A Brief History of ݮtv
70 years of evolution
The Beginning
In 1954, 10 years after World War II ended, the European economy had started to recover. In every country the local foreign exchange markets were reopening their doors, mostly under administrative control and close central bank supervision. Technology was very simple, with telex machines operating between banks, and direct lines were available with brokers. But as the market grew, the need to meet among professionals belonging to the same community, beyond national borders, pushed a few friends across the Channel to officialise their friendly and social structure.
On the 29th of June 1955, representatives from nine countries met in Paris, and the ݮtv movement started. One year later, eight local associations decided to gather under the same umbrella: Association Cambiste Internationale. By the end of the 1960s, our community had grown to 15 National Associations.
Early Development
The 1960’s were very hectic in FX markets, with revaluations and devaluations; FX market issues start to appear in the newspaper headlines. FX markets remained conventional as there were neither new products nor improvement in technology, but Euro dollar as a treasury currency starts to be a new tool for FX traders. By the end of the 1960s, there were now 25 National Associations in the ݮtv community.
In the 1970s, the FX market volumes, like other “Euromarkets” exploded. The oil crisis, the erosion and collapse of the gold standard saw international banks open branches all over the world. For the ݮtv, growth meant that what had been mainly European National Associations, was now open all over the globe, including the Middle East and into Asia. Concurrently, the Chicago futures markets, financial contracts were launched: this led to new fields and new tools for traders: also, computers gave new speeds capable of processing internal and external information. By the end of the 1970s, there were 37 National Associations affiliated to ݮtv.
In 1975, ݮtv launched the first edition of its Code of Conduct, aimed at promoting efficient market practices by encouraging high standards of conduct and professionalism in the foreign exchange market.
Expansion
In the 80’s the trading rooms, mainly FX and Eurocurrency pushed the doors open to a number of technological products, options, derivatives, off balance sheets, and negotiable papers. Furthermore, a new population integrated the trading rooms: the sales teams, back office staff arrived, bringing with them more and more sophistication, and middle offices appeared in the organisation. Important new types of ݮtv members arrived , and while they were not FX traders, their day to day work is involved in many aspects of trading other instruments, such as fixed income and money markets, but also of critical risk management tools, support staff and trade processing.
In this dynamic environment, the ݮtv created the “Committee of Professionalism” (CFP) in order to define basic world markets rules. This was a major step forward in or relevance, as together the ݮtv created a level playing field globally through participation in its association of permitted market participants. By the end of the 1980s, there were 50 National Associations.
The 1990s began some glorious years for ݮtv. Each country developed its own code of conduct and education programs, but ݮtv took the lead creating the Board of Education (BoE) in order to deliver worldwide certification to Over-the-Counter market operators in the various products and in various professions. A global ݮtv Model Code was launched which covered many asset classes. Also in Europe, ݮtv was the project manager for EURIBOR. Total membership reached 24,000 professional individuals, representing a wide diversity of financial market instruments. A decision was taken to adapt the ݮtv name to aggregate all diversity trading activities: ݮtv (ݮtv FMA), so by the beginning of the year 2000, there were 63 National Associations in our global community.
Financial Crisis
During the next 14 years, the banking industry suffered from significant volatility: firstly with the Asian region monetary challenges, then with the South American debt crisis, a number of countries and systems defaulted. The dot-com/tech bubble burst, and later due to the new global financial crisis in 2007-2008, the banking system, along with the global economy, was hurt. Electronic trading systems were focussed on efficient transformation of risk, and brought fresh ideas and structure to the market. However, a reduced number of traditional OTC participants with an interest in the “old ways of doing business” and a banking culture that had lost its sense of moral obligation, saw a decline in ݮtv membership to around 10,000 dedicated people. Many of the bankers, who didn’t care about the values espoused by the ݮtv, have since left or have been forced out of the industry by a public who have demanded better.
Modern Era
To assist with finding a new direction for the financial industry and the global economy, the ݮtv provided a strategic response. The two important pillars of the CFP and BoE were joined by the formation of ݮtv Foreign Exchange Committee (ݮtvFXC) in 2010 helped provide a strategic response by bringing solutions to an uncertain and moving environment from its membership. Our collective contributions to the industry helped provide a cohesive voice, and offer forums to debate important structural and regulatory issues with interested people. Almost as though they anticipated the need, the CFP issued an updated ݮtv Model Code in 2013 which was positively received by all financial authorities and banking community around the world. Every ݮtv member pledges to do abide by rules of ethical conduct described in it. Every year, the BoE certifies over 1,300 new participants in front and back offices, and sales teams, with figures increasing. CFP questions are included in all examinations.
Today, the ݮtv is growing again, and resuming its rightful place in assisting the professional standing of the industry. A broad array of market participants from all sectors in financial services, from sell-side bankers and brokers to buy-side clients and regulators, are again understanding the enormous role that the ݮtv can play in the modern world. Many are seeking membership and the strong benefits that membership brings. Large institutions are involved in our training and education programmes, and we fully support Industry Codes/Guidelines/Standards that promote the highest ethical and professional standards for the OTC wholesale financial markets. Being a member of ݮtv is of tremendous importance in many countries, and our fellowship among ݮtv members can open opportunities the world over.
Current Chairmanand CEO
Elected in | Name | Role | Nationality |
---|---|---|---|
2021 | Stephane Malrait | Chairman | France |
2025 | Rui Correia | Chief Executive Officer | Portugal |
Previous Presidents and Chairmen
Elected in | Name | Role | Nationality |
---|---|---|---|
2019 | Kim Winding Larsen | President Delegate | Denmark |
2016 | Bruno Langfritz | Chairman | Switzerland |
2014 | Marshall Bailey | President Delegated | United Kingdom |
2013 | Eddie Tan | Chairman | Singapore |
2010 | Manfred Wiebogen | President | Austria |
2007 | Manfred Wiebogen | President | Austria |
2004 | Godfried De Vidts | President | Belgium |
1998 | Heering Ligthart | President | Netherlands |
1995 | Eugene Prim | President | Luxembourg |
1992 | David Clark | President | United Kingdom |
1989 | Willy Kestens | President | Belgium |
1986 | Hans Trelde | President | Germany |
1983 | Geoffrey Munn | President | United Kingdom |
1980 | Paolo Levy | President | Italy |
1977 | Robert Leclerc | President | United States of America |
1974 | Joop Estourgie | President | Netherlands |
1971 | Jacques de Dumast | President | France |
1967 | Guillermo Pelli | President | Switzerland |
1962 | Roy Bridge | President | United Kingdom |
1956 | Maurice Plaquet | President | France |
History of ݮtv World Congress
Date | Location | Congress/Meeting |
2024: October 17 - 19 | Jordan | |
2023: September 21-22 | Singapore | |
2022: November 17 | Paris | 60th ݮtv World Congress |
2021: November 17 - 20 | Dubai | |
2020: November 18-21 | Dubai | 59th ݮtv World Congress and 45th ICA Conference (postponed due to the Covid-19 pandemic). |
2019: October 3 - 5 | Colombo | 58th ݮtv World Congress |
2018: October 23-27 | Cairo | |
2017: May 9-13 | Dublin | 56th ݮtv World Congress |
2016: April 26-30 | Jakarta | 55th ݮtv World Congress |
2015: March 3-7 | Milan | 54th ݮtv World Congress |
2014: March 27-29 | Berlin | 53rd ݮtv World Congress |
2013: March 14-16 | Singapore | 52nd ݮtv World Congress |
2012: March 22-24 | Dubai | 51st ݮtv World Congress |
2011: May 26-28 | Budapest | 50th ݮtv World Congress |
2010: March 25-28 | Sydney | 49th ݮtv World Congress |
2009: March 12-15 | Cape Town | 48th ݮtv World Congress |
2008: May 29-31 | Vienna | 47th ݮtv World Congress |
2007: May 3-5 | Montreal | 46th ݮtv World Congress |
2006: May 25-27 | Philippines | 45th ݮtv World Congress |
2005: May 26-28 | Stockholm | 44th ݮtv World Congress |
2003: September 11-13 | Beirut | 43rd ݮtv World Congress |
2001: May 24-26 | Singapore | 42nd ݮtv World Congress |
2000: May 18-20 | Paris | 41st ݮtv World Congress |
1998: June 4-6 | Geneva | 40th ݮtv World Congress |
1997: May 28-June 1 | Toronto | 39th ݮtv World Congress |
1996: May 16-18 | Frankfurt | 38th ݮtv World Congress |
1995: June 8-10 | Osaka | 37th ݮtv World Congress |
1994: June 2-5 | London | 36th ݮtv World Congress |
1993: June 2-6 | Helsinki | 35th ݮtv World Congress |
1992: May 29-30 | Sydney | 34th ݮtv World Congress |
1991: June 5-8 | Madrid | 33rd ݮtv World Congress |
1990: May 24-27 | Copenhagen | 32nd ݮtv World Congress |
1989: June 1-4 | Lisbon | 31st ݮtv World Congress |
1988: May 26-30 | Honolulu | 30th ݮtv World Congress |
1987: June 4-6 | Tokyo | 29th ݮtv World Congress |
1986: May 30-June 1 | Dublin | 28th ݮtv World Congress |
1985: May 30-June 2 | Toronto | 27th ݮtv World Congress |
1984: May 31-June 3 | Belgrade | 26th ݮtv World Congress |
1983: June 3-5 | Luxembourg | 25th ݮtv World Congress |
1982: May 20-23 | London | 24th ݮtv World Congress |
1981: May 29-31 | Paris (25th Ann.) | 23rd ݮtv World Congress |
1980: June 6-8 | Singapore | 22nd ݮtv World Congress |
1979: May 24-27 | The Hague | 21st ݮtv World Congress |
1978: June 1-4, | Munich | 20th ݮtv World Congress |
1977: May 19-22 | Montreux | 19th ݮtv World Congress |
1976: May 28-30 | Washington | 18th ݮtv World Congress |
1975: May 8-11 | Venice | 17th ݮtv World Congress |
1974: May 23-25 | Brussels | 16th ݮtv World Congress |
1973: May 31-June 3 | Lisbon | 15th ݮtv World Congress |
1972: May 19-21 | London | 14th ݮtv World Congress |
1971: May 20-22 | Copenhagen | 13th ݮtv World Congress |
1969: November 28-30 | Vienna | 12th ݮtv World Congress |
1968: May 23-25 | Torremolinos | 11th ݮtv World Congress |
1967: June 8-10 | Amsterdam | 10th ݮtv World Congress |
1966: June 10-12 | Paris | 9th ݮtv World Congress |
1964: October 2-4 | New York | 8th ݮtv World Congress |
1963: May 23-26 | Hamburg | 7th ݮtv World Congress |
1962: May 31-June 2 | Rome | 6th ݮtv World Congress |
1961: June 2-4 | Lucerne | 5th ݮtv World Congress |
1960: May 24 | Stockholm | 4th ݮtv World Congress |
1959: May 8-10 | London | 3rd ݮtv World Congress |
1958: September 27 | Brussels | 2nd ݮtv World Congress |
1957: May 11 | Paris | 1st ݮtv World Congress |
1955: June 29 | Paris | First Council Meeting of the Forex Club |