The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Board of Directors has appointed Scott O’Malia as Chief Executive Officer. As CEO, Mr. O’Malia will also serve as a director of the Association. The appointment, which is effective as of August 18, brings to ISDA an experienced leader in global derivatives policy issues with public and private sector experience.
Mr. O’Malia previously served as a Commissioner of the Commodity Futures Trading Commission (CFTC), a position to which he was sworn in on October 16, 2009. Prior to his tenure at the CFTC, Mr. O’Malia held senior staff positions in the U.S. Senate, which included serving as Senior Legislative Assistant to U.S. Senator Mitch McConnell (R-KY), now the Senate Minority Leader. Mr. O’Malia also co-founded the Washington office of Mirant Corp., where he worked on rules and standards for corporate risk management and energy trading among wholesale power producers. He earned his bachelor’s degree from the University of Michigan.
“I am delighted that Scott O’Malia is joining ISDA as we continue our important work in ensuring safe, efficient global derivatives markets,” said Stephen O’Connor, ISDA’s chairman. “Scott is a respected leader on many key issues affecting our markets, including the need for international cooperation in derivatives rule-making. The Board is excited and confident that Scott is the right person to lead the industry and ISDA through the many structural changes — including margin, capital, clearing, trade execution and reporting rules and regulations — that are reshaping the global derivatives markets.”
Mr. O’Malia said, “The need by thousands of companies around the world to manage and hedge their business and financial risks via derivatives remains as important as ever. ISDA’s role is to ensure derivatives markets help to fulfill this promise. It is a role that remains vital and relevant and I look forward to working with ISDA’s board, staff, members and external constituencies to address the challenges and opportunities ahead.”
Mr. O’Malia succeeds Robert Pickel as ISDA’s CEO. Mr. Pickel announced in April he was stepping down as CEO after nearly 17 years with ISDA. Following that announcement the ISDA Board of Directors conducted a comprehensive global search for a successor to Mr. Pickel.
“Scott O’Malia is among the most respected people in financial policy circles today,” said Mr. Pickel. “He will be a tremendous asset to ISDA in the years ahead.”
