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Message from ��ӯ���� FMA Chairman and Working Groups and Committees Representative

One year ago, we started the first ��ӯ���� FMA Insights Newsletter as a way of increasing communication between our National Associations, our Head Office, and our global Working Groups and Committees. It was also the start of a global pandemic, and nobody could have predicted how many changes it would make to our daily life at home, at work, and to our different organisations.
For many, it was a big challenge, but focus, controls, ethics, and networking helped all of us to continue to move forward and make progress.

On a personal note, being able to reach out and call my ��ӯ���� contacts all over the world helped me to stay in contact and learn about the impact of the pandemic in different counties, but also helped me professionally to be able to resolve complex trading issues and for that, I really value the unique network that we have at ��ӯ���� FMA.

There were also a lot of changes in our ��ӯ���� organisation at national levels but also at global levels with a revision of the FX Global Code, different consultation papers from regulators across regions, and the challenges to adapt our education activities when exam centres were closed.

We also had to adapt to meet virtually and elect new Management Board members to lead our Association for the next few years. With your support, we managed to have great Council meetings and active debates at virtual Board meetings to prepare for that transition. I want to thank all of you for the support you gave during this difficult year and your participation in the selection process and the feedback received.

I would also like to take this opportunity to thank Bruno Langfritz for his contribution to ��ӯ����FMA for the last 40 years and his leadership as Chairman of the Management Board for the past 4 years. Without him, ��ӯ���� FMA will not be where it is today and thanks to Bruno we are now in a strong position to move ��ӯ���� FMA to the next level.

Stéphane Malrait, ��ӯ���� FMA Chairman and Working Groups and Committees Representative

Message from ��ӯ���� FMA Europe co-President

Firstly, I am very proud, humbled and feel honoured to have been appointed for the new ��ӯ���� FMA Europe co-President position. It is a big vote of confidence in me and my employer Jyske Bank and I will not let you down.

I have now spoken with ��ӯ���� FMA President Kim Winding Larsen and with Branko Petrovic who, as you know, is also our European co-President.
The next step will be to have individual calls with the ��ӯ���� Europe National Associations under my responsibility.
This to get properly introduced, to explain more about my ideas and thoughts, and to hear from each of the ��ӯ���� National Associations as to what they think about the current state of ��ӯ����FMA, what is good, and what might be less good. To discover where opportunities are seen and what is expected of me as newly elected ��ӯ���� FMA European co-President. Finally, it will also be great to learn more about local ��ӯ���� Events, Seminars, Courses, etc. at the national level.
Through these calls and discussions, I believe that, come early July, I will have a great and very useful overview of the current state of things, and some clear indications of what is expected of me to work toward being part of the ��ӯ���� FMA Management Board as well.

An early idea to be discussed is a kind of a “rolling European calendar” which will be distributed by Branko and myself. That will give all European National Association’s a quick and useful view of what is planned and what is on the agenda for the next two months. At the same time, it might work as inspiration from one National Association to another and, who knows, maybe there is an opportunity to be part of cross-border ��ӯ���� Events. That has definitely become a lot easier now that the world has become more virtual. I also see this as one step closer to improved co-operation across the National Associations.

I would also like to thank Marc De Bosscher for his dedication and work put into ��ӯ���� at the National and International levels. I am glad Marc will continue to work for ��ӯ���� in the role of ��ӯ���� Belgium President.

Last but not least, I look very much forward to getting going. I aim to continue to strengthen the brand of ��ӯ���� FMA and work on the solid foundation laid out over many years with the overall��focus to keep and improve the relevance of ��ӯ���� FMA, and to continue to work for a more transparent and well-functioning wholesale FX��Market built on trust and integrity. All of this in close co-operation with the National Associations, the Management Board, and the dedicated staff at the Head Office in Paris.
My word is my bond.

Jørn Luffe Sodborg, ��ӯ���� FMA Europe co-President

Message from ��ӯ���� FMA Regulatory Working Group

Ongoing collaboration between the ��ӯ���� FMA Committees and Working Groups – New Vice-Chair in the ��ӯ���� FMA Regulatory Working Group

Apart from National Associations, the ��ӯ���� FMA has several International Working Groups and Committees, namely the FX Committee, the Money Market and Liquidity Working Group, the Committee for Professionalism, the Crypto Working Group, the Regulatory Working Group, and the Board of Education. While the Working Groups and Committees have been formed for different purposes, they all have a common goal to assist, support, educate and inform the fellow members on both a national and international basis. For example, the ��ӯ���� FMA FX Committee focuses on 'all things FX' including regulation impacting the FX markets. The Regulatory Working Group focuses on cross-asset class regulation and liaises/works with other Working Groups and Committees in the communication of global regulatory changes to the ��ӯ���� FMA membership. Furthermore, many members of our Working Groups and Committees sit on other market committees, which facilitates harmonisation and a cooperative approach, particularly with regard to formulating and delivering responses to regulatory consultations. The landscape for regulatory response has been quite busy over the past 6 months and fortunately, we have seen some excellent co-operations between our Working Groups and Committees, which has enabled our voices and informed opinions regarding proposed regulatory change and guidance to be heard.

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Anne-Maria Rothenstein, the new Vice-Chair in the ��ӯ���� FMA Regulatory Working Group

A very frequent contributor, author, and organizer of the 'agile' regulatory response of our Working Groups and Committees is Anne-Maria Rothenstein, who is not only a founding member of the ��ӯ���� FMA FX Committee (since 2010) and the ��ӯ���� FMA Regulatory Working Group (since 2012, Vice-Chair since 2020), but also a member of the ��ӯ���� UK Executive Committee since 2020.

Since most ��ӯ���� FMA Board, Working Groups and Committees members are gainfully employed in full-time positions in buy and sell-side firms, as well as sometimes running their own businesses, time contributions to 'pull' these responses together are voluntary and are therefore highly appreciated.

Nevertheless, Anne-Maria has been involved in writing and contributing to the consultations since the very first submitted ��ӯ���� FMA response by our FX Committee back in 2013. Over the years, she has authored/co-authored the ��ӯ���� FMA’s consultation responses to various global and national regulators, including the ��ӯ���� FMA’s response to ESMA on MIFID 2 Transparency Addendum, as well as ��ӯ���� FMA’s response to BoE/FCA/HMT consultation on” Fair and Effective Markets Review”. Recently, she has 'held the pen' in ��ӯ���� FMA´s response to ESMA consultation on MAR Refit (November 2019) and in ��ӯ���� FMA’s response to the ESMA consultation on OTFs (September-November, 2020) and also to ��ӯ���� FMA’s recent response to the Global Foreign Exchange Committee's review of the FX Global Code (proposed changes to principles, algo trading, last look and pre-hedging, amongst others).
Anne-Maria Rothenstein is an internationally experienced, bi-lingual compliance executive and consultant, with over three decades of experience and deep expertise in International Capital Markets (FICC) and Financial Markets Regulation and Compliance (FLOD & SLOD). Prior to her consultancy and compliance career, she enjoyed an extensive career in financial markets selling and trading OTC derivative and cash products (Rates, Currency, Equity, Credit) to a variety of ‘buy-side’ clients (Corporates – Multinationals, SMEs; Institutional- regional banks, asset managers, hedge funds and retail) in London, New York, Frankfurt, and Brussels. She has operated as the EMEA Head of Capital Markets Compliance & Treasury/Chief Compliance Officer/CF 10/SMF 16 for global custody banks. Anne-Maria recently joined B2C2 Ltd as the Group Chief Compliance Officer, B2C2 ltd.

��ӯ���� FMA Regulatory Working Group