forex dealing room code

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Forex dealing room code

The Syllabus has been built to allow basic understanding of these instruments and the related financial market segments, therefore providing the required competence level for existing or future financial markets professionals. The Syllabus and the respective exam have been redesigned with five topics covering the full range of foreign exchange, interest rates and commodities instruments, as well as their related markets with theoretical and quantitative sessions, in addition to financial markets environment and applications with theoretical questions.

Building upon the competence skills provided by the ACI Dealing Certificate New Version, future financial markets professionals will be expected to prove their knowledge and adherence to good market practices embedded in the FX Global Code and other relevant industry Codes and Regulations.

The computer-based exams will be offered in selected test centres all over the world. The ACI Dealing Certificate is a foundation programme that allows candidates to acquire a working knowledge of the structure and operation of the major foreign exchange and money markets,application of the fundamental mathematics used in these markets, core products cash, forwards and derivatives and basic skills required for competent participation.

Due to the accelerated pace of structural changes in the global and domestic forex markets, developments in the field of Information Technology and further developments in forex derivatives and the challenges in the management of foreign exchange market, a further revision of the guidelines for 'Internal Control Over Foreign Exchange Business' was felt necessary. Accordingly, a Group was formed to look into updation of the Internal Control Guidelines to make it a contemporary and benchmark document.

Feedbacks were also received from market related Departments of the Reserve Bank. This revised edition of the ICG also takes into account the recent developments like introduction of exchange traded currency derivative contracts and the FEDAI code of conduct for service providers of electronic order matching systems. We hope that this document will provide a scale of standards for the banks in the conduct of their foreign exchange business.

Foreign Exchange Department. Foreign Exchange dealing is a highly specialised function and has to be performed only by well trained personnel. Typically, a Dealing Department should consist of dealers, mid and back offices staff, who are responsible for the follow up of the deals made by the dealers. The need for effective control over the dealing operations is of great importance as possibilities exist for manipulation of exchange rates, dealing positions, mismatches, etc.

The cardinal principle of operational procedures in the area of trading activities is the clear functional segregation of Dealing, Mid-Office, Back-Office Processing and Control , Accounting and Reconciliation. In respect of banks which trade actively and offer the whole range of products, dealing activities may be segregated as under:.

Profound responsibility rests upon the dealers as the manner of handling the foreign exchange business of the bank can make all the difference to the bank and its customers. Adequate care therefore needs to be exercised while selecting and grooming the dealers. Management should provide opportunities to the dealing room staff to get continuously updated on global market trends in forex and derivatives trading and risk control.

While drafting personnel from other banks or organisations as dealers their antecedents should be carefully verified from the standpoint of integrity. The data processing systems used must be appropriate to the nature and volume of activities and programmed to ensure functional separation.

Access rules for performing distinct functions should be defined in detail and drawn up by persons unconnected with the dealing activity. Confidentiality of the data in the systems may be ensured in the case of outsourcing of IT services to external agencies. Where data is recorded direct in an EDP system, it must be ensured that dealers are enabled to enter transactions solely through identification.

The trading date, time and transaction serial number must be entered automatically by the system, which must be made impossible for the dealer to alter without proper authorisation. If the dealer deviates from the specified norms while entering transaction data, this must be approved in each case by an official not connected with the dealing office.

Deals concluded after the Back Office has closed recording for the day late deals are to be marked as such and included in that day's position. A late deal slip must be passed immediately to an official unconnected with the dealer. The dealer has to operate according to the guidelines laid down by the management. It is essential that efficient communication channels be provided for dealers to facilitate consultations with designated authorities.

The dealers should not be entrusted with accounting work. Deals struck should be recorded on printed deal slips. The deal slips should indicate the name of the broker if any , and the counterparty bank, currencies, amounts, time, deal rate due dates and other necessary particulars depending on the type of product traded, under authentication of the dealer.

The deal slips should be passed on without delay to the Back Office for further processing. Banks are free to devise the format of the slips. In an automated system, hard copies of deal slips may not be required. Experience has shown that recourse to taped conversation proves invaluable to the speedy resolution of differences.

It is, therefore, desirable to introduce voice recorders in the dealing rooms. The tapes may be preserved for at least two months and where a dispute has been raised, until the issue is resolved. Access to the equipment and tapes should be subject to strict control. Further, a system of an annual compulsory two-week or longer continuous break should be maintained so that no dealer remains at the job continuously.

Authorized Dealers should conduct their activities with utmost prudence and integrity. Dealers should be required to acknowledge in writing that they have read, understood and would observe the Code. It must be made clear to them that disciplinary actions could be taken against those who breach the Code. All dealers should furnish an undertaking to conform to the Codes of Conduct.

With the advent and wide spread usage of technology, electronic forex broking and order matching systems have arrived in the forex market. This has been communicated to the service providers to whom the Code is applicable with effect from January 1, Independent confirmation of contracts is obtained for deals other than those put through the Clearing Corporation of India Ltd CCIL , which are matched by CCIL from the counterparty banks and subject to exchange of one time bilateral agreement between them and duly verified for correctness and in no case the dealers sign the confirmation.

As most of the deals at present are put through online, pipeline transactions may be 'nil' or very few. The need for submitting a statement of true currency position is left to the discretion of the bank management. The Position and Funds Registers are continuously updated on the basis of deal slips and the reports of business flowing in from the branches, to assist the efficient transmission of information to the dealing room and the management.

In such of those banks where the system does not provide the facility, Rate-Scan reports are prepared at least thrice a day viz. Exchanges would normally require margin amounts to be deposited with them for trading in their products. The margin amount would vary, depending upon currency, volatility and other factors. Banks dealing in exchange traded products on behalf of their customers must ensure that the margin amounts required by the exchanges are recovered from their customers, as also the negative MTM, based on the daily settlement price.

For proprietary trading portfolios in exchange traded products, banks must ensure revaluation of their portfolios on a daily basis, and apply stop loss norms as deemed fit, to these positions. Exchange brokers, being intermediaries, are prohibited from acting as principals and maintaining positions in foreign currencies.

Brokers' notes should be received promptly before the close of business on the day on which the deals are concluded and exceptionally before the opening hours of the succeeding day. These should be checked and reconciled the same day. As a general rule, Authorised Dealer banks should not discriminate between recognised brokers for business offered at competitive terms.

Serious complaints alleging acceptance of gifts and other favours or any other gratification by the dealers should be put up to the appropriate authorities for necessary action. The accounting department should maintain a broker-wise record showing details of the forex dealings made by the dealers.

The staff of the dealing department should not have anything to do with the scrutiny and passing or payment of brokerage claims. A monthly statement showing broker-wise payments together with a statement for the preceding twelve months should be put up to the management. Changes in the panel of brokers may also be indicated in the report. Complaints relating to malpractices by brokers should be promptly brought to the notice of the Foreign Exchange Dealers Association of India, Mumbai.

In the wake of the major relaxation in foreign exchange management and the freedom given to Authorised Dealer banks to offer new forex products, focus on risks seems appropriate. Greater emphasis therefore will have to be laid on assessing, and managing risk. Authorised Dealers should offer products structured or otherwise to the customers strictly as per the extant Reserve Bank's Guidelines.

The risk control and risk management systems must be designed in accordance with the scale, complexity and risk content of the trading activities being conducted or envisaged. Transactions in different hedging products forwards and derivatives have to be closely overseen by the senior management. Dealing in any new product or any change in the existing product design should have prior approval from the competent authority.

Banks should have policies approved by the Board or a Committee so authorised in this regard by the Board, encompassing control processes guiding the activities. The policies should detail the type and nature of the activity authorised, articulate the risk tolerance of the bank through comprehensive risk limits and require regular risk position and performance reporting within the following broad parameters which should be subject to periodical review.

The policy of the banks to be approved as above to, inter-alia, include the following:. It is essential that there must be a written acknowledgement of these guidelines from the members of the staff confirming that they have noted the relevant instructions applicable to them.

The bank should have an effective process of evaluation and review of the risks involved in various trading activities undertaken by the dealers, in respect of all hedging products. Some of these risks are mentioned below. Credit risk Pre Settlement and Settlement is the risk of loss due to inability or unwillingness of the counterparty to meet its obligation. This risk can be effectively managed through fixing of counterparty limits, appropriate measurement of exposures, ongoing credit evaluation and monitoring, and following sound operating procedures.

Pre settlement risk is the risk of loss due to counterparty defaulting on a contract during the life of the transaction. The exposure is also referred to as the replacement cost. The level of this exposure varies throughout the life of the hedging product and is known with certainty only at the time of default.

A key tool for the effective management of this risk is the fixation of exposure limits on counterparties. Settlement risk is the risk of loss arising when a bank performs on its obligation under a contract prior to the counterparty doing so. The risk frequently arises in international transactions because of time zone differences. The failure to perform may be due to operational breakdown, counterparty default or legal impediments.

Banks should, therefore, monitor and control settlement risk very effectively. Liquidity risk is the risk that the bank will be unable to meet its funding requirements or execute a transaction at a reasonable price.


The computer-based exams will be offered in selected test centres all over the world. The ACI Dealing Certificate is a foundation programme that allows candidates to acquire a working knowledge of the structure and operation of the major foreign exchange and money markets,application of the fundamental mathematics used in these markets, core products cash, forwards and derivatives and basic skills required for competent participation.

In each ACI Dealing Certificate Exam, a candidate will be asked 70 multiple choice test questions to be answered in two hours. Resources to help candidates with their exam preparation. Please check the ACI Accredited Trainers section in this website for further details of their activities, as they may help with the preparation for your exam:. The Code also helps tackle more complex issues such as electronic trading, algorithmic trading and prime brokerage.

FX Global Code of Conduct. The Global Code for the FX Market Initially published in with a number of revisions since, The FX Global Code has been developed to provide a set of common guidelines to help promote effective functioning and integrity within the wholesale foreign exchange market the FX Market.

The Global Code. FX Market News.

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