ISDA CEO Bob Pickel reflects on his nearly 17 years in senior positions at ISDA

Swaps and ISDA have played a central role in my professional career ever since the mid-1980s when I was with the law firm Cravath, Swaine & Moore, ISDA’s original outside counsel. As I leave this incredible organization and consider other opportunities, I wanted to share a few reflections from my various roles at ISDA.

My belief in the essential power of these risk management tools known as swaps remains unshaken. From the early days of managing interest rate and FX risk, through equity, commodity, credit, weather, longevity and more, the logic of companies using these financial tools to adjust their exposure to risks of all sorts is irrefutable. However they are traded, however standardized they are, however the risk is managed, banks, companies, investors, governments and many others are more empowered to tailor their risk profile by virtue of the availability of these products.

ISDA has stood for safe, efficient markets for its nearly 30 years of existence. The way we have delivered on that promise at the macro level has been by focusing on so many of the details at the micro level. And I am proud to have been a part of delivering on that promise. The documentation architecture that we have built and the opinions that support that architecture are, perhaps, the most obvious examples of ISDA getting the details right so that, in the aggregate, markets are safer and more efficient.

To read the rest of Mr. Pickel‘s parting commentary, visit the derivatiViews web site.

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