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Extract from
NEWS FROM THE FINANCIAL MARKETS ASSOCIATION
Q4 2009 / VOL 15, / ISSUE 103 ISSN 1469-2031
MESSAGE FROM THE PRESIDENT
Dear ACI Members
Dear Readers
The past year was again full of challenges for all of us. I remember how hectic thedays were in November and December 2008 after Lehman collapsed, when money market traders were seeking liquidity for their banks and just trying to keep the markets going – at the time we were happy to keep things going to the year’s end. One year on, and there are signs that the worst of the crisis might be over. The money supply has grown considerably in the past few months and central banks which were providing the financial system with fresh capital through low interest rates, are seeking and discussing exit strategies. Some central banks have already raised interest
rates, which probably further indicates a turnaround in the market’s fortunes. Nevertheless, 2010 will still be challenging (stay tuned) for all of us; Trader, Risk Manager – anyone involved in the industry – as well as for all ACI representatives, locally, regionally and at international level. Together we will called upon to address market and policy events and to react accordingly. ACI – The Financial Markets Association was, and still is, carefully monitoring developments throughout the crisis and over the last year has increased its efforts and contacts with the world’s central banks and monetary authorities. I think I can describe 2009 as a year of fact finding, but also a tour de raison of ACI.
ACI has trimmed itself fit for the new environment by strengthening the regions (our four blocks: Asia, Europe, Middle East & Africa and Americas). On the education side, ACI is increasing efforts to certify our industry and is improving our education
database, strengthening our cooperation with FSFM, the Frankfurt School of Finance and Management, and has also entered into a new cooperation with the SMU, the Singapore Management University in the Asian Region. We have also continued to inform our members through our delivery of daily market top stories – both regulatory and market themed – via our web page.
ACI’s public mission started with the tour de raison, which also can be called From Paris to Paris. Starting in Paris in January with a visit to the Banque de France, meeting the Deputy Governor Jean-Paul Redouin, we finished the year by meeting, again in Paris, Jacques de Larosière, the “grey eminence” in the economic-policy world, being the Chairman of the high-level group on financial supervision in Europe. In between were meetings and talks with Banca d’italia, the South African Reserve
Bank, Central Bank of Turkey, the European Central Bank, Bank of Japan, Central Bank of Qatar, Central Bank of Bahrain, National Bank of Austria, Danmarks Nationalsbank, National Bank of Belarus, Central Bank of Syria, Banque du Liban, Austrian Ministry of Finance and on occasion, at different ACI meetings, with representatives from the central banks of Sweden, Portugal, Germany and Switzerland.
We had an excellent Congress in Cape Town, ACI was also in Beijing after being invited to the China International Capital Market Forum and we were observers at the EUROFI meeting in Goteborg.
This is a very busy schedule and we will continue to increase our level of interaction with the world’s monetary authorities in 2010.
Contents
MESSAGE FROM THE PRESIDENT ........................01
SYDNEY GEARS UP FOR
2010 ACI WORLD CONGRESS................................02
ACI ATTENDS EUROFI FINANCIAL FORUM ........03
ACI’S PRESIDENT ON FACTFINDING
MISSION TO CHINA .................................................05
REPORTING FROM THE
2009 ICA CONGRESS...............................................06
ACI EDUCATION IN 2009........................................06
CFP THE NEED FOR CLARITY IN ORDERS........07
BULGARIS WELCOMED TO ACI .............................07
| ACI PEOPLE: SAVIOUR BRIFFA
AND ALBERT MICHEL................................................8
A FINANCIAL TRANSACTION TAX
THE SCARECROW ....................................................9
DERIVATIVE MARKETS BUILD ON EFFICIENCY....10
FX COMMITTEES STUDY
THE MARKET LANDSCAPE ....................................11
ACI AUSTRIA CELEBRATES 50 YEARS ..................13
ACI SRI LANKA ELECTS NEW BOARD ..................13
ACI FRANCE DEBATES CHANGE .......................... 14
ACI MEETS IN BELARUS..........................................14
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