LONDON, March 24 The ACI, the global foreign
exchange market's main industry umbrella group, will officially
appoint former State Street executive Marshall Bailey as
its first full-time president later this week.
The move has been in the works for well over a year,
according to an industry source, but comes as the $5.3
trillion-a-day market is under unprecedented scrutiny as
regulators around the world probe allegations of price-rigging
and collusion between traders.
"It was decided 18 months ago to appoint a president, so it
wasn't directly inspired by the FX fixing investigation. But it
certainly has proved to be fortuitous," the source said.
The ACI couldn't be contacted immediately for comment but
its website lists him as "president delegated". On Bailey's
LinkedIn page he is listed as ACI president starting March 2014.
The announcement will be made later this week at the ACI's
annual meeting in Berlin, which will bring together FX industry
and market participants from around the world. He will be the
first full-time president in an organisation whose leadership
traditionally comes from senior bank managers taking on an
extra, part-time role.
Bailey had held senior positions at State Street for the
past three years. Before that he was at Canadian investment bank
RBC Capital Markets and Switzerland's UBS AG.
Around 25 currency traders around the world have been placed
on leave, suspended or fired as investigations into alleged
wrongdoing in the foreign exchange market - the world's largest
and one of its least-regulated - have gathered pace.
(Reporting by Jamie McGeever; Editing by Hugh Lawson)