ACI – The Financial Markets Association Announces Memorandum of Cooperation with the National Foreign Exchange Association of Russia

19 February 2007

On 14th of February 2007 ACI-The Financial Markets Association (ACI) and National Foreign Exchange Association of Russia (the NFEA) have signed in Moscow the Memorandum of Cooperation, aiming at the development of bilateral relationship between the Parties based on the principles of equality and mutual benefit.

The Associations are going to combine the efforts contributing to the financial market development via promotion and exchange of best business practices, knowledge and experience, educational materials as well as local markets information and expertise possessed by the participants of the global and Russian foreign exchange, money and derivatives markets.

The parts express the confidence that the exchange of experience, expert studies, analyses and researches, organization of the regular contacts, participation in the bilateral and multilateral events, support of various joint projects will promote the implementation of the good market practice standards and rules for the conduct of financial market businesses by ACI in Russia, and introduction to the global financial community of the instruments, indices and market practices existing and developed in the Russian foreign exchange, money and derivatives market.

Godfried De Vidts, President of the ACI-Financial Markets Association:
" The Memorandum of Cooperation signed between NFEA and ACI on February 14, 2007 in Moscow reflects the nature of our associations aimed to develop local markets in the global context. This agreement will help the Russian financial markets to develop in full spirit of the recommendations established by ACI's CFP. The need for education for local Russian market participants will be satisfied through close co-operation between the ACI Board of Education and the NFEA’s Committee for Professionalism, Ethics and Education. This agreement is a first step towards full co-operation between NFEA and ACI Russia that will help the common goal of both Russian based organisations i.e. help the growth of the local foreign exchange, money and derivatives market in the global context “

Yuri Denisov, Vice-President of the Bank for Foreign Trade, Co-chairman of the National Foreign Exchange Association:

“ We feel deeply satisfied by the signing of the agreement with ACI, considering it a large and a very needful step towards a more close interaction between Russia’s fast growing financial market and mature occidental markets and leading financial institutions that enjoy their rich and invaluable experience. One of the most dire needs on the Russian market today is to absorb the culture and practices of mature markets, to establish and to develop – in a limited period of time – our domestic market infrastructure based on principles that were already elaborated by industrialized economies in the course of several decades.
On our part, we are undeniably able, and certainly will, promote for ACI launching and expanding its activities in Russia, understanding the local markets, cooperating with Russian institutions, obtaining more potential counterparties. What we want from ACI is its assistance in speeding up the evolution of our capital markets through the education and training of local traders, setting guidelines for the elaboration and introduction of new products, like derivatives and structured products to address distinct risks in up-to-date and sophisticated ways, of market indicators, like new, adequate and generally acknowledged money market indices, etc.
We see no other outcome for the Russian market than to become a more and more important part of global markets. But it is still a complex way to go, to learn, to refine and to create. We are sure that cooperation with ACI will be an extremely meaningful contribution to this.»

Igor Souzdaltsev, President, ACI Russia:

“ The need to have wide business relations is critically important for financial market professionals. ACI is providing the best opportunities for establishing interdealer relations. I believe that dealers at every FX bank in the world today have to be able to get in touch with every dealer of the local ACI association. This is exactly like dealers are provided with support for communications via telephone, Internet, Reuters or EBS connections. That's why I strongly support the growing cooperation between ACI and NFEA, the Russian association of FX banks. Today, with the memorandum signed between both associations, I would like to say to every financial market professional at NFEA member banks: -Welcome to ACI Russia!”

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