Official announcement will be made later this week at the ACI’s annual meeting in Berlin
ACI – The Financial Markets Association, the Forex market’s main industry umbrella group, will officially appoint former State Street executive Marshall Bailey as its first full-time president later this week according to Reuters. The article states: “The move has been in the works for well over a year, according to an industry source, but comes as the $5.3 trillion-a-day market is under unprecedented scrutiny as regulators around the world probe allegations of price-rigging and collusion between traders.” With a leader who will have a bully pulpit more or less to put issues on the agenda with one voice, it may lead to greater action by industry players to address certain issues facing the industry. Starting with mechanisms to stomp out price rigging in the interbank market and high stakes trading manipulation is a good place to begin.
“The announcement will be made later this week at the ACI’s Annual World Congress meeting in Berlin, which will bring together FX industry and market participants from around the world. He will be the first full-time president in an organization whose leadership traditionally comes from senior bank managers taking on an extra, part-time role.” The fact the ACI is formally putting out one face and leader of the organization shows the increasing importance of FX in all aspects of finance in our increasing globalized world. The Reuters article states that Bailey has already updated his LinkedIn profile with his new title. Mr. Bailey had held senior positions at State Street for the past three years. Before that he was at Canadian investment bank RBC Capital Markets and Switzerland’s UBS AG.
Among some of the sponsors attending the World Congress meeting in Berlin March 27-30, 2014 are DealHub, 360T, ADS Securities, Bloomberg, FlexTrade, and MarketFactory along with many more. Check the following links for more info:
LeapRate will be sure to follow any other significant news that comes out of this years ACI Meetup in Berlin.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.