ACI Botswana, an affiliate of ACI Financial Markets Association, was launched on Thursday. The company has its work cut, which is to ensure stabilisation of the local financial markets by guiding members to adhere to professional conduct. The association’s role is to ensure ethical conduct by financial market practitioners across the globe. ACI Africa Regional Head, Malama Mushinga, said ACI Botswana was admitted into the international body in May this year, becoming the 64th member. He said the association has helped to provide best market practices as ethics are very paramount to the financial markets, and if overlooked could result in financial institutions such as banks losing lot of money. Mushinga, who is based in Zambia, said the association has developed tools that would help assist members in understanding the global financial market. For his part, Director of Financial Markets at Bank of Botswana, Matthew Wright, said the challenge on ACI Botswana would be to act on its mandate.
ACI Botswana currently boasts of 102 members, representing a number of commercial banks in the country. The association says it wants to play a leading role in providing education to financial markets participants in the region and also promote financial markets standards. ACI Botswana says it is guided by five min goals which cover greater participation in the wider financial market space, transfer of skills and knowledge, promotion of financial market principles as well as creation of reputable financial markets professionals. At an international level, the association has over 9000 individual members form various institutions across the financial markets. This network is said to allow members to engage with key institutions such as central banks, regulators and other institutions not only within their countries but across other member countries among the network of 64 states. Members of association are drawn from various financial markets institutions such commercial banks, brokers, investment banks, asset management firms, hedge funds, exchanges and regulatory bodies among others.