Societe Generale’s Eric Litvack is to head the derivatives and swaps industry body, it was announced yesterday.
The International Swaps and Derivatives Association (ISDA) leads the sector’s response to regulation and co-ordinates changes in the structure of the industry.
ISDA has been chaired by Stephen O’Connor since 2011, and became a full-time chairman 18 months ago.
Litvack will take on the job from 1 January 2015.
He will continue in his role as managing director and head of regulatory strategy for Societe Generale’s global banking and investor solutions business.
Litvack has previously spoken about the concern that regulations promoting over-the-counter derivatives risk taking liquidity out of the market.
And he has warned that some regulations will make it more difficult to do cross-border business.
“I’m honoured to be taking on the role of Chairman at such an important time for derivatives markets and for the Association,” Litvack said yesterday.
“ISDA’s role and mission in support of safe, efficient markets remain vital in ensuring the ability of firms around the world to hedge their business and financial risks.”
ISDA’s chief executive Scott O’Malia said Litvack had a lot of work on the way thanks to the wide range of regulatory changes in the pipeline.
“I look forward to working closely with Eric Litvack on the key issues in our markets, including the new capital framework, margin requirements for non-cleared swaps, cross-border harmonisation and trade execution rules,” O’Malia said.
“He and I share a common vision that ISDA has a vital role to play in ensuring the global derivatives markets remain safe, efficient and liquid so that firms around the world are able to manage their risks. ISDA will undoubtedly benefit greatly from his experience and expertise.”