New York lawyer & FX industry specialist John P Drohan III becomes president of ACI Financial Markets Association for the Americas

New York lawyer John P Drohan III has today informed FinanceFeeds that he has stepped in as President of the ACI Financial Markets Association for the Americas.

Mr. Drohan is a partner in the law firm Drohan Lee LLP, and is a specialist in commodities and investment advisory law and regulation which includes derivatives transactions, domestic and offshore hedge fund formation and due diligence.

A partner in the firm for twenty years, Mr. Drohan previously presided over Drohan & Drohan LLP until the company’s merger in 2007 at which time the company became Drohan Lee LLP.

Institutional trading is an area in which Mr. Drohan has great expertise, having spent the eleven years prior to the establishment of his law firm as VP and Senior Capital Markets Dealer for financial institutions including First Chicago International and Deutsche Bank AG (FRA:DBK), specializing in spot FX and forwards in major currencies as well as money market instruments.

FX dealing code high on the agenda

One of the ongoing matters which will take place under Mr. Drohan’s leadership is the round of discussions on creation of a global FX dealing code, which is, according to the ACI Financial Markets Association, scheduled to be completed by May 2017.

ACI is a primary participant in the regulatory effort and the ACI Model Code is the industry’s longest established set of ethical and procedural rules for OTC dealing.

The first series of discussions on creation of a global FX dealing code by the The Bank of International Settlements (BIS) Markets Committee is well under way, with several weeks’ work having taken place already and completion being estimated by May 2017.

David Puth, CEO of CLS Group Holdings AG/CLS Bank International., and newly appointed Chairman of the BIS Markets Participants Group is scheduled to speak at a particular ACI Financial Markets Association event on October 27th in New York which relates to the institutional FX industry.

According to the ACI Financial Markets Association, a number of European banks and central banks have announced adaptation of ACI’s ELAC© Ethical Learning and Certification portal during the past few weeks to begin the training and management monitoring of ethical standards among their capital markets dealing and compliance staff.

At the October 27th fixture, Mr. Puth is expected to provide perspective on progress so far, along with views of what market participants, including buy side institutions may expect.