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.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
YesWeKahn's picture

He is very affraid.

NewThor's picture

Lots of rats are jumping off lots of ships.

What is that stench I smell in the wind?


SheepDog-One's picture

Measures the shit-pressure in the can FEEL it!

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

Shitters_Full's picture

Handy site, that one.  Thanks.

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

Oh regional Indian's picture

It's the smell of rotting debt. 


Hephasteus's picture

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

HardwoodAg's picture

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

EL INDIO's picture

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

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.

Vergeltung's picture

what you say makes alot of sense.


Conrad Murray's picture

Seems they're in a Pickel over there.

No One's picture

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

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.

MarkTwainsMustache's picture

Haha, replaced by a Pickel


Mae Kadoodie's picture

ISDA gives head to Pickel?

Loose Caboose's picture

Now they have a Pickel up their ISDA...

Ecoman11's picture

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

topcallingtroll's picture

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

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

Star-Gazer's picture gotta be kidding!

Loose Caboose's picture

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

Irish66's picture

Infectious Diseases Society of America, oops wrong abbreviation

Troy Ounce's picture



Well done, Mr Rickards, you sorted him out!

Bolweevil's picture

RC Whalen posted here yesterday too.

Dr. Engali's picture

The long knives are out.

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?

Comay Mierda's picture

he may be jumping ship before the lawsuit tsunami comes

SheepDog-One's picture

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

eatthebanksters's picture

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

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...

NotApplicable's picture

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

J 457's picture

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

Nascent_Variable's picture

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

pelican's picture

He wants to spend more time with his family.

Nigh Eve's picture

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

LawsofPhysics's picture


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