THE FINANCIAL MARKETS ASSOCIATION OF CANADA
FMAC is an association of industry professionals dealing in foreign exchange, money markets, derivatives, and capital markets — affiliated with the Association Cambiste Internationale (ACI).
The ACI — The Financial Markets Association
The ACI began as an international association of exchange dealers on the initiative of the Bank of England and the Banque de France in 1955 with the first International Congress held in Paris on 11 May 1957.
Today, a total of 81 countries (65 with fully affiliated associations) are represented with membership approaching 18,000. Membership, which is individual rather than corporate, is restricted to those who work for a bank or financial institution supervised or regulated by a Central Bank or recognized authority.
International Congresses are held once a year hosted by a member country. Canada’s most recent role as host was for the 2007 ACI International Congress held in Montreal with 1,000 delegates from around the world attending. Canada also hosted the ACI International Congress in Toronto in 1997.
The ACI operates as the trade association of the currency dealing market. Its major activities relate to market practice and conduct, technical issues and dispute settlement through a Committee for Professionalism. It maintains regular high-level contacts with Central Banks and with other industry trade associations, and its members are regularly asked to join committees and working groups on issues relating to banking and currency markets.
The ACI has a funded Education Foundation based in London known as the ACI Institute to manage training and education, the centrepiece of which is an examination based on an Institute course that has become widely accepted within the industry. FMAC offers the ACI Diploma Course twice a year under the auspices of the ACI Institute and the Institute of Canadian Bankers.
The ACI in Canada — FMAC Today
Founded in 1972 as the Foreign Exchange (FOREX) Association of Canada, FMAC changed its name in October 1996 to reflect the growing diversity of its membership base and to recognizes that many of our members are responsible for not only foreign exchange, but also derivatives, money markets, and capital markets. Our new name emphasizes the inclusive, rather than exclusive, nature of our organizational structure. As of 1999 FMAC has 350 members.
The recent development of a Business Plan at the ACI level succinctly summarizes the role of the Financial Markets Association of Canada:
To be regarded within the business community, authorities, media and financial services industry as the leading association representing the interests of the international financial markets, and to actively promote the educational and professional interests of the markets and the industry.
To this end, FMAC is represented on the Canadian Foreign Exchange Committee (chaired by the Bank of Canada) and the Canadian Committee for Professionalism.
Throughout the year, FMAC hosts business and social functions which provide members with an opportunity to meet one another and a forum for listening to and interacting with influential speakers. Every year is highlighted by the Annual General Meeting held in the fall. Also, FMAC members receive the ACI Briefing from the parent organization.
Each summer FMAC sponsors an Annual Charity Golf Classic in aid of the Hospital for Sick Children.