Difference between revisions of "International Swaps and Derivatives Association Inc."

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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/Swaps_Definitions_Regulation_-_Comment_Letter_-_International_Swaps_and_Derivatives_Association_-_February_22,_2011 Swap Entities Regulation Swaps Definitions Regulation - Comment Letter - International Swaps and Derivatives Association - February 22, 2011]</div>  
 
<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/Swaps_Definitions_Regulation_-_Comment_Letter_-_International_Swaps_and_Derivatives_Association_-_February_22,_2011 Swap Entities Regulation Swaps Definitions Regulation - Comment Letter - International Swaps and Derivatives Association - February 22, 2011]</div>  
 
</div>
 
</div>
</div>The International Swaps and Derivatives Association (ISDA) represents participants in the privately negotiated [[derivatives]] industry and is the largest global financial trade association by member firms, numbering more than 820 from 58 countries on six continents.<ref>{{cite web|url=http://www.isda.org/|name=About ISDA|org=ISDA|date=January 9, 2008}}</ref>
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</div>The International Swaps and Derivatives Association (ISDA) represents participants in the privately negotiated [[derivatives]] industry and is the largest global financial trade association by member firms, numbering more than 820 from 60 countries on six continents.<ref>{{cite web|url=http://www.isda.org/|name=About ISDA|org=ISDA|date=September 25, 2013}}</ref>
  
Members include most of the world's major [[institution]]s that deal in privately negotiated [[derivatives]], as well as many of the businesses, governmental entijkharoufties and other end users that rely on [[over-the-counter]] derivatives for managing financial market risks inherent in their core economic activities. It's membership breakdown is 25 percent dealers, 35 percent service providers and 40 percent end-users. It's membership also includes 14 of the largest banks in the world, which account for about 82 percent of the global interest rate derivatives activity.  
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Members include most of the world's major [[institution]]s that deal in privately negotiated [[derivatives]], as well as many of the businesses, governmental entities and other end users that rely on [[over-the-counter]] derivatives for managing financial market risks inherent in their core economic activities. It's membership breakdown is 25 percent dealers, 35 percent service providers and 40 percent end-users. It's membership also includes 14 of the largest banks in the world, which account for about 82 percent of the global interest rate derivatives activity.  
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On September 17, 2015, ISDA announced the launch of a new industry data project called the symbology project, aimed at developing an open-source standard derivatives product identification system to be applied across all derivatives facilities. The project involves a consortium of buy- and sell-side market participants, vendors, platforms and trade associations. The technology consultancy Etrading Software is acting as project manager and ISDA is overseeing the project, which comes in response to a number of regulatory changes, including [[MIFID]]/[[MIFIR]] and the SEC's reporting rules, which require a standardized means of identifying derivatives instruments.<ref>{{cite web|url=http://www2.isda.org/news/isda-launches-new-industry-initiative-for-a-derivatives-product-identification-standard|name=ISDA Launches New Industry Initiative for a Derivatives Product Identification Standard|org=ISDA|date=September 17, 2015}}</ref>
  
 
== Conferences ==
 
== Conferences ==
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*FpML Training Course (Financial products Markup Language)
 
*FpML Training Course (Financial products Markup Language)
  
== Margin Surveys ==
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== ISDA Surveys ==
ISDA Margin Surveys annually examine the state of collateral use and management among derivatives dealers and end-users.  
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ISDA conducts annual surveys of its members on topics including margin and benchmarking, and publishes its findings on the state of collateral use and management among derivatives dealers and end-users.  
  
*[https://www.isdadocs.org/c_and_a/pdf/ISDA-Margin-Survey-2007.pdf ISDA Margin Survey 2007]
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*[http://www2.isda.org/functional-areas/research/surveys/margin-surveys/ ISDA Margin Surveys]
*[https://www.isdadocs.org/c_and_a/pdf/ISDA-Margin-Survey-2006.pdf ISDA Margin Survey 2006]
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*[http://www2.isda.org/functional-areas/research/surveys/operations-benchmarking-surveys/ Benchmarking Surveys]
*[https://www.isdadocs.org/c_and_a/pdf/ISDA-Margin-Survey-2005.pdf ISDA Margin Survey 2005]
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*[http://www2.isda.org/functional-areas/research/surveys/market-surveys/ Other Margin Surveys and Collateral reviews from prior years]
*[http://www.isda.org/publications/pdf/2005isdacollateralguidelines.pdf 2005 ISDA Collateral Guidelines]]
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*[https://www.isdadocs.org/conf/index.html Other Margin Surveys and Collateral reviews from prior years]
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== Products and Services ==
 
== Products and Services ==
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*Advancing the understanding and treatment of derivatives and [[risk management]] from public policy and regulatory capital perspectives.  
 
*Advancing the understanding and treatment of derivatives and [[risk management]] from public policy and regulatory capital perspectives.  
  
On Sept. 13, 2011, ISDA and [[S&P Indices]] announced that they would co-brand S&P’s existing [[credit default swap indices]] as [[S&P/ISDA CDS Indices]]. The S&P/ISDA CDS Indices seek to reflect the [[credit default swap]] [[marke]]t for U.S. [[corporate]] [[credit]]s and increase [[transparency]] for [[market participant]]s.<ref>{{cite web|url=http://finance.yahoo.com/news/ISDA-and-SP-Indices-to-bw-3841339716.html?x=0|name=Press Release|org=Yahoo! Finance|date=September 11, 2011}}</ref>
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In 2011, ISDA began co-branding [[S&P Dow Jones Indices|S&P’s]] existing [[credit default swaps]] indices as [[S&P/ISDA CDS Indices]]. As of 2013, 12 indices are listed, including the S&P/ISDA 100 CDS index, several sector-specific indices, and European and developed nation sovereign CDS.
  
== Robert Pickel MarketsReformWiki Interview ==
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== John Lothian News Interviews ==
{{mwtv_top}}{{#widget:Vimeo|id=44874142|width=480|height=270}}
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{{Video | type=Vimeo | id=75431105 | mobileID=7H2O5VOuSBk | width=425}}
'''Robert Pickel of ISDA Discusses Dodd-Frank & the Global Picture for OTC Derivatives'''<br />
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<div class="fronttitle">[http://www.marketswiki.tv/2013/09/25/cross-border-regulation-of-swaps-isda-robert-pickel/ ISDA’s Robert Pickel Discusses the State of Cross-Border Regulation of Swaps (Part 1)]</div>
[[Robert Pickel]], CEO of the International Swaps and Derivatives Association (ISDA), sat down with John Lothian News Editor-in-Chief [[Jim Kharouf]] to talk about regulatory reforms, [http://www.marketsreformwiki.com/mktreformwiki/index.php/CFTC_Open_Meeting,_April_18,_2012 swap rules recently passed by the CFTC], the cost of regulation and the global picture for [[OTC derivatives]]. Published May 3, 2012. '''[http://www.marketswiki.tv/2012/05/03/robert-pickel-of-isda-discusses-dodd-frank-the-global-picture-for-otc-derivatives/ Watch at MarketsWiki.tv]'''
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[[Robert Pickel]] is the CEO of the International Swaps and Derivatives Association (ISDA). Since joining ISDA in 1997, Pickel has worked to promote and advocate for [[OTC]] market participants and work with international regulatory bodies to harmonize regulation across jurisdictions. Pickel spoke with former John Lothian News editor-at-large [[Doug Ashburn]] about the cross-border issues that are still “works in progress,” an international standard for initial margin currently under development at ISDA, and the status of trade repositories around the world.  
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{{Video | type=Vimeo | id=75993117 | mobileID=jcMqUPHEBeM | width=425}}
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<div class="fronttitle">[http://www.marketswiki.tv/2013/10/02/financial-benchmarks-robert-pickel-isda/ ISDA’s Robert Pickel Discusses the Future of Financial Benchmarks (Part 2)]</div>
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In part 2 of the interview, Pickel discusses the future of LIBOR and other financial benchmarks, possible alternatives to LIBOR, and how ISDA will work with regulators to smooth out and harmonize benchmarking standards.
  
 
== Membership ==
 
== Membership ==
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== Key People ==
 
== Key People ==
 
'''Executives'''
 
'''Executives'''
*[[Robert Pickel]], Chief Executive Officer
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*[[Scott O'Malia]], Chief Executive Officer
*[[George Handjinicolaou]], Deputy CEO<ref>{{cite web|url=http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201108301038dowjonesdjonline000205&title=isda-names-george-handjinicolaou-deputy-ceohead-of-europe|name=ISDA Names George Handjinicolaou Deputy CEO, Head Of Europe|org=NASDAQ|date=August 30, 2011}}</ref>
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*[[Stephen P. O'Connor]], Chairman
*[[Mary Cunningham]], Chief Operating Officer
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*[[Steven Kennedy]], Global Head of Public Policy
*[[Katherine Tew Darras]], General Counsel, Americas, Head of Equity, FX and Interest Rate Legal
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*[[Mark Gheerbrant]], Global Head of Risk and Capital
*[[Julian Day]], Head of Market Infrastructure
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*[[Tara Kruse]], Global Head of Infrastructure & Data
*[[Huzefa Deesawala]], Head of Finance
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*[[Katherine Tew Darras]], General Counsel
*[[Karel Engelen]], Director and Global Head Technology Solutions
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*[[Huzefa Deesawala]], Chief Financial Officer
*[[David Geen]], General Counsel
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*[[Karel Engelen]], Senior Director and Co-head of Data, Reporting and FpML
*[[Corrinne Greasley]], Head of Administration
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*[[Dillon Miller]], Chief Technology Officer
*[[Mary Johannes]], Senior Director and Head of U.S. Public Policy
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*[[Tomoko Morita]], Senior Director & Head of Tokyo Office
*[[Steven Kennedy]], Global Head of Communications
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*[[Richard Metcalfe]], Deputy Regional Director, EMEA, Senior Regulatory Adviser, Head of Global Policy
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*[[Dillon Miller]], Director of Information Technology
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*[[Tomoko Morita]], Policy Director & Head of Tokyo Office
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*[[Keith Noyes]], Regional Director, Asia Pacific
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*[[Kelly Sanderson]], Global Head of Conferences
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*[[Liz Zazzera]], Head of Membership
 
*[[Liz Zazzera]], Head of Membership
 
'''2012 Board of Directors'''
 
*[[Stephen O’Connor]], Managing Director, Morgan Stanley, and Chairman of the ISDA Board<ref>{{cite web|url=http://jlne.ws/fkoKxr|name=Stephen O'Connor New Chairman of ISDA|org=Business Wire|date=April 13, 2011}}</ref>
 
*[[Michele Faissola]], Managing Director and Global Head of Rates and Commodities, Global Markets Division, Deutsche Bank, and Vice Chairman of the ISDA Board
 
*[[Diane Genova]], Managing Director and General Counsel, Investment Bank, J.P. Morgan Chase & Co, Treasurer of the ISDA Board
 
*[[Guillaume Amblard]], Global Head of Fixed Income Trading, BNP Paribas
 
*[[Brian Archer]], Managing Director, Global Head of Credit Trading, Citi
 
*[[R. Martin Chavez]], Managing Director, Goldman Sachs
 
*[[Bill de Leon]], Executive Vice President, Global Head of Portfolio Risk Management, PIMCO
 
*[[Thibaut de Roux]], Global Head of Structured Derivatives, HSBC Bank Plc
 
*[[Nitin Gulabani]], Global Head of Rates, Standard Chartered Bank
 
*[[George Handjinicolaou]], Deputy Chief Executive Officer, ISDA
 
*[[Harry Harrison]], Head of Rates Trading, Barclays Capital
 
*[[Alan Haywood]], Head of Commercial Development; Integrated Supply & Trading, BP p.l.c.
 
*[[Peter Healey]], COO, Fixed Income, Currencies and Commodities, UBS AG
 
*[[Jonathan Hunter]], Managing Director and Global Co-Head, Fixed Income and Currencies, RBC Capital Markets
 
*[[Elie El Hayek]], Managing Director and Member of the Global Markets Executive Committee, HSBC Bank Plc.
 
*[[Jeroen Krens]], Head of FICC Market Structure, RBS Global Markets
 
*[[TJ Lim]], Global Head of Markets, UniCredit
 
*[[Eric Litvack]], Chief Operating Officer of Global Equity Flow, Societe Generale
 
*[[Ted MacDonald]], Managing Director of DE Shaw & Co., and Treasurer of DE Shaw Group
 
*[[Yutaka Nakajima]], Senior Managing Director, Head of Trading, Fixed Income Japan and Australia, Nomura Securities Co.
 
*[[Fujio Nishio]], Chief Manager, Derivatives Trading, Global Markets Sales & Trading, The Bank of Tokyo Mitsubishi UFJ.
 
*[[Richard Prager]], Managing Director and Head of Global Trading, Blackrock
 
*[[Gerhard Seebacher]], Managing Director, Head of Global Credit Products, Bank of America Merrill Lynch
 
*[[Yasuhiro Shibata]], Joint Head of Fixed Income Group, Mizuho Securities
 
*[[Eraj Shirvani]], Managing Director, Head of Fixed Income for EMEA Region, Credit Suisse
 
*[[Stuart Spodek]], Managing Director, BlackRock
 
*[[Emmanuel Vercoustre]], Global Head of Strategy Finance & Control, AXA Investment Managers
 
*[[Lili Wang]], Executive Director & Senior Executive Vice President, ICBC Ltd.
 
  
 
== References ==
 
== References ==

Latest revision as of 12:20, 27 March 2020

Fexglobal jl.gif

International Swaps and Derivatives Association, Inc.
ISDAlogo.gif
Founded 1985
Headquarters NEW YORK OFFICE: 360 Madison Avenue - 16th Floor, New York, NY 10017
Products Industry association
Web site www.isda.org
The International Swaps and Derivatives Association (ISDA) represents participants in the privately negotiated derivatives industry and is the largest global financial trade association by member firms, numbering more than 820 from 60 countries on six continents.[1]

Members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives for managing financial market risks inherent in their core economic activities. It's membership breakdown is 25 percent dealers, 35 percent service providers and 40 percent end-users. It's membership also includes 14 of the largest banks in the world, which account for about 82 percent of the global interest rate derivatives activity.

On September 17, 2015, ISDA announced the launch of a new industry data project called the symbology project, aimed at developing an open-source standard derivatives product identification system to be applied across all derivatives facilities. The project involves a consortium of buy- and sell-side market participants, vendors, platforms and trade associations. The technology consultancy Etrading Software is acting as project manager and ISDA is overseeing the project, which comes in response to a number of regulatory changes, including MIFID/MIFIR and the SEC's reporting rules, which require a standardized means of identifying derivatives instruments.[2]

Conferences

ISDA annually conducts a number of conferences, which include hands-on educational and training workshops (collateral, documentation, operations), seminars that examine and provide the up-to-date information on specific topics (risk management, new types and uses of derivatives), and more general sessions that review the latest developments across the industry. Some of these conferences, such as the annual general meeting and the member updates, are open only to ISDA members.

They also offer on-demand courses [3]:

  • Understanding the ISDA Master Agreements Conference
  • Documenting and Confirming Credit Derivative Transactions Conference
  • Documenting and Confirming Equity Derivative Transactions Conference
  • Fundamentals of Derivatives Seminar
  • Fundamentals of Credit Derivatives Seminar
  • Fundamentals of Equity Derivatives Seminar
  • Introduction to Operations Training Course
  • FpML Training Course (Financial products Markup Language)

ISDA Surveys

ISDA conducts annual surveys of its members on topics including margin and benchmarking, and publishes its findings on the state of collateral use and management among derivatives dealers and end-users.

Products and Services

Among ISDA's accomplishments are:

  • Development of the ISDA Master Agreement
  • Publication of documentation materials and instruments covering a variety of transaction types
  • Production of legal opinions on the enforceability of netting and collateral arrangements (these available only to ISDA members)
  • Securing recognition of the risk-reducing effects of netting in determining capital requirements
  • Promoting sound risk-management practices
  • Advancing the understanding and treatment of derivatives and risk management from public policy and regulatory capital perspectives.

In 2011, ISDA began co-branding S&P’s existing credit default swaps indices as S&P/ISDA CDS Indices. As of 2013, 12 indices are listed, including the S&P/ISDA 100 CDS index, several sector-specific indices, and European and developed nation sovereign CDS.

John Lothian News Interviews

Robert Pickel is the CEO of the International Swaps and Derivatives Association (ISDA). Since joining ISDA in 1997, Pickel has worked to promote and advocate for OTC market participants and work with international regulatory bodies to harmonize regulation across jurisdictions. Pickel spoke with former John Lothian News editor-at-large Doug Ashburn about the cross-border issues that are still “works in progress,” an international standard for initial margin currently under development at ISDA, and the status of trade repositories around the world.


In part 2 of the interview, Pickel discusses the future of LIBOR and other financial benchmarks, possible alternatives to LIBOR, and how ISDA will work with regulators to smooth out and harmonize benchmarking standards.

Membership

The association's member institutions are classified into three categories according to the guidelines contained in the association's by-laws. These categories are primary (dealer firms), associate (service providers) and subscriber (end-users).

Key People

Executives

References

  1. About ISDA. ISDA.
  2. ISDA Launches New Industry Initiative for a Derivatives Product Identification Standard. ISDA.
  3. "ISDA Conferences Playing Now on Your Schedule”. ISDA.