As an association we are proud of our relationship with our central bank.
We are also pleased that the South African Reserve Bank highly regards the ACI qualification. Below is a letter obtained from them which details their endorsement for the qualification.
Endorsement of ACI South Africa
ACI- The Financial Markets Association, was founded in France in 1955 following an agreement between foreign exchange dealers in Paris and London. In the years that followed, other national associations were formed and there are now affiliated financial markets associations in 65 countries and individual members in 17 other countries. ACI has the largest membership of any of the international associations in the wholesale financial markets with over 14000 members. ACI South Africa was established in 1979 and has just over 300 members.
The Model Code is used by moist organizations as best market practice and serves as conduct guidelines for all financial markets staff.
The South African Reserve Bank (SARB) would like to place on record its strong endorsement of the ACI Dealing Certificate. To acquire the certificate, one has to master a course which provides an extremely useful theoretical and practical base for dealing, predominantly in foreign exchange markets, as well as other financial markets. The course also covers over the counter market practices and connections, with particular emphasis on high standards of integrity, conduct and professionalism, in the foreign exchange, money market and related derivatives markets.
It is perhaps noteworthy that the SARB’s Financial Markets Department (FMD) took a decision a few years ago that all dealers should complete this qualification. This requirement was indeed incorporated in the “code of conduct” which FMD dealers have to sign.
In this light, the SARB recognises ACI South Africa as a bona fide representative association for OTC financial market.
RM du Plooy
Head: Financial Markets Department