The Paris-based foreign exchange dealers club, ACI – The Financial Markets Association, has introduced certification by examination for the operational staff employed by member-firms. The ACI says its Board of Education has developed the Operations Certificate to set a standard for operational staff. Market-based organisations such as the New York Foreign Exchange Committee and the UK’s FX Joint Standing Committee have already issued calls for best practice in operations departments.
Andreas Gaus, head of the ACI International Operations Working Group and member of Board of Education, revealed details of the new examination to delegates in the 45th World Congress of ACI in Manila on Friday.
“Events in the global financial markets in recent years have served to raise the profile of reputation and operational risk higher than ever, and meant that an efficient operational team has become indispensable to all trading organisations – especially in those institutions offering prime brokerage or other back office outsourcing services,” says ACI in a statement. “Customer business is often won by the thinnest of margins; operational efficiency can win the business – it can also lose it.”
The new Operations Certificate is aimed at back and middle office staff, traders and vendors and its progenitors in hope it will improve understanding between trading and operational staff. The topics covered by the examination include a front-to-end treasury view across all foreign exchange, money markets, derivatives and short term bonds and notes; deal capture, trade entry and confirmations; settlement, netting and clearing; reconciliation and investigations; treasury systems and data management; and risk management, controls, compliance and documentation Developed in association with Bankakademie Frankfurt, candidates can study for and set the new Operations Certificate, which is provided by a wide range of external training companies, initially in English. As with all ACI examinations, the ACI Operations Certificate will be open to both members and non-members of ACI – The Financial Markets Association.