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ISDA CEO Stepping Down

Tyler Durden's picture


Wait, what's that? CEO leaving after his CDS-(non) triggering determination practices brought down the Eurozone? What a stunner:


Luckily, since this is a voluntary action, no CDS written on Voldstad will be triggered and thus no severance will be due and payable. Right? In all seriousness, this means that the idiotic no-trigger determination will be reversed right? We can't wait for the snarky post on the ISDA blog explaining this debacle.

Full release:

Robert Pickel Appointed Chief Executive Officer of
International Swaps and Derivatives Association

Conrad Voldstad to Serve as Special Advisor to the Board

NEW YORK, November 10, 2011 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Board of Directors has appointed Robert Pickel as Chief Executive Officer, effective January 1, 2012. Mr Pickel, who is one of the derivatives markets’ most experienced and accomplished executives, returns to the post after serving as the Association’s Executive Vice Chairman for the past two years.               

Conrad Voldstad, ISDA CEO since November 2009, will continue to work with ISDA as a Special Advisor at the request of the board.  Mr Voldstad, who has been a leader in the swaps and capital markets for three decades, will assist on strategic initiatives.

“Connie Voldstad is an industry pioneer, and the board and I are grateful for his tremendous contributions to ISDA and the OTC derivatives markets,” said Stephen O’Connor, ISDA Chairman and Managing Director, Morgan Stanley.  “The board looks forward to working with Bob Pickel as ISDA’s CEO.   Bob’s appointment, together with George Handjinicolaou’s recent selection as Head of Europe and Deputy CEO, and Connie’s role as Special Advisor, provide ISDA with a very strong management team.  ISDA is well positioned to navigate the challenges of the next few years as we work to foster safe and efficient derivatives markets for all users of derivative products and move forward through a period of unprecedented regulatory reform,” he said.

“ISDA has a terrific history of working on behalf of the OTC derivatives markets and its contributions are unequalled among trade associations globally,” said Mr Voldstad.  “I have been delighted to partner with Bob Pickel to address the key issues facing our markets.  We have clearly made important strides and I am certain that Bob is the right person to lead the Association forward as it makes further progress toward its key goals.”

“Connie has been an ideal leader of ISDA.  I have enjoyed working with him and I look forward to his continued contributions,” said Mr Pickel.  “ISDA faces a number of opportunities and challenges ahead.  Our focus is on addressing these issues and fulfilling our mandate by supporting derivatives markets across asset classes, geographies, and trading and clearing environments.  To do this, we will continue to reach out to all types of market participants around the world.”

Robert Pickel: Summary Biography
Robert G Pickel was appointed Executive Vice Chairman of the International Swaps and Derivatives Association in November 2009. He previously served as Chief Executive Officer from 2001, and as General Counsel from 1997.

Mr Pickel has been a highly visible figure in the ongoing regulatory discussions regarding OTC derivatives, participating in US congressional testimony and spearheading discussions with European and Asian regulatory bodies.

In his time with ISDA, Mr Pickel has brought the organization to several important milestones. He was instrumental in the development of the protocol mechanism which is ISDA's means of amending multilateral derivative agreements. This was followed by the Novation Protocol, which created a uniform process for obtaining consent to transfer interests in credit and interest rate derivative transactions. He has been a key player in the growth and structure of credit derivatives, and the adoption of worldwide best practices on their use. In 2009, he announced the successful completion of the "Big Bang" Protocol, which details the incorporation of auction settlement terms into standard CDS documentation.

Prior to joining ISDA, Mr 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 the law firm of Cravath, Swaine & Moore in New York and London, where he represented ISDA in a variety of matters.  Mr Pickel graduated from Williams College and received his law degree from New York University.


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Thu, 11/10/2011 - 11:53 | 1866124 YesWeKahn
YesWeKahn's picture

He is very affraid.

Thu, 11/10/2011 - 11:56 | 1866151 NewThor
NewThor's picture

Lots of rats are jumping off lots of ships.

What is that stench I smell in the wind?


Thu, 11/10/2011 - 12:01 | 1866175 Conrad Murray
Conrad Murray's picture

You know what a shit barometer is?

Thu, 11/10/2011 - 12:18 | 1866264 SheepDog-One
SheepDog-One's picture

Measures the shit-pressure in the can FEEL it!

Thu, 11/10/2011 - 13:22 | 1866536 Hard1
Hard1's picture

Maybe his conscience kicked in an reminded him that it shouldn't even be debated if a 50% haircut is a credit event

Thu, 11/10/2011 - 12:49 | 1866377 Shitters_Full
Shitters_Full's picture

Handy site, that one.  Thanks.

Thu, 11/10/2011 - 12:12 | 1866209 SheepDog-One
SheepDog-One's picture

Shit hawks circling, swooping in low and shitting on people and dragging them back the the big shit nest....big, greasy, dirty shit hawks.

The shithawks are coming, Bubbles! - YouTube

Thu, 11/10/2011 - 12:16 | 1866250 Oh regional Indian
Oh regional Indian's picture

It's the smell of rotting debt. 


Thu, 11/10/2011 - 12:36 | 1866315 Hephasteus
Hephasteus's picture

He can get a job stamping Grade A on Grade D fit for human consumption meat.

Thu, 11/10/2011 - 13:55 | 1866653 HardwoodAg
HardwoodAg's picture

The pickel went up te poop shoot...It's really stinkin up the place

Thu, 11/10/2011 - 12:06 | 1866204 EL INDIO
EL INDIO's picture

He must have resigned voluntarily with a gun to his head too.

Thu, 11/10/2011 - 13:28 | 1866557 ghostfaceinvestah
ghostfaceinvestah's picture

I have met the man, and he seemed a decent guy.  His background is as a risk manager, not a trader.  My bet is he didn't agree with the decision and doesn't want to deal with the bullshit anymore.  He knows damn well it was a default, and knows equally well that sovereign CDS are now worthless.  But you can bet there was a ton of pressure to conclude no default.

Thu, 11/10/2011 - 14:16 | 1866776 Vergeltung
Vergeltung's picture

what you say makes alot of sense.


Thu, 11/10/2011 - 11:54 | 1866130 Conrad Murray
Conrad Murray's picture

Seems they're in a Pickel over there.

Thu, 11/10/2011 - 11:54 | 1866133 No One
No One's picture

What does he know? What is coming down the pipe?

Thu, 11/10/2011 - 12:15 | 1866245 Theosebes Goodfellow
Theosebes Goodfellow's picture

Exactly my thoughts, No1. In an extremely generous mindframe, you could think he'd had pangs of guilt for the fraud perpatrated on Greek CDS holders, but more than likely he too is seeing that the jig is up and that the future holds nothing but more bullsh*t "rulings" on credit events. You can hardly fault a man for not wanting to stand in front of the impellers when they are about to be subjected to the infusion of feces.

Thu, 11/10/2011 - 11:54 | 1866137 MarkTwainsMustache
MarkTwainsMustache's picture

Haha, replaced by a Pickel


Thu, 11/10/2011 - 12:01 | 1866176 Pegasus Muse
Pegasus Muse's picture

Sweet or Sour?

Thu, 11/10/2011 - 12:07 | 1866212 Conrad Murray
Conrad Murray's picture


Thu, 11/10/2011 - 12:07 | 1866210 Instant Wealth
Instant Wealth's picture

Haha, replaced by a Pickel


sorry - double post

Thu, 11/10/2011 - 11:55 | 1866144 Mae Kadoodie
Mae Kadoodie's picture

ISDA gives head to Pickel?

Thu, 11/10/2011 - 11:55 | 1866145 Loose Caboose
Loose Caboose's picture

Now they have a Pickel up their ISDA...

Thu, 11/10/2011 - 11:56 | 1866150 Ecoman11
Ecoman11's picture

This is boring. When do we start seeing CEOs thrown from helicopters?

Thu, 11/10/2011 - 12:32 | 1866297 topcallingtroll
topcallingtroll's picture

Yeah what a boring day. No riots. No collapse.

The highlight of my day so far was the shithawk video.

Thu, 11/10/2011 - 11:56 | 1866154 Star-Gazer
Star-Gazer's picture gotta be kidding!

Thu, 11/10/2011 - 11:59 | 1866165 Note to self
Note to self's picture

I hate to ask, but . . .first name Dick?

Thu, 11/10/2011 - 12:02 | 1866188 Star-Gazer
Star-Gazer's picture

Probably Dilbert...Dill for short.

Thu, 11/10/2011 - 12:52 | 1866397 eatthebanksters
eatthebanksters's picture

actually its Vlasic...

Thu, 11/10/2011 - 12:05 | 1866201 junkyardjack
junkyardjack's picture

Its actually Flesh

Thu, 11/10/2011 - 12:11 | 1866232 The Knights Who...
The Knights Who Say Ni's picture

It's d'Onion actually.

Thu, 11/10/2011 - 12:13 | 1866237 Elwood P Suggins
Elwood P Suggins's picture


Thu, 11/10/2011 - 12:48 | 1866365 Theosebes Goodfellow
Theosebes Goodfellow's picture

Nope. It's Bob. Bob Pickel. Get it? Bob Pickel? Er..., nevermind.

Thu, 11/10/2011 - 11:57 | 1866157 Loose Caboose
Loose Caboose's picture

Ha, ha, ha..........he said Pickel.

Thu, 11/10/2011 - 11:58 | 1866160 Iriestx
Thu, 11/10/2011 - 12:00 | 1866169 Irish66
Irish66's picture

Infectious Diseases Society of America, oops wrong abbreviation

Thu, 11/10/2011 - 12:01 | 1866181 Troy Ounce
Troy Ounce's picture



Well done, Mr Rickards, you sorted him out!

Thu, 11/10/2011 - 12:35 | 1866307 Bolweevil
Bolweevil's picture

RC Whalen posted here yesterday too.

Thu, 11/10/2011 - 12:02 | 1866182 Dr. Engali
Dr. Engali's picture

The long knives are out.

Thu, 11/10/2011 - 12:04 | 1866187 Mercury
Mercury's picture

I thought the ISDA Determinations Committee decides what constitutes a default or not? 

And that's still the case - no?

So what did the CEO do wrong in ISDA's eyes?

Thu, 11/10/2011 - 12:05 | 1866198 Comay Mierda
Comay Mierda's picture

he may be jumping ship before the lawsuit tsunami comes

Thu, 11/10/2011 - 12:08 | 1866217 SheepDog-One
SheepDog-One's picture

A Shitnami, and theyre all getting swept up in the undershit of that wave.

Thu, 11/10/2011 - 12:54 | 1866414 eatthebanksters
eatthebanksters's picture

waves of shit to go with wnds of shit...hmmm, the shit barometer must've detected a shittercane...

Thu, 11/10/2011 - 12:11 | 1866228 Mercury
Mercury's picture

I think Reggie Middleton thinks lawsuits are imminent too but if the small print says the Committee calls the plays I'm not sure what the case is...

Thu, 11/10/2011 - 12:35 | 1866308 NotApplicable
NotApplicable's picture

Small print is just words on paper. Judicial loyalty is what will determine where these lawsuits go (or don't).

Thu, 11/10/2011 - 12:03 | 1866193 J 457
J 457's picture

If only American politicians were resigning at the same pace as those in EU....

Thu, 11/10/2011 - 12:09 | 1866211 Nascent_Variable
Nascent_Variable's picture

This move is clearly not a resignation event.  He's merely restructuring his work/life balance.

Thu, 11/10/2011 - 12:44 | 1866347 pelican
pelican's picture

He wants to spend more time with his family.

Thu, 11/10/2011 - 14:08 | 1866737 Nigh Eve
Nigh Eve's picture

He's going to be the new football coach at Penn State.

Thu, 11/10/2011 - 12:05 | 1866199 LawsofPhysics
LawsofPhysics's picture


Why is ZH silent on the municiple bankruptcy proceedings in Alabama?  Where is Whitney these days anyway? 

Thu, 11/10/2011 - 12:08 | 1866216 Christoph830
Christoph830's picture

There was a post yesterday evening.  Check the archives

Thu, 11/10/2011 - 12:34 | 1866300 LawsofPhysics
LawsofPhysics's picture

Thanks, I figured there had to be.  missed it, you know, actually working.

Thu, 11/10/2011 - 12:52 | 1866395 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

The info flow is so heavy right now -- a couple of hours without checking in, and you've got at least an hour of catching up.

Thu, 11/10/2011 - 12:17 | 1866255 SheepDog-One
SheepDog-One's picture

ZH silent on it? They just ran an article on it in the last 12 hours.

Thu, 11/10/2011 - 12:08 | 1866220 jnesfield
jnesfield's picture

He has been ordered to take a shower at Penn State.

Thu, 11/10/2011 - 12:31 | 1866295 francis_the_won...
francis_the_wonder_hamster's picture

"He has been ordered to take a shower at Penn State."

Someone sent me this last night:  If an older woman who chases after younger men is called a cougar, should we now call an older man who chases after younger boys a Nittany Lion?

Thu, 11/10/2011 - 13:41 | 1866610 Tsunami Wave
Tsunami Wave's picture

There was a book I read a while ago called "And Still We Rise", which is about a bunch of inner city students from Los Angeles trying to graduate from high school and go to college in the early 90's.  Anyways, gang life was rife in LA at the time, and onf the gangs that jumped one student in the book was called "PENN STATE."

Penn State in the book was actually an acronym. It stood for: "Pussy Eatin Nasty Niggas, Suckin Titties and Tasting Everything"

Thu, 11/10/2011 - 12:09 | 1866223 Smiddywesson
Smiddywesson's picture

He can put on his resume that he blew up the EU and invented the internet too.  No, wait, that was Al Gore, I was confused by Al's waistline blowing up.

Thu, 11/10/2011 - 12:36 | 1866317 NotApplicable
NotApplicable's picture

I think that was massage related.

Thu, 11/10/2011 - 12:48 | 1866366 Oh regional Indian
Oh regional Indian's picture

Haaah! Nice Smiddy.

I had the pleasure of watching Al G give his first speech that became Incontinent Truth, at the Green Festival in San Francisco.

The man was shining like he was made of wax. Totally other worldly, not in a good way. Of course, then I did not know what I know now, or I might have booed him.


Caveat Emptor

Thu, 11/10/2011 - 12:10 | 1866229 PulauHantu29
PulauHantu29's picture

Another $20 Mill 'Golden Parachute' triggered...that's all.

Thu, 11/10/2011 - 12:12 | 1866233 vegas
vegas's picture

WTF, step down? He ought to step off a fucking 200 foot cliff.

Thu, 11/10/2011 - 12:16 | 1866244 SheepDog-One
SheepDog-One's picture

Yea, you take home a pen from work, or $5 comes up short on a register, and they file a police report on you.

These guys collapse entire banks and continents, theyre asked politely to 'step down'?

Thu, 11/10/2011 - 12:38 | 1866321 NotApplicable
NotApplicable's picture

That's the benefit of working for somebody else. Especially when the "someone else" is organized crime.

Thu, 11/10/2011 - 12:15 | 1866246 AngryGerman
AngryGerman's picture

do not google Pickel, you will puke!!

ok, go ahead, i know you want it...

Thu, 11/10/2011 - 12:17 | 1866256 AngryGerman
Thu, 11/10/2011 - 12:28 | 1866257 monopoly
monopoly's picture

Should step into a jail cell.

Does anyone know what time the markets open in NY. Just curious. Zzzzzzz

Thu, 11/10/2011 - 12:17 | 1866259 oogs66
oogs66's picture

ISDA needs to change their acronym to only 3 letters, all the cool organizations are 3 letters


Thu, 11/10/2011 - 12:32 | 1866298 NotApplicable
NotApplicable's picture

Yes, but the fourth letter gives it gravitas.

Thu, 11/10/2011 - 12:17 | 1866260 bill1102inf
bill1102inf's picture



Got phys?

Thu, 11/10/2011 - 12:18 | 1866261 williambanzai7
williambanzai7's picture

Go and look at their blog. You will be amazed at the condescending attitude of those people. I left a comment for them on their latest post.

Basically they make it sound like the whole world is stupid, except for them.

Thu, 11/10/2011 - 12:24 | 1866278 AngryGerman
AngryGerman's picture

man, that thing is funny. it's like they talk to a baby. i cant even continue, although i feel comforted by the tone...

Thu, 11/10/2011 - 12:27 | 1866286 GeneMarchbanks
GeneMarchbanks's picture

You would be correct here, it seems they have a team of semioticians employed over there in order to shield themselves from the simple fact that they are another completely superfluous bureaucracy.

Thu, 11/10/2011 - 13:02 | 1866309 Hindsight2020
Hindsight2020's picture

These people at ISDA are out of their damn minds posting this sort of condescending crap on their "media comment" site.  I get the sense of a cornered animal lashing out at anyone who approaches it when reading their postings.  

Thu, 11/10/2011 - 12:49 | 1866374 Hephasteus
Hephasteus's picture

CON Descending. It's what they are. They don't want to descend so they try to stuff everybody beneath their con.

They had 8 years or so to conspire to stamp good credit risks on shit companies shit soverigns and shit TBF banks. Now they gotta deal with reality.

Thu, 11/10/2011 - 12:19 | 1866266 Little John
Little John's picture

With all the recent job openings in the EU they should have some good employment numbers coming up. 

Thu, 11/10/2011 - 12:21 | 1866272 Cone of Uncertainty
Cone of Uncertainty's picture

Take this pickel and shove it up your arse Europe.

Thu, 11/10/2011 - 12:22 | 1866275 infinity8
infinity8's picture

Obey the Pickel!

Thu, 11/10/2011 - 12:28 | 1866290 Cone of Uncertainty
Cone of Uncertainty's picture

Bury the Pickel.

Thu, 11/10/2011 - 12:29 | 1866291 Bansters-in-my-...
Bansters-in-my- feces's picture

This must be the news that made gold drop $30 in 10 minutes.

Fucking Manipulators......


Thu, 11/10/2011 - 12:34 | 1866302 sabra1
sabra1's picture

ever since i was a little gerkin, i wanted to be a pickle farmer!

Thu, 11/10/2011 - 12:40 | 1866322 jdelano
jdelano's picture

mwahahaha.  Gerkin.  there are like 3 people in the world that know what a Gerkin is. I only know because I was fishing with a guy one time who told me he was writing a movie about a Gerkin.  I asked him to tell me about it and he was like, "Okay, so opening scene, here's our gerkin protagonist lying in the snow, bleeding out from a stomach wound...cue voice over, he says something cryptic, like 'rosebud'"  Then....well, that's as far as I've gotten..."

Thu, 11/10/2011 - 12:44 | 1866346 eatthebanksters
eatthebanksters's picture

isn't that the english spelling for the german vercion of 'pickle'?

Thu, 11/10/2011 - 12:53 | 1866403 jdelano
jdelano's picture

oops--yeah I guess.  I was thinking of Gurkha....

Thu, 11/10/2011 - 12:37 | 1866318 topcallingtroll
topcallingtroll's picture

I am so bored!!!!
Nothing happening today.

Im gonna go find some amateur porn while I pretend to work.

Thu, 11/10/2011 - 12:45 | 1866325 jdelano
jdelano's picture

Market holding its breath for the next rumor.  

Thu, 11/10/2011 - 12:47 | 1866360 pelican
pelican's picture

I wonder if tomorrow will be boring.  11-11-11.

Thu, 11/10/2011 - 12:43 | 1866340 eatthebanksters
eatthebanksters's picture

He'll find a new job faster than you can say,"Next!"   An ass kisser of this magnitude is very difficult to find...maybe Barry O will hire him to be one of his 'yes' men...

Thu, 11/10/2011 - 12:46 | 1866352 JOYFUL
JOYFUL's picture

Since MillionDollarBonus seems to be unavailable or unwilling to step up to the plate on this pressing detail, let me try to fill his loafers:

A sad day indeed, when the efforts of a professional such as Mr. Volvograd er, Volstad, Vhatever, go under-appreciated to the extent that the man feels impelled to  leave the stage to lesser can be sure of one thing, however, those who follow in his footsteps will be chained, just as Sisyphus, to toil in the shadow of his self sacrifice yabba yabba etc., 

or something like that.

M$B, where art thou? Nobody spews it better!


Thu, 11/10/2011 - 13:18 | 1866515 joseywales
joseywales's picture

Having been involved with ISDA since the early 1990s, this is simply ISDA circling the wagons and bringing Pickel (legal wing of ISDA and ex-Cravath who helped found ISDA through Dan Cunningham) in to the top seat to help defend the organization and its decisions.  Volstad is a high-powered business wing person good for product development and marketing.  That mode is now fading in importance and defense and legal prep is rising to the fore.

Thu, 11/10/2011 - 13:18 | 1866516 joseywales
joseywales's picture

Having been involved with ISDA since the early 1990s, this is simply ISDA circling the wagons and bringing Pickel (legal wing of ISDA and ex-Cravath who helped found ISDA through Dan Cunningham) in to the top seat to help defend the organization and its decisions.  Volstad is a high-powered business wing person good for product development and marketing.  That mode is now fading in importance and defense and legal prep is rising to the fore.

Thu, 11/10/2011 - 13:41 | 1866612 Hephasteus
Hephasteus's picture

You guys are attempting to legalize fraud. You're fucked man. Fucked.

You're high powered lawyers are fucking stupid ass children only interested in turning shit risk enterprises into triple A.

You're entire organization will burn like a timber box in the fraud it's created.

Thu, 11/10/2011 - 13:30 | 1866566 Hephasteus
Hephasteus's picture

Dude where's my finacial vehicle,

Thu, 11/10/2011 - 13:59 | 1866629 Silver Pullet
Silver Pullet's picture

I might have missed something:

Did the 50% haircut with no default deal go through, or is it all still pending?

Thu, 11/10/2011 - 14:16 | 1866774 Sheriff Douchen...
Sheriff Douchenik from AZ's picture

They should replace him with Sharma who Buffett and Obama axed at the S&P for telling the truth. Actually come to think of it, have they found Sharma's body yet?

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