Association Cambiste International
Fast development of international economic relations following World War Two imposed the necessity for development of trade in foreign exchange. In order to render it prompt, accurate and efficient it was necessary to educate and train a special type of professionals who would engage in these jobs — the professional dealers, or cambistes in French. The professionals in this field were soon to become aware that in order to be successful in their work, they needed not only the knowledge, but also mutual assistance, constant exchange of experience in practice, certain rules of conduct for negotiation and contracting in foreign exchange trading, and thus a creation of a particular professional organisation.
The idea to create such a professional organisation was conceived long before its final realisation on 29 June 1955 at the Forex Club Founding Assembly in Paris, the day which is marked today as the anniversary of the international association — ACI. The dealers of the Paris market decided to invite as their guests the dealers from Germany, England, Belgium, Sweden, Norway, Switzerland, Italy and Netherlands. After a splendid time spent together over the weekend when they had fun and exchanged practical experiences, they decided that such encounters were more than necessary for all professionals engaged in foreign exchange trading.
The founding fathers of the Association Cambiste International — the Financial Markets Association, were Maurice Plaquet of Credit Lyonnaise in Paris, and Roy Bridge of the Bank of England in London and their message was soon to become the cornerstone concept of the organisation: “The work on foreign exchange markets is being executed by a man, and his work utensils, regardless of their degree of technical sophistication, are only an auxiliary facility because what makes the market are people, keeping in constant touch together”.
The Founding Congress of the Association Cambiste International (ACI) was held in Paris in 1957. The Congress adopted the Charter of the Association Cambiste International. The ACI founders also adopted the Codes of procedure and conduct of the professionals engaged in this complex and important banking job. The rules were thereupon improved and perfected to be applied today in a universally adopted unique manner in all the banks of the world. The basic ACI tasks, further to the Codes of procedure and conduct, are: perfection of the necessary language and terminology used by dealers in their mutual communication, education and training of professionals, establishment of personal contacts and mutual confidence building. ACI membership is defined in the ACI Statute.
National Forex associations are national groups autonomously organised in accordance with the regulations in force in their respective countries, Forex Clubs are the associations established in countries where the commercial banks are free to have business dealings with the banks in other countries, ACI members are the national Forex Clubs having over 50 registered international members. If they do not satisfy this requirement, they have the option of individual membership. The international ACI congresses are being held every year.
The Yugoslav Forex Club was established in Belgrade in March 1975, as a logical outcome of the continued development of the Yugoslav foreign exchange market which started its operations in May 1973. The creation of the Yugoslav foreign exchange market necessitated linking of the domestic foreign exchange traders with their foreign counterparts for purpose of both developing the market, and promoting personal excellence of dealers themselves. In the year of its creation Forex Club applied for ACI membership, as up to 1975 Yugoslavia had the status of an observer in ACI.
At the 17th International Congress of Dealers held in Venice in 1975, the ACI Council increased the number of its members from 28 to 30. Unanimously, under its rules, ACI admitted in its membership the national clubs of Yugbslavia, and those of Hong Kong.
The Founding Assembly of the YU Forex Club, which was held in Belgrade hotel “Jugoslavija“ on 22nd March 1975, was attended by the representatives of nine banks, members of the Foreign Exchange Market, National Bank of Yugoslavia and numerous guests from abroad.
The welcome address, was delivered by Mr. Ilija Marjanovic, the Vice Governor of the NBY: “People who had, as yourselves, decided to engage in this field of work, have especially hard tasks. Successful trading in foreign exchange even in a stable monetary and economic environment is not an easy task. What is needed is, first of all a high degree of professional knowledge, together with daily monitoring of all the monetary, economic, social and political events taking place in the world, that may have a direct impact on the value of convertible currencies. The current unstable international monetary environment is rendering this work ever mote complex and demanding for all the profesionals in this field, their full awareness of and mutual assistance in eliminating the encountered difficulties. The idea of the Forex Clubs, building personal relationships and a comprehensive business cooperation, with exchange of experiences in search of the best solutions for successful accomplishment of tasks ahead, is especially pertinent today. Long term cooperation, mutual assistance and organisation of dealers must be given a welcome, not only by the professional bankers, but also by all the business people who are eager to find new and promote the existing solutions in the field of international payments“.
The Assembly was attended by Mr. Paul Trillard, deputy secretary general of the International Forex Club, who congratulated the founders on establishing the YU Forex Club, and read the letter of congratulation sent by the President of the International Forex Club, Mr. J. Ch. Estourgi.
At the Founding Assembly, the Statute of the Yugoslav Forex was adopted and Dr. Vladimir Stepanov, director of the foreign exchange department of Jugobanka Belgrade, was elected for YU Forex president.
The Bank Association had a vital role to play in the formation of the Yugoslav Forex and during all of the years that were to follow it offered its appropriate financial and logistic support. The support was running along two main lines. Firstly, at the Bank Association a foreign exchange market was set up to operate as an interbank foreign exchange meeting place, later to evolve into an Inter-bank Foreign Exchange Market. Therefore, the initial steps of the Yugoslav Forex were made from the sanctuary ofthis function of the Bank Association. Secondly, the other significant function of the Bank Association was education of bank professional, as one of the imperative duties of the dealers.
During all these years of our professional association the most tedious periods was the time of the economic sanctions of the international community. Economic sanction also had an impact on the status of the YU Forex in ACI. Thanks to the kind understanding of ACI officials, YU Forex was not dismissed from ACI, but an individual membership was made possible until such time when conditions would prevail for a renewed collective membership. This arrangement was practically the application of the ”empty chair” principle. Once the conditions were fulfilled, YU Forex did not have to apply for admission into collective membership, but the principle of reinstatement in the membership was followed. Finally, at the session of ACI Council held in Paris on 23rd November 2001, collective membership of YU Forex in ACI was reinstated. At the 16th Session of the YU Forex Assembly in 1991 the name of the association was changed into ACI Yugoslavia. In 2005 the association was renamed in ACI Serbia & Montenegro, while from 2006 it has its current name – ACI Serbia.
Belgrade, the host city of the 26th International Aci Congress
Yugoslav Forex, together wiht the Bank Association of Yugoslavia organised the 26th ACI Congress. The Congress was held in Belgrade from 31st May to 3rd June 1984, and was attended bz 2500 representatives of Foreign Forex Clubs from 756 foreign banks and 34 central banks from all over the world.
1975. – 1976. – Mr Vladimir Stepanov, PhD, Manager of Foreign Exchange Department of Jugobanka Belgrade.
1976. – 1978. – Mr Pavle Pavlovic, General Manager Beogradska banke, Belgrade.
1978. – 1980. – Mr Vladimir Sodin, Manager of the Department in Ljubljanska banka, Združena banka.
1980. – 1982. – Mr Aleksandar Bogoev, Director of the Representative Office in Stopanska banka Skopje, in Belgrade.
1982. – 1984. – Mr Branko Colanovic, President of Jugobanka udružena banka, Belgrade.
1984. – 1986. – Mr Andras Mora, PhD, President of Udružena Vojvođanska banka, Novi Sad.
1986. – 1988. – Mr Tomislav Badovinac, PhD, President of Udružena banka Hrvatske, Zagreb.
1988. – 1990. – Mr Ljubomir Popovski, M.A., President of Stopanska banka Skopje – združena banka.
1990. – 1992. – Mr Milos Mirkovic, Executive Director of the Foreign Exchange Department of Jugobanka udružena banka, Belgrade.
1992. – 1994. – Mr Dragoslav Vukovic, Acting President of Kapital banka, Belgrade.
1994. – 1998. – Mr Dragoljub Vukosavljevic, General Manager of MB Union banka a.d. Belgrade.
1998. – 2002. – Mr Vojin Bjelica, PhD, General Manager Novosadska banka a.d. Novi Sad.
2002. – 2006. – Mr Cedo Petrovic, General Manager of Eksimbanka a.d. Belgrade.
2006. – 2010. – Ms Sonja Miladinovski, Member of the Executive Board for Treasury and Finance Societe Generale Banke Srbija a.d., Belgrade.
2010. – 2015. – Mr Filip Jelic, Head of Treasury Division Erste Bank a.d., Novi Sad.
2015. – – Mr Branko Petrovic, Manager of Treasury Division Alpha Bank Srbija a.d., Belgrade.