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[ M A R K E T R E V I E W | F O R E I G N E X C H A N G E ] Faulkner says. For FX technology vendors and industry associations, the Code has also brought about new opportunities as firms seek efficient ways to not just comply with the rules but also monitor their compliance. Over the past year ACI The Financial Markets Association has worked to develop a testing system which enables firms to educate and test their staff on compliance with the Code. Known as the E-Learning, Attestation and Certification (ELAC) online portal, ACI offers the FX industry standardised training for compliance with the 55 principles. “We have seen a great deal of interest from institutions which need to monitor, measure and maintain adherence to the FX Global Code and other Codes. equal importance is their need to “Millennium Global recently Of demonstrate Code adherence to their adopted ELAC, becoming regulators and clients,” Paul Chappell, ACI director of education, explains. one of the first major buy- “Millennium Global recently adopted side firms to do so, to assist ELAC, becoming one of the first major in adhering to the principles buy-side firms to do so, to assist in adhering to the principles of the Global of the Global Code.” Code. ELAC provides them with an PAUL CHAPPELL, ACI DIRECTOR accredited and continuous professional development solution.” OF EDUCATION The FX Global Code of Conduct is wide-ranging and compliance requires substantial time and resources. The size and complexity of the FX market adds further complication to this with various factors like regulation, risk management, coun- terparties, liquidity, technology and market infrastructure constantly evolving. FX experts agree that institutions have recognised that compliance with the Code is not a ‘one-stop process’, but an on-going procedure that needs to be constantly moni- tored, in much the same way as compliance with manda- tory regulatory regimes are. Despite the difficulty, the FX landscape will herald a new age of transparency in terms of order and algo execution thanks to the introduction of the Code, but one year on, it’s clear there is still a long way to go until the benefits of the Code can be truly realised and the shame of historic misconduct can be laid to rest. 70 // TheTrade // Summer 2018