The International Swaps and Derivatives Association, Inc. (ISDA) reports that Robert Pickel, its CEO, will “step down from his role later this year.”
Pickel was “instrumental in leading the association through a period of unprecedented change,” the organization says in a statement, citing “industry preparation for and adoption of key over-the-counter (OTC) derivatives reforms” as a significant accomplishment.
“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 says in the statement. “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 will continue in office during a transition period, according to the ISDA.
Pickel’s tenure was marked by the “most comprehensive changes ever to the OTC derivatives market,” the ISDA notes, specifying that he helped “coordinate the industry’s response to a variety of regulatory reforms, including the Dodd-Frank Act, the European Market Infrastructure Regulation and Basel III, among others.”
According to a Reuters wire service report: “Pickel became well known during the credit crisis of 2007-2009 when he touted the benefits of opaque, privately traded credit derivatives at a time when many were blaming trading in the then-$60 trillion market as a key contributor to the financial panic that resulted in the U.S. government having to backstop the country’s largest banks.”
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 has also worked at law firm Cravath, Swaine & Moore in New York and London, where he represented ISDA in a variety of matters.
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