinner

Restaurant Top of the Hub, Usce Tower – 25 th floor, Belgrade, 6 Bulevar Mihaila Pupina Street,
Dress code: Cocktail Attire

We expect Mrs Jorgovanka Tabaković, PhD, Governor of the National Bank of Serbia, to open the Annual Assembly. Moreover, the following guest speakers have already confirmed their participation at the Annual Assembly:

  • Mr Marshall Bailey, ACI Global, President,
  • Mr Christian Buschmann, ACI Board of Education, Chair,
  • Mr Franck Hebeisen, ACI France, Managing Director, HEFRA, President,
  • Mr Vicenzo Dimase, Reuters, FX market development Manager.

Beside the individual guest speakers, two panel discussions will take place as well:

Panel 1 – Macroeconomic trends in Serbia

  • Mr Marko Danon as a moderator of the panel, Addiko Bank, Analyst,
  • Mr Zoran Petrovic, CEO, Raiffeisen banka,
  • Mr Sinisa Krneta, CEO, Belgrade Stock Exchange,
  • Mr Branko Drcelic, Ministry of Finance, Debt Administration Agency, Manager,
  • Mr Peter Tabak, EBRD, Senior Economist and Adviser.

Panel 2 – OTC Derivatives, Netting and Financial Collateral in Serbia

  • Mr Jacek Kubas as moderator of the panel, EBRD, Adviser to the President of EBRD,
  • Mr Peter Werner, ISDA, Senior Director,
  • Mr Petar Kojdic, Moravčević Vojnović i partneri in cooperation with Schoenherr, Partner,
  • Mrs Tatjana Jovanic, University of Belgrade, Faculty of law, Professor.

Price as per participant amounts to RSD 13,000.00 plus 20% VAT. As soon as you register for the event with the below application form, a pro forma income statement will be sent at your e-mail address.

In case you should need any additional information, feel free to contact me via e-mail or by phone +381 11 3023944 and +381 64 8800131.

I am looking forward to seeing you at the 41st ACI Serbia Annual Assembly in Belgrade.

Sincerely yours,
Branko Petrović
ACI Serbia, President

Application form

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In case pro forma income statement should be sent at an additional e-mail address, please enter it here: (optional)

ACI is determined to become a world-leader in conduct training…

ACI is determined to become a world-leader in conduct training for the various codes of conduct that have emerged in the last two years. With ELAC positioned to accommodate any of the public codes, ACI is able to provide direct value to any constituents in the wholesale financial markets, and to be available for membership across the buy side and sell sides of the industry, local membership permitting. The new codes, including the BIS Single FX Code, but also soon to include fixed income and commodities codes, will be central to all participants across the globe. To learn more about this, you may read a recent speech made in Sydney at the FX Week Conference:

Benchmark Regulation

The European Commission originally proposed draft Regulation on indices used as benchmarks in financial instruments and financial contracts1 (Benchmarks Regulation) in September 2013 in the wake of the alleged manipulation of various benchmarks.

On 24 November 2015, the European Parliament and the Council reached a preliminary political agreement2 on a compromise text of the Benchmarks Regulation, an agreement that was confirmed on 9 December 2015 by the Permanent Representatives Committee of the Council of the European Union3. The European Parliament has not yet voted on the text.

This Discussion Paper (DP) is based on the version of the Benchmarks Regulation4 following such agreement and seeks the views of interested parties on ESMA’s policy orientations and initial proposals for the potential Level 2 measures under the Benchmarks Regulation. These measures should take the form of delegated acts of the Commission and ESMA draft technical standards. However, it should be noted that the Benchmarks Regulation has not yet been published in the Official Journal of the European Union (OJ).

ESMA – 15 February 2016

ACI FMA joins the Market Practitioners Group of the BIS Single FX Code

Last week, in Tokyo, the President of the ACI FMA joined other members of the Market Practitioners Group of the BIS Single FX Code group, for further work towards developing a globally endorsed code for FX markets. This work is being carried out in coordination with many market participants from the buy-side, sell-side, intermediary and central bank community across a spectrum of important and representative wholesale market participants in FX. Many of you will be involved in this at a variety of levels, either through your local FX Committees, or possibly through your Head Offices, etc. ACI FMA is at the table, working hard to ensure that our value as a large, international network of wholesale financial market practitioners is recognised, and can bring benefit to the entire industry.

At the opening of the session the Deputy Governor from the Bank of Japan gave an important speech.

You may read the speech by clicking this link

ACI FMA – February 2016