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WORD FROM ISDA’s CEO
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As 2005 draws to a close, I
thought it would be appropriate to look back at one or two
highlights of the year for ISDA and its membership.
2005 was the twentieth anniversary
of the Association. Incorporated in New York as the International
Swap Dealers Association on May 23, 1985 with a membership
of ten firms, ISDA’s first document was the Code of Standard
Wording, Assumptions, and Provisions for Swaps – or Code
of |
SWAPS.
Today, the International Swaps and Derivatives Association
represents participants from all parts of the world of derivatives
and risk management, with over 650 members in almost 50 countries
on six continents. ISDA’s Master Agreement is a byword for
integrity in financial markets documentation, and through
the Association the safety and soundness of the marketplace
for financial and commodity derivatives is sustained. The
activity ISDA now supports accounts for over $200 trillion
in notional principal of underlying assets. The groundwork
ISDA laid in those early years made possible the prolific
expansion privately negotiated derivatives have enjoyed since
the 1980s.
An example of
the tangible value that ISDA’s efforts continue to deliver
to its membership is the documentation created this year for
CDS on ABS; an instance where ISDA’s involvement in the formative
stages facilitated the development of a market. The Financial
Times hailed ISDA’s standard documentation as a “watershed”
for the growth of a valuable new product.
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