Director of Education at Association Cambiste Internationale Financial Markets Association (ACI), Rui Correia is currently in Jamaica meeting with the BOJ, key stakeholders in the foreign exchange industry, and representatives from Jamaica Institute of Financial Services (JIFS) to discuss the new Foreign Exchange (FX) Global Code; the importance of having a transparent system and the requisite capacity requirements for local traders.
An MOU signed between JIFS and ACI, formalizes a relationship to provide access to certification for traders, with approximately 21 persons participating in the first cohort to sit exams in June 2019.
At a meeting held with the Deputy Governor of the Bank of Jamaica, Natalie Haynes on Monday, Correia, representatives from the Jamaica Bankers Association (JBA), the Cambio Association and JIFS, held discussions around the way forward to adopting the set of 55 good practice principles which make up the FX Global Code.
The ACI Director sited examples of the code’s successful implementation in other regions, underscoring the fact that the intention of the code is to support existing local laws and processes by encouraging integrity, transparency and ethical conduct within the market, as well as providing access to internationally portable learning to members of the financial services industry via JIFS.
Deputy Governor Haynes endorsed the initiative as timely and in support of efforts to improve the functioning of the market. This initiative was driven by the Bank of Jamaica FX Working Committee which comprises, JBA, Cambio Association, Securities Dealers Association, the Jamaica Chamber of Commercial and the Private Sector Organisation of Jamaica and is set to establish the Jamaican FX trading industry as rivalling international markets.
“This is a ground-breaking initiative that will even the playing field, allowing university finance students to enter the market with certification, which can only improve the market’s operations, efficiency, transparency and ranking’, Nigel Holness – Past President, Jamaica Bankers Association
Chairman of JIFS, Dr Rickert Allen, indicated that this is an exciting initiative for JIFS as it executes its mandate to ensure the professional development of the financial services sector.
