Wall Street’s top derivatives association has created a new clearing services role, following the release of its new mission to bring standards to post-trade infrastructure.
The International Swaps and Derivatives Association (ISDA) named Ulrich Karl as head of clearing services, where he will organise and lead its clearing initiatives and regulatory agenda.
He joins from HSBC where he served as director for the bank’s due diligence team on global financial market infrastructures. He managed HSBC’s interaction with central counterparties (CCPs) and regulation relating to CCP risk and capital.
Karl also acted as the industry of chair for ISDA’S clearing, risk and capital working group.
“He [Karl] is a respected industry leader and brings a wealth of experience on clearing and risk management issues, including on the critically important topic of central counterparty recovery and resolution,” said Scott O’Malia, CEO, ISDA.
Earlier this month ISDA released its new ‘mission statement’ with an emphasis on promoting standards for derivatives trading, clearing and reporting, including promoting risk and resolution standards for CCPs.