The Model Code
The Model Code - English version - 20090407
Translations
disclaimer: ACI is not responsible as to the contents of the following translations: The Model Code - German version The Model Code - Italian version
The Model Code - Polish version The Model Code - Romanian version The Model Code - Russian version
The Model Code - Traditional Chinese version
The Model Code - Simplified Chinese version
Model Code Updates
Update 0904 20090407 Update on Appendix 6 - Main SWIFT Currency Codes => MNT and NGN
Update 0903 20090121 Update on Appendix 6 - Main SWIFT Currency Codes => SKK
Update 0902 20090108 Update on 8. Customer relationship, Advice and Liability
Update 0901 20090108 Update on 3. New Bank Holidays/Special Holidays/Market Disruption
The Background of The Model Code
The Model Code has been compiled in response to an urgent international need amongst dealers and brokers operating in the OTC foreign exchange, money and derivatives markets. The Committee for Professionalism (CFP) of ACI - The Financial Markets Association has become increasingly aware of this need through regular contact with its membership of over 24,000 dealers, brokers, middle and back office staff in over 80 countries.
Until recently, the syllabus for the Code of Conduct examination in the ACI Dealing Certificate recognised the Codes of Conduct of the four main centres: London, New York, Singapore and Tokyo in addition to the ACI's own Code. Candidates preparing for the examination were therefore obliged to undertake a long and arduous study of the provisions of all five publications.
Following a comprehensive review of the situation, the CFP concluded that, despite the existence of some difficult issues and of differences in structure, there was an urgent need for one international or global code that could cover the essential provisions of all five recognised publications.
The conduct and best practice recommended in the five codes is in general conformity and, with a few notable exceptions, the differences that do exist are mostly those of emphasis and scope. It was therefore felt that a Model Code embracing the main provisions of the recognised codes could serve as a valuable guide for the international dealing membership.
It would also serve as practical study material for junior dealers and, with an amended syllabus recognising the new structure, for examination candidates.
The need for a Model Code is more pronounced in many of the emerging markets where a professional code is lacking. Background of the Model Code