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ACI FMA association’s new Model Code 2015 on governing ethics & market conduct

ACI – Financial Markets Association, the global trade association representing more than 13,000 wholesale financial markets professionals, has launched its updated Model Code for 2015 alongside a new online learning portal.

ACI FMA model code

The Model Code: a universal code of conduct, with comprehensive guidelines and best practices which span the whole of Fixed Income, Currency and Commodity markets best practice, is used by more institutions in more countries, than any other in the world. It covers a broad range of conduct issues, from the detailed processes of the back office right through to the up-to-date functions of the electronic platforms utilised by the front office. ACI FMA claim that is “cited as the best of the conduct codes in providing education, process, and a moral compass for guidance, to which all professionals can adhere.”

The updated Model Code places a renewed focus on education and ensuring individuals are educated on the appropriate ethical standards and behaviour expected of them by their employers and the market. It includes new guidance on last look practices, high frequency trading, aggregation, rate setting, FX dark pools, and advice on best practice during times of extreme market volatility. 

The new Model Code February 2015, see, highlights include:

  • entirely reviewed and approved by the ACI Committee for Professionalism
  • modern format, and searchable
  • new advice on arbitration
  • Last Look covering recent events of extreme volatility.

The ACI FMA’s web-site sasy that, “We will have further updates from the FICC coming soon.”

e-Learning Certificate

The ACI also launched a new e-Learning Annual Certification (ELAC) Portal that enables banks to reduce their conduct risk and align themselves with the global regulatory environment. They claim that, “It facilitates easier teaching and testing of the Model Code, and allows individuals and their employers to learn, test and monitor their understanding. It also helps to embed a strong culture of individual accountability and reinforce the right messages across all divisions and staff members.”

CTMfile take: It’s sad that more of the market has not followed this Model Code of behaviour. 

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