Norman Chan: The new membership regime of ACI - The Financial Markets
Association of Hong Kong
Remarks by Mr Norman Chan, Deputy Chief Executive of the Hong Kong Monetary Authority and
Chairman of Treasury Markets Forum of Hong Kong, at the cocktail reception to mark the new
membership regime of ACI - The Financial Markets Association of Hong Kong, Hong Kong,
14 October 2004.
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Good afternoon ladies and gentlemen,
I am pleased to welcome you all to this reception to mark the successful launch of the new
membership regime of ACI - The Financial Markets Association of Hong Kong, and the introduction of
accredited educational programmes for market practitioners. This is a major milestone in raising the
professionalism of treasury market practitioners in Hong Kong.
The Treasury Markets Forum of Hong Kong was established in March this year with a view to
promoting co-operation and synergy to raise the professionalism of practitioners and the overall
competitiveness of the treasury markets in Hong Kong. The Forum brings together the providers,
users and intermediaries in treasury markets, including representatives of Hong Kong Association of
Banks, ACI - The Financial Markets Association of Hong Kong, Hong Kong Capital Markets
Association, Hong Kong Association of Corporate Treasurers, DTC Association and Hong Kong
Foreign Exchange and Deposit Brokers' Association, to consider how we can co-operate in raising the
professionalism of market practitioners. I am pleased to report that we are made major progress in
raising the professionalism of treasury market practitioners.
Treasury markets comprise a wide range of products including foreign exchange, fixed income,
derivatives and so on. The boundaries between various markets have become blurred alongside more
innovative and sophisticated structuring of new products. Whether dealing, sales or back-office staff in
treasury markets all require strong technical, up-to-date knowledge in order to cope with the rapid
changes in treasury markets. In the discussions between the Treasury Markets Forum and ACI - The
Financial Markets Association of Hong Kong on the design of the new membership scheme, we
consider that there is a need to bring together qualifying practitioners from various treasury markets.
This can facilitate the exchange of views among practitioners within the industry on the one hand and
promote the professional standing of practitioners on the other hand. In addition, accredited
educational programmes should be introduced to raise the professionalism of practitioners and provide
training to those who are interested to join the industry.
Following the active co-ordination among industry bodies, I am glad that the ACI - The Financial
Markets Association of Hong Kong has successfully launched the new membership regime and made
a major stride in raising professionalism of treasury market practitioners. While ACI - The Financial
Markets Association traditionally is composed of professionals in foreign exchange market, today, it
has expanded the membership to those engaged in other treasury markets (such as bonds and
derivatives), encompassing dealing, sales, broker and back-office personnel.
In the introduction of accredited training courses, it is necessary to co-operate with leading and
renowned educational institutions to provide quality training so as to achieve the objective of raising
professional standard and gain wide recognition. I am happy to announce that the Chinese University
of Hong Kong and the University of Science and Technology will offer certificate programmes on
dealing, settlement and fixed income securities. Practitioners can take these courses to obtain a
professional qualification to meet part of the membership requirement of the Association. In addition,
the new regime recognises the rapid evolution in financial markets, and the need for continuous
professional training in upgrading the skills and expertise of practitioners. A new requirement on
continuous professional training is therefore introduced for the renewal of the membership.
In strengthening the international financial centre status of Hong Kong, it is important to foster our
advantage in having a professional workforce. We believe that the launch of the new membership
regime of ACI - The Financial Markets Association of Hong Kong and educational programmes will
help upgrade the technical skills and expertise of treasury market professionals and help them to catch
up with the latest developments in the markets. This will work towards our ultimate goal in raising
overall competitiveness of treasury markets in Hong Kong.
Alongside the rapid growth of the Mainland economy and the gradual liberalisation of their markets,
there is an increasing demand for treasury markets products and services from the Mainland. The
Treasury Markets Forum, as a broad-based and authoritative group, can help explore opportunities for
closer co-operation with the Mainland on market development issues. Since the establishment of the
Treasury Markets Forum, we have made visits to the Mainland financial regulatory bodies and the
China Association of Banks to deepen our mutual understanding of the markets in two places. They
were interested to learn about the work of the Forum, including those in raising the professionalism of
our practitioners. The Forum also participated in the Hong Kong Financial Services Expo held in
Shanghai in September to promote our treasury markets services to Mainland financial institutions and
enterprises. We will also organise a seminar for the Mainland to promote their understanding in our
financial markets, and responses from the Mainland have been very favourable. In addition, we will
maintain close contacts with major overseas financial centres. In particular, we intend to invite major
members from New York and London foreign exchange committees to meet with the Forum to
facilitate the exchange of views on issues of mutual interest.
In the past half year since its establishment, the Treasury Markets Forum has made good progress in
its work. We will continue to work closely with industry associations with a view to enhancing the
competitiveness of Hong Kong's treasury markets and promoting Hong Kong's status as the preferred
hub for treasury markets services.
Finally, may I represent the Treasury Markets Forum to thank the Chinese University of Hong Kong
and the University of Science and Technology in developing the certificate programmes on dealing,
settlement and fixed income securities. I would also like to congratulate ACI - The Financial Markets
Association of Hong Kong in successfully introducing the new membership regime and expanding the
membership.
Thank you.