ACI Macedonia – The Financial Markets Association was founded in 1996 following the iniciative of The National Bank of the Republic of Macedonia as Macedonian Forex Club. At the beginning of 2001, the Statute of the Association was amended and the name of the Macedonian Forex Club was changed to ACI Macedonia – The Financial Markets Association. In May 2001, at the 42nd World Congress in Singapore ACI Macedonia - The Financial Markets Association become a member of ACI - Financial Markets Association. ACI Macedonia – The Financial Markets Association is unprofitable voluntary Association of residents of the Republic of Macedonia who are professionally engaged in financial markets transactions.
"Profit & Loss" - March 2005
Macedonia Boost for ACI Education
Ann McGoff
ACI's education programme has been recognised by a decision from the central bank in Macedonia that requires banks in the local market to hire dealers with a professional qualification.
At its November 25 Council meeting, the National Bank of the Republic of Macedonia discussed its monetary and supervisory responsibilities and under the latter it was decided that, with a view to inducing the development of the country's financial markets, that banks in Macedonia will be required to hire foreign exchange dealers with a certificate registering a passed professional exam. The National Bank highlights the ACI Dealing Certificate as the suitable qualification.
A decision was also adopted at the meeting requiring those banks licensed to conduct international operations and intermediary operations with negotiable securities to establish electronic systems for conducting international payment operations, settling financial transactions and accessing information on the financial markets both within Macedonia and abroad. Those banks involved are required to have the systems (cited by the central bank as Reuters, Bloomberg, Tenfore and Swift) in place within one year.
"The adopted amendments will create conditions for establishing a centralised system of data on the operations on foreign exchange market and the money market and on the trade on the secondary short-run securities market in the Republic of Macedonia," the central bank says in a statement. "It will help the economic agents that participate in the operations on the financial market be more informed."
The adoption is the result of in excess of 18 months' work by the ACI Macedonia Board supported by Ann McGoff, ACI's Director of Education, which started when she was invited to address the General Assembly of neighbouring ACI Serbia Montenegro. "I spoke about the goals and importance of education, "she recalls. "And there were several members of the board of ACI Macedonia at the meeting who expressed their interest in how to set standards
and organise an educational programme."
McGoff's first visit to Macedonia came through an invite to address that Association's General Assembly, at which the Vice-Governor of the central bank was the keynote speaker. "With the board of ACI Macedonia, I met the Vice-Governor, who made it very clear he was keen for ACI Macedonia to get ahead and offered full support," she says. "That is the key in any educational programme - the support of the local financial authorities.
"This is the result of the vision and hard work of Milena Percinkova, the President of ACI Macedonia, and her board," she continues. "They have tailored ACI's education process to meet local requirements and circumstances. This is a good place to start with accreditation in a smaller, emerging, market - if a bank has three people in a room they can get one formally qualified and then move on to the next. The results won't be instant but the foundation could bear fruit in five years."
