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South African chapter president Brigid Taylor expected to be interim president and will be in the running for a permanent role

Marshall Bailey, global president of ACI, the international association of wholesale financial market participants, plans to resign, effective on October 31, sources have told FX Week.

„I’m very pleased with the position the ACI is in, with the work on the Global Code of Conduct continuing, as well as the ongoing professionalisation,“ says Bailey.

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„I think in a lot of ways, Marshall was the perfect president, because he really had experience that crossed the industry, from trading to sales to electronic markets and more,“ says Jack Drohan, president of ACI America.

Drohan says the ACI’s management board has already communicated internally to all its members and national association management a „very detailed and well thought-out“ transition plan. He declined to say who would take over from Bailey or discuss personnel matters. „There is a plan in place for an orderly transition,“ he says.

In a lot of ways, Marshall was the perfect president, because he really had experience that crossed the industry Jack Drohan, ACI America

Bailey will remain as an honorary president of the ACI and continue to liaise on behalf of the association in its dealings with the Bank for International Settlements, which it is working with on the creation of a Global Code for the foreign exchange market. The announcement of Bailey’s departure comes after months of internal discussion with his peers regarding the terms of his tenure and the legacy he wanted to leave behind, the sources say.

He is expected to hand over the presidency to Brigid Taylor, who heads the South African chapter, at the ACI’s autumn council meeting in Belgrade in October, sources say. Taylor is expected to serve in the interim for about a year while the ACI gears up to search for a replacement. She is said to be among those under consideration to replace Bailey permanently.

In March 2014, Bailey was appointed as the ACI’s full-time president – the first in approximately 60 years – during a time when the FX market was grappling with the ongoing currency probe, which led to regulatory and class-action penalties in the billions. He has more than 25 years‘ experience in financial markets.

Leadership qualities

Bailey began his career as a financial analyst at Amas Bank Geneva in 1989. Two years later, he became a currency and fixed-income trader at UBS Toronto. Bailey would take on more responsibility in 1993, when he became vice-president and head of institutional FX at RBC Toronto, where he worked for six years.

In 1999, Bailey headed to RBC Capital Markets as a managing director and global head of central bank coverage. After eight years, he became head of Europe, the Middle East and Africa (Emea) and Asia, for global financial institutions. In that role, he managed more than 20 senior bankers, and oversaw offices in Beijing, Hong Kong, Singapore, Tokyo, Mumbai and London.

In 2011, Bailey moved to State Street Bank Europe, where he served as chief executive of State Street Global Markets International and chief operating officer, UK and Emea, of State Street Global Markets. Bailey also holds board member and non-executive director positions at several financial institutions.

These leadership qualities put Bailey’s name at the top the pile after a year-long search to find the ACI’s first full-time president.

Strong ethical stance

Eddie Tan, chairman of the ACI’s managing board, said at the time of Bailey’s appointment that his „experience, strong ethical stance and leadership will help us forge a path with sell- and buy-side individuals, and our regulators. We conducted a year-long search and determined that we needed someone who can guide us through the challenges facing the industry and who can work closely with many facets of our association.“

With the FX scandal, heightened regulatory scrutiny, ongoing evolution of the currency markets, the drafting of a new global code and the ramping up of its new e-learning and certification portal, ELAC – educating employers and market practitioners on acceptable industry behaviour – the past two years has arguably been some of the most active for the ACI on several fronts.

„I think there is a lot on his plate. There have been a lot of things going on. I think Marshall appreciated the fact that he was beginning to move a weight heavier than any one person could shoulder,“ an industry source says.

 

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