Extract from ‘And Finally’ Profit and Loss 7 January 2019
“……my Person(s) of the Year is ACI – The Financial Markets Association.There were undoubtedly several people within ACI involved in the work [to deliver its own Amicus Brief], I understand it a lot of heavy lifting was done by the US chapter, but whoever was involved showed real industry leadership.
In the case of Mark Johnson [other] associations came up short and we all have to hope that their inaction doesn’t negatively impact the outcome. For ACI, however, I have nothing but plaudits. It is not just that it stepped up when others declined to do so, it did so from a position of authority.
We all want the best possible standards in the FX industry and I think most will accept that somehow, in the early years of this century, adherence dwindled to unacceptable levels – that recognition is why so many firms have signed up to the FX Global Code. ACI was there long before that, however, with its Model Code, highlighting its commitment to best practice. Hopefully those with Mark Johnson’s immediate fate in their hands will acknowledge that an association that has dedicated itself to best practice for decades, not just the last three years, has publicly stepped up and said that pre-hedging is necessary in FX markets…..
Bravo ACI – The Financial Markets Association.”
Reproduced with permission of Profit and Loss. Full article here.