Global Certification Programme for Local FX Traders

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. Story Highlights The Code provides a common set of guidelines to promote the integrity, transparency and effective functioning of foreign exchange markets. Jamaica stands to benefit significantly from the Foreign Exchange (FX) Global Code Certification Programme now being offered for financial services industry professionals. 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. read more

Performance Criteria for Contractors to Be Introduced in Public Procurement Process

Story Highlights Prime Minister, the Most Hon. Andrew Holness, says he has mandated the new procurement authority to develop a policy outline to introduce performance management contracting in the procurement process. “We know of several contractors who have work they don’t finish; they don’t complete it on time, but yet they come back into the process. So there must be a way within the procurement process in which the past performances of contractors feature in the ability to get future work,” he said. He said the introduction of this accountability mechanism will serve to improve how contractors work. Prime Minister, the Most Hon. Andrew Holness, says he has mandated the new procurement authority to develop a policy outline to introduce performance management contracting in the procurement process.He said the introduction of this accountability mechanism will serve to improve how contractors work.“We know of several contractors who have work they don’t finish; they don’t complete it on time, but yet they come back into the process. So there must be a way within the procurement process in which the past performances of contractors feature in the ability to get future work,” he said.The Prime Minister was speaking at a US$195-million ($2.8-billion) contract signing ceremony for the South Coast Highway Improvement Project (SCHIP) at Jamaica House on Monday (August 26).Mr. Holness said the incorporation of the new structure will signal the start of stipulations to create the institutional framework to change the culture of local contractors, noting that “there is a view that contracting in Jamaica is just very chaotic [and] that contractors are not accountable”.“Motorists [and] commuters, especially those who have to use those thoroughfares that are under construction, complain bitterly about the work ethic and discipline of the contractors and supervision of the National Works Agency (NWA). It has not gone on deaf ears; I’m paying very close attention to it,” he said.Mr. Holness noted, however, that while contractors complain that big construction companies, like China Harbour Engineering Company, “are getting all the work”, he questioned whether local contractors are “making the investments in our own construction companies for the management [and] level of engineering that is needed, holding the managers in your companies to account, sticking to deadlines, and respecting the right of the public to enjoy the thoroughfare even if it is under construction”.He noted that the process to change the culture of contractors will, therefore, start with the nation’s engineering agency, the NWA, to “start putting in place, the rules”.“The NWA has to step up its game. The old way in which we did business cannot carry the level of work that is going to take place in the months coming” Mr. Holness said.“Eventually, we want to see contractors who can stand toe-to-toe with China Harbour and bid for large contracts, not just in Jamaica but anywhere,” he added. read more