International Swaps and Derivatives Association Inc.

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International Swaps and Derivatives Association, Inc.
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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 58 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 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.

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 [2]:

  • 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)

Margin Surveys

ISDA Margin Surveys annually examine 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.

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 market for U.S. corporate credits and increase transparency for market participants.[3]

Robert Pickel MarketsReformWiki Interview

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Robert Pickel of ISDA Discusses Dodd-Frank & the Global Picture for OTC Derivatives
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, swap rules recently passed by the CFTC, the cost of regulation and the global picture for OTC derivatives. Published May 3, 2012. Watch at MarketsWiki.tv

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

2012 Board of Directors

  • Stephen O’Connor, Managing Director, Morgan Stanley, and Chairman of the ISDA Board[5]
  • 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

  1. About ISDA. ISDA.
  2. "ISDA Conferences Playing Now on Your Schedule”. ISDA.
  3. Press Release. Yahoo! Finance.
  4. ISDA Names George Handjinicolaou Deputy CEO, Head Of Europe. NASDAQ.
  5. Stephen O'Connor New Chairman of ISDA. Business Wire.