LONDON, March 24 (Reuters) - 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)