Marshall Bailey CFA , President, ACI – The Financial Markets Association
Marshall Bailey CFA , President, ACI – The Financial Markets Association

The road away from perdition, and the end of “Constructive Ambiguity”

As I travel to meet senior bankers and regulators around the world, the conversation often turns personal. Yes, the agenda can be to discuss how to fix the industry, and providing industry-wide, global solutions to the FICC conduct challenges. The pros and cons of “hard legislation” in response to recent misdemeanours that have occurred is often discussed, but so is an acknowledgement that, despite the best efforts of regulators, the discrepancies and lack of harmonisation in rules is leading to unintended consequences and unclear expectations regarding behaviour and ethics. Thankfully, the industry is coalescing around a few central frameworks.

First Published: e-Forex Magazine 60 / Foreword / April, 2015

But when the conversation turns personal it is often about the sadness at the way their industry has been tarnished by some of the recent scandals that have been uncovered. Certainly, nobody feels at all sorry for those that are guilty of breaking the rules via fraudulent activity, manipulation or collusion in any form – those activities have always been unacceptable and they are right to face the consequences for their actions. But what is being done to help the rest of the 99.9% of hard-working, well-meaning professionals who want to provide an expert service to their clients?  How do we help avoid perdition, which comes from the Latin perditio, and defined as a state of final spiritual ruin; damnation, and utter destruction or ruin? Are we doing enough to assist our staff, our clients and our industry to know the right behaviours? LEADERSHIP   Interestingly, while it is true that the market is functioning better now, we are seeing the UK take the lead on reform. Much more work...continued

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