Isda taps new chairs

The International Swaps and Derivatives Association has elected a new chairman and vice-chairman. Jonathan Moulds, head of cross-product strategic trading at Banc of America Securities, has been elected chairman, while Michele Faissola, global head of rates in Deutsche Bank’s global markets division, will be vice-chairman.

Moulds replaces Keith Bailey of Merrill Lynch Capital Services, who has been Isda chairman since March 2000. Bailey has stepped down to meet the demands of his new position as chief operating officer of Merrill’s Houston-based energy trading operation. Faissola replaces Henning Bruttel of Dresdner Kleinwort Wasserstein, who has served as Isda vice-chairman since 2002.

Moulds and Faissola take up their new roles as Isda enters its 20th year.

Moulds has been instrumental in developing Bank of America’s presence in fixed-income derivatives and became successively head of global derivatives products, head of global rates and commodities and, immediately prior to his current role, head of global liquid products.

Faissola has been a driving force in transforming Deutsche Bank into a leading global investment bank with derivatives at the centre of its strategy. During the past 10 years at the bank, 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.

"A significant part of the Association's current focus is on the expansion in usage and application of derivatives across geographies, across types of user and across asset classes. Whatever its particular focus at any given time, however, it is clear that Isda's major role remains the encouragement of prudent and efficient development of the privately negotiated derivatives business. The leadership of the Isda Board is a key factor in achieving these goals," said Bob Pickel, executive director and cheif executive officer of Isda.