International Swaps and Derivatives Association Inc.
|International Swaps and Derivatives Association, Inc.|
|Headquarters||NEW YORK OFFICE: 360 Madison Avenue - 16th Floor, New York, NY 10017|
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.
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.
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.
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 , which range from five to seven hours at a cost from $550 to $750 per full program:
- 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 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.
- ISDA Margin Survey 2007
- ISDA Margin Survey 2006
- ISDA Margin Survey 2005
- 2005 ISDA Collateral Guidelines]
- Other Margin Surveys and Collateral reviews from prior years
Products and Services
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).
On April 22, 2009, at its 24th Annual General Meeting in Beijing, the following individuals were elected to serve as members of its Board of Directors: 
- Eraj Shrivani, chairman, managing director, head of European and Pacific Credit Sales and Trading, Credit Suisse
- Michele Faissola, vice chairman, managing director and global head of Rates, Global Markets Division, Deutsche Bank
- Diane Genova, treasurer, managing director & co-general counsel Investment Bank, JP Morgan Chase
- Michael Bass, global head, Commodities, Standard Chartered Bank
- David Carlson, global co-head of Credit Trading, Bear Stearns
- Thibaut de Roux, global head of Structured Rate Products and head of Interest Rate Options for Europe & Americas, HSBC Bank Plc
- Joseph P. Elmlinger, managing director, head of Global Equity Derivatives, Citigroup Corporate and Investment Bank
- Frederic Janbon, global head of Fixed Income, BNP Paribas
- Dixit Joshi, managing director, head of Equity-Linked Products, Barclays Capital
- Sotaro Kato, head of Macro-Risk Derivatives, Financial Products Department, Nomura Securities Co., Ltd.
- Robert Lawson, global business leader, Finance & Energy Risk Management, BP Plc
- Eric Litvack, managing director, global coo Volatility Trading, Societe Generale
- Jonathan P. Moulds, president, Europe, the Middle East, Africa (EMEA) and Asia, Bank of America
- Stephen O'Connor, global head of Counterparty Portfolio Management, Morgan Stanley
- Riccardo Rebonato, global head of CBFM Market Risk and head of Quantitative Research & Quantitative Sales, Royal Bank of Scotland
- Thomas Riggs, managing director, Goldman Sachs
- Atsushi Takahashi, general manager of Derivative Products Division, Mizuho Corporate
- Lili Wang, senior executive vice president, ICBC