Market Technicians Association
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The Market Technicians Association (MTA) is a non-profit, professional organization of technical analysts in the United States. The MTA seeks to educate the financial community and public, increase the use of technical analysis, and maintain high standards of expertise and ethics among technicians. The MTA certifies that an individual is competent in the use of technical analysis via the Chartered Market Technician (CMT) designation.
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[edit] History
Informal gatherings of a few Wall Street technicians in the early 1970s led to the incorporation of the Market Technicians Association in 1973. The MTA's 18 charter members were all professional analysts working in New York City. The group aspired to include other technical analysts working around the U.S., and soon began publishing a newsletter (Technically Speaking) and in 1976 a research journal (Journal of Technical Analysis). The group's early history also included establishing a lending library for members. The library was moved to various locations on and near Wall Street for 20 years; in 1994, the library and MTA office itself found what appeared to be a lasting home, located in Tower One of the World Trade Center. Following September 11, 2001, the library has been restocked through donations. The MTA office is now at 61 Broadway in New York City.
[edit] Purpose
The MTA's mission is to:
- "Attract and retain a membership of professionals devoting their efforts to using and expanding the field to technical analysis and sharing their body of knowledge with their fellow members
- "Establish, maintain and encourage the highest standards of professional competence and ethics among technical analysts
- "Educate the public and the investment community to the value and universality of technical analysts."
The MTA also requires its members to abide by its nine-point "Code of Ethics," which serves as "a guide of professional responsibility and…benchmark for ethical judgment."
In 1993 the Market Technicians Association established the MTA Educational Foundation, to "identify and fund educational programs in the field of technical analysis at accredited colleges and universities." The foundation has succeeded in bringing conferences and lecture series to many colleges and universities, including Dartmouth College, Harvard Business School, Columbia University, the Massachusetts Institute of Technology, and the University of Chicago.
The foundation's mission has "expanded to include the creation and support of a complete technical analysis curriculum which is now being taught in classrooms at numerous colleges and universities across the country." The University of Richmond in Virginia offered the first fully accredited course in technical analysis in 1996; today more than 20 business schools offer such courses. [1]
The foundation also has an active outreach to financial professionals, via sponsored courses at the New York Society of Security Analysts, the Boston Security Analysts Society and the Centro Studi Bancari in Lugano, Switzerland. The foundation's board of directors includes distinguished university professors and Wall Street professionals.
[edit] Chartered Market Technician
As with other professional organizations that establish standards of competence for members, so the MTA provides a recognized standard of proficiency: The Chartered Market Technician Program is the examination series that demonstrates proficiency in technical analysis. Candidates who pass the program's three examination levels, and who are also full members of the MTA, earn the Chartered Market Technician designation (CMT), certifying that the individual is competent in the use of technical analysis.
In February 2005, the U.S. Securities and Exchange Commission recognized the Chartered Market Technician designation as an alternative to the Analysis Series 86 Examination for Technical Analysts (analysts that write on fundamental topics cannot use the CMT exemption), as part of the rule changes filed by the NASD and NYSE. [2] This recognition on the part of securities regulators and the self-governing bodies of the securities industry provided significant new credibility to technical analysis.
[edit] Members
The MTA includes some 2,500 members. Most are located in the United State, though the MTA says members are in 56 countries worldwide. By occupation, technical analysts (42%) and traders (36%) comprise most of the MTA's members, along with portfolio managers (23%) and brokers (20%). The MTA is governed by a nine-member board of directors. Phil Roth is the current president. Past presidents include Ralph Acampora, Charles Comer, Gail M. Dudack, Mike Epstein, Bruce M. Kamich, David Krell, Jordan Kotick, Fred Meissner, Robert Prechter, and Alan R. Shaw.
[edit] See also
- Chartered Market Technician
- Technical analysis
- Dow Theory
- Elliott wave principle
- Resistance
- Support
- Trend line
