ISDA®
INTERNATIONAL
SWAPS AND DERIVATIVES ASSOCIATION, INC.
NEWS RELEASE
For Immediate Release, Monday, March
16, 2009
For More Information, Please Contact:
Cesaltine Gregorio, ISDA New York, +1 212-901-6019, cgregorio@isda.org
Louise Marshall, ISDA New York, +1 212-901-6014, lmarshall@isda.org
Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org
ISDA Comments on G20
Communique
New York, Monday, March 16, 2009 – The International Swaps and Derivatives Association, Inc. (ISDA) today commented on the calls by the G20 Finance Ministers’ and Central Bank Governors’ March 14 Communique to restore global growth, support lending and to strengthen the global financial system.
"ISDA supports the calls of the G20 policymakers for strengthening of the financial system,” said Robert Pickel, Executive Director and Chief Executive Officer, ISDA. “ISDA and its membership are fully engaged in efforts to enhance standardization and resilience in the framework for privately negotiated derivatives, including the launch just last week of its project to standardize key elements of standard form CDS documentation. ISDA is committed to continuing to work with regulatory supervisors and market participants on a global basis to strengthen and enhance the CDS business, which is a critical engine for restoring growth and lending.”
ISDA's and the industry's efforts
in this regard were commended in the Senior
Supervisors Group recent report, Observations
on Management of Recent Credit Default Swap Credit Events. The full report
is available at http://www.ny.frb.org/newsevents/news/markets/2009/SSG_030909.pdf.
ISDA also continues to play a role in
helping to develop an appropriate and resilient regulatory framework for global
financial activity. On March 10, in testimony before the US Senate Committee on
Banking, Housing and Urban Affairs, Mr Pickel emphasized the beneficial
role CDS play in the global economy and described the robust infrastructure
that ISDA and industry participants have developed to support the CDS business.
The G20 Finance Ministers and Central Bank Governors met on March 14
to prepare for the Leaders’ London Summit on April 2. In their final statement,
the G20 financial policymakers agreed on further action to restore global
growth and support lending and on reforms to strengthen the global financial
system.
About ISDA
ISDA, which represents participants in
the privately negotiated derivatives industry, is among the world’s largest
global financial trade associations as measured by number of member firms. ISDA
was chartered in 1985, and today has over 820 member institutions from 57
countries on six continents. These members include most of the world’s major
institutions that deal in privately negotiated derivatives, as well as many of
the businesses, governmental entities and other end users that rely on
over-the-counter derivatives to manage efficiently the financial market risks
inherent in their core economic activities. Information about ISDA and
its activities is available on the Association's web site: www.isda.org.
®ISDA is a registered trademark of the International Swaps and
Derivatives Association, Inc.