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

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| org_name = International Swaps and Derivatives Association, Inc.
 
| org_name = International Swaps and Derivatives Association, Inc.
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| homepage=        [http://www.isda.org/ www.isda.org]     
 
| homepage=        [http://www.isda.org/ www.isda.org]     
 
}}
 
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  Image:mrw_links.png‎
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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/Category:ISDA_Comment_Letters ISDA Comment Letters]</div>
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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/Category:ISDA_White_Papers ISDA White Papers]</div>
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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/Category:ISDA All Related MRW Pages]</div>
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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/Swap_Entities_Regulation Swap Entities Regulation]</div>
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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>
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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>
  
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 825 from 56 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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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.
  
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.  
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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>
 
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Among ISDA's accomplishments are:
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*Development of the ISDA Master Agreement
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*Publication of documentation materials and instruments covering a variety of transaction types
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*Production of legal opinions on the enforceability of [[netting]] and collateral arrangements (these available only to ISDA members)
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*Securing recognition of the [[risk]]-reducing effects of netting in determining [[capital]] requirements
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*Promoting sound risk-management practices
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*Advancing the understanding and treatment of derivatives and risk management from public policy and regulatory capital perspectives.  
+
  
 
== Conferences ==
 
== Conferences ==
{{Infobox Midpage Need Sponsor}}
 
 
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.
 
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 <ref> {{cite web|name="ISDA Conferences Playing Now on Your Schedule”|url=https://www.isdadocs.org/conf/shopondemand/viewall.asp|org=ISDA|date=December 9, 2007}}</ref>, which range from five to seven hours at a cost from $550 to $750 per full program:
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They also offer on-demand courses <ref> {{cite web|name="ISDA Conferences Playing Now on Your Schedule”|url=https://www.isdadocs.org/conf/shopondemand/viewall.asp|org=ISDA|date=December 9, 2007}}</ref>:
 
*Understanding the ISDA Master Agreements Conference
 
*Understanding the ISDA Master Agreements Conference
 
*Documenting and Confirming Credit Derivative Transactions Conference
 
*Documenting and Confirming Credit Derivative Transactions Conference
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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. The 2005 ISDA Collateral Guidelines update and considerably expand upon the original themes of the 1998 ISDA Guidelines for Collateral Practitioners and the recommendations in the ISDA 1999 Collateral Review.
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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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== History ==
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== Products and Services ==
 
== 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 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.
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== John Lothian News Interviews ==
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{{Video | type=Vimeo | id=75431105 | mobileID=7H2O5VOuSBk | width=425}}
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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>
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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 ==
 
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'''Executives'''
On April 17, 2008, at its 23rd Annual General Meeting in Vienna, the following individuals were elected to serve as members of its Board of Directors: <ref> {{cite web|url=http://www.isda.org/press/press041708bod.html|name=News Release|org=ISDA|date=April 25, 2008}} </ref>
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*[[Scott O'Malia]], Chief Executive Officer
 
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*[[Stephen P. O'Connor]], Chairman
*[[Eraj Shrivani]], chairman, managing director, head of European and Pacific Credit Sales and Trading, [[Credit Suisse]]
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*[[Steven Kennedy]], Global Head of Public Policy
*[[Michele Faissola]], vice chairman, managing director and global head of Rates, Global Markets Division, [[Deutsche Bank]]
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*[[Mark Gheerbrant]], Global Head of Risk and Capital
*[[Kaushik Amin]], secretary, global head of Liquid Markets, [[Lehman Brothers Inc.]]
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*[[Tara Kruse]], Global Head of Infrastructure & Data
*[[Diane Genova]], treasurer, managing director & co-general counsel Investment Bank, [[JP Morgan Chase & Company]]
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*[[Katherine Tew Darras]], General Counsel
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*[[Huzefa Deesawala]], Chief Financial Officer
*[[Michael Bass]], global head, Commodities, [[Standard Chartered Bank]]
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*[[Karel Engelen]], Senior Director and Co-head of Data, Reporting and FpML
*[[David Carlson]], global co-head of Credit Trading, [[Bear Stearns]]
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*[[Dillon Miller]], Chief Technology Officer
*[[Thibaut de Roux]], global head of Structured Rate Products and head of Interest Rate Options for Europe & Americas, [[HSBC Bank Plc]]
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*[[Tomoko Morita]], Senior Director & Head of Tokyo Office
*[[Joseph P. Elmlinger]], managing director, head of Global Equity Derivatives, [[Citigroup Corporate and Investment Bank]]
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*[[Liz Zazzera]], Head of Membership
*[[Frederic Janbon]], global head of Fixed Income, [[BNP Paribas]]
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*[[Dixit Joshi]], managing director, head of Equity-Linked Products, [[Barclays Capital]]
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*[[Sotaro Kato]], head of Macro-Risk Derivatives, Financial Products Department, [[Nomura Securities Co., Ltd.]]
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*[[Robert Lawson]], global business leader, Finance & Energy Risk Management, [[BP Plc]]
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*[[Eric Litvack]], managing director, global coo Volatility Trading, [[Societe Generale]]
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*[[Jonathan P. Moulds]], president, Europe, the Middle East, Africa (EMEA) and Asia, [[Bank of America]]
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*[[Stephen O'Connor]], global head of Counterparty Portfolio Management, [[Morgan Stanley]]
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*[[Riccardo Rebonato]], global head of CBFM Market Risk and head of Quantitative Research & Quantitative Sales, [[Royal Bank of Scotland]] 
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*[[Thomas Riggs]], managing director, [[Goldman Sachs]]
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*[[Atsushi Takahashi]], general manager of Derivative Products Division, [[Mizuho Corporate]]
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*[[Lili Wang]], senior executive vice president, [[ICBC]]   
+
  
 
== References ==
 
== References ==
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[[Category:Industry Associations]]
 
[[Category:Industry Associations]]
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[[Category:MarketsWiki Page of the Day]]

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.