For Immediate Release Thursday, November 18, 2004
For More Information Contact: Louise Marshall, (212) 901-6000; lmarshall@isda.org
NEW YORK, Thursday, NOVEMBER 18, 2004 – Jonathan
Moulds, Head of Cross-Product Strategic Trading at Banc of America Securities,
has been elected Chairman of the International Swaps and Derivatives
Association, Inc. (ISDA). Michele Faissola, Global
Head of Rates at Deutsche Bank’s Global Markets Division, was elected Vice
Chairman. The new officers were elected with immediate effect at a regularly
scheduled meeting of the ISDA Board of Directors in
Mr. Moulds replaces Keith Bailey of Merrill Lynch Capital Services, who has served as ISDA Chairman since March 2000. Mr. Bailey resigned the role of Chairman to meet the demands of his new position as Chief Operating Officer of Merrill Lynch’s Houston-based energy trading operation. Mr. Faissola replaces Henning Bruttel of Dresdner Kleinwort Wasserstein, who has served as ISDA Vice Chairman since April 2002.
Commenting
on the appointments, Mr.
Bailey said, “The Board has made an excellent choice in electing both Jonathan
Moulds and Michele Faissola. They will bring to these
roles a fresh perspective on the goals and needs of the industry. As Chairman,
Jonathan will be able to call on his extensive expertise and experience in the
derivatives industry and his six years as an ISDA Board member. I leave my role
at ISDA in the knowledge that the Association has a forceful
leadership in its new Chairman and Vice Chairman.”
The appointments occur as ISDA prepares to celebrate its 20th anniversary. The Association will mark the occasion with a series of high profile events, including its 20th Annual General Meeting in Barcelona (March 15-18, 2005), and a special evening celebration in London (May 11, 2005) to honor the achievements of the Association and its Board members past and present.
“This anniversary is a significant milestone for the Association and for the industry. ISDA has flourished under Keith Bailey’s leadership and, with the help of Henning Bruttel, has become a broader and stronger organization,” said Mr. Moulds. “I hope to help build on the solid foundation ISDA has created for the privately negotiated derivatives industry over the past 20 years. With the support of Michele Faissola as Vice Chairman, and the strength of the ISDA Board, its membership and its staff, I feel we are well placed to take forward that work and address the opportunities and challenges ahead.”
During his
career at Bank of America, Mr. Moulds has been instrumental in developing the
company's presence in fixed income derivatives and became successively Head of
Global Derivative Products, Head of Global Rates and Commodities and,
immediately prior to his current role, Head of Global Liquid Products. Mr. Moulds joined
NationsBank in 1994 and was instrumental in NationsBank's push into the OTC
Derivatives markets and the integration of the Chicago Research and Trading
platform. Following the merger with Bank of America, he was appointed
Global Head of Rate Derivatives Trading. In early 2001, he took over
management of the Global Derivatives Group responsible for Fixed Income
Derivatives, Commodity Derivatives and the business conducted globally on the
exchanges through the Chicago Research and Trading Platform. He joined the ISDA Board in March 1998.
Mr. Faissola joined Deutsche Bank in 1995. He has been a driving force in transforming the German Bank into a leading global investment bank with derivatives at the center of its strategy. During the last 10 years at the bank, Mr. Faissola has occupied senior roles across the range of asset classes. He ran Deutsche Bank’s European OTC derivatives business before being promoted in 2000 to run the global platform. Mr. Faissola subsequently took on responsibility for the firm’s commodities business and in 2003 was promoted to Global Head of Rates. He is a member of the Global Markets Executive Committee, where he also has global responsibility for the bank’s retail business across asset classes. He joined the ISDA Board in September 2002.
ISDA is the global trade
association representing leading participants in the privately negotiated
derivatives industry. ISDA was chartered in 1985, and today has more than 600
member institutions from 46 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.
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