The International Swaps and Derivatives Association’s (ISDA) CEO, Robert Pickel, is to step down form his role later this year.
Pickel has led ISDA through of period of regulatory changes to the OTC derivatives market, with new rules being introduced worldwide with the Dodd-Frank Act and the European market infrastructure regulation, among others, following the financial crisis.
“After nearly 17 years in a variety of roles at ISDA, and with many reforms implemented or largely under way, I believe that now is a good time to explore other opportunities,” Pickel said.
“I appreciate the support of the ISDA board throughout my time with ISDA and look forward to working with the board to transition to new leadership.”
Pickel worked as general counsel of ISDA from 1997 to 2001, CEO from 2001 to 2009 and executive vice-chairman from 2009 to 2011, before again assuming the role of CEO.
As CEO, he was a key driver behind several milestones, including development of the ISDA novation protocol in 2005, which created a uniform process for the transfer of interest rate and credit derivatives contracts to third parties, and the successful completion of the ‘big bang’ protocol in 2009, which incorporated auction settlement terms into standard credit default swap documentation.
Prior to joining ISDA, Pickel was assistant general counsel in the legal department of Amerada Hess Corporation, an international oil and gas company, from 1991 to 1997. He also worked at law firm Cravath, Swaine and Moore in New York and London, where he represented ISDA on a variety of matters.