Первый съезд ACI Russia – The Financial Markets Association Москва, 31 марта 2005 года

1. Первый съезд ACI Russia – The Financial Markets AssociationМосква, 31 марта 2005 года http://ACIRussia.narod.ru

2. 1st AGM of ACI Russia Godfried De Vidts President ACI – The Financial Markets Association president@aciforex.com

3. What is ACI ? • Founded in Paris in 1955 as Association Cambiste International • Initially aimed at members of the FX & Money-market community • Name changed in 1995 to ACI – The Financial Markets Association • Largest trade association in the wholesale financial markets • In excess of 13,000 members - national associations in 64 countries • We celebrate 50 years in Sweden (26/28 May) and in Paris (28 Oct)

4. Main Committees and Services Committee for Professionalism Market and Regional Representatives The Model Code – Arbitration – Dispute Resolution – Lobbying Board of Education International and Professional Staff representation Management, Promotion Quality-Control of Education programme €uribor ACI Committee Part of the continued construction and development of the financial markets in Europe. Participation in management of the Euribor and Eonia indices S.P.G. Special ProjectsGroup , world-wide representation and initiatives

5. The Model Code • Launched at ACI’s Congress in Paris in 2000 • The guideline to best market practices globally • Updated regularly by the CFP to reflect market changes ‘Soft Copy’ on the ACI website amended as required with the hard-copy version republished every 3 years • A growing number of countries have accepted The Model Code in its entirety or in part - copy for you • Current work : looking at Central Counterparties in light of the CPSS/IOSCO recommendations

6. ACI Education ProgrammeAnnmcgoff@aol.com ACI Dealing Certificate: Basic Interest rate Calculations, Cash Money Market (to include calculations), Foreign Exchange (to include calculations), Forward-Forward/Money Market, Futures/FRA’s/Swaps, Options, Principles of Risk, The Model Code ACI Settlements Certificate:(under review) Risk Environment & Control, Payments & Confirmations, Derivatives, Money Markets, Foreign Exchange, Market Conventions, Settlements & Accounts, Documentation ACI Diploma: Foreign Exchange, Money Markets, Foreign Exchange , Derivatives, Short Term Interest Rate Derivatives, Repos, Capital Markets & Long Term Interest Rate Derivatives, Risk Management, Fundamental & Technical Analysis, Foreign Exchange Calculations, Money Market Calculations, Short Term and FX Derivatives Calculations, Repo Calculations, Capital Markets Calculations

7. Target Groups ACI Dealing Certificate: • New entrants to the market • Traders with some experience • Financial analysts • Staff working for vendors e.g. Reuters, EBS, Bridge, Cognotec etc ACI Settlements Certificate: • Operations & middle office personnel • Traders ACI Diploma: • Experienced traders and middle management Additional training by ACI Australia: simulation course for FX • Board of Education advisory role

8. Total Exam Numbers 2000 - 2004

9. €uribor ACI Committee Initiative started with the creation of the € • MMLWG (money market & liquidity working group) • Derivatives working group • STEP working group • EU Commission • Work with Central Banks, Regulators, European Banking Federations (Euribor and Eonia swap index and the European Repo Council Eurepo fixing), other Associations • Export our experience and knowledge to others (Gulf States, Africa)

10. European Repo Council • ISMA sponsored ( merger into ICMA !) • Basle 1 & 2 • From unsecured to secured money markets • Growth in European Repo Markets • Dec 2002 = € 3,377 billion • Dec 2003 = € 3,788 billion • Dec 2004 = € 5,000 billion • 4 th European Repo Seminar joint initiative from ISMA & ACI : 15 & 16 Nov 2005 Milan hosted by Banca Intesa Members of both associations get discount , book early !

11. Communication with Members ACI Briefing • Published on behalf of ACI by P & L Publications • Six issues published annually • Industry information plus news from Associations and Committees • Distributed to all members of ACI ACI Website – www.aciforex.com • Current postings of press releases, opinions, etc. • Information on education, global events and national associations • Updated version of The Model Code available on-line for easy access

12. ACI in the Future • Excom looking at new Business Plan • Increase communication both internally and externally • Monthly letter from President - information • Increase lobbying activities • World-wide conferences Basle 2 - Brussels October 7 th • Respond to suggestions and consultations from Central Banks, Regulators, financial institutions and market participants

13. ACI Russia • Hard Currency Ruble Project = ACI has always helped emerging markets as we promote open markets as the best way forward for economic growth - make Ruble convertible by 2007 • Adopt Model Code = acceptance by ACI community as prove of professionalism • Open communication with your Central Bank and regulator = use the Euribor ACI example • Inform your members of Education = ACI Foundation can give financially support to individual members • Join the European education events - you will meet your counterparties - they want to meet you too !!!!!!