Jamaica stands to benefit significantly from the Foreign Exchange (FX) Global Code Certification Programme now being offered for financial services industry professionals.
The programme, which commenced earlier this year, involves collaboration with the ACI Financial Markets Association (ACIFMA), and coincides with Jamaica’s signing of the Bank for International Settlements (BIS) FX Global Code.
The Code provides a common set of guidelines to promote the integrity, transparency and effective functioning of foreign exchange markets.
Jamaica Bankers Association (JBA) President, Jerome Smalling, and Cambio Association of Jamaica (CAJ) President, Heather Ferguson Fearon, signed the Code during a brief ceremony at the at Bank of Jamaica’s (BOJ) downtown Kingston offices on Monday (July 29).
Executive Director of the Jamaica Institute of Financial Services (JIFS), which spearheads the programme’s delivery, Darlene Jones, said it is tailored to provide a cadre of certified professionals to enhance the country’s buoyant foreign exchange industry and support growth.
She said that the programme is designed to equip industry personnel with “practical working knowledge” in keeping with the Code’s principles.
She noted that the emphasis is on the application of high standards of integrity, conduct and professionalism “with the understanding of why adherence of the market participants to the Code is important”.
Ms. Jones said that the first programme cohort of some 20 industry professionals sat certification exams in June, after completing approximately three months of training. Recruitment is under way for the second cohort, who will commence training in September.
Noting that persons will need to renew their certification annually, Ms. Jones said the expectation is that the programme will eventually become mandatory for all financial market professionals.
She advised that the JIFS is also in discussion with the ACIFMA to introduce Certification in FX Dealing, which will enable candidates to acquire knowledge of the structure and operation of foreign exchange and money markets.
The FX Global Code’s adoption is among the foreign exchange market reforms initiated by the central bank in 2017 to enhance the efficiency and transparency of Jamaica’s financial market.
ACIFMA is a leading global trade association representing the interests of the professional financial markets community.
Established in 1955, the organisation is focused on enhancing best market practice and supporting market participants to adhere to principles of ethical conduct.