What is a Forex Club?
A forex club refers to a national association of foreign-exchange wholesale professionals, dealers, brokers, and treasury managers whose primary goals are to educate and network their members.
Forex Club Decoded
The national forex club is typically affiliated with the ACI Financial Markets Group, a holding organisation for wholesale financial market professionals, located in Paris. ACI was founded in the year 1955.
As of October 2019, the ACI has more than 9,000 members across six continents in 63 national associations with the mission of supporting best market practices and ethical conduct.
Forex clubs are a generic concept not related to “Forex Club” which is a private-owned company that offers FX trading platforms, stocks, commodities, resources, and related devices. However, Forex clubs that include forex trading meets, informally organised meetings of people interested in trading the FX markets as a profession.
More than 2,00,000 individuals are members of forex club, with more than 700 meetups in operation as of July 2018, according to the social aggregating site, Meetup. The growing number of formal and informal forex clubs represents the scale of the foreign exchange market around the world.
The FX market is the world’s biggest and is the most liquid market, with 90 per cent of all U.S. dollar (USD) trades involved.
As per a report from the Bank for International Settlements (BIS), the market is several multiples greater than the futures market and global stock market.
Trading Industry Standards in Forex Clubs
All members of ACI, including all members of a forex community, have to adhere to the standards set in the newly created FX Global Code. In December 2017, the code replaced national codes of conduct and included the FX, Over-the-Counter ( OTC), and associated financial markets.
The code includes international best practices in the foreign exchange market and is formulated to support the wholesale foreign exchange market’s integrity and effective operation. The system stemmed from contributions from central banks around the world and market participants.
Besides networking, ACI-affiliated forex clubs have access to training programs and advanced FX certifications, fixed income, money market, derivatives, and repo-markets.
