Isda updates strategy, expands board of directors

Source: ISDA

The International Swaps and Derivatives Association, Inc. (Isda) has announced that its Board of Directors has voted to increase the size of the Isda Board from 26 to 30.

The expansion further broadens the perspective and scope of the Board by appointing members from diverse sectors of the market. The new Board members will be elected during the first quarter of 2016.

“Changes in regulation and market structure are altering the dynamics of the derivatives market, and are resulting in the entrance of a variety of new participants. The expansion ensures the composition of the Board reflects ISDA’s already broad and diverse membership,” said Eric Litvack, ISDA Chairman.

“ISDA’s strategic priorities are evolving in line with market dynamics and in anticipation of the needs of our members. Expanding ISDA’s Board of Directors ensures there will be even broader expertise to help further shape these priorities in the future,” said Scott O’Malia, ISDA’s Chief Executive.

The Board of Directors has also voted to revise ISDA’s mission and strategy statement to ensure the Association’s strategic priorities reflect changing market dynamics and the primary concerns of members. The changes explicitly recognize the importance of a coherent and appropriate margin and capital regime, and commit the Association to promoting market practices related to trading, clearing, reporting and trade processing. Underlying the revised strategy statement is ISDA’s mission to foster safe and efficient derivatives markets to facilitate effective risk management for all users of derivatives.

The revised mission statement in full reads:

ISDA achieves its mission by representing all market participants globally, promoting high standards of commercial conduct that enhance market integrity, and leading industry action on derivatives issues. This includes being:

The Preeminent Voice of the Global Derivatives Marketplace: Representing the industry through public policy engagement, education and communication.

An Advocate for Effective Risk and Capital Management: Enhancing counterparty and market risk practices and ensuring a prudent and consistent regulatory capital and margin framework.

The Source for Global Industry Standards in Documentation: Developing standardized documentation globally to promote legal certainty and maximize risk reduction.

A Strong Proponent for a Safe, Efficient Market Infrastructure for Derivatives Trading, Clearing and Reporting: Advancing practices related to trading, clearing, reporting and processing of transactions in order to enhance the safety, liquidity and transparency of global derivatives markets.

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