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ACI Danmark

Our aim is to heighten the professional and ethical level amongst members. To elevate the effectiveness of the currency markets. To work for a good co-operation amongst currency traders inside Denmark as well as towards foreign financial institutions.

About us Education

Courses & Certificates


Courses are offered exclusively to members of ACI Danmark.


ACI Danmark

ACI Dealing Certificate Week 45 2024

The ACI Dealing Certificate New Version Exam has been designed to cover the basic competence skills for the new entrants in dealing floors and all other financial markets roles related to foreign exchange, interest rates and commodities instruments. The Syllabus has been built to allow basic understanding of these instruments and the related financial market segments, therefore providing the required competence level for existing or future financial markets professionals.

Career and Employer benefits of the ACI Dealing Certificate:

  • Increase candidate opportunities nationally and internationally with a global qualification
  • Fulfil the requirements established by financial services authorities for regulated activities
  • Learn a global standard and a skill set which is unique in treasury
  • Become part of a global community of thousands of ACI certificate holders
  • Enable your organization to successfully pass risk assessments conducted by regulators
  • Staff members fulfil the requirements established by financial services authorities for regulated activities

The workshop is conducted over 4 days
Day 1:
Money market instruments and calculations

Day 2:
Foreign exchange – spot, forwards, cross currencies, fx swaps etc

Day 3:
Forward rate agreements
Interest rate swaps

Day 4
Financial market applications including risk, Basel III, VAR, and a bit of ALM

The workshop is very interactive with the delegates expected to do work after hours as well as during contact sessions


Cancelation prior to 1 month  before the course starts – fully refundable.

Cancelation between 1 Month and 2 weeks before the course starts – 50% refund.

Cancelation less than 2 week before the course starts – no  refund.

Important: Participation in any course offered by ACI Forex Danmark requires a valid membership in ACI Forex Danmark. If you are not already a member of ACI Forex Danmark you can become one as part of the sign up process, assuming you fulfil the membership requirements (for more information visit our statutes on our webpage). Becoming member incurs an additional fee.

Start date: 5. November 2024

4 days

Location: Rungstedgaard Hotel, Rungsted Strandvej 107, 2960 Rungsted, Denmark
Registration: Waiting list
ACI Danmark

ACI Diploma Course Week 22 2024

Note, this course will be 1 Day Remote + 5 days Phycial at Rungstedgaard Hotel ( 25k North of Copenhagen in beatiful surroundings)

Remote session –  Thursday 23/5/2023
4 sessions: 8.30 – 10.00; 10.30 – 12.00; 1.00 -2.30; 3.00 – 4.30

Topics to be covered:

Domestic, Foreign and Eurobonds
Some different types of bonds

Calendar spreads

Standard Deviation and Volatility

Face to Face Sessions – Monday 27 May – Friday 31 May

(Each day is extremely intensive.  Candidates should be familiar with much of this material, as they will already have passed the Dealing Certificate or have equivalent experience. Homework will be given at the end of each day)

Days 1 and 2:
The Foreign Exchange Market
·         Spot exchange rates, reciprocal rates and cross-rates
·         Roles of market-makers, brokers and electronic broking
·         Forward outrights and their uses and the relationship with the money markets
·         Forward swaps
premiums and discounts
cross-rate swaps
what is a swap deal?
settlement rates
historic rate rollovers
hedging forwards via deposits
·         Covered interest arbitrage and hedging a swap in the deposit market
·         Short dates
daily rollover of positions
·         Position-keeping: average rate, net position, and profit/loss
·         Forward-forward rates
·         NDFs
·         Time options
·         Value dates and broken dates interpolation
·         Long-dated foreign exchange forwards

Days 2 and 3:
The Money Markets
·         Time value of money, present value / future value, NPV
·         Calculation of simple yield on an investment
·         Simple and compound interest
·         Annual and semi-annual equivalent yields
·         Cash loans and deposits
reference fixing rates
yield curve shapes and theories
·         Day / year conventions
converting between ‘bond’ and ‘money market’ yields
·         Certificates of deposit
calculation of settlement amounts
price / yield relationship
accrued coupon, capital gain/loss
domestic, foreign, and Euro securities
·         Discount instruments
T-bills, commercial paper, bills of exchange
·         Discount instruments
T-bills, commercial paper, bills of exchange
calculation of settlement amounts
discount / yield calculations
·         Comparison of yields quoted according to different conventions

Forward-forwards and FRAs
·         Forward-forward interest rates
·         The yield curve
·         FRAs
the mechanics
uses by borrowers, depositors and position-takers
documentation and rate-fixing
·         Arbitraging with FRAs and FX

Day 3:
Bond Markets
Zero-coupon bonds
bond STRIPs
·         Zero-coupon yield calculations
bootstrapping ytm to zeros
valuation of a bond
calculation of par yield from zeros
·         Bond futures
cash-and-carry arbitrage
·         Price sensitivity of bonds
calculation of duration and modified duration, annual and semi-annual bonds
calculation of portfolio duration and modified duration
hedging a bond position
·         Rating systems

Repos, Sell/Buy-Backs and Securities Lending
·         Classic repo
market conventions and terminology
general v. special collateral
marking to market
cross-currency repos
triparty v. bilateral v. hold-in custody repos
·         Users, applications and examples of repos
·         Buy/sell-backs
pricing the buy / sell-back structure
close-out and re-pricing
·         Securities lending
comparison with repo and buy/sell-back
·         Synthetic repo structures

Days 4 and 5:
The Futures Markets
·         Pricing interest rate futures
·         The futures markets
the mechanics of trading
tick values
currency futures markets
futures compared to OTC markets
·         Trading strategies
calendar spreads
futures strips
butterfly, condor
calculation of P/L
·         Arbitrage between FRAs and futures
·         Hedging a FRA with futures
strip hedge, stack hedge, basis risk
calculation of FRA rate and hedge
·         Hedging forward-forward FX using FRAs and futures
·         Basis
definition and calculation of basis, theoretical basis and value basis
·         Convexity problem
·         Volume and open interest
calculation of open interest

Interest Rate Swaps
·         Concepts and swap pricing
comparative advantage
·         Mechanics of swaps
·         Applications, asset and liability swaps
·         Price quotation
day / year payment basis and calculations
annual and semi-annual
spread over Treasuries
·         Calculating all-in cost of borrowing / all-in return on an asset swap
·         Settlement calculations
·         Swap structures
basis swaps
constant maturity
total return
·         Hedging swap positions
·         Valuation
the use of zero-coupon yields
·         Creating a 12-month swap from a strip of futures / FRAs

Currency Swaps
·         NPV and swap pricing
·         Applications
·         Comparison with foreign exchange forwards
·         Settlement calculations

Currency and Interest Rate Options
·         Basic concepts, definitions and terminology
·         Pricing
underlying concepts
historic and implied volatility
limitations of Black & Scholes
‘European’ and ‘American’ options
binomial models
different ways of quoting a currency option price
·         Historic and market volatility
·         Put / call parity
synthetic forwards
·         Exchange-traded options
price quotation
·         Profit / loss of a position
·         Trading strategies
risk reversal

  • Interest rate hedging
    IRGs, caps, floors, collars and zero-cost structures
    ·         Hedging a cap / floor from calls and puts
    ·         Survey of exotic options
    barrier, Asian, swaption, compound, binary
    ·         Delta hedging a position
    ·         Gamma hedging
    ·         Vega, Theta and Rho


Cancelation rules:

Cancelation 1 month before the course starts – fully refundable.

Cancelation less than 2 weeks before the course starts – 50% refund.

Cancelation less than 1 week before the course starts – no  refund.


Important: Participation in any course offered by ACI Forex Danmark requires a valid membership in ACI Forex Danmark. If you are not already a member of ACI Forex Danmark you can become one as part of the sign up process, assuming you fulfil the membership requirements (for more information visit our statutes on our webpage). Becoming member incurs an additional fee.

Start date: 23. May 2024

6 days

Location: Rungstedgaard Hotel, Rungsted Strandvej 107, 2960 Rungsted, Denmark
Registration: Available
ACI Danmark

ACI Operations Certificate
Summer 2024

  1. Target Group for the ACI Operations Certificate
    • Recent Entrants to the Operations Department (Back-Office)
    • Other Trading Room Support Areas
    • Internal and external auditors
    • Compliance and Risk Officers
    • Product control staff
    • Vendors

There are 5 core subjects areas in the ACI Operations Certificate New Version Exam:

  • Financial Markets Environment
  • Foreign Exchange
  • Rates (Money and Interest Rate Markets)
  • FICC (Fixed Income, Currency and Commodities) Derivatives
  • Financial Markets Applications
  1. Course Fee covers education material and tuition. ACI Forex Danmark membership and Exams are charged separately.
  2. More information: ACI Operations Certificate Exams | ACI Financial Markets Association (ACI FMA)
  3. Maximum of attendees is set to 12.

Important: Participation in any course offered by ACI Forex Danmark requires a valid membership in ACI Forex Danmark.

If you are not already a member of ACI Forex Danmark you can become one as part of the sign up process, assuming you fulfil the membership requirements (for more information visit our statutes on our webpage). Becoming member incurs an additional fee.

Start date:

4 days

Location: Online

Book Exam. Test

From January 2017, ACI has taken over the management of test centres to improve the service we provide to exam candidates and members. Please use the link below to register and/or to indicate where you wish to sit an exam.

ACI oversees an extensive and ever-growing Test Centre network with over 130 centres available to exam participants in more than 90 countries. Through our Test Centre partnerships further locations are continually being added. If you would like to register for an exam in a country which is not listed, please do specify the country in the corresponding field and we will do our best to organise an exam seat in a location nearest to you.

Start date: 28. November 2021

5 days

Location: Online


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Become an ACI Danmark Member today. If you want to become a new ACI member, you can sign up by following the link below, and signing the form.

Become a member Contact us here

Announcements & Current News



T+1: What it means and why we should care

28th April 2024

ACI FMA has released a short video dedicated to exploring the intricacies of T+1 Settlements.

Ileana Pietraru, President of ACI France, interviews Stephane Malrait, ACI FMA Chairman, on this insightful presentation that explores the significance of transitioning to a T+1 Settlement cycle.

The video produced by ACI FMA in cooperation with LFMA “Spot & Forward”, not only highlights the benefits and challenges of this transition but also explores its impact across various regions worldwide and within different segments of the financial organizations. It explores crucial aspects such as efficiency, risk, and market liquidity, offering valuable insights into the evolving landscape of financial markets.

You can access the ACI FMA video by following this YouTube link: https://youtu.be/55QTZSmOAkw?si=twGdrR8AnlSGZ0CP


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The ACI FMA FX Committee releases a Briefing Note on USD T+1 Securities Settlement

17th January 2024

The ACI FMA Foreign Exchange Committee (FXC) has put together a detailed Briefing Note addressing the essential aspects of the upcoming USD T+1 Securities Settlement. Commencing on May 28th, 2024, this significant shift in the US Securities Settlement system is anticipated to have far-reaching implications on the Foreign Exchange (FX) landscape.

Highlighting concerns raised by ACI FMA FX Committee members, the Briefing Note emphasizes the need for proactive preparation among FX Market Participants. The ACI Financial Markets Association urges its members to actively engage with the contents of the Briefing Note and encourages the distribution of this resource within professional networks to foster a broader comprehension of the changing FX domain.

You may find the note here

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ACI FMA Insights No. 10 – December 2023 is now avaible

14th January 2024

This special edition is dedicated to celebrating the diverse perspectives within the ACI FMA Regions. Join us as we explore their reflections on the year that is coming to an end and their expectations for 2024.

We’re honored to feature contributions from the Regions’ leaders: Roy Daniels (Africa), K. Shanaka C. Perera (Asia), Branko Petrovic (Europe), Jørn “Luffe” Sodborg (Europe), and Khaldoon Al-Janini (Middle East). Their valuable insights and collaborative viewpoints promise an exciting journey.

The objective of the Newsletter is to bring news and updates from ACI FMA activity to all our global ACI members.

ACI FMA are longstanding proponents and influencers of ethical conduct and good market practices to all financial market professionals.

You may find the newsletter here : Insights Newsletter No. 10. – 22. December 2023

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ACI Australia Dealing Simulation 2023

6th November 2023

The Dealing simulation course has been completed with great success.

More than 30 committed participants completed this year’s ACI Australia Dealing Simulation last week.

The ACI Australia Dealing Simulation is the fastest and most effective way to acquire that invaluable practical knowledge. Participants experience real-life simulated market scenarios over five high- impact days.

Theoretical knowledge can help but practical experience and training is paramount.

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ACI FMA Insights Newsletter No 8 is now available


This new edition is dedicated to the ACI FMA Spring Meetings and the 31stACI FMA Croatia General Assembly and Financial Markets Conference 2023, which will take place in Zagreb from 16th to 19th May. Adittional details and much more can be found in the column that Mario Kolinski, ACI Croatia President shared with us. Please also visit the Congress website for more details: https://acifma.hr/zg2023-en/

In this edition, you can also find the contribution of John K. Estrada, ACI FMA Chair of FX Committee, the detailed vision of Rui Correia, ACI FMA Executive Director and Chair of the Board of Education, on the importance of continuous training, certification, good practices and the numerous possibilities that the ELAC platform offers to financial market participants, as well as the joint welcome message from Stéphane Malrait, ACI FMA Chairman and Kim Winding Larsen, ACI FMA President.

You may find the newsletter here : ACI FMA Insights Newsletter 8 – 2023

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GFXC meets in Zurich to approve work programme.

The Global Foreign Exchange Committee (GFXC) met in Zurich on 27–28 June in-person, with the option of virtual participation. The majority of GFXC members met physically for the first time since the outbreak of the coronavirus pandemic. The GFXC meeting was led by its Chair, Andréa Maechler of the Swiss National Bank, and its Co-Vice Chairs, Richard de Roos of Standard Bank and Stefanie Holtze-Jen of Deutsche Bank.

The GFXC agreed on the work programme for the next two years, which will cover the interim period until the next three-year Code review. Discussion on the programme began at the previous GFXC meeting in December 2021, and Local Foreign Exchange Committee (LFXC) members expressed their interests and priorities in a survey in February 2022. The results of the survey and conclusions were shared with LFXCs in May 2022. Andréa Maechler indicated, “Our priorities going forward are clear. Almost a year since the publication of the revised Code a number of market participants have signed up to the Code and the GFXC expects those who have not yet renewed their Statement of Commitment to do so shortly. In order to foster even more widespread adoption of the Code, the GFXC must continue its efforts in ensuring that the cost of adherence reflects a market participant’s role in the FX market and that the tangible benefits of adherence are well understood.”

You may find more information here.


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The new website is finally online

Time had caught up with our website, and late last year the board decided  that the time had come for a major upgrade.

We are therefore pleased that we can go live with a modernized website where You can quickly and easily find the information You are looking for.

Should You have any questions or comments, please feel free to contact us.

On behalf of the board

Thomas and Michal

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Introduction of ACI FMA and ELAC

You may find a short introduction to ACI FMA and ELAC here

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ACI Danmark er kommet på LinkedIn

Det er ofte hurtigere og nemmere at tilgå informationer i et feed end på en hjemmeside.

Vi har derfor oprettet en side på LinkedIn, som vi håber, at du som medlem finder nyttig.

Vi vil løbende sørge for, at der bliver slået relevante nyheder og informationer op.

Du kan finde vores side på LinkedIn her

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Jørn “Luffe” Sodborg valgt som co-præsident for ACI FMA Europe

I en proces ledet af ACI FMA-præsident, Kim Winding Larsen, ansøgte kandidaterne Marc De Bosscher og Jørn Luffe Sodborg om den stilling, der var blevet åben siden Marc De Bosschers oprindelige periode som ACI FMA Europe co-præsident sluttede i maj 2021.

Den nyvalgte ACI FMA Europe co-præsident vil arbejde tæt sammen med Branko Petrovic, ACI FMA Europe co-præsident og respektere den struktur, der blev indført af ACI FMA Europe i begyndelsen af ​​året, så de vil sammen definere de fremtidige strategier og aktioner for regionen.

Luffe overtager den nye rolle med virkning fra den 9. juni 2021.

Vi ønsker Luffe tillykke med valget.

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GFXC har opdateret FX Global Code

15. juli 2021

GFXC har afsluttet sin gennemgang af FX Global Code og opdateret principperne for god praksis på valutamarkedet inden for flere nøgleområder. Komitéen offentliggør også skabeloner, som markedsdeltagere kan bruge til at forbedre oplysninger og hjælpe med transaktionsomkostningsanalyse.

GFXC’s opdateringer til FX Global Code følger en omfattende konsultationsproces med de lokale komiteer rundt om i verden og en offentlig anmodning om feedback i april.

Der er foretaget opdateringer til 11 af kodeksets 55 principper og styrker kodeksets vejledning om anonym handel, algoritmisk handel og analyse af transaktionsomkostninger, oplysninger og afviklingsrisiko.

Se mere på GFXC’s hjemmeside.

Du kan finde den opdaterede FXGC her.

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Browse older news


Young Network – May 2024

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Senior Management Forum 2024

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Save the date – ACI Danmark Annual Assembly 2023

Please Save the Date and join us on this  occasion.

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