аÄÃÅÁùºÏ²Ê¹ÙÍø FMA Insights Nº 3
We are delighted to inform that the 3rd edition of аÄÃÅÁùºÏ²Ê¹ÙÍø FMA Insights Newsletter has been launched and it's now available!Ìý
In this new number, you can find important contributions of the recently elected аÄÃÅÁùºÏ²Ê¹ÙÍø FMA Management Board members and from the аÄÃÅÁùºÏ²Ê¹ÙÍø FMA President.
The objective of the аÄÃÅÁùºÏ²Ê¹ÙÍø FMA Insights Newsletter is to bring news and updates from аÄÃÅÁùºÏ²Ê¹ÙÍø FMA activitiesÌýto all our global аÄÃÅÁùºÏ²Ê¹ÙÍø members, on a quarterly basis.
аÄÃÅÁùºÏ²Ê¹ÙÍø FMA are longstanding proponents and influencers of ethical conduct and good market practices to all financial market professionals.
Velkommen or welcome from аÄÃÅÁùºÏ²Ê¹ÙÍø FMA President
This unexpected year is almost coming to an endÌýand it’s time to make a balance of everything that has occurred. 2020 was probably the most untypical andÌýprofessionally challenging year of our lives but also brought changes and conveyed good outcomes. It’s myÌýunderstanding that аÄÃÅÁùºÏ²Ê¹ÙÍø FMA has adapted and responded quickly to what this situation demanded. Happily, we canÌýstate that the Association as one, answered with efficiency to a very different scenario and continued to presentÌýresults, despite the economic and pandemic difficulties. As a result, teamwork, humanity, and solidarity were evenÌýmore present than before and were brought to our working days. For all these reasons, I would like to thank everyoneÌýinvolved with аÄÃÅÁùºÏ²Ê¹ÙÍø FMA, directly and indirectly.
In extremely demanding times, аÄÃÅÁùºÏ²Ê¹ÙÍø FMA was able to keep the focus, continued to defend the better interests of itsÌýmembers, and managed to develop new educational products, upload new content to the ELAC portal, and other tools that will benefitÌýgreatly our community. For these and many other factors, I look forward to continuing working with all of you in 2021!
Concerning our newsletter third edition, we are very happy to bring to you very interesting testimonies from the new аÄÃÅÁùºÏ²Ê¹ÙÍø FMAÌýManagement Board members. Please welcome and wish Branko, Stéphane, and Martin the very best in their new roles.
Below you can find three remarkable contributions and the new Management Board members' reflections about аÄÃÅÁùºÏ²Ê¹ÙÍø FMA, the future challenges, and outlined objectives.
Faithfully,
Kim Winding Larsen, аÄÃÅÁùºÏ²Ê¹ÙÍø FMA President
Message from Working Groups and Committees Representative
It is great news that the views of theÌýCommittees and Working Groups will now beÌýrepresented at the аÄÃÅÁùºÏ²Ê¹ÙÍø FMA ManagementÌýBoard to help defineÌýand execute the strategyÌýof our Association. From my side, I would toÌýtake this opportunity not only to createÌýstronger linksÌýbetweenÌýtheÌýdifferentÌýCommittees and Working Groups but also toÌýwork with my colleagues in the ManagementÌýBoard to help them in their regions.
My stretch ambition will be to meet and learn from all аÄÃÅÁùºÏ²Ê¹ÙÍøÌýNational Associations, about their local market knowledge, theirÌýchallenges, and howÌýwe could work better together to solveÌýglobal issues.
Now that we come towards the end of the year, it is time toÌýreflect on the personal and professional challenges we facedÌýduring this extraordinary time and how we all reacted to thisÌýunique pandemic. On a positive note, we can see that ourÌýindustry was very resilient and continued toÌýoperateÌýand serveÌýclients when most of us had to move outside of our offices andÌýworked from home. The electronification of our markets wasÌýpart of the solution we needed but we also witnessed a lot ofÌýcreativity from everyone to find secure solutions to review andÌýsign contracts, toÌýtalk to clients, to re-create a team atmosphere,Ìýand stay in contact with our аÄÃÅÁùºÏ²Ê¹ÙÍø FMA friends.
This situation will unfortunately continue for another fewÌýmonths in some parts of the world and flexible working couldÌýthen become the new norm. This is when ethical conduct,Ìýtraining, the FX Global Code, and our аÄÃÅÁùºÏ²Ê¹ÙÍø FMA Committees andÌýWorking Groups will be more important than everÌýbefore.ÌýRegulators and policymakers will look even further for evidenceÌýthat market participants understand their responsibilities,ÌýgetÌýgoodÌýtraining, and share their knowledge with their colleagues.Ìý
The 3-year review of the FX Global Code will be completed byÌýmid-2021 and will include feedback from our аÄÃÅÁùºÏ²Ê¹ÙÍø FMAÌýCommittees and WorkingÌýGroups. Issues about last look, FXÌýdisclosures, and algorithmic trading are currently being discussedÌýaround the world with a good debate to findÌýthe right balanceÌýbetween the high-level principles of the code and the level ofÌýdetail needed for market participants. After this enormousÌýeffort, IÌýthink we will all deserve a good break.
Stay safe.
Stéphane Malrait,ÌýÌýWorking Groups and Committees Representative at the аÄÃÅÁùºÏ²Ê¹ÙÍø FMA Management Board
Message from аÄÃÅÁùºÏ²Ê¹ÙÍø FMA Europe co-President
From the first time I attended an аÄÃÅÁùºÏ²Ê¹ÙÍø FMAÌýCouncil Meeting (Prague, 2015), I realized that,Ìýas an individual of integrity with a strong workÌýethic and moral values, I share the coreÌýprinciples of аÄÃÅÁùºÏ²Ê¹ÙÍø FMA. This recognition hasÌýgiven me the strength to make an additionalÌýeffort to improve theÌýimportance of аÄÃÅÁùºÏ²Ê¹ÙÍø SerbiaÌýwithin the local financial market community,Ìýas well as dedicating my time, knowledge andÌýexperience to аÄÃÅÁùºÏ²Ê¹ÙÍø FMA global projects.
I believe that аÄÃÅÁùºÏ²Ê¹ÙÍø FMA should fully utilize the available digitalÌýcommunication channels and couple them with its strong networkÌýof outstandingÌýprofessionals from all over the world, aiming toÌýadequately address hot topics relevant to the industry or specificÌýregions.
In the following three years, I will carefully listen to the EuropeanÌýregion and represent the voice of the region inside theÌýManagement Board. Moreover, I will effectively spread the wordÌýof the Management Board throughout the region.
Branko Petrovic, аÄÃÅÁùºÏ²Ê¹ÙÍø FMA Europe President
Message from Legal Advisor
As this year draws to a close, I am thankful for sharing with you some of the key opportunitiesÌýand challenges that аÄÃÅÁùºÏ²Ê¹ÙÍø FMA will face in theÌýnext year and the coming years. We c nÌýproudly say that there is no other AssociationÌýlike ours so deeply embedded into the fabric ofÌýthe international financial markets. No otherÌýAssociation enjoys the support from so manyÌýregulators and Central Banks globally.
аÄÃÅÁùºÏ²Ê¹ÙÍø FMA is representing the global FX trading community. FXÌýtrading is however about to undergo seismic shifts. Some of theseÌýkeyÌýdevelopments, to name a few, are the increased scrutiny notÌýonly from global but particularly from European regulators withÌýregards toÌýmarket activities from a market abuse and insiderÌýdealing perspective. The digitalization of our industry does not onlyÌýaffect just trading activities,Ìýbut also the object of our trading.ÌýDigital currencies in the form of cryptocurrencies, Central BankÌýDigital Currencies, E-money,Ìý andÌýotherÌýdigitalÌýassets are becomingÌýmore widespread. This new asset class has at least the potential toÌýsubstitute FX and poses newÌýchallenges for market participants,Ìýregulators, and our organization alike. Our Association will keep onÌýstriving to be at the forefront of theseÌýdevelopments and to beÌýactively involved in the dialogue with regulators, central banks, andÌýmost importantly - our members.
Martin Liebi,ÌýÌýLegal Advisor to the аÄÃÅÁùºÏ²Ê¹ÙÍø FMA Management Board