Working Groups and Committees

Many members have agreed to form formal working groups to engage with each other on important issues, such as industry regulation, Treasury and ALM activity, money market liquidity, etc. Also, often regional working groups are formed when communication needs to take place across borders in a non-partisan way.


Board of Education (BoE)

Education Matters!

The Board of Education (BOE) is responsible for and advises ACI’s Executive Board on all decisions concerning formal education within ACI that is of an international nature. It proposes an ongoing strategy, defines the format and content, and also implements a marketing and communication policy of ACI’s education and examination program.

The BOE evaluates publications and study materials to be published under the ACI logo or in relation to ACI’s examinations, monitors examination centres or the relationship with the supplier of examination centres. It is an advisory body for all education matters of a domestic (national) nature. It advises all local ACI associations in the organisation of International Dealer Seminars and oversees the relationships with Academic partners.


Missions Statement

ACI’s education mission is to promote the highest global standards of professionalism, competence and ethics in activities and products in financial markets through ongoing educational programs and examinations.


Members of the BoE

Title Name ACI National Association
Chair Rui Correia ACI Portugal
Vice-Chair Elena Trimceska ACI Macedonia
Member Chris Howlett ACI Australia
Member Daniel Varni ACI Suisse
Member Faris Ababneh ACI Jordan
Member Hayley Brooks ACI United Kingdom
Member Kennedy Bwalya ACI Zambia
Member Martin Runo ACI Kenya
Member Michael Guarino ACI Americas
Member Perry Savundranayagam Sri Lanka Forex Association
Member R Ravichandran ACI Singapore
Member Sharma Rambocus ACI United Kingdom
Member Sladjana Sredojevic ACI Serbia
Member Tamer Khalifa ACI Egypt


Committee for Professionalism (CFP)

ACI's longstanding Committee for Professionalism (CFP) comprises of industry-wide market practitioners representing the spectrum of financial markets participants and with broad and deep industry expertise. The CFP is responsible for reviewing the cases/scenarios and questions used to measure delegate understanding of practical applications of the 55 Principles set out in the FX Global Code.

The CFP is responsible for developing and maintaining ACI FMA's proprietary market principles and practices guidelines (formerly ACI Model Code) which provide comprehensive guidance to market participants on broader financial markets best practices across the trading lifecycle from front end execution to back office processing.

In the event of a dispute, the CFP is able to offer expert guidance and recommendations for resolution. In certain cases, the Chair of the ACI CFP may be called as an expert witness.


Missions Statement of the CFP

The CFP is responsible for the Market Practices and advises the ACI Executive Board on all decisions concerning guidelines, both technical and ethical and also on professional activities of ACI members. These guidelines comprise The Model Code. It gives advice and offers arbitration services on professional disagreements or problems having an international character.
The CFP formulates and proposes policies and guidelines establishing the educational and professional standards for members of ACI. It produces specialized reports relating to market issues e.g. risk management, crisis management.



Title Country Name Institution Position
Chair United Kingdom David Woolcock Eurobase Banking Solutions Director, Business Consulting
Vice Chair Australia Keith Sedergreen ACI Australia President
Member Denmark Jørn Sodborg Jyske Bank Chief Dealer FX head of e-business & Distribution
Member France Philippe Jeanne Group BPCE Head of Financial Management & Treasury
Member United Kingdom Caspar Marney Velador Associates Ltd Managing Director
Member United Kingdom Andrew Brodie Bank of America MD, Global Head of GBAM GM Business Control
Member United Kingdom Jeffery Roberts CME Group Business Manager
Member United Kingdom Alan Scott 24 Exchange Managing Director EMEA
Member United Kingdom Chris Cox BNP Paribas Global Markets Conduct Remediation Specialist
Member United Kingdom Liam Crellin Natwest Markets Plc Head of Compliance, Markets Risk Advisory
Member Australia Colin Lambert ACI Australia Executive Committee
Member Switzerland Peter Bollier Basler Kantonalbank (BKB) Head of Money Markets & STIRT


Crypto Working Group (CWG)

The ACI represents the interests of individuals engaged in professional trading, broking, operations, regulatory and compliance activities in the foreign exchange, money and derivatives markets. It has about 10,000 members globally. Our activity is focused around the four key pillars of: Community, Conduct, Education and Charity.

Conduct is the primary concern of the CFP (Committee for Professionalism) which is responsible for oversight and review of the use cases and questions used to measure members understanding of practical applications of the 55 Principles set out in the Global Code of Conduct.

The CFP is responsible for developing and maintaining ACI FMA's proprietary market principles and practices guidelines (formerly ACI Model Code) which provide comprehensive guidance to market participants on broader financial markets best practices across the trading lifecycle from front end execution to back office processing.

In the event of a dispute, the CFP is able to offer expert guidance and recommendations for resolution. In certain cases, the Chair of the ACI CFP may be called as an expert witness.

The CFP has established CWG to explore if and how the ACI should engage with the practitioners, technology and practices of the new and emerging world of Crypto.


Terms of reference of the CWG


Questions raised for discussion

1. How will the Crypto community view this initiative?

ACI is an individual member-based organisation, our purpose is to provide information, operational frameworks and educational to them. We have invited Global Digital Finance (GDF) represented here by Lawrence and Teana to also bring this outside perspective.

At present, GDF has 3 parts of the GDF Code ratified with the community:

  • Part 1: Overarching Principles for Cryptoassets Participants
  • Part 2: Principles for Token Sales
  • Part 3: Principles for Trading Platforms

They have two additional sets of principles in open consultation now, which will close on 31 January and will brought the the community for discussion and possible ratification at our next Mini Summit on 20 February:

  • Part 4: Principles for Cryptoasset Funds and Fund Managers
  • Part 5: Principles for Token Comparison and Rating Websites

More information: Global Digital Finance (GDF) and the GDF Code

2. What is the Association Digital Asset Markets (ADAM) and how does it align with CWG and GDF?

Both ADAM and GDF are corporate or entity member organisations. Their purpose is therefore different but compatible with our own. I will ask Lawrence and Teana to put this into their own words and also give us some background on ADAM and any other Industry initiatives at the meeting.

More information: Adam-vision-and-founding-principles

3. More broadly beyond Lawrence and Teena from GDF how is the group composed?

We have put together a group that has real professional regulatory experience (Anne and Nigel), Buy side market knowledge (Bob and Rebecca) and Sell Side/Broker experience (Caspar and Simon). David, Stephane and myself bring the working knowledge of ACI committee structures along with many years on both the Sell side and electronic platforms that straddle both.

4. How does crypto fit with Regulation?

Traditional assets tend to be regulated in Silo’s (Securities, FX, Metals …) bit with Crypto, the Asset is both a new class and a re-invention of existing classes. STO’s are securities that are tokenized. Please see attached the FCA Guidance that Rebecca sent around.

Our focus is on the Wholesale Markets or OTC and the practitioners therein. Today this does not really exist for Crypto but as it grows and evolves, we all expect one to develop. This is a forward leaning initiative which intends to prepare and inform our members.

5. Why do a White Paper? What is envisaged here?

This White Paper from SIX (Swiss Stock Exchange operator) is interesting because it researches future scenarios and ranks them in terms of most likely to occur. It then accesses the impact and market infrastructure requirements of each scenario. In effect it is an open call for the organization to be prepared. The authors hope the information contained within is valuable but also hope that the broader community will point out it’s failings and where it can be improved. In other words, it's a tool for engagement that goes beyond the walls of the entity.


Members of the CWG

Title Name Title Company
Chair Alan Scott Managing Director EMEA 24 Exchange
Deputy Chair David Woolcock Director, Business Consulting Eurobase Banking Solutions
Member Stephane Malrait MD Global Head ING
Member Rebecca Venis Associate Director Record Currency Management
Member Martin Liebi TLS Director PWC
Member Cameron Dickie Head of EMEA Sales B2C2
Member Lawrence Wintermeyer Co-Chair GDF
Member Urs Bernegger Head Trading & Liquidity Management SEBA Bank
Member Bob Noyen CIO Record Currency Management
Member Caspar Marney Founder / Managing Director Velador Associates
Member Simon Tobler Head of Trading and Execution CryptoFinance AG
Member Nigel Brahams Partner Collyer Bristow LLP
Member Robin Henry Partner and Head of Dispute Resolution Collyer Bristow
Member Anne Pounds Senior Executive AEP Associates
Member Luke Marriott Head of eFICC Markets Australia and New Zealand Banking Group


Forex Exchange Committee (FXC)

Forex Exchange Committee Mission Statement

  • To inclusively represent the entire professional FX Market, including in the membership of ACI all Professional Market Participants (PMP’s), who, based on the principle of personal integrity, will individually uphold the values of the FX Global Code.
  • The committee to be focused on and comprised of FX Experts who will support both the Executive Board and Regional ACI’s and ensure that the views of the professional FX community are heard at the highest levels, in co-operation with other associations that have an FX voice when applicable.
  • The ACIFXC to work in concert with regulators and other FXC’s to promote a common global, orderly and transparent FX market and to lobby on regulatory issues as required. To recommend best practices and changes to the FX Global Code as and when necessary from a professional FX market perspective.
  • The ACIFXC will fully represent current and future trading styles and execution choices available to the FX markets professional participants and will actively facilitate the development of Regional Foreign Exchange Markets and their integration into the global marketplace.


Members of the FXC

Title Country Name Financial Institution
Chair UK John Estrada Credit Suisse
Vice-Chair UK Jonathan Healey BBVA
Member UK Stephane Malrait ING
Member UK David Woolcock Eurobase Banking Solutions
Member France/UK Stefan Hamberger CA-CIB
Member Denmark Niklas Karlsson Independent
Member Russia Sergey Romanchuk Metallinvestbank
Member UK Anne-Maria Rothenstein Themis
Member France/UK Asif Razaq BNP Paribas
Member UK Bob Noyen Record Currency Management
Member Spain/UK Jon Healey BBVA
Member UK Alan Scott 24 Exchange
Member The Netherlands Tjerk Methorst PGGM
Member Greece Lina Charitoudi Piraeus Bank
Member Australia Luke Marriott Australia and New Zealand Banking Group


Money Market & Liquidity Working Group (MMLWG)

Mission Statement

Group of professionals to address issues related to money markets, liquidity and regulations in the Eurozone and beyond.

MMLWG meets three to four times a year and setups conference calls with a focus on treasury and liquidity issues if urgent matters need to be discussed and addressed.

Members represents all euro countries and two associated members from UK and Switzerland.

ECB participates in MMLWG meetings as an observer.

First working group within the ACI Euribor established in July 1999 at the ACI Milan congress.


Members of the MMLWG

Title   Name  
Member   Frederic Pailloux  
Member   Frank Beset  
Member   Pat Byrne  
Member   Diana Martin de Oro  
Member   Pierre Le Veziel  
Member   Marjo Pesonen  
Member   Jacques Piasko  
Member   Steefan van de Mosselaer  
Member   Kim Winding Larsen  
Member   Belén Lain San Martin  
Member   Andy Green  
Member   Paulo Henriques  
Member   Miguel Angel Monzon  
Guest   Franck Hebeisen  
Observer   Julija Jakovicka  
Observer   Helmut Wacket  


Regulatory Working Group (RWG)

Members of the RWG

Title Country Name Institution
Chair Denmark Christine E. Habel PFA Pension
Vice-Chair United Kingdom Anne-Maria Rothenstein Themis Interim Management
Member Global Kim Winding Larsen ACI FMA - President Delegate
Member Czech Republic Josef Jericha  Citi group
Member Czech Republic Milos Smaha Uni Credit
Member United States John Drohan Drohan Lee
Member Global / Portugal Rui Correia ACI FMA - Executive Director of Education
Member Switzerland Martin Liebi PWC
Member The Netherlands Arif Kallan ABN AMRO
Member The Netherlands Frank Beset Rabobank
Member Australia Damian Underwood Australia and New Zealand Banking Corporation
Member Singapore John Ho Standard Chartered Bank


Regulatory Working Group Documents

10 February 2016: The European Commission extends by one year the application date for MiFID II package.

Please find the following documents from various regulatory consultations from the European Commission. We trust that this information will be of interest to you. Should you be interested in assisting the ACI FMA on these matters, or should you have a question, please contact the ACI Regulatory Working Group by phone or email. We will be delighted to help.

More information: Text of MiFID II directive and regulation.


Contact us

Tel : + 33 1 42 97 51 15