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

Culture change in FX? What a lot of noise!

It should come as no surprise to readers of e-Forex magazine that the FX industry is undergoing pressure to reform, and that untold millions are being spent on external consultants to provide advice on how to achieve this culture change. From what I hear from market participants, heads of desks and board members, much of the effort has produced the same paralysis from the very participants at which the guidance is aimed. When was the last time a consultant lawyer provided your sales team with constructive wording on how to talk to clients? “But that leaves me with nothing to say!” is a common complaint.

First Published: e-Forex Magazine 58 / Foreword / October, 2014

Where ELSE MIGHT YOU LOOK? This is exactly why the industry is so frustrated at present. Where else can you look to educate your wholesale markets teams on what is permissible and ethical? Who in your organisation has the authority to provide an approved list of “Do’s and Don’ts” from a conduct perspective?  Also, where can you go to compare your company’s compliance manual against another’s? Is it more constrained than others, giving you a disadvantage when compared to your peers, or is it too liberal, and putting staff and supervisors at risk of further investigations and sanctions?  It is clear that the regulators are taking it all very seriously indeed, supported by politicians who have caught the public mood, and who will not tolerate any misbehaviour. Funds raised through fines can be used for regulatory investigations, so the work done is highly professional. Where can you go to compare your company’s compliance manual against another’s?But...continued

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